Monday Movers 14

Zuckerberg receives backlash from Horizon Worlds' graphics, while Canada issues new rules on crypto.

Highlights from the weekend:

  • South African Central Bank unveils crypto risk assessment note
  • Zuckerberg receives backlash for disappointing graphics in Horizon Worlds
  • Canadian regulator issues new rules on exposure to cryptocurrencies
  • Oscar-winner Anthony Hopkins launches his own NFT collection

Words of Wisdom:

“Ten percent of my net worth is in this space.”

- Mike Novogratz
“I do think some digital currency will end up being the reserve currency of the world.”

- Brian Armstrong
“Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.”

- Vitalik Buterin

Finblox Performers:

The Scoop:

Award-winning actor Anthony Hopkins is an avid supporter of Web3, and is fully invested in the metaverse. Hopkins is set to launch his first digital art series showcasing diverse archetypes based on his screen roles. He plans to take his art to the next level with NFT as his canvas, and finds it to be a truly exhilarating experience. Although Hopkins is in his mid 80s, he is determined to show the social media world that anything is possible at any age.

“As an artist, I am inspired by the power of art, music, cinema and the illusionary dreamlike quality of life.”

Anthony Hopkins

The Eternal Collection is the brainchild of Hopkins and Orange Comet, a Web3 company co-founded by Hollywood producer Dave Broome and two other Grammy-award winning musicians. The release date is set for mid-September and includes a 1-of-1 animation incorporating 10 archetypes - including Hopkin’s role as Hannibal Lecter in "The Silence of the Lambs" and Odin in three of Marvel’s "Thor" movies. For Hopkins fans, this is sure to be a treat as the NFT collection offers an autographed "Dreamscapes" art book featuring drawings and paintings by Hopkins, along with an exclusive audio clip of him discussing the digital creations.

The beta version of Horizon Worlds was launched for Oculus headset owners in the US and Canada in December 2021, with over 300,000 monthly users. Recently, Mark Zuckerberg gave a debut of Horizon Worlds' new updates, which immediately received harsh criticism. His somewhat low-res digital avatar posing in front of the Eiffel Tower and rolling green hills was an eyesore, according to viewers. New York Times tech columnist Kevin Roose shared his sentiments, stating that the graphics were "worse than a 2008 Wii game."

metaverse Mark Zuckerberg Facebook buildings Eiffel Tower Paris 3D
What are your thoughts on Zuckerberg's avatar and Horizon's graphics?

A commentator from Hacker News pointed out that the rudimentary graphics weren't to blame, and that the issue lies with the Oculus VR headset. Its limited processing power prevents the rendering of complex graphics, unlike the PS5 - which can display images perfectly. Additionally, Zuckerberg mentioned that creating the metaverse as the company envisioned would realistically take 10 to 15 years. He posted on Instagram as a response to negative comments, stating that the Horizon and avatar graphic updates are coming soon. He also mentioned that the snapshots were taken quickly to celebrate the launch, but the design is capable of much more.

The Superintendent of Financial Institutions in Canada announced that there will be a set of crypto assets classification conditions. These conditions will fully comply with the new crypto regulations as well as set their limits on use by banks and insurers. The advisory will not address issues that include "whether a FRFI is permitted under the Bank Act, Insurance Companies Act, or Trust and Loan Companies Act to issue any particular crypto asset, or to acquire or hold a controlling or substantial investment in entities that engage in this activity."

The South African Reserve Bank's Prudential Authority is offering crypto companies the chance to interact with local banks. Prior to the engagements, the banks must conduct thorough risk assessments that the prudential authority deems adequate. A document released by the authority advised banks to invest in anti-money laundering and counterterrorism financing for all crypto transactions. South Africa’s financial watchdog revealed that they plan to set a regulatory framework this year to govern how trading in ETH, Litecoin, and XRP should be carried out.

The need for banks to evaluate and properly assess their vulnerabilities to money-laundering, terrorism financing, and proliferation financing is pivotal. Some South African banks have ceased banking relationships with what the PA calls Crypto Asset Service Providers (CASPs) due to the inability to quantify risks posed. "Proper risk assessment involves proper understanding of the risk within a crypto asset or service provider, including the CASP's clientele," according to the authority.

Canada's move to detail crypto backing rules was brought about, weeks after the Basel Committee published a second consultation document on the prudential treatment of banks’ crypto-asset exposures. Canada's stance was to "keep an eye on the major developments based on the overall performance of the crypto market.” The country's crypto assets will also be closely monitored in two groups. One group will claim the classification conditions set, while another group will be subject to more conservative treatment.

Canada green hat black car mountains shops crowd road
Canadian banks are limiting their interface with crypto. 

Canada joins other countries in their desire to regulate crypto - but it isn't a simple feat. The Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada have been strict on crypto trading platforms and their registrations with the local provincial regulators. The Ontario Securities Commission has also expressed their aggressive stance towards implementing regulations against unregistered foreign trading platforms.

Blockchain Events and Conferences:

...and finally, some memes for your morning:

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a next-generation crypto ecosystem where you can buy and earn amazing rewards on your digital assets.

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