Chinese companies offer World Cup metaverses, X2Y2 undo royalties and more

Chinese companies are betting on ‘Metaverse-like’ experiences for the FIFA World Cup

China-based tech companies are said to be working on technology that would give Chinese soccer fans the ability to watch the FIFA World Cup inside the metaverse.

These efforts are part of a five-year plan released by the Chinese government in early November to boost the capabilities and development of the domestic virtual reality (VR) industry.

Video streaming platform Migu is one of six Chinese companies that have acquired the rights to show the World Cup and plans to create a “Metaverse-like” space accessible with VR headsets for users to watch live broadcasts of the game, depending to a November 20 report from the state-run media outlet the Global Times.

ByteDance, which owns TikTok and its Chinese version Douyin, has acquired the licensing rights to broadcast the competition, with ByteDance’s VR headset subsidiary Pico offering live World Cup broadcasts, with users able to create and spend time in “digital rooms”. To watch the game together.

China’s fledgling virtual reality industry appears to be using the World Cup as a testbed for the technology. The country’s Ministry of Industry and Information Technology, along with four other agencies, Pay ambitious industry plan on November 1.

The five-year plan from 2022 through 2026 specifies that China wants to boost its virtual reality industry and ship more than 25 million units to a value of $48.56 billion, though the plan does not say whether the unit target is annual or cumulative over the life of the plan. .

Said plans do not say whether the metaverse will use blockchain technology, such as one from Wuhan citywhich was later revised to remove reference to Non-fungible tokens (NFTs).

X2Y2 declines optional royalties

NFT Market X2Y2 backed away from the subscription rights game, saying on November 18 on Twitter that it would again charge creator royalties on all existing and new pools.

The market was one of them First to enter optional royalties In August, the move to “flexible equity” that lets buyers decide how much they want to pay. It has received mixed reactions from the NFT community.

X2Y2 said it decided to re-enforce royalties after taking a page from peer OpenSea, which it decided on November 9. to impose royalties.

X2Y2 has also acknowledged that several new groups are using OpenSea Equity Enforcement Tool That NFTs be sold on non-royalty blacklisted marketplaces.

In response, OpenSea said it was “proud to stand” with X2Y2 adding that it had removed the market from its blacklist.

Givenchy drops “phygital” NFTs

French luxury fashion brand Givenchy has become the latest company to introduce Phygital NFTs – a physical good backed by a digital token.

On November 18, the company released A collection of physically supported NFTs as part of a collaboration with streetwear label Bstroy.

The collaboration between the two brands sees a new limited edition “capsule collection” of six items that includes a “free NFT twin” of the physical piece.

As would be expected from a luxury brand, the items don’t come cheap, with the lowest priced being a $595 shirt and the most expensive being a $5,450 wool and leather jacket.

Screenshot of a selection of the items listed on the Givenchy website that include the NFT. source: Givenchy

Givenchy Creative Director Matthew M. Williams saying how the Bstroy founders are “old friends” and “engaging [his] a vision of fashion”, and that Givenchy and Bistroy “focus on creating streetwear with unexpected treatments” that “enter the realm of contemporary art on the street and on Web3.” “

Other recently introduced phygital NFTs include the Azuki NFT Project, which created a supported token standard (PBT). that sold skateboards and used in street fashion collaborations. The Sandals of the late Apple founder Steve Jobs was also sold as a phygital NFT at auction.

Johnnie Walker continues on to Web3

Scotch whiskey maker Johnnie Walker has continued Web3’s push by letting NFT holders vote on a bottle design to drop a limited edition “blue label” top collection.

The whiskey company has partnered with BlockBar, a premium liquor NFT marketplace, and street fashion designer Junghoon Vandy Son, better known as VANDYTHEPINK — the latter of whom will create the bottle design.

Johnnie Walker left the design to NFT holders, who would vote on the final design or artwork Son would make for the bottle.

It is the first time that designers have taken a Web3-related project according to the brand.

Related: Helping Web3 Master Artists: Triumphs and Struggles

Once the physical Bottles are made, they will be held by BlockBar, which will only release the physical bottle to the NFT holder once it is ready to exchange, “burning” the NFT “bottle”, at an initial price of $355, in exchange for exchanging for the real thing.

brand has Delve into Web3 at last, partnered with Gary Vaynerchuk’s NFT Project VeeFriends in May, giving NFTs holders special offers related to spirits. This collaboration was also led in conjunction with Vayner3, Vaynerchuk’s Web3 consulting firm.

More neat news

Metaplex is feeling the sting of the collapse of the FTX cryptocurrency exchange with… Layoff NFT protocol “several members” of her team on November 18, citing the “indirect impact” of FTX’s downfall. Its treasury was not directly affected, but Metaplex CEO Stephen Hess said the company needed a “more conservative approach going forward.”

James Mabbott, partner in the Australian arm of Big Four accounting firm KPMG, told Cointelegraph on Nov. 18 that he believes cross-border “explosion” will be paid by companies. The company has created a new role for a Head of Metaverse Futures who is looking to build their metaverse for the company’s internal business operations and B2B services.