Welcome to our update on the metaverse and web3. This update aims to provide a brief overview of the most talked-about news, trends and new initiatives in the metaverse and web3. Here’s the best of December, January and February 2023/2024:

Finance, government and technology 

PROOF and Moonbirds NFT acquired by Yuga Labs 

On February 16, 2024, Yuga Labs announced that it was acquiring the digital art collective known as “PROOF Collective,” including PROOF’s Moonbirds NFT, Oddities NFT and Mythics PEP collections and PROOF’s team. It has been reported that PROOF CEO Kevin Rose will become an advisor to Yuga Labs.

Read more on The Crypto Times and ARTnews.

Disney and Epic Games announce $1.5 billion partnership 

On February 7, 2024, the Walt Disney Company and Epic Games announced that they are collaborating to create a games and entertainment universe. This collaboration will result in an immersive gaming experience, integrating the Fortnite platform and resulting in a universe where players will have the opportunity to play, watch, shop and interact with content from Disney franchises including Pixar, Marvel and Star Wars.

Read more on NFT News Today. 

Cross-chain NFT wallet launched by Magic Eden 

On January 29, 2024, Magic Eden released an NFT wallet across Solana, Bitcoin, Ethereum and Polygon blockchains. The wallet enables users to trade NFTs directly through Magic Eden. It also includes native bridging, instant cross-chain swaps and portfolio management. 

Read more on The Crypto Times.

Mixed reality headset created by Sony and Siemens for the industrial metaverse

On January 8, 2024, Sony and Siemens announced a collaboration to create a mixed-reality AR/VR headset for the industrial metaverse, which is an immersive space aimed at enhancing productivity within the industrial sector. The headset has 4K OLED micro displays and will offer two types of controllers, allowing for control and interaction with virtual objects. 

Read more on NFT News Today.

“Improbable” to sell the Multiplayer Group (MPG) to Keywords Studios for £76.5 million

On December 18, 2023, Improbable announced that it would sell its gaming division, the Multiplayer Group (MPG), to Keywords Studios for £76.5 million. Through this acquisition, Keywords Studios will enhance its “Create” division with MPG’s extensive expertise in multiplayer game development. MPG previously collaborated with reputed gaming studios and publishers, including Activision Blizzard, Bethesda, Epic and 2K. 

Read more on NFT News Today.

Trends – fashion, marketing and more 

Paris web3 takeover by luxury brands 

Paris became a hotbed of web3 innovation in February 2024 as the city played host to events such as Digital Fashion Week, Future+ and the Future Fashion Summit. Luxury brands such as Prada, Aura Blockchain Consortium, Dior and LVMH led the proceedings.  

Read more on Jing Daily. 

Harrods takeover by Burberry on Roblox 

Burberry took over Harrods on Roblox in February 2024, converting the iconic Harrods façade into a Burberry storefront with windows displaying the iconic Burberry brand signifiers and the Burberry knight blue seasonal colourway. Users could style their avatars by purchasing digital Burberry items, and the “outdoor park scenes” hosted events for users to unlock free items within the stores. 

Read more on Burberry.

Grant recipients announced for Polygon and Warner Music Group’s Music Accelerator program

Polygon and Warner Music Group created a web3 Music Accelerator program in June 2023. The initiative focuses on fostering innovation through the intersection of web3 and music by supporting projects on the Polygon network. On January 25, 2024, the program finally announced its first two recipients: (i) MITH, which is a fan engagement platform that collaborates with megastars such as Halle Berry and Jack Harlow; and (ii) Muus Collective, which creates fashion-centric experiences by integrating digital collectibles, mobile gaming and entertainment. 

Read more on NFT News Today.

Web3 music streaming platform “Tracks” is now on LG Smart TVs

On January 24, 2024, a web3 music streaming platform, “Tracks”, was made available on LG Smart TVs for the first time. Tracks offers curated playlists and visuals, enabling users to earn rewards on the basis of listening time.

Read more on NFT News Today.

Sotheby’s digital art sales soar to $35 million in 2023 

On December 23, 2023, Sotheby’s, the fine arts auction house, announced sales in the digital art sector of $35 million, with the CEO stating that 2023 was the most exciting year for digital art. Sotheby’s held its first live digital art auction, generating $12 million in sales, with “Ringers #879” by digital artist Dmitri Cherniak selling for $6.2 million. It also upgraded “Sotheby’s Metaverse,” the NFT marketplace of the auction house. The company continues to drive digital art, with its high profits representing the continued popularity of digital art. 

Read more on NFT News Today. 

Art Basel: Hotspot for technology and fashion

Art Basel Miami Beach and Miami Art Week became hotspots of fashion in December 2023, offering an insight into the fashion industry’s marketing priorities in 2024. LVMH focused on sustainability and diversity through retail partnerships. Diesel, on the other hand, embraced NFTs, token gating and digital goods while other brands opted for celebrity parties to promote events. 

Read more on Vogue Business.

Latest legal developments

Hong Kong proposes over-the-counter crypto trading regulation 

On February 21, 2024, the Hong Kong Financial Services Secretary proposed legislation on stablecoins and virtual asset over-the-counter (OTC) services that would require virtual asset providers to be licensed by the Commissioner of Customs and Excise. These proposals will cover all OTC services. The aim is to ensure Hong Kong is a crypto hub while also protecting investors, without repeating the FTX collapse. 

Read more on Blockworks.

Yuga Labs wins lawsuit, with Ryder Ripps and Jeremy Cahen ordered to pay $9 million

On February 2, 2024, the final judgment was handed down in the case of Ryder Ripps and Jeremy Cahen against Yuga Labs. Yuga Labs launched a lawsuit against Ripps and Cahen in June 2022, accusing them of copyright infringement for selling replicas of Yuga Lab’s Bored Ape Yacht Club (BAYC) NFTs. Ripps and Cahen responded saying that their NFTs were made for satirical purposes and were therefore not native to the BAYC collection. However, Ripps and Cahen were held to have “intentionally infringed Yuga’s BAYC marks with bad faith and an intent to profit from those marks.” Counterclaims by Ripps and Cahen were dismissed, and they are required to pay $9 million in disgorgement and statutory damages.

Read more on Cointelegraph and The Art Newspaper.