Over the course of the past seven days, our trusted ally Bitcoin has embarked on a more dynamic journey, oscillating between the values of $26,851.28 and $28,432.04​​1​. 

The timeless dance between the Bears and Bulls continues unabated, leaving the throne of victory yet unclaimed. Stand firm, dear crypto aficionados, irrespective of your favored faction. 

Despite our Crypto Sovereign navigating through stormy seas, the vibrant universe of GameFi has unveiled a parade of victorious challengers this week.

Launch of the First Government-Owned Metaverse in China

China’s Jiangsu province has marked a milestone in metaverse innovation, as its capital Nanjing launches the China Metaverse Technology and Application Innovation Platform. The initiative, the product of a partnership between Nanjing University of Information Science and Technology (NUIST), other academic entities, and metaverse-focused businesses, aims to bolster R&D in the metaverse sector.

The platform, unveiled at the Nanjing 2023 Metaverse Application Co-creation Conference, is designed to spearhead metaverse disciplines and foster a culture of collaboration across institutions and enterprises. Its broader objective is to stimulate innovation in the metaverse industry, creating a pathway for economic growth. The platform is also set to enhance the metaverse industrial cluster of Nanjing’s Jianye District.
This move builds on Nanjing University’s existing efforts in the metaverse sphere, including renaming its Department of Information Engineering to the Department of Metaverse Engineering in 2022.China’s proactive engagement with Web3 technologies, as demonstrated by the creation of its first regulated non-fungible token (NFT) marketplace in 2023 and the Shanghai Fengxian District’s innovative “Tax Metaverse,” indicates a promising trajectory for its metaverse industry.In other parts of Asia, the integration of metaverse in education is becoming apparent. Tokyo’s Todai University began offering metaverse courses in 2022, while South Korea’s Sungkyunkwan University acknowledged exceptional graduates with NFT-based certificates earlier that same year.

Renault Korea’s Call to Fans: Design Your SM6 NFT

Renault Korea is delving into the Web3 realm with a unique, community-focused campaign, “Create Your SM6,” inviting enthusiasts to design distinctive NFTs using Stable Diffusion, an AI tool. These designs will reflect keywords linked with Renault’s SM6 TCe300 model.

Participants in the campaign will get an exclusive NFT, and once the campaign concludes, prize winners will be announced on the event page. Their NFTs will be delivered directly to their digital wallets, with the possibility of winning klaytn cryptocurrency based on their campaign ranking.

This venture marks Renault’s third NFT initiative following the success of the “Create Your Epic Car” and “XM3 E-Tech Hybrid Meta Unpacked” campaigns. Renault continues to underscore its dedication to the Web3 sphere through NFTs, even launching two collections – “Racing Shoe5” and “genR5” – to celebrate its 50th anniversary.

The “Create Your SM6” campaign illustrates Renault’s commitment to advanced technology and participant involvement in digital collectibles creation. The initiative not only fosters active community engagement but also bolsters Renault’s connection with its audience in the rapidly evolving digital landscape.

Zhengzhou City Set to Invest Billions in the Metaverse Sector

China’s Henan Province capital, Zhengzhou City, has ambitious plans to invest billions into metaverse companies, as outlined in their recent report. The city’s municipal government is formulating policies to bolster companies that are pioneering innovative metaverse products within their locale, and lure others to relocate their headquarters to Zhengzhou.

Incentives for this move include potential funding of up to 200 million yuan ($28.34 million), along with perks such as rent subsidies. Additionally, companies spearheading city-based metaverse projects could be eligible for up to 5 million yuan ($710k) per project, with possible cash bonuses for successful stock exchange listings.

To further aid metaverse growth, the city aims to establish a 10 billion yuan ($1.41 billion) metaverse industrial fund, with plans to boost it by an additional 50 billion yuan ($7.08 billion) via collaborations with investment firms and government agencies.

While there’s no confirmed date for the availability of these funds, the municipal government anticipates that, should plans proceed smoothly, the city’s metaverse industry could generate an annual revenue exceeding 200 billion yuan (~$28.34 billion) by the close of 2023.

Korean Skincare Meets the Metaverse: Laneige’s Virtual Store Launch

Laneige, the esteemed Korean skincare and makeup brand under Elizabeth Arden, Inc., has joined forces with e-commerce service provider Obsess to establish its inaugural virtual metaverse store.

Visitors to Laneige’s official website can now immerse themselves in a cosmetic-themed metaverse, offering a diverse range of products to explore and purchase. The digital store, accessible directly from web browsers, features various themed areas such as the Cream Skin Club House, Laneige Lab, Lip Love Land, Water Bank Wonderland, Sleeping Mask Slumberland, and On Set With Sydney.

This metaverse shopping experience presents customers with unique interactive content, including exclusive video content from Laneige and American actress Sydney Sweeney. Furthermore, Laneige has introduced a scavenger hunt game where users can find hidden game pieces throughout the virtual space to unlock free product samples. The experience also includes quizzes and other games, fostering an engaging and educational exploration of the brand’s offerings.

F1 Ticket Provider Platinium Group Leverages Polygon for NFT Tickets

In an innovative move, Platinium Group, the primary ticket provider for Formula 1, is stepping into the blockchain space by offering NFT tickets. This development comes as a result of a partnership with NFT platform Elemint and Web3 agency Bary.

According to an official announcement, the NFT tickets will be minted on Polygon, Ethereum’s sidechain, and issued for the Monaco Grand Prix running from May 26th to 28th. Beyond access to the race, the tickets will carry post-event utilities such as hospitality benefits and discounts for future races, reinforcing brand loyalty among holders.

Bary Co-Founder Elie Zerbib highlighted the transformative potential of ticket-based NFTs, citing benefits like transparency, traceability, personalization, and enhanced fan engagement. Zerbib emphasized that users need not possess Web3 knowledge to buy the NFT ticket, promising a seamless and transformative F1 experience.

Bertrand Labays, Platinium’s CEO, spoke positively about the adoption of blockchain technology, expressing a strong belief in the significant role of NFTs in sports. Labays views the NFT ticket as not only a gateway to unparalleled experiences but also unique memorabilia encapsulating extraordinary moments.

This move aligns with Formula One’s previous strides into the blockchain domain, which included filing crypto-related trademarks and expressing plans for crypto, NFTs, and other Web3 ventures.

Binance Adds NFT Loan Service for BAYC, Azuki, and ETH Blue Chips to Its Platform

Prominent crypto exchange, Binance, is extending its reach in the NFT realm by launching a lending program for Ethereum-based NFTs. This enables users to borrow a specific ETH amount by using their NFTs as collateral.

The lending program currently caters to four NFT collections: Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles. To obtain a loan, holders are required to over-collateralize, i.e., the NFTs’ value must surpass the borrowed ETH amount. Importantly, no repayment deadline has been set, providing continuous liquidity access to holders without selling their NFTs.

Binance has introduced a “health factor” that can determine a loan’s liquidation. It refers to the ratio of the NFT collection’s floor price and the unpaid loan amount with interest. A health factor below “1” triggers loan liquidation via a Dutch Auction.

A promotional campaign starting from May 26th offers a 70% reduction in borrowing interest rates. During this period, instead of an 11.2% annual interest, borrowers will be charged 3.36%. In addition to competitive rates and immediate liquidity, Binance provides a liquidation protection scheme with a 24-hour auction window for repaying outstanding loans.

Mayur Kamat, Binance’s Head of Product, lauded the NFT Loans, emphasizing their capacity to grant liquidity for NFT holders while letting them retain their valuable NFTs.

Bacardi Takes a Digital Leap with Unique NFT Activations

Spirits heavyweight Bacardi steps into the digital world this summer with a unique non-fungible token (NFT) venture. Under its “Do What Moves You” campaign, Bacardi plans unique activations, with the first scheduled for June 8, 2023, at the Bacardi x Stadium Goods event.

Collaborating with streetwear giant STAPLE and Web3 studio Kollectiff, Bacardi offers exclusive merchandise and the innovative Dancing Shoes NFT. Attendees can customize their NFTs, and the best designs will be materialized into unique sneakers, delivered later in the season.

The campaign culminates in October with a pop-up event featuring limited-edition merchandise and a Dancing Shoes giveaway in Amsterdam, ahead of its largest dance music festival.

This initiative positions Bacardi alongside other spirit companies exploring Web3’s potential, such as Appleton Estate, 1800 Colección Tequila, Monkey Shoulder, and Ardbeg Fon Fhòid. The Absolut Company has also expressed its intent to join this space.

Bacardi’s innovative NFT venture demonstrates how spirits brands can leverage Web3 technologies to offer an interactive consumer experience that may reshape industry standards.

As we close the chapter on this week’s crypto-adventure, it’s evident that we’re witnessing a global embracement of digital innovation, with Bitcoin, GameFi, and the metaverse holding center stage. The introduction of China’s first government-owned metaverse, Renault Korea’s creative NFT campaign, Zhengzhou City’s billion-dollar metaverse investment plan, and the pioneering efforts of brands like Laneige and Bacardi, all signal a future ripe with infinite possibilities in the digital domain.

The integration of NFTs in varied sectors, from Formula One racing to the spirits industry, exhibits the growing relevance of Web3 technologies, setting a trajectory for further growth and adoption. As we continue to navigate these digital frontiers, the world of blockchain, metaverse, and NFTs is crafting a new normal that transcends traditional limitations.

So, dear crypto enthusiasts, as we prepare to delve into another exciting week of digital exploration, let’s remind ourselves that, regardless of the Bears or Bulls, it is the spirit of innovation and our collective leap into this new digital era that truly triumphs. Here’s to the infinite potential of the blockchain universe and the revolutionizing power of our Crypto Sovereign. Until next week, let’s keep innovating, exploring, and shaping the future.