US backs AI research

Today we are covering…

📝 US federally backed AI research

🌐 Improbable’s new metaverse think tank

🎮 Web3 gaming as key crypto driver

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White House‘s new move toward federally backed AI research [Link]

The Biden administration unveils new steps to guide federally backed research on AI as it tightens its grip on understanding the tech’s ever-evolving risks and opportunities. These steps include:

• A tweak to the US strategic plan on AI research, last updated in 2019, to better emphasize international collaboration with allies

• A listening session with workers on their 1st hand experiences with employers’ use of automated technologies for surveillance, monitoring, evaluation, and management

• An education department report on the risks related to AI in education, including algorithmic bias

These developments come on the heels of Congress being urged to “move quickly” toward AI regulation, as well as VP Kamala Harris earlier this month meeting with Google, Microsoft, OpenAI, and Anthropic heads to discuss AI.

The administration also previously announced a $140M investment in 7 new AI research institutes.

Polygon founder pins hopes on gaming as crypto’s ‘largest scale opportunity’ [Link]

Polygon co-founder Sandeep Nailwal touts gaming as one of the biggest drivers of mass web3 adoption.

Some sound bites from his May 25 Ask Me Anything (AMA) in the r/India community on Reddit:

• Gaming is the largest scale opportunity for crypto, Nailwal said when asked what some genuine at-scale “real life” use cases for blockchain are, other than trading and payments.

• “There are some top games launching in web3 in the next 6-18 months and it would be very interesting to see if some of them are able to crack the crypto code,” he said, citing a $2B+ funding for web3 games in 2022. “Polygon combined with its ecosystem players like IMX got the lion's share in terms of those funded games.”

• “Crypto is still in its nascent stage. I don’t believe that any blockchain ecosystem, except Bitcoin and Ethereum, is fully decentralized yet,” he said, adding it may not be necessary for networks to be fully decentralized at the beginning as it would be once they “achieve larger and larger significance.”

A wide rumor is that two of the most anticipated web3 games to date have pushed back their launches on account of market concerns. This begs the question: If new innovative applications and games are what drives the market and these apps and games won’t launch because of the market, which breaks first?

Improbable’s new metaverse think tank [Link]

Improbable’s newly launched think tank, The Metaverse Society, explores the impact of the metaverse, creating practical applications, clarifying misconceptions and managing risks to ensure responsible use. Its detailed program of activities will be unveiled at the end of June.

Herman Narula, Improbable founder and CEO, cites the vision:

“We want to contribute to ensuring the metaverse holds its promise of being a network of meaning that unlocks creativity, social interaction, and economic opportunities, free from gatekeepers.”

The company will bring its own research portfolio to the think tank, including studies on potential metaverse sectors, a report on European regulation, and a research memo that sheds light on its evolving strategy.

The launch of the think tank and the accompanying memo come as part of a strategic shift for the Softbank-backed company, which has redirected its focus exclusively to the commercial metaverse, abandoning plans to develop its own video games and closing its US defense arm.

AI-enabled robot workforce: Threat over job displacement or co-worker? [Link]

“Humanoid” robots move with dexterity like humans do, commanding fear that they’ll bring automation to a point of displacing humans in the workplace.

Prime examples of these include factory environments like Amazon, where autonomous mobile robots or AMRs transport inventory around facilities, and the Boston Dynamics robot dog Spot, recently adopted by the NYPD.

Yet is the fear around these robots overdone and ignoring the goal “to build devices that are useful,” meaning doing something humanity can’t do, do as well, or would be at risk doing?

Some experts, too, say they should be considered co-workers, under the glamorous name “co-bots,” to work alongside people.

Streetwear brand The Hundreds’ metaverse storefront

The Hundreds celebrates its 20th anniversary with the launch of its new flagship store in the metaverse, partnering with some.place to create a 3D interactive experience.

Rendered with Unreal Engine 5, the some.place storefront offers a level of detail and realism not typically seen in other metaverse experiences: While maintaining realistic elements, the virtual store also includes imaginative touches, such as cracks in the street revealing lava beneath.

The Hundreds will use the some.place location to offer exclusive apparel drops, including items exclusively available to holders of the brand's Adam Bomb Squad NFT collection.

This is yet another virtual storefront demonstrating an immersive, social shopping experience, connecting digital and real-world interactions, and bridging online and offline engagement with brands.

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Quick Hits

🎮 Gaming

• Coca-Cola and game developer Riot Games debut a gaming-inspired limited-ed product, Hero’s Arrival, in China. (Link)

• Openfort raises $3M for “frictionless” web3 gaming wallet - what this means for gamers. (Link)

• Bungie revives its Marathon IP to create a new sci-fi PvP extraction shooter. (Link)

• Gods Unchained aims to follow Axie Infinity and NFL Rivals by launching a mobile version on Android and Apple devices. (Link)

• Illuvium: Overworld Private Beta 2 gets upgraded with NFT and more. (Link)

🕶 Fashion

• Watch out: With the industry using it for everything from campaign imagery to shopping assistants, generative AI could perpetuate fashion’s biases. (Link)

• Virtual changing rooms, smart mirrors, and avatars could ease some of plus-size consumers’ complaints. (Link)

• Dive into Zara’s capsule collection Fairy Magic Idols, which mixes physical and digital aspects. (Link)

• With its parent company newly acquired by Vertex Labs, Hape will introduce a new staking program for its community members. (Link)

🏀 Sports

• Professional Fighters League (PFL) and web3 tech firm CrossTower offer fans NFT VIP access. (Link)

• Basketball legend Shaquille O’Neal gets hit with lawsuits over Solana NFT project and FTX during an NBA game. (Link)

• Three executives key to Meta’s sports-related efforts are reportedly leaving the company. (Link)

• OKX Collective metaverse promises hyper-realistic, immersive fan experiences and unique and exclusive content that include football ambassadors. (Link)

• At the Qatar Economic Forum, sport industry chiefs remain bullish on the digital age boosting the future of global sports. (Link)

🎥 Media & Entertainment

• At the Cannes Film Festival, indie filmmakers voice ambitions to use web3 to revolutionize cinema. (Link)

• Microsoft officially launches avatars for Teams. (Link)

• Sue the person behind the AI song Heart On My Sleeve, Ice Cube tells Drake. (Link)

• Snapchat boosts hiring as it crosses the 200M monthly active users mark. (Link)

• Does the future of media lie in the metaverse? (Link)

• K-pop in the metaverse is being spun up out of pixels and doing battle in a virtual universe. (Link)

🖼 Art

• Community, IP, and talent: 0N1 Force makes triumphant return under new leadership. (Link)

• Gagosian and Murakami collaborate for an exhibition in France, including an exploration of art and NFTs. (Link)

• Tulipart.com launches a collection of tulip NFTs minted daily over 7 years. (Link)

• Web3-friendly browser Brave introduces NFT-gated video calls. (Link)

• Decentraland's Metaverse Pride aims to spur "real change, one avatar at a time." (Link)

🤖 AI

• ChatGPT app skyrockets to the top of the App Store, with Apple cashing in with a 30% fee for in-app purchases. (Link)

• Meta’s AI-powered text-to-speech tech, crafted to protect global languages, references the Bible and other religious texts. (Link)

• AI just might minimize deaths from flooding in 80 countries. (Link)

• A paralyzed man walks again, thanks to AI-powered brain-spinal cord implants. (Link)

• Opera launches a new integrated ChatGPT-powered AI sidebar. (Link)

💸 Funding & Partnerships

• Venture capital firm Dispersion Capital is set to launch a $40M fund to support web3 startups. (Link)

• Turkey-based AI marketing platform Insider locks up another $105M, bringing total funding amount to $274M. (Link)

• AI avatar firm Buzzar partners with Cypher Capital to develop web3 games. (Link)

• IQ Protocol announces partnership with TCG World to redefine metaverse Interactions. (Link)

• GoodGang Labs gets US$2M in seed funding to further grow its KikiTown product. (Link)

• Indian kid fashion wear Hopscotch raises $20M from Amazon despite market downturn and funding crunch. (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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