Bitcoin's 2023 rally: What gives?

🔮 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 breaks above $30K for first time since June 2022 

A 2023 rally in full display? With gains of more than 80%, the most popular cryptocurrency has moved past the $30,000 level for the first time since June 10, 2022.

The news by the numbers:

• Bitcoin recently traded at $30,237, up 6.75% over a 24-hour period.

• It last topped $30,000 on June 10, 2022 as it was on its way down to below $20,000, where it mostly hovered that year and into the first weeks of 2023.

• It has lingered around $28,000 for the past three weeks as cautious investors took into account a near banking meltdown, inflationary pressures, and other uncertainties.

• It’s up about 80% year-to-date after starting this year, changing hands at about $16,600.

The crypto surged in January amid signs of waning inflation, stalled in February, and regained momentum in late March following the bank runs that got investors questioning the current monetary system’s stability.

What might have catalyzed the spike? Nothing clear, although the surge might be partly rooted in “buying from crypto traders voicing frustration on social media over a one-sided New York Times article that took issue over [Bitcoin's] energy consumption.”

2/ Washington vows to tackle AI, as tech titans and critics descend

US lawmakers are turning their gaze on AI, appearing to avoid making the same mistake of a lack of comprehensive legislation on Big Tech as it plans to address AI amid the explosive success of ChatGPT and generative AI tools.

The issue at hand: how to regulate the technology industry after having passed no definitive tech laws after years of congressional hearings, historic investigations, and bipartisan-backed proposals.

On the other hand, companies behind ChatGPT and competing tech may be launching a “preemptive charm offensive,” highlighting attempts to build AI ethically and responsibly, alongside ChatGPT president Brad Smith’s trips to Washington and OpenAI execs’ ongoing lobbying.

3/ Utility and long-term profits top reasons for NFT purchases: CoinGecko study

NFTs may be some of the hottest investments around – and utility and long-term profits are the top reasons why, according to a survey by CoinGecko and Blockchain Research Lab.

Let’s look at the findings:

• Over 77% of respondents said using an NFT for its “intended function” had some level of importance out of the 11 listed reasons for buying an NFT.

• Over 76% put a premium on the potential for long-term profits by selling their NFTs at a higher price later on.

• 72.9% bought NFTs to gain a stake in a DAO.

• 59.5% cited "disrupting established structures or industries" as one of their top reasons for buying.

• 15.7% reported feeling "neutral" when it comes to their opinion of utility.

• Only 6.7% thought that NFTs weren't important when it came to making a purchase decision.

Other top-cited reasons included being tech-savvy, getting involved in the community, and being pumped up about an NFT collection's business or artistry.

4/ In the U.S. Meta is fully embracing AI with new integrations

Meta is taking its AI ambitions to the next level by planning to use its own AI to craft ads for companies. The social media behemoth has formed a special squad to probe how AI-driven chat could be used on WhatsApp and Messenger, as well as a variety of AI filters for Instagram.

Meta CTO Andrew Bosworth boasts that they've been investing in AI for over a decade and have one of the top research institutes in the world, powered by hundreds of people.

This pronouncement despite the rise and dominance of OpenAI's ChatGPT, and Meta parking its metaverse ambitions, which it has always touted to take a lead on among global tech titans.

🏃‍♂️ Quick Hits

🎮 Gaming

• Unstoppable Games launches its web3 sci-fi MMO game Influence on Starknet for the Ethereum blockchain. (Link)

• The Fast and the Furious writer David Ayer Tokyo-drifts into web3 with an NFT racing game. (Link)

• VR headset, haptic gloves, and all: What do you need to enter the metaverse? (Link)

• New browser gaming portal Odyn promises an accessible onramp to web3. (Link)

• SG-based decentralized data network Bluzelle launches the Capella NFT marketplace for blockchain-based web3 games - what to expect? (Link)

🕶 Fashion

• AI takes on the fashion industry’s counterfeit problem. (Link)

• Albeit with a few technical hiccups, MFW 2023 offers an eclectic display. (Link)

• Nike's RTFKT, behind the Murakami-inspired ClONEX NFT collection, releases a software development kit (SDK) to support NFT artists and creators. (Link)

• Tommy Hilfiger, Coach and Adidas showing up at MFW this year - Glossy sums it all up on the podcast. (Link)

• Well, if it isn’t Balenciaga going gaga over AI. (Link)

• What could account for the 92% drop in attendance at MFW? (Link)

🏀 Sports

• Why FIFA will struggle to compete with video game developer EA Sports FC after their acrimonious split. (Link)

• A new partnership educates the sports business world on web3 and NFTs, and how they apply in club and federation strategy and marketing. (Link)

• NHL player agency Alterno launches an NFT program. (Link)

• As it unveils the final phase of Into The Metaverse, Adidas plunges deeper into NFTs - but is the trend over? (Link)

• Sense Arena adds top players, works with Meta Quest 2 headsets to enrich VR tennis training toolkit. (Link)

• These might be the top 3 web3 sport betting platforms today. (Link)

🎥 Media & Entertainment

• Wanted: Hollywood studio or backer for Feature-length film Dogumentary, which chronicles the rise of Dogecoin's meme. (Link)

• Microsoft Teams adds Snapchat AR Lenses to video chats, spicing up virtual conversations. (Link)

• British radio/TV presenter Greg James fears obsolescence due to ChatGPT and AI robots, citing they’re more cost-effective than humans. (Link)

• Real-time, markerless motion capture software Invisible aims to make virtual production and metaverse experiences more accessible, sans pricey mocap suits. (Link)

• Hong Kong finance chief: Time to invest in web3 digital economy despite volatility and crypto issues. (Link)

🖼 Art

• Fortune Magazine unveils a limited-edition NFT with digital artist Itzel Yard. (Link)

• Freedom in digitization: The potential for metaverse museums is incredible. (Link)

• Coin Ceylon launches Sri Lanka's first officially supported Cardano blockchain NFT to digitize and preserve its Yaka mask culture. (Link)

• 6 ways NFTs can be useful, creating a stronger web3 and more mainstream use. (Link)

• NFT marketplace LooksRare upgrades to v2, slashing fees by 75% and introducing new features. (Link)

• Digital art series New Horizons spotlights established and emerging Filipino NFT artists. (Link)

🤖 AI

• A Kuwaiti media outlet introduces an AI-generated virtual news presenter. (Link)

• What is AI's impact on cybersecurity? (Link)

• Brazilian researchers are using AI and Twitter to predict anxiety and depression before clinical diagnosis. (Link)

• AI can improve medicine and public health, but experts stress caution in its use. (Link)

• Job opportunities in AI and machine learning have climbed 75% in recent years, offering diverse roles requiring specialized skills. (Link)

💸 Funding & Partnerships

• INQB8 names Polygon Labs as a strategic partner for its inaugural web3 incubation program. (Link)

• Web3 game studio SinVerse Studios secures a 7-digit investment deal led by DWF Labs to boost platform growth. (Link)

• Huobi and Gala Games announce a $50M compensation plan to reimburse pGALA incident victims. (Link)

• Open-source web3 platform Lisk launches an accelerator program to fund web3 solutions, offering up to $270K per project. (Link)

• KuCoin Wallet rebrands to Halo Wallet, committing to offer a comprehensive SocialFi ecosystem experience. (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.