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From tech monopolies to the synergy of AI and blockchain, Alex Tapscott, author of “Web3: Charting the Internet’s Next Economic and Cultural Frontier,” dissects the trajectories of the digital landscape.

Welcome to The Daily Forkast – April 27, 2023 – presented by Jeff Cheung. The crypto markets suffered from a minor heart attack earlier today when unsubstantiated rumors surfaced, claiming Mt Gox and US Government wallets had allegedly moved large amounts of Bitcoin.

Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said the social media giant is not moving away from its metaverse focus despite reporting repeated losses in the billions of dollars at its division dedicated to developing the virtual reality online world. 

The French government announced a public consultation on “virtual immersive universes,” or the metaverse.

Meta is investing heavily in artificial intelligence and this will benefit its metaverse businesses, Meta’s Andrew Bosworth told Nikkei Asia.

Entertainment conglomerate Walt Disney Co. has reportedly scrapped its metaverse plans as part of its decision to lay off 7,000 employees and reduce US$5.5 billion in expenses. 

Digital asset platform Anchorage Digital will lay off 75 employees as it restructures to meet regulation challenges.

Meta Platforms, the parent company of Facebook and Instagram, will wind down its non-fungible token operations on both social media services.

Meta Platforms, the parent company of the social media applications Facebook and Instagram, is exploring a decentralized text-based Twitter alternative.

Meta Platforms Inc., the former Facebook, said losses at its Reality Labs division developing virtual reality technologies widened last year, but the company’s Q4 earnings beat expectations and it projected overall stronger growth into 2023, according to its earnings report released Wednesday.

Meta’s Mark Zuckerberg said that he remains optimistic about the future of the metaverse over a “five-to-ten-year horizon” despite widespread skepticism of his company’s venture into the technology.

The metaverse has the potential to improve access to opportunities and create a better version of the offline world. How do we prevent it from perpetuating society’s ills?

Bitcoin and Ether prices fell in Thursday morning trading in Asia along with all other top 10 tokens by market capitalization, excluding stablecoins.

Meta Platforms Inc. is planning its first significant mass layoff later this week that may affect many thousands of employees.

Instagram will soon allow creators to mint and sell NFTs through the platform to buyers both on and off Instagram using an ‘end-to-end toolkit.’

It is the one-year anniversary of Facebook’s rebrand as Meta, a major step in the company’s foray into virtual reality and Web3. However, in actual reality, not everything has gone to plan for the platform’s new parent company.

Meta’s metaverse division Reality Labs lost US$3.7 billion in the third quarter of this year, bringing its accumulated losses in 2022 to US$9.4 billion.

Meta is collaborating with a Taiwan LGBT advocacy group and a local cryptocurrency exchange to issue charity NFTs as part of the Taiwan Pride celebration.

Meta shareholder Altimeter Capital’s CEO Brad Gerstner wrote a letter to Mark Zuckerberg suggesting a cut in headcount and in metaverse investments.

Top blockchain and crypto news: Mark Zuckerberg’s empty metaverse. South Korea to roll out blockchain IDs. Macau bets on digital money.

Meta Platforms Inc.’s internal documents show the company’s metaverse platform Horizon Worlds is underperforming in terms of attracting and maintaining users, the Wall Street Journal (WSJ) reported Saturday. See related article: Meta’s attempts at building a metaverse will ‘misfire’: Vitalik Buterin Fast facts Meta’s initial goal was to gather 500,000 monthly active users (MAU) on […]

Instagram and Facebook users in 100 countries can start sharing and crossposting their non-fungible tokens (NFTs) between the two platforms, Meta announced on Thursday.  See related article: China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes Fast facts Meta, the operator of the two social media platforms, said the feature is available to […]

South Korea’s official media regulation agency met with Andy O’Connell, vice president of product policy and strategy of Meta Platforms, Inc. on Monday to discuss ways to boost user protection on the metaverse. See related article: South Korea will not rule the metaverse with game laws, science ministry says Fast facts Ahn Hyoung-hwan, the vice […]

Aptos, a public chain launched by former members of failed Meta stablecoin project Diem, announced Friday a prize of up to US$1 million to encourage developers to find major vulnerabilities in the blockchain network, as the launch of the highly-anticipated blockchain fell slightly behind schedule. See related article: Binance makes additional investment in Aptos  Fast […]

Google earns hundreds of billions annually by monetizing its users. Can blockchain return meaningful control over personal data back to the people?

Instagram’s platform for non-fungible tokens (NFT), which the firm is calling “digital collectibles,” is now available in 100 countries, the Facebook parent Meta-backed social media giant said. See related article: Meta’s attempts at building a metaverse will ‘misfire’: Vitalik Buterin Fast facts With support for Coinbase and Dapper wallets added, Instagram now supports wallets from […]

Vitalik Buterin predicts the metaverse will be built, but any existing corporation trying to intentionally build one will not succeed, adding that efforts by Meta (formally Facebook) to do so will “misfire.” See related article: Will Facebook’s metaverse future transform how we live online? Fast facts In a Twitter thread over the weekend, the Ethereum […]

Founded by former employees of Meta stablecoin arm Diem, blockchain company Aptos Labs announced a US$150 million Series A funding round led by FTX Ventures and Jump Crypto on Monday, according to a press release. See related article: Crypto startup funding falls by 26% in H1 2022: report Fast facts Venture capital and crypto firms […]

Yahoo will host virtual concerts and exhibitions featuring celebrities and influencers for Hong Kong residents on the Decentraland metaverse, the company announced on Wednesday. See related story: Hong Kong’s subway operator plans virtual station in metaverse Fast facts Yahoo is also launching a non-fungible token (NFT) exhibition called The Abyss of Kwun Tong to recreate […]

An open and interoperable metaverse economy will drive consumer activity — and it’s on a similar track for growth as e-commerce, writes Ben Caselin of AAX.

Top blockchain and crypto news: UST knocked out of Luna orbit. Making NFTs Instagrammable. China’s black market ‘digital collectibles’ trade.

Instagram, the social media platform owned by Meta, plans to support non-fungible tokens (NFTs) for crypto art from several blockchain networks, with the pilot project happening as soon as Monday, CoinDesk reports.  See related article: Bored Apes Instagram hack nets millions in stolen NFTs Fast facts Instagram will allow users to post and share NFTs […]

Meta, formerly Facebook, started a trial program enabling a handful of creators to charge for what they are building for Horizon Worlds, the firm’s metaverse platform. See related article: India’s biggest telecom firm latches onto metaverse Fast facts Meta will work with a handful of creators under a test program that will enable them to […]

Meta, formerly Facebook, has filed eight trademark applications with the United States Patent and Trademark Office (USPTO) relating to blockchain, crypto and the social media giant’s metaverse push. See related article: Meta showcases focus on AI, announces new voice assistant program Fast facts One of these applications includes a trademark for cryptocurrency services including exchange […]

Meta CEO Mark Zuckerberg confirmed non-fungible tokens (NFTs) are coming to Instagram while speaking at the SXSW festival in Texas on Tuesday. See related article: What decentralization can offer Web 3.0 and social media | Part 1 Fast facts “We’re working on bringing NFTs to Instagram in the near term,” Zuckerberg said. Zuckerberg said the […]

It’s been a booming time for the NFT market, and as data from CryptoSlam shows, there has been particular interest in metaverse projects recently.

The multi-faceted metaverse provides new channels for gaming, socialization, art exhibitions and more. Who’s leading the race and how?

The brand has long centered around connecting people and seems determined to carry that branding to its next stage as a metaverse company.

As Bitcoin’s price movement began to mirror that of traditional markets, some likened it to tech stocks. Its recent price action shows otherwise.

Australian resources mining billionaire Andrew “Twiggy” Forrest is taking Meta (formerly Facebook) to court alleging the social media giant breached local money-laundering laws by failing to prevent false cryptocurrency advertisements on its platform. Fast facts In legal proceedings lodged in the Western Australia Magistrates Court, Forrest alleges Meta “failed to create controls or a corporate […]

Meta (formerly Facebook)-backed stablecoin project Diem’s intellectual property and assets have been sold to cryptocurrency bank Silvergate Capital Corporation for US$182 million, both entities confirmed on Monday. Fast facts “[W]e identified a need for a U.S. dollar-backed stablecoin that is regulated and highly scalable to further enable them to move money without barriers,” said Silvergate […]

The metaverse could be life-changing for the world’s unbanked, writes Pavel Matveev of Wirex. Interoperability between the real and virtual worlds will be key.

Meta’s Facebook and Instagram are exploring plans that would allow non-fungible tokens (NFTs) to be used as profile pictures, according to a report. Fast facts The plans include the showcasing, minting and selling of NFTs, several insiders told Financial Times. Meta staff members are also reportedly discussing the launch of a marketplace to buy and […]

Microsoft announced on Tuesday a US$68.7 billion acquisition plan of gaming giant Activision Blizzard as part of its reach for the emerging metaverse market. Fast facts “Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms,” said Satya Nadella, […]

Looking beyond this year’s headlines like El Salvador’s Bitcoin adoption, here are the key developments in blockchain technology that will have lasting impact in the new year and beyond.

Metizens can already attend concerts, visit art galleries and earn money in a metaverse, writes Joe Caselin of Hex Trust. What’s coming next?

When Facebook and payments giant Square launched, they were trailblazers in the industry. Now, after Facebook, Square too has changed its name — to Block — in a bid to embrace the future of technology. Fast facts Square CEO Jack Dorsey and Facebook CEO Mark Zuckerberg have never gotten along. Dorsey has jibed at Zuckerberg […]

The metaverse is a convergence of the physical and digital worlds, writes Gloria Wu of Ontology. How can the metaverse escape Web 2.0’s failings?

On the heels of Facebook, or now Meta, Microsoft and Nike are also racing into the metaverse action. Fast facts Microsoft is introducing a more fun working environment experience by announcing 3D avatar and immersive meeting settings, according to media reports. The Verge reported that Microsoft will use artificial intelligence to listen to the creator’s […]

Facebook, now called Meta, is casting off one of the world’s most famous names to retool itself into a metaverse company. Will its $10 billion bet pay off?

Facebook CEO Mark Zuckerberg announced the social media giant is rebranding its corporate name to Meta as it focuses on building out its metaverse vision of an embodied internet with immersive spaces and experiences where people can digitally connect. Fast facts “The metaverse is the next chapter for the internet and it’s the next chapter […]

New virtual worlds are full of opportunities, writes Sandra Helou of Zilliqa. But what if real-world problems get magnified in the metaverse?

Top blockchain and cryptocurrency news: Bitcoin grows up. Facebook’s metaverse journey. China’s crypto investors find a workaround.

A group of U.S. lawmakers called on Facebook to halt its cryptocurrency and digital wallet project Novi hours after its pilot launch began on Tuesday, amid the company’s ongoing trust crisis. Senators Brian Schatz (D-HI), Sherrod Brown (D-OH), Elizabeth Warren (D-MA), Richard Blumenthal (D-CT) and Tina Smith (D-MN) said the tech giant “cannot be trusted […]

Facebook says it will create 10,000 jobs in the European Union over the next five years to build its highly anticipated metaverse — a digital platform that utilizes technology such as virtual and augmented reality that the company says has the potential to unlock new creative, social and economic opportunities. Fast facts According to a […]

Top blockchain and crypto news: US leads charge in ramping up cybersecurity. Crypto fans crow as Facebook flops. China bears down on metaverses.

Facebook’s Novi is ready to launch. Here’s why the Diem crypto wallet might find an especially warm welcome in places like the Philippines and Malaysia.

Facebook CEO Mark Zuckerberg has a vision for metaverses — online worlds that one day will replace big parts of our offline lives. But some say that future is already here.

Swiss-based Digital Assets AG, a firm focused on the design of tokenized stock infrastructure, has launched over 50 tokenized stocks on the Solana public blockchain.

Other top blockchain and cryptocurrency news: BlockFi’s accidental BTC millionaires. China’s Inner Mongolia asks citizens to report illegal crypto mining.

When Diem launches and central banks roll out digital currencies, what role will each play? Here is a look at the world’s financial and payments future.

Decentralized apps like DLive are gaining attention since the violent attack on the US Capitol. How will this affect the wider adoption of blockchain DApps?

Sharing user data in exchange for free services is not necessarily a bad thing, writes Henri Pihkala of Streamr. The key is transparency and user consent.

Formerly named Libra, the Diem stablecoin is now awaiting regulatory approval, writes Ilia Maksimenka of PlasmaPay. What are Diem’s odds of success?

Other top blockchain and cryptocurrency news: S&P Dow Jones to launch crypto index. Walmart invests big in India’s PhonePe.

Other top blockchain and cryptocurrency news: Bank of International Settlements considers stablecoins. China sends PlusToken scam ringleaders to prison.

Can blockchain stop the paid trolls, bot armies and floods of fake news that are subverting democracy through sites like Facebook?

Other top news: Bitcoin halving frenzy. New Huawei tech zone. Blockchain company busted for defective face masks. VC in Hong Kong and Canada.

This week has been one where big changes came fast and furious on the opposite sides of the central bank digital currency world.  First, alleged screenshots of a mockup of the People’s Bank of China central bank digital currency’s mobile app were published, giving the public a taste of the apparent functionality of the platform […]

And that’s a good thing for legitimizing blockchain and paving the way to tokenize real assets across industries, the enterprise blockchain creator said at Hong Kong FinTech Week 2019.