Bank runs = Bitcoin’s moment

🔮 Metaproof

Metaproof is a media company that covers the business of the metaverse. We keep you informed how the metaverse and web3 are changing YOUR industry.

✨ Top Picks

The Future, today. In just 3 minutes.

1/ Bitcoin was built for this moment

A banking crisis in the United States - marked by the failure of Silicon Valley Bank, Silvergate Bank and Signature Bank - is funneling value toward Bitcoin, possibly heralding a Great Reset in the country’s financial system.

Why this is so can be explained via the following:

• The Bitcoin network was actually created in response to the 2008 Great Financial Crisis. The very first block of Bitcoin had an inscription in the code: "The Times 03/Jan/2009 Chancellor on the brink of the second bailout for banks."

• The recent bank runs unveil the errors of human centralization. This begs the questions: How can we keep our money in banks above the FDIC-insured limit of $250,000? Could the insurance fail? How can we keep our money in stablecoins that use the same banking partners?

The apparent beauty of Bitcoin, according to advocates, is its ability to store value in a decentralized manner backed by math, without having humans validate or support it. As this opinion piece puts it: No one lends out 90% of your deposits to make a profit, there is no possibility of a bank run and no one gambles with your hard-earned money on bonds.

2/ Microsoft dips Teams in the metaverse vat with avatars ahead

Can’t be bothered opening your cam? Let this 3D “worker” take over.

Microsoft Teams has launched another virtual solution to those increasingly frequent video calls. New visual effects filters, adding colorful animation to the screen, were previewed in January and are getting rolled out this month.

Another feature coming up in May: 3D avatars for video call participants who want to turn off their cam and get off the screen, giving their colleagues something else to look at.

Microsoft’s concept of avatars and Teams were publicly introduced in 2021, forming part of its Mesh initiative to dip into the emerging metaverse. At the Ignite event, the idea was teased as mixed reality incorporated into the Teams world, either via the HoloLens headset or via Mesh-enabled apps on smartphones, tablets, or PCs.

3/ Sotheby’s to auction ‘oddly satisfying’ Reddit-inspired NFTs in the metaverse

World-leading auction house Sotheby's is getting in on NFT action with two new art auctions sought to delight collectors and enthusiasts with digital art:

• The "Oddly Satisfying" auction will include works from some of the most celebrated NFT artists, including Mike “Beeple” Winkelmann. Beeple's work has garnered significant attention in recent years, with his NFT piece "Everydays: The First 5000 Days" selling for a record-breaking $69M earlier this month.

• The "Glitch-ism" sale will feature the 2018 Ethereum NFT piece “Loading New Conflict… Redux 6” from the pseudonymous artist XCOPY, whose work is known for its striking visuals and commentary on the intersection of technology and humanity.

Both auctions will take place online, allowing art collectors from around the world to bid.

4/ Metaverse requires regulatory scrutiny, EU competition chief says

European Union antitrust chief Margrethe Vestager has called for regulatory scrutiny of the metaverse, seeking to ensure fair competition and prevent dominance from companies like Facebook.

The EU is already probing the impact of AI on the metaverse, as concerns grow over the potential for monopolies to emerge in this new digital frontier.

On the regulatory front, Microsoft is close to receiving EU approval for its acquisition of a video game developer, as it looks to compete with Tencent and Sony in the metaverse.

Relevant developments in this space include:

• PwC predicts businesses will become the major force in the metaverse, requiring new skills such as 3D artists and designers to create immersive experiences for customers and putting AI at the forefront to create lifelike avatars and track user activity.

• China has set up the National Data Administration, a government agency to build smarter cities and coordinate data sharing and application, but apparently forms part of a larger effort to create its "digital economy.”

🏃‍♂️ Quick Hits

🎮 Gaming

• Condiment brand Heinz challenges gamers to confront soil degradation in Fortnite. (Link)

• Amid talks of a looming Fortnite deal, Lego aims to triple the number of its software engineers in order to merge its physical and digital strategies. (Link)

• Amid crypto and NFT’s bad rep, it all comes down to content to get gamers onboard web3, says Anil Das-Gupta of First Light Games. (Link)

• As virtual environments grow more participatory and immersive, players are bound to play increasingly challenging and captivating games. (Link)

• Battle it out across 13 games in GAMEE’s Arc8 app, with a chance to win tokens, NFTs, and starter packs in tournaments. (Link)

🕶 Fashion

• CULT&RAIN launches DROP 002 on March 28, partnering with LTD.INC and DRESSX for unique phygital fashion. (Link)

• Hair care brand Living Proof’s metaverse features 4 virtual rooms and the AI Hair Quiz in a 3D and 360-degree experience. (Link)

• The metaverse is making a fashion retail fraternity happen. (Link)

• What’s at stake for Tommy Hilfiger as it dives into virtual reality? (Link)

• The Fashion Spaces concept enables brands to host virtual events, pop-up stores, parties, and more, plus draw consumers toward virtual merchandise. (Link)

🏀 Sports

• Alfa Romeo F1 Team eyes expanding into the Mars-themed Everdome metaverse. (Link)

• Top tips to enter the metaverse as a sports brand. (Link)

• Adidas and Callaway swing into Play Today’s golf metaverse ahead of NSW Open Golf Championships. (Link)

• How sports DAOs can offer fans a piece of the action. (Link)

• Electronics giant LG isn’t just about VR and the metaverse - it’s brought student athletes’ mental health into the conversation. (Link)

🎥 Media & Entertainment

• Is Mark Zuckerberg hiding something big? Why the Facebook CEO remains tight-lipped on the metaverse. (Link)

• Candy brand Starburst has set up shop in a metaverse mall. (Link)

• Thanks to AR, Snapchat is transforming music festivals: reaching new audiences, cultivating loyalty, and capturing key marketing insights. (Link)

• Immersive storytelling is even more powerful storytelling, says Indian-Canadian production designer. (Link)

• What’s to be discovered in South Korean telecom giant KT’s Genieverse? (Link)

🖼 Art

• Artist Mika Tajima leverages web3 and sentiment analysis to showcase human emotions in her Archive of Feelings exhibit. (Link)

• For its long-term success, it’s high time the NFT industry prioritizes innovation and creativity over speculation. (Link)

• Here’s the promise and peril of producing art 365 days a year. (Link)

• Art trading platform LiveArt introduces an NFT membership card linked to exclusive drops, allowing collectors to access a new wave of digital art. (Link)

• GXRLS Revolution is making strides to increase female representation in NFT art. (Link)

• Explore this week's Rare Steals collection to acquire art pieces for less than 3 ETH. (Link)

🤖 AI

• Will the robots be our new gods? AI’s could mean the birth of new religions. (Link)

• NYC is on the hunt for its next AI czar to steer the technology forward in the Big Apple. (Link)

• 5 amazing AI hacks with a hilarious foodie twist, according to Zomato. (Link)

• AI art may be convenient, but certainly not a masterpiece. (Link)

• At SXSW, Chelsea Manning declares that AI can be outsmarted with cryptography. (Link)

• Can AI help you score designer duds without breaking the bank? (Link)

💸 Funding & Partnerships

• Adept, a startup training AI to use existing software and APIs, raises $350M in funding. (Link)

• Payment processor Stripe raises $6.5B in funding at $50B current valuation, using the proceeds to provide employee liquidity. (Link)

• Aspiring to be web3’s Disney, Hello Pets purchases 10 BAYC within its $6M expansion fund for NFT and the metaverse. (Link)

• Amsterdam-based sporting memorabilia platform MatchWornShirt receives an undisclosed amount of investment from sports blockchain Chiliz, converting into a 20% stake. (Link)

• Formfunction, an art marketplace utilizing Solana, raises $5M in funding. (Link)

• Dubai free zone DMCC teams up with key South Korean entities as it seeks to position the city as a leading web3 hub. (Link)

• India and UAE are teaming up to create digital currencies. (Link)

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 📈

Stay informed via our Twitter and Subscribe here to get your metaverse news every day.