Your 10-year-old in the metaverse

Today we are covering…

🔟 Meta to lower metaverse user age to 10

🪙 IMF developing global cryptocurrency platform

⬆️ Web3 usernames on the rise

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Meta to lower metaverse user age to 10 [Link]

Igniting privacy and safety concerns among parents and industry watchdogs (with one hitting its decisions “based solely on business imperatives”), Meta intends to change the suggested age for using its Quest headset from 13 years old to 10, as announced in a recent blog post.

Meta’s plans involve connecting with regulators on mitigating risk concerns among young users, where preteens will need to secure parental approval to set up an account.

According to the parent company of Facebook and Instagram, there’s a wide selection of educational apps and games across its platform that are rated for children age 10 and up, enabling targeted users to “explore the depths of the ocean, tour Machu Picchu, visit the International Space Station, orbit Jupiter, or simply play their favorite games.”

The proposed change comes about after Meta, in early 2023, allowed those under 18 to use its social network Horizon Worlds, expanding in the younger demographic amid scrutiny and backlash against its privacy policy and technology’s mental health effects.

IMF developing global cryptocurrency platform

The International Monetary Fund (IMF) is developing a global cryptocurrency platform to reshape finance, focusing on inclusion and cross-border transactions.

Central Bank Digital Currencies (CBDCs) is poised to revolutionize financial services as a digital form of a country’s fiat currency. The goal is to create an environment promoting financial inclusion, enhancing the efficiency of payment systems, and expediting cross-border payments and remittances.

The IMF has also been encouraging central banks to agree on a universal regulatory framework to govern digital currencies.

Meanwhile, US regulators - via a string of charges filed by the SEC - continue in their crypto crackdown, suing Coinbase shortly after launching a lawsuit against the world’s largest crypto exchange, Binance.

Why does this matter? The most recent lawsuits reflect the pursuit of the lifeblood of the industry, or the very exchanges that people trade on. They also immediately - and significantly - affect crypto values, where customers tend to withdraw hundreds of millions following the lawsuits.

Web3 usernames on the rise [Link]

Thanks to the Ethereum Name Service (ENS), web3 users can now easily replace a kilometric crypto address like 0xd8da6bf26964af9d7eed9e03e53415d37aa96045 with a web3 domain name like vitalik.eth.

But are more people taking advantage of web3 usernames when only 2.2M of 200M+ unique addresses on Ethereum are registered as of January 2023, or at least 97% not linked up with an ENS username?

Some recent innovations in wallet and messaging apps may change this, including better wallet integration with free usernames, instant messaging integration, and cross-chain web3 names.

Yet for usernames to catch on, there’s plenty of issues to tackle, including the continuing high cost of registering a username for most wallet apps.

Animoca Brands CEO touts “triple-A console-style” web3 games [Link]

The web3 gaming space has predominantly been dominated by P2E and casual gaming titles, yet according to Animoca Brands CEO Robby Yung, web3 gaming is set to change in 2024 with more triple-A console-style games expected to launch.

Life Beyond, a highly advanced game supported by Animoca, is generating excitement as it transitions from alpha testing to full launch. The Revv ecosystem, including games with MotoGP and Formula E, aims to onboard traditional gamers into the web3 space.

The vision ahead: Yung foresees a "hybrid model" for gaming, citing the importance of mobile and casual gaming as it collectively accounts for half of the market and represents the “incredibly diverse, differentiated by gameplay style and platform."

With a global network of 13 studios spanning web3 titles and metaverse platforms including The Sandbox, Animoca hopes to create an "open metaverse" with content interoperability via blockchain.

Quick Hits

🎮 Gaming

• Peek into Improbable’s “stupidly ambitious” MSquared project as it launches its metaverse-building tools. (Link)

• The Sandbox and record label Nuclear Blast introduce Blast Valley, an immersive heavy metal-themed metaverse. (Link)

• Chinese AI company SenseTime launches AI-powered board game robot SenseRobot Go for the young ones. (Link)

• Roblox UNOfficial, a game recently removed off the platform, returns under the moniker LOCOfficial. (Link)

• AI-driven creator tech firm Animeta onboards social media gaming-led creators Assassins Army, PVS Gaming, X Mania, and food creator Grandpa Kitchen. (Link)

🕶 Fashion

• Top 5 virtual fashion influencers to follow in 2023. (Link)

• LVMH on its new Epic Games partnership: “[It] will accelerate our expertise in 3D tools and ecosystems, from the creation of new collections to ad campaigns and to our websites.” (Link)

• While AI is changing China’s apparel sector, it can’t replace designers just yet. (Link)

• Booth AI rolls out its new workflow-driven image production platform to quickly and cost-effectively scale product photography for retailers and brands. (Link)

• Sydney-based digital fashion label Myami collaborates with students at Central Saint Martins to explore the intersection of digital and physical fashion. (Link)

• Pangaia employs “high-tech naturalism” to bring eco-friendly fashion to travelers at Dubai airport. (Link)

🏀 Sports

• AI is set to deliver 24-hour athletics audio coverage at the European Games, cloning the voice of ex-athlete and commentator Hannah England. (Link)

• Immersive gamification allows spectators to become players and compete in virtual versions of their favorite sports. (Link)

• AI in baseball: How a computational game-theoretic approach can boost the game of average and below-average major league pitchers. (Link)

• As the Rugby World Cup approaches in September, OVAL3 launches its NFT collection on Binance. (Link)

• The metaverse and VR can unlock new opportunities in OTT and sports streaming. (Link)

🎥 Media & Entertainment

• BuzzFeed UK relies on AI to supercharge its advertising potential. (Link)

• Can AI script generators enlisted by TV networks save the industry? (Link)

• The Voice steps into the metaverse: Is this the future of blended entertainment? (Link)

• How Meta’s MusicGen, an AI-powered music generator turning a text description into 12 seconds of audio, actually works. (Link)

• What to expect from Blast Valley, The Sandbox’s metal-verse offering immersive experiences from heavy metal musicians. (Link)

• Japanese airline ANA’s metaverse travel service ANA NEO launches ANA Granwhale for immersive virtual travel. (Link)

🖼 Art

• Wielding AI, ClownVamp exhibits his 1st solo show Chester Charles: The Lost Grand Master, an alt-history exploration of queer art. (Link)

• Bitcoin reclaims over 50% market dominance following BlackRock ETF filing. (Link)

• Midjourney AI art: Here’s how to use the AI art generator. (Link)

• Are Bored Ape Yacht Club NFTs just virtual assets or much more? (Link)

• BMW presents The Electric AI Canvas exhibit featuring the i5 at Art Basel 2023. (Link)

• The Roblox metaverse is attracting NFT thieves using crypto phishing. (Link)

🤖 AI

• Meta unveils Voicebox AI to replicate the voices of your friends and loved ones. (Link)

• France makes a high-profile push to be the AI hub of Europe. (Link)

• Etherscan touts ChatGPT integration but doesn’t fall short of highlighting the chatbot's flaws. (Link)

• AI-powered robots keep dementia patients company in Japan. (Link)

• Vimeo announces the 1st end-to-end AI-powered video creation suite to dramatically simplify how video is made. (Link)

• The web3 trifecta: Robert Rice talks about combining AI, metaverse, and blockchain. (Link)

• Animoca Brands CEO harps on AI’s “symbiotic relationship” with blockchain. (Link)

💸 Funding & Partnerships

• ML software maker Deepchecks receives a $14M seed round. (Link)

• Web3 game Cat Paradise raises seed fund at $15M valuation. (Link)

• South Korean telco giant SK Telecom (SKT) announces new AI partnerships to advance its AI agenda. (Link)

• IBM expands its partnership with Adobe to deliver content supply chain solutions using generative AI. (Link)

• JLR teams up with Everstream Analytics to utilize AI in the British luxury carmaker's system to bar supply chain disruptions worldwide. (Link)

• Opnfi and actyv.ai partner to bring embedded finance solutions for businesses in South Asia, ASEAN, and MEA. (Link)

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All content on this newsletter is for informational purposes only and does not aim to serve as or replace expert investment advice.

📈 If you are a startup building in the metaverse / web3 ecosystem and are raising capital, please reach out to Sfermion. Sfermion is an investment firm focused on accelerating the emergence of the metaverse 📈

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