Google CEO’s AI warning

UK gets serious on the metaverse & web3, Trump cashes in on NFTs, plus more metaverse stories today

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Sundar Pichai doesn’t hold back when it comes to expressing concerns about AI, saying the technology can be “very harmful” if wrongly deployed and produce “a lot of harm” such as disinformation.

Here are the fine points of the Google chief exec’s recent pronouncements in a CBS 60 Minutes interview:

  • AI has been giving him restless nights: “It can be very harmful if deployed wrongly and we don’t have all the answers there yet – and the technology is moving fast. So does that keep me up at night? Absolutely.”

  • He pushes for a global regulatory framework for AI, not unlike treaties used for nuclear arms use regulation, as he warned against safety risks from the intense competition around the tech.

  • He calls on governments to figure out global frameworks for AI regulation.

Pichai also floats the idea of developing AI systems “aligned to human values” and “morality.”

“This is why I think the development of this needs to include not just engineers, but social scientists, ethicists, philosophers and so on. And I think we have to be very thoughtful. And I think these are all things society needs to figure out as we move along. It's not for a company to decide."

Google’s parent company Alphabet owns the UK-based AI company DeepMind as well as launched the AI-powered chatbot Bard to compete head on with OpenAI’s ChatGPT.

The UK forms its Department of Science, Innovation, and Technology to put forward its metaverse and web3 strategy, reflecting the government’s commitment “to ensuring the UK is ahead of the curve” on the future of these innovations.

Set up in February, the department won’t be focusing on blockchain, VR, and similar tech per se, but instead explore economic growth, investment, and business opportunities in these areas. Part of the mission is helping minimize “any harms to the economy, security, and society.”

The UK’s science and technology framework is buoyed by over 370M British pounds (US$463 million) in new funding for the needed infrastructure, investment, and skills boost, spanning everything from quantum and supercomputing to AI.

Looks like former President Donald Trump is trying to make a quick buck with the latest tech trend: NFTs.

The 45th US President is cashing in on the NFT trend, reportedly making up to $1M from his own digital collectibles - some 45,000 digital collectibles and in high demand since his arraignment news broke. CIC Digital LLC and CIC Ventures LLC were behind the NFT project, which has generated over $19M in sales and over $5M from speaking engagement, according to the US Office of Government Ethics.

It's unclear how exactly Trump was able to earn so much money from this NFT sale, as while the official website claims that the earnings won't go to Trump's reelection campaign, the filings indicate otherwise:

  • OpenSea reveals that there is a 10% creator royalty fee on secondary sales of these NFTs. The top offer on a Trump NFT is around $20,000, but most are in the range of $630.

  • There are concerns about stolen art and shady wallet addresses, with NFT INT LLC's registered address being a UPS Store in Park City, Utah, and the LLC being incorporated in Wyoming.

The second edition of the Metaverse Fashion Week has been hailed as a sign of big things to come. It's deemed a chance for self-expression and a massive opportunity for creativity and profit, especially for Gen Z.

And Gen Z has spoken, a survey of 1,570 Aglet players showing:

  • 40% of them believe that the metaverse will have a significant impact on their shopping habits.

  • 41% have purchased a virtual item or asset in the past month.

  • 60% design and use an avatar.

Digital twinning is also a hot trend, where people want to own the same clothes in both the physical and digital worlds.

Gen Z’s hot takes: The metaverse is the ultimate playground for self expression, where they can unleash their inner fashionistas and try out different looks without judgment. This ushers in a creative renaissance where anyone can jump in and be a fashion designer - which means brands will lose out if they don’t move fast.

🏃‍♂️ Quick Hits

🎮 Gaming

  • Roblox has new rare, resellable, creator royalties-enforced digital items - but they’re not NFTs. (Link)

  • The gamification of work and reality: How gaming has moved beyond leisure. (Link)

  • Discover “Limiteds”: Roblox creators can now make and sell limited-run avatar gear. (Link)

  • Asia Pacific is leading the charge in the rapidly growing web3 gaming sector, with regional gaming firms pushing for the global adoption of blockchain-based games. (Link)

  • How web3 rewrites the rules of gaming advertising. (Link)

  • Broader struggles across competitive gaming have forced layoffs at teams and companies in the space. (Link)

🕶 Fashion

  • French label Ami’s Montmartre metaverse: a picturesque neighborhood, right down to the cobblestones, sketch artists, and cafés on Zepeto. (Link)

  • A tribute to Nike’s 1st 50 years and created for the digital gen, dotSWOOSH announces its Force 1 Collection is dropping soon. (Link)

  • Hello, smart garments: Your next jacket might come with a futuristic tag. (Link)

  • With advanced AI, designers can create collections better suited for their market, that will sell better and will cut down on waste. (Link)

  • The US accuses fast fashion digital platform Shein, which relies on AI algorithms, for data risks and unfair market practices. (Link)

  • Jewelry brand Ben Bridge is a breakout star in Metaverse Fashion Week 2.0. (Link)

🏀 Sports

  • Metaverse film captures an athlete’s dream to be first female Emirati Olympic triathlete. (Link)

  • A tech company in Austin is teeing up what it calls the ultimate VR golf experience. (Link)

  • How do sports and the metaverse foster inclusion? (Link)

  • How LandVault and Super League will bring international sports franchises to the metaverse. (Link)

  • A look at foundational sports technologies and how to best optimize them. (Link)

🎥 Media & Entertainment

  • Meta aims to deploy its own ChatGPT by 2023. (Link)

  • Coachella Island metaverse is soundtracked by music from Porter Robinson and hosted on Fortnite, which previously hosted one-off Travis Scott and Marshmello acts. (Link)

  • CEO Greg Isenberg’s social experiment: "I asked ChatGPT if it could take me to 1M TikTok followers in 30 days and it said it could." (Link)

  • Should financial brands consider metaverse solutions? (Link)

  • Douyin, Chinese equivalent of Tiktok, starts displaying pricing info for Bitcoin, Ethereum, and more. (Link)

  • Psychic VR Lab’s metaverse platform wants to transform urban entertainment with XR. (Link)

🖼 Art

  • NFT marketplace Expressions launches Origins & Ancestries, its 1st of 10 art projects featuring 1K artworks from 12 Caribbean artists. (Link)

  • BAYC NFT mega collector Franklinisbored bids farewell to web3. (Link)

  • Borrowing against NFTs has hit $1B. (Link)

  • Reddit is back with a new NFT collection that breaks the internet once more: a new, colorful recreation of its Snoo character. (Link)

  • Collect allows TikTok creators to transform their videos into NFTs and cash in on their creativity. (Link)

  • NFT marketplace NFT MMM launches the On the Way NFT. (Link)

🤖 AI

  • Ian Goodfellow, computer scientist at Google Brain, Apple, and DeepMind, discovers an AI breakthrough: using large datasets to generate synthetic data. (Link)

  • How AI is matching drugs to patients. (Link)

  • Microsoft integrates Bing AI chatbot into SwiftKey keyboard app, granting users AI-powered answers and advice. (Link)

  • Robot Sophia steals the show at a Dominican Republic forum on the fate of AI. (Link)

  • Developers seek innovative ways to craft AI chatbot helpers. (Link)

💸 Funding & Partnerships

  • Floki partners with Badminton Asia for the 2023 Badminton Asia Championships, slated to reach 600M Asian households. (Link)

  • Decentralized AI project AiONE successfully raises $1M in seed funding in Q1 2023. (Link)

  • Entertainment tech firm Color Star’s Color Metaverse initiates a strategic cooperation with TL Boxing Promotion to introduce boxing content and create a tailor-made metaverse headquarters for TL. (Link)

  • The World Metaverse Council emerges as a strategic partner for the upcoming Metaverse Discovery and World Metaverse Awards in Riyadh. (Link)

  • Evolv Technology partners with Wells Fargo Center in Philadelphia for AI-based weapons detection security screening. (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.

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