Digestible news on the latest developments in Web3, NFT, Blockchain and Metaverse in Greater China and beyond, compiled for you weekly by Pandaily.

This week: Beijing announces a two-year plan for metaverse innovation and development, Huobi iBox-backed NFT platform to halt international operations, The Sandbox kicks off its new Alpha season, and more.

Beijing announces two-year plan for metaverse innovation and development

Last Tuesday, the Beijing municipal government announced a two-year (2022-2024) metaverse innovation and development plan, which will require all districts to adhere to its new rules for Web3 innovation. Cointelegraph first reported the story.

• The plan refers to the metaverse as a new generation of information technology that could lead the Internet to Web3, according to Cointelegraph, citing the government announcement.
• The plan will promote the development of metaverse-related industries in Beijing and make it a benchmark city for the digital economy.
• The plan also sets out a few priorities, one of them being the consolidation of industry resources, which include think tanks, companies in the areas of cloud computing, artificial intelligence and blockchain, as well as other entities in the metaverse value chain.
• Another priority is to provide industry support nationally and municipally, as well as encourage industry leaders to innovate new technologies and business models.
• The plan also provides for the continuous development and improvement of the digital infrastructure.
• On the content creation side, the Beijing government calls for the creation and standardization of subsectors within the metaverse industry, as well as the creation of user-generated content platforms and communities. of creators.
• Finally, it claims to “strongly support” the development of “safe, stable and credible digital asset trading services”. (Cointelegraph)

NFT platform backed by Huobi iBox to stop overseas operations

Chinese market NFT iBox announced last week that it plans to shut down its overseas operations. Forkast first reported the story.

• iBox is one of the first NFT platforms supported by Huobi X Center, an incubator program that supports innovative projects in the fields of Web3 and metaverse.
• In a letter to its international users, the NFT platform said it was undergoing an “orderly liquidation and exit” due to adjustments in the direction of its core business.
• iBox said that starting September 1, users who purchased NFTs on the platform will be refunded the purchase price and they should provide screenshots showing their crypto wallet addresses.
• In a separate announcement, Huobi Global wrote:
  • Huobi Global had been withdrawing its Mainland China business since May 2021 and had completely removed Mainland China user accounts by 4:00 p.m. (UTC) on December 31, 2021.
  • Through this process, Huobi Global also ended its partnership with iBox, finalizing the share transfer on January 14, 2022. At this point, Huobi Global has no shareholding or business relationship with iBox. (Forkast)

READ MORE:All our previous articles on Huobi!

Shanghai Data Exchange launches non-tradable NFTs

Last week, the Shanghai Data Exchange announced the launch of blockchain-based digital assets, without allowing secondary trading. Forkast first reported this story.

• The debut came despite Beijing’s continued crackdown on crypto, which has eliminated all related service providers, including offshore exchanges.
• Regional governments are also starting to look to NFTs and the metaverse as a way to stimulate the economy, despite official warnings against the speculative risks associated with virtual assets.
• The batch of digital assets was issued by the Shanghai Data Exchange, along with Chinese shoemaker Warrior, and bilibili, a video streaming platform popular with Chinese youth. New NFTs live on the High Energy Chain, a specialized blockchain developed by bilibili.
• Tokens are given away for free, and each item can be redeemed for a physical pair of shoes, according to an official press release.
• Established in November 2021, the Shanghai Data Exchange is a public institution that offers businesses to exchange data and related services. (Forkast)

The Sandbox launches the new alpha season

The Sandbox, a metaverse platform backed by Hong Kong-based venture capital firm Animoca Brands, is releasing Alpha Season 3 for its open future metaverse that connects various Lego-like virtual worlds. Venture Beat first reported the story.

• The blockchain-based virtual universe has more than 90 different experiences and 100 hours of gameplay available for the new season, according to Sébastien Borget, the company’s chief operating officer.
• The platform currently has four million users who have accessed its wallets, up from two million in March when the company launched Alpha Season 2, the COO noted, adding that virtual land ownership has also increased, with nearly 22,000 people paying decent money for virtual real. domain.
• Borget is optimistic about the company’s growth momentum as it works to build a decentralized virtual metaverse. However, it remains to be seen if the metaverse concept will be accepted by mainstream users.
• In The Sandbox metaverse, users can create avatars, purchase skins, and participate in activities related to music, art, architecture, games, and fashion.
• The company expects Alpha Season 3 to top 350,000 active users. Ubisoft will debut in Season 3. DJ Steve Aoki will also participate as an avatar. (business beat)

READ MORE:All our previous articles on The Sandbox!

Singapore steps up scrutiny of crypto-related companies

Singapore is stepping up its scrutiny of cryptocurrency-related businesses in the city-state ahead of planned regulatory changes. Bloomberg first reported the story.

• The Monetary Authority of Singapore (MAS), the country’s central bank, has sent a questionnaire to some applicants and holders of its digital payment license to obtain detailed information about their business activity and holdings.
• The questionnaires were sent out last month and recipients were expected to respond quickly.
• Regulators have also inquired about their major token holdings and major lending and borrowing counterparts, in addition to checking with local crypto exchanges on the processes they follow after obtaining their license to understand the associated risks.
• The news comes ahead of planned changes to crypto regulations in the city-state, where authorities are encouraging innovation and development of the Web3 ecosystem on the one hand, and limiting the risks of speculation and crypto contagion on the other. .
• “Licensees and applicants are required to notify MAS of any event that materially impairs or impairs the entity’s operations, including any matter that may affect its solvency or its ability to meet its financial, statutory , contractual or otherwise,” a MAS spokesperson said. Bloomberg. (Bloomberg)

Meta is rolling out a new Metaverse ID system

Last week, Meta announced that it had officially rolled out what it calls Meta Accounts and Meta Horizon Profiles, a new login system for the company’s VR headsets that will be used in place of personal social media accounts. such as Facebook and Instagram. TechCrunch first reported the story.

• Old and new users of Oculus, Meta’s VR devices, will need to create new Meta accounts to log in and access the Metaverse. The company developed the new login system in response to growing privacy concerns about personal social media accounts.
• At this time, the company still allows users to create a Meta account using Facebook or Instagram, according to a spokesperson.
• Although users are asked to migrate from their previous social media accounts, they will still be able to access all of their “previous VR purchases and downloads” after the transfer is complete, according to the company.
• The company also says those who choose to connect their Meta-managed social media accounts will have access to better experiences in the metaverse, such as live sharing, messaging, and the ability to gain followers faster.
• In addition to the Meta account, a “Meta Horizon Profile” will replace the Oculus account formerly used. The profile will be the home of everything avatar-based and will be considered the social media of the metaverse. (Tech Crunch)

That’s it for this week’s newsletter – thanks for reading! As always, we welcome any feedback on how to improve this newsletter. Write to us at [email protected]. See you next week !