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 March, April, and May 2024: 

Technology

London Stock Exchange to start market for Bitcoin and Ether ETNs

On 28 May 2024, the London Stock Exchange started a market for bitcoin and ether exchange-traded notes. This follows an approval from the Financial Conduct Authority (FCA) for trading crypto ETNs. The FCA began accepting bitcoin and ether crypto exchange trade notes from 8 April 2024, the FCA stated that they would cater exclusively to professional investors. This move follows the UK government’s announcement to make the country a ‘crypto hub’. 

Read more on Coindesk

1inch collaborates with Baanx and Mastercard to create crypto debit card

On 8 April 2024 a DEI firm 1inch collaborated with Baanx and Mastercard to produce the 1inch crypto debit card. This is a crypto debit card that will let users spend cryptocurrency online, in stores and at ATMS that support crypto-to-fiat conversion. The card will come both as a physical and a virtual card, bridging web 2 and web 3. 

Read more on Coindesk

Alipay collaborates with Avalanche for web3 voucher program

On 20 March 2024, Alipay partnered with Avalanche to leverage web3 technology to create a voucher program. The program was rolled out in Southeast Asian tea stores, allowing consumers to acquire vouchers by playing a mini-game. Once customers complete the game, they can claim a voucher in their e-wallet. 

Read more on Cryptonews and CoinTelegraph

Fashion

Maison Martin Margiela launch digital collectables 

On 17 April 2024, Maison Margiela launched the MetaTABI NFT, which is an NFT of its iconic split-toe boot. This digital product offered exclusive benefits for the brand’s luxury clientele. The NFTs were sold on fashion e-tailer, ‘The Fabricant’. 

Read more on Glossy 

Hermès’ legal battle against artist Mason Rothschild over MetaBirkin NFTs continues 

It has been a year since Hermès won the legal battle against Mason Rothschild over the creation of MetaBirkin NFTs, arguing that the NFTs could cause confusion in the marketplace and possibly tarnish Hermès brand. Justice Jed S. Rakoff issued a permanent injunction against Rothschild from infringing on Hermès trademarks. The U.S. District Court on 13 March 2024 prohibited MetaBirkins assets from being showcased at Stockholm’s Spirit Museum. However, Rothschild defended the NFTs as a commentary on fur-free fashion and submitted a motion for reconsideration in the Second Circuit Court of New York on 27 March 2024. Hermès has retaliated and in a memo of law published on 10 April 2024, Hermès attorneys urge the South District of New York judge to reject Rothschild’s bid for reconsideration of his of the permanent injunction in favour of Hermès.

Read more on The Fashion Law and  NFT Plazas 

Hugo Boss turns to Roblox to capture Gen Z

On 18 March 2024, Hugo Boss entered the Roblox metaverse by putting a new planet into Roblox’s orbit. The ‘Planet Hugo’ experience features a number of interactive pieces, including a game called Hugo Fashion Match, where users can challenge each other to style Roblox avatars using the Hugo Blue collection. 

Read more on Sourcing Journal

Videogaming and TV

Samsung and Polygon team up to create a web3 TV bundle in Germany

On 14 April 2024, Samsung Deutschland announced a new web3 TV bundle in partnership with American entertainment site Polygon. The bundle, which launched on 24 April 2024, enables subscribers to access integrated web3 technology such as the metaverse, NFTs and Ledger Wallet through the NFT Gallery TV App on their smart TVs. 

Read more on NFTPlazas

NFT-based shooter game inspired by the iconic Doge coin released

On 11 April 2024, video game developer Fractional Uprising Studios announced a Doge coin-themed battleground available for its game ‘Open Season,’ which is an NFT-inspired battle royale title currently available in its Alpha phase. The game features playable characters modelled after popular NFT characters such as the Bored Ape, Milady and Punk.

Read more on NFT Plazas

Web3 based-handheld gaming device announced

On 10 April 2024, California-based company Mysten Labs announced a collaboration with Playtron to create a handheld gaming device, the SuiPlay0X1, which promotes ownership of video games on the blockchain. The company is currently targeting a 2025 release for the device, which will be the first of its kind handheld console with Web3 compatibility. 

Read more on VentureBeat

Renowned video game developer Square Enix releases web3-based game 

On 21 March 2024, Square Enix, developer of popular titles like Final Fantasy released Symbiogenesis, which is now publicly available on Web3 gaming platform HyperPlay. Symbiogenesis represents a shift towards developers focusing on interactive gaming: Symbiogenesis allows players to directly shape the narratives of the game and further focuses on monetization by enabling them to make purchases and mint NFT characters.

Read more on NFT Plazas

NFTs 

Ghana postal service creates blockchain-enabled stamps

On 10 May 2024, the Ghana Post Company created crypto stamps linked to NFTs that bear the King’s image in order to celebrate King Otumfuo Osei Tutu II’s 25 years on the throne. The crypto stamps bear the King’s image. There are 7,200 crypto stamps available. 

Read more on NFT News Today

Cristiano Ronaldo unveils NFT series with Binance 

On 29 April 2024, footballer Cristiano Ronaldo launched an NFT collection with Binance dubbed “Forever Worldwide: The Road to Saudi Arabia”. This collection represents his journey from his home in Madeira to Manchester United and Real Madrid. 

Read more on CoinTelegraph 

ChainGPT and Polygon Labs collaborate to drive AI powered NFTs

On 26 March 2024, Polygon Labs and ChainGPT collaborated to enhance NFTs through machine learning. They aim to do this by combining ‘ChainGPT’s AI-powered NFT Generator with Polygon’s blockchain infrastructure’. Through this initiative, the Polygon Labs and ChainGPT hope to streamline the processes in creating digital assets.

Read more on NFT Plazas

Coachella partners with OpenSea to launch Coachella NFT

On 5 March 2024, the music festival, Coachella, released an NFT collection on the Avalanche blockchain network. Coachella’s collaboration with OpenSea launched three NFT collections for the 2024 Coachella Valley Music and Arts Festival. These NFTs served as all-access passes to exclusive on-site experiences, merchandise, and VIP festival passes. 

Read more on NFT News Today