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The Sandbox, FlickPlay Collaborate to Accelerate Interoperability in Metaverse

With the metaverse expected to be worth between $8 trillion and $13 trillion by 2030, virtual world gaming platforms The Sandbox and FlickPlay have joined hands to enhance its adoption by offering players a blockchain asset.

With the interoperability concept being at the heart of the metaverse, the blockchain asset will enable users to move freely between virtual worlds on distinctive platforms, enabling them to carry belongings like virtual clothes.

Pierina Merino, the CEO and founder of FlickPlay, noted that the partnership would be a stepping stone towards attaining the interoperability feature in the metaverse.

She noted:

“Initially, Flicky owners will unlock a version of the chameleon to use on The Sandbox, but soon they will be able to use the exact version of the digital asset stored on the blockchain in both games.”

Sebastien Borget, The Sandbox’s co-founder, welcomed the collaboration because it would offer a more immersive experience and said:

“The integration is notable because it may be the first to bridge an NFT in the virtual world with usage linked to the physical world.”

The metaverse continues to gain steam in the modern era because it entails shared virtual worlds where avatars, buildings, land, and even names can be bought and sold, often using cryptocurrencies.

Therefore, these virtual worlds are made more lifelike using technologies like augmented reality, blockchain technology, and virtual reality.

Meanwhile, HSBC Holdings, a British multinational investment bank, recently established a metaverse fund to render investment opportunities to its high and ultra-high net worth investors in Singapore and Hong Kong.

HSBC would pinpoint investment opportunities across five areas in the metaverse ecosystem; infrastructure, interface, computing, experience and discovery, and virtualization through a Metaverse Discretionary Strategy portfolio.

China and Singapore establish task force for green finance cooperation

China and Singapore have joined forces to establish a task force aimed at deepening bilateral cooperation in green and transition finance. The Monetary Authority of Singapore (MAS) announced the collaboration with the People’s Bank of China (PBC) in creating the China-Singapore Green Finance Taskforce (GFTF). The two major Asian economies seek to develop a set of financial standards, products, technologies, and definitions to support a low-carbon future in the region.

The GFTF will facilitate greater public-private sector collaboration and create concrete initiatives to catalyze capital flows to support a credible and inclusive transition to a low carbon future for both countries and the region. Public-private participants from China and Singapore will work together to co-develop the necessary initiatives. According to Gillian Tan, the assistant managing director and chief sustainability officer of MAS, this collaboration is vital in ensuring that both countries’ financial sectors remain sustainable in the long term.

Initially, the GFTF will focus on finding common ground for taxonomies and definitions regarding each other’s existing transition activities. The task force will also strengthen sustainability bond market connectivity, which includes two-way access to green and transition bond products. MAS and PBC will collaborate on this initiative to ensure that sustainable finance adoption is more widely accepted and accessible to all stakeholders in the region.

The GFTF’s technology initiative will involve MetaVerse Green Exchange, a licensed crypto exchange from Singapore, and Beijing Green Exchange, a Beijing municipal government-approved company. The two companies will help facilitate sustainable finance adoption and pilot digital green bonds with carbon credits. This initiative aims to promote sustainable finance adoption by providing more accessible and user-friendly digital platforms for investors and other stakeholders.

Chinese banks are reportedly opening bank accounts for regulated crypto companies, with several acting as a payment layer for the crypto platforms. The state-owned Bank of Communications is in talks to open accounts for regulated companies. Additionally, Hong Kong’s largest virtual bank, ZA Bank, will act as the settlement bank for crypto companies, according to a report by the Wall Street Journal. This initiative aims to provide more opportunities for crypto companies to access the necessary funding for their operations while ensuring that the financial system remains safe and stable.

In conclusion, the China-Singapore Green Finance Taskforce (GFTF) is a significant step towards greater collaboration in green and transition finance initiatives in the region. The task force’s focus on developing financial standards, products, technologies, and definitions will enable the region to make significant strides towards a low-carbon future. The involvement of public and private participants from China and Singapore is vital in ensuring that the region’s financial sector remains sustainable in the long term. Additionally, the GFTF’s technology initiative involving MetaVerse Green Exchange and Beijing Green Exchange aims to promote sustainable finance adoption by providing more accessible and user-friendly digital platforms for investors and other stakeholders.

Jack Grealish and Oliver Heldens Debut Musical Collaboration with Exclusive DJ Set in OKX Collective Metaverse

MANCHESTER, UK, May 4th, 2023, Chainwire

Future house pioneer Oliver Heldens performs alongside Manchester City player Jack Grealish in first-of-its-kind ‘Mixing in the Metaverse’ DJ set
Exclusive musical performance includes new track created by Grealish and Heldens

OKX, one of the world’s leading Web3 technology companies, today hosted an exclusive DJ set performed by Manchester City star Jack Grealish and legendary DJ Oliver Heldens in its OKX Collective metaverse.

The ‘Mixing in the Metaverse’ experience includes a 15-minute set performed by metahuman avatars of Grealish and Heldens, who has been coaching Grealish on the turntables. The concert-like experience sees Grealish and Heldens debut a new, exclusive collaboration track and takes place in a futuristic stadium built in the Everdome metaverse.

Jack Grealish said: “I love music and I’ve wanted to try my hand at DJing for a long time. What I couldn’t have expected was that my DJing debut would come in the metaverse! The OKX Collective metaverse is unique and I’m honoured to share this special collab alongside a DJing legend like Oliver with fans from all over the world.”

Haider Rafique, Global Chief Marketing Officer at OKX, said: “For our third metaverse experience with Manchester City, we step into the virtual world to watch Jack try his hand on the decks alongside a legend of the future house genre. This fan experience is a great example of the one-of-a-kind immersive experiences we are building for fans. These opportunities are special in that they bring people intimately close to the players they love and their passions.”

Fans visiting the OKX Collective metaverse will be able to revisit the metaverse training experience OKX has launched with defender Ruben Dias and the tactical masterclass given by Manchester City Captain Ilkay Gundogan. Within the metaverse, fans can also enter competitions to win prizes, including passes to team trainings, match tickets and much more.

To enter the OKX Collective metaverse, fans simply need to click this link.

OKX is the official training kit partner of Manchester City for the 2022/23 season.

About OKX

OKX is the second-largest global crypto exchange by trading volume and a leading web3 technology company. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for investors and professional traders everywhere.

As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new financial and engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.

Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

THIS ANNOUNCEMENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL, OR HOLD DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, CAN INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.

Contact

OKXmedia@okx.com

BIS Conference Addresses Cybersecurity in Central Bank Digital Currencies (CBDC)

The BIS Innovation Hub and the Cyber Resilience Coordination Centre (CRCC) hosted a conference on November 8, 2023, focused on “Securing the future monetary system: cyber security for central bank digital currencies“. General Manager Agustín Carstens opened the event with a clear message: the advent of CBDCs is inevitable, and their security is paramount to the future financial system.

As the financial landscape is on the verge of substantial change, Carstens pointed out that central banks are tasked with not only keeping up with the digital evolution but leading the way. This leadership is embodied in the development of CBDCs, which are poised to be at the heart of the financial system. Whether they take on a wholesale or retail form, their design needs to be versatile and their legal frameworks robust to gain public trust.

The integrity of central bank money is a cornerstone of the public’s confidence in the financial system. CBDCs introduce new levels of security challenges, with cyber risks being a significant concern. Carstens cited the vulnerabilities exposed in the crypto universe as a cautionary tale for CBDCs, which carry much higher stakes. Addressing these risks is critical, necessitating a flexible design that can adapt to future technological advancements, including the potential impact of quantum computing and generative AI.

While focusing on security, Carstens didn’t overlook the importance of privacy in CBDC design, considering it essential for public acceptance, especially for retail CBDCs.

The BIS is firmly committed to aiding central banks in their journey towards a digital future. The Innovation Hub has been at the forefront, exploring solutions for secure and functional retail CBDCs, integrating quantum-resistant cryptography, and ensuring offline cyber resilience. Concurrently, the CRCC is enhancing collaboration and operational readiness among central banks through tools and exercises.

Carstens also recognized the vital role of the private sector, particularly in customer-facing services, and stressed the importance of shared cybersecurity and resilience as public goods among connected institutions.

The conference sets the stage for critical discussions on cybersecurity strategies for CBDCs, governance, risk management, and technical challenges, including the quantum computing threat. Carstens concluded with anticipation for the insights that the conference’s discussions will yield, reflecting the BIS’s readiness to guide and support central banks in securing the monetary system’s future.