The lowdown this week...
- Ford joins the Metaverse with their brand new NFTs
- The White House requests federal agencies to make Bitcoin mining greener
- Axie Infinity creator teams up with Google Cloud to secure blockchain tech
- Singapore's Whampoa Group reveals its $100M venture capital for crypto investments
Ford makes their grand entry into the metaverse with their NFTs
American automobile giant, Ford Motor Company is ready to move full steam ahead into the metaverse. They recently filed for 19 trademarks related to the crypto space with the United States Patent and Trade Office (USPTO). Their goal is to create and produce downloadable artwork, audio and visual content featuring its cars. Ford's entry into the metaverse, followed after Ford Executive Chairman Bill Ford and CEO Jim Farley announced their massive discharge of employees from the global workforce.
Additionally, they're also looking forward to partnering with retail store services featuring NFTs in the future. Ford isn't the only automobile player in the crypto game, Ferrari also signed a deal with a blockchain firm back in 2021 - to develop digital products for its fanbase. A research study performed by an autotrader company stated that NFT enthusiasts would willingly pay more for virtual cars than real ones. The automobile industry is progressively making strides to the Web3 sphere.
Order in The Court!
The White House demands that crypto mining becomes greener
The White House suggested this week, that regulators and U.S lawmakers ought to clamp down on crypto mining soon. The request was mandated by President Biden in an executive order last March. The reason for the crackdown is due to the massive scale that crypto mining has reached, and the rising carbon footprint. It proposed that the government is requested to collect more data on power usage from the industry, and to advance energy efficiency standards.
The White House mentioned that if they fail to take strict measures to make Bitcoin mining greener, they'll ban it altogether. If the measures prove ineffective, the Administration will actively explore executive actions, to eliminate crypto-asset mining. This move follows China's crackdown on the industry, and the move for miners to flock to North America. The U.S. share of global mining from Bitcoin jumped from 3.5% to 38% in 2020, which could hinder the U.S.'s "climate commitments and goals."
Talk of The Town
Singapore's Whampoa Group sets up a $100 million venture capital for digital asset investments
Whampoa Group's asset manager announced that they plan to allocate $100 million for digital asset investments. It plans to raise $50 million for the crypto hedge fund, which should soon skyrocket to $100 million. Their plan is to launch in the next quarter, with a heavy focus on early-stage start-ups in Web3. Whampoa Digital plans to grow its fund's size to scale up investments in small increments.
“We think there is great conviction in this space. The venture capital fund will help us to expand our footprint in this area.”
Shawn Chan, CEO
The news so far has sparked interest from asian tech firms and business groups around Southeast Asia. The multi-family investment firm was part of a $500 million fund announced by Binance Labs inJune this year, to drive blockchain tech. The determined family-owned company is keen on driving crypto adoption in Singapore and the rest of Southeast Asia.
Sky Mavis recently added Google to its list of firms
Google Cloud has hopped on the Axie Infinity train, as Sky Mavis plans to further decentralize its Ronin network. Sky Mavis plans to scope out the cloud computing division of the international tech giant, run on a validator node on Ronin. This translates to Google Cloud securing assisting the secure side-chain network, and helping to aid transaction processes. Google Cloud has already been the startup's strategic cloud partner since 2020, and their collaboration will only grow from here.
Sky Mavis is a great example of how the cloud can enable blockchain technologies, to foster innovation and creativity among individuals. Google Cloud is deemed the 18th validator of Ronin, and plans to open up a world of possibilities from this recent collaboration. The addition of Google Cloud is meant to strengthen the Ronin Network's validator pool, resulting in less to zero compromises. This big move will hopefully build its core infrastructure, including Google Cloud's delivery network.
Food for thought:
- Which automobile brand would you like to see hopping on the NFT train?
- Do you think that Singapore will be the next crypto hub?
- Do you think that Axie Infinity will boom once again?
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.
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