IBM is replacing new hires with AI

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

✨ Top Picks

The Future, today. In just 3 minutes.

1/ IBM to pause hiring in plan to replace 7,800 jobs with AI

For the tech giant, hiring in back-office functions, such as human resources, will likely be suspended or slowed in light of AI as an alternative, according to CEO Arvind Krishna.

According to Krishna, 30% of non-customer-facing roles could be replaced by AI and automations in 5 years, and that the reduction could include not replacing positions left empty by attrition.

IBM currently employs some 260,000 workers, and (for now) is continuing to hire humans for software development and customer-facing roles.

2/ Sotheby's launches on-chain secondary NFT marketplace

The leading art auction house, responsible for facilitating numerous high price digital asset sales, will now offer a curated, peer-to-peer secondary marketplace for NFTs

The details so far:

• Via its web3 arm, Sotheby’s metaverse will offer direct transactions between collectors on its platform, with the integrated sales system fully on-chain via the Ethereum and Polygon networks.

• Sotheby’s affirms its commitment to honor artist royalties through smart contracts on its resale platform that automatically pays artists based on their selected on-chain royalty rate.

• Featured artists will rotate every few months, with the launch spotlighting 13 leading digital artists such as Tyler Hobbs, Claire Silver, XCOPY, Diana Sinclair, and Pindar van Arman.

3/ Italy unbans ChatGPT following updates to privacy disclosures and tools

OpenAI's ChatGPT is once again available to users in Italy after being banned in April over privacy concerns.

The country's watchdog Garante had ordered OpenAI to temporarily stop processing Italian users' personal information while it investigated a possible data breach.

OpenAI has since stated that it has addressed or clarified the issues raised by Garante, including adding information to its website about how data is collected and used to train algorithms.

The watchdog welcomes the measures implemented by OpenAI and urges the company to comply with two other demands:

• An age-verification system, and

• A publicity campaign informing Italians about their right to opt out of data processing

In an IG post, Infrastructure Minister Matteo Salvini expresses support for ChatGPT's return, asserting his party's commitment to aiding startups and development in Italy.

4/ Nationwide fashion chain Francesca’s acquires the 10-year-old digitally native brand Richer Poorer to expand its digital and wholesale footprint. 

Francesca's, a TX-based fashion and accessories chain, has acquired digital fashion brand Richer Poorer.

Key highlights of the acquisition:

• Richer Poorer's experience with ecommerce, wholesale partnerships, and Gen Z audience made it an attractive acquisition for Francesca's.

• Richer Poorer is now a wholly owned subsidiary of Francesca's, with CEO Iva Pawling now serving as president of Richer Poorer, Franki, and wholesale for the entire company.

• 75% of Richer Poorer’s business is DTC but it has relationships with wholesalers including Revolve, Bloomingdale’s, and Nordstrom.

• Richer Poorer's employees will remain on staff and operations will continue as usual.

• Francesca's plans to relaunch Richer Poorer in 2024.

Francesca's main shopper base is 18- to 25-year-olds, and the company has been seeking a younger audience since the launch of its tween-focused brand Franki in April 2022.

Creating this new cooperative of brands allows Francesca's to benefit from a diverse bench strength of expertise, while setting up the whole for greater reach into its target markets.

🏃‍♂️ Quick Hits

🎮 Gaming

• A recently filed patent shows Sony may be working on VR games that don't require controllers. (Link)

• Meta wants the iPhone moment, and it needs VR to get it done. (Link)

• After its Otherside Second Trip playtest, Yuga Labs mulls over building in public and how to bring the web3 metaverse game to life. (Link)

• PlayStation Studios boss Hermen Hulst teases live-service games on the horizon. (Link)

• Immutable explained: How it works, the marketplace, and why it’s crucial to blockchain gaming. (Link)

🕶 Fashion

• Doodles is airdropping 300 Pharrell Packs as its Character Builder rolls out and allows holders to pick their avatar’s clothing and traits. (Link)

• Prada marks the 1st year of its Timecapsule NFT with an exclusive invite to Prada Mode Tokyo. (Link)

• Game of Thrones turned Gucci fashion show? Thank AI for it. (Link)

• From Vogue to Dogue: An AI artist put animals on magazine covers and they’re the cutest thing today. (Link)

• Myntra FWD positions itself as the one-stop shop for all things Gen Z fashion. (Link)

🏀 Sports

• From NFTs to the evolution of media rights, here’s a look at sports sponsorship deals in the digital age. (Link)

• GameFi sports platform RealFevr launches a world-first prediction game to turn real-life football goals into NFTs. (Link)

• Swedish startup Goals raises $20M in its bid to challenge EA Sports FC with a free-to-play NFT soccer video game. (Link)

• ESPN’s XFL playoffs coverage now comprises an alternative announcer-less SkyCast on ESPN+, turning electronic comms between coaches and players into the main audio feed. (Link)

• Mobile carrier T-Mobile kicks off its 2023 T-Mobile Accelerator program, helping startups build immersive sports fan experiences. (Link)

• Sports Illustrated’s Box Office is an NFT ticketing platform for events of any size and works alongside traditional tickets in sports. (Link)

🎥 Media & Entertainment

• CoinMarketCap enters reality TV with a new show inspired by Shark Tank. (Link)

• YouTube curbs an XRP crypto scam from being advertised on the hacked DidYouKnowGaming channel. (Link)

• Undercover in the metaverse, human moderators prove essential to digital safety. (Link)

• Dutch social media platform SocialBlox harnesses blockchain for enhanced transparency and security. (Link)

• Web3 story studio Toonstar releases adult-animated series Space Junk, a workplace comedy about garbage collectors in space. (Link)

• iHeartLand: Radio Star Simulator in Roblox offers updated interactive features and music experiences as players build and run their own radio stations. (Link)

🖼 Art

• FTX surrenders its high-value NFTs, valued at $4M, and recently gets moved to a multi-signature wallet. (Link)

• NFT marketplace Blur launches Blend, a peer-to-peer perpetual lending protocol. (Link)

• APE 2896 NFT comes to life through the power of AI. (Link)

• Blend's Blur Lending enables NFT collectors to obtain loans using their existing assets and permits liquidity providers to gain interest by loaning ETH and using the NFT as collateral. (Link)

• European NFT platform Rhapsody Curated taps 3 fine art photographers for climate change awareness via NFTs. (Link)

• NFTs enable artists and users to purchase, sell, and mortgage digital art shown in virtual galleries. (Link)

🤖 AI

• UoT Austin researchers develop an AI system that can interpret and reconstruct human thoughts. (Link)

• AI can actually help identify skills gaps and future jobs. (Link)

• Half of employers believe that AI will create more jobs, while another quarter believe the tech will cost jobs. (Link)

• Powerful AI systems “can't be controlled” and “are causing harm,” warns British scientist Stuart Russell. (Link)

• AI may predict the next heart attack or cardiac event. (Link)

• 5 free AI courses and certifications to expand your knowledge of AI and machine learning. (Link)

💸 Funding & Partnerships

• Crypto firm FARE Protocol secures $6.2M ahead of token launch. (Link)

• Blockchain security firm Shield acquires $2.1M in pre-seed funding to safeguard users from online fraud. (Link)

• SuperDuperSecret Co. raises $1M to revolutionize classic games with a 10-player battle royale twist. (Link)

• London-based disguise integrates with ZeroSpace’s SpoutBridge to facilitate production for xR and live events. (Link)

• Honma and ALTAVA Group collaborate in their bid to merge web3/web2/IRL tech. (Link)

• Malaysian IT firm TOGL signs an MOU with Huawei Cloud to improve user experience through metaverse, live streaming, Big Data, and AI. (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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