Digestible news about the latest developments in the fields of Web3, NFT, blockchain and metaverse in China and beyond, compiled for you every week by Pandaily.
This week: Animoca Brands acquires educational startup TinyTap, NFT platforms in China grow 5 times in four months despite regulatory scrutiny, Yahoo will launch metaverse events for Hong Kong residents restricted by COVID measures and more.
Animoca Brands acquires educational startup TinyTap
Hong Kong-based blockchain gaming software company Animoca Brands announced this week its acquisition of TinyTap, an educational gaming platform, in an attempt to build a tokenized learning platform. SCMP first reported this story.
- The deal is worth $ 38.9 million and Animoca Brands takes an 84.13% stake in TinyTap, a platform that allows users to create their own video games without any coding experience.
- With the acquisition, Animoca Brands will build a blockchain-based ecosystem of user-generated educational content.
- “We make it easy for educators to create engaging learning activities that can reach millions of children directly and allow them to earn based on the success of their creations,” said TinyTap CEO Yogev Shelly. “By becoming part of Animoca Brands, we will take advantage of the blockchain to advance this vision and build a new education system that is independent of schools and governments, owned and led by the educators themselves.”
- The new platform will be interactive, as it rewards educators who design tools and content with property rights enforced through blockchain-based tokens, the company said, adding that certificates and diplomas can also be issued as digital tokens.
- Animoca Brands had a 3.73% stake in TinyTap before the purchase. (SCMP)
READ MORE: Animoca Brands’ investment portfolio exceeds $ 1.5 million
Chinese cryptocurrency mining chip maker Nano Labs presents file for Nasdaq
Nano Labs, the Hangzhou-based cryptographic mining chip designer, has filed an IPO on the Nasdaq, despite the recent slowdown in the global crypto market. Cointelegraph first reported this story.
- Nano Labs has filed with the U.S. Securities and Exchange Commission (SEC) for its next public offering on the Nasdaq, the world’s second-largest stock exchange, Cointelegraph reported, citing information from Renaissance Capital’s IPO tracking tool.
- Both Chinese and US technology companies have come under regulatory pressure as the Chinese government has introduced legislation targeting areas from antitrust to data protection, while in the US. practices in Big Tech, among other sectors.
- Regulatory friction has led to a shortage of funds to raise funds from Chinese issuers abroad. Only two Chinese IPOs have taken place so far in 2022 in New York, which raised $ 49.5 million, compared to 28 IPOs in 2021, which raised $ 5.8 billion.
- Nano Labs, however, is moving forward with its Nasdaq offering even though it is not yet developing a viable product. According to Cointelegraph, the company plans to turn it into a metaverse business, providing computing power for gaming and entertainment.
- The two largest shareholders in Nano Labs are co-founders Kong and Sun Qifeng, with 32.8% and 22.3%, respectively.
- Nano Labs products are used to mine cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Filecoin (FIL). (Cointelegraph)
NFT platforms in China grow 5 times in four months despite regulatory scrutiny
Recent data shows that the number of platforms for NFT, or digital collectibles, as they are known in China, has surpassed 500, a fivefold increase since February 2022. Cointelegraph first reported this story.
- Local media reported that the sharp rise in the number of NFT platforms comes at a time when digital collectibles are becoming increasingly popular in the country, with large technology companies like Tencent. and Alibaba joining the space with the launch of its own NFT markets.
- As an alternative to NFTs, digital collectibles live in private blockchains, are backed by China’s fiat currency, and cannot be sold or traded for profit.
- Due to the lack of clarity on regulatory oversight, companies and individuals continue to interact with digital collectibles. China officially banned all cryptocurrency-related mining and trading activities last July.
- Although the ban on cryptographic mining once led to a 50% drop in the BTC network hash rate, it has not completely eclipsed the country’s mining industry. Bitcoin miners in China accounted for 21.1% of the global distribution of BTC mining hash rates in early 2022, followed by the United States alone, which produced 37.8% of the total hash rate as of January. (Cointelegraph)
READ MORE: Cryptographic mining chip maker Nano Labs is applying for the U.S. IPO
China’s cryptocurrency investors are not bothered by the market merger
Chinese cryptocurrency investors are not baffled by the recent market merger that has seen the value of BTC fall by more than 70%. SCMP first reported this story.
- Bitcoin has lost more than 74% of its value since its all-time high in November. Its price fell below $ 20,000, as a brutal crypto sale showed no signs of slowing down.
- Cryptocurrency lending platform Celsius Network has halted withdrawals, while concerns have risen over the financial health of Coinbase Global, a major US cryptocurrency exchange that recently announced its plan to extend its hiring freeze in the “foreseeable future”. Coinbase was once the custodian of $ 256 billion worth of cryptocurrencies.
- However, many Chinese crypto investors remain optimistic about the market. In an interview with SCMP, Jeremy HM Chou, Asia-Pacific director of Chains.com, a cryptocurrency and NFT platform, said: “Professionals already knew last month that we would enter the bear market, which was a good time to eliminate the weeds. [overvalued assets]. It’s time to dump her and move on. “
- Amid harsh government repression of cryptocurrencies, a large community of cryptocurrency investors has begun to emerge in the country. These investors often have access to foreign bank accounts and can trade in exchanges such as Coinbase and Binance through a virtual private network. (SCMP)
Yahoo will launch Metaverse events for Hong Kong residents restricted by COVID
Yahoo has announced a number of metaverse and NFT-related activities in Hong Kong. The news came after Meta Platforms outlined its own metaverse plans for the region. Cointelegraph first reported this story.
- The US Internet media company has said it will host a series of virtual events and concerts for Hong Kong residents in Decentraland, a 3D virtual world powered by the Ethereum blockchain.
- Lorraine Cheung, Yahoo’s chief audience officer, said the company sees the metaverse as an attractive alternative for Hong Kong residents to engage in social activities while pandemic restrictions remain in place.
- Hong Kong launched a mandate on June 9 that requires a negative COVID test to be conducted for people to enter all public places, including bars and restaurants.
- Yahoo will also launch an NFT exhibition called The Abyss of Kwun Tong, where local artists will virtually recreate the historic Kwun Tong neighborhood, which has been hit hard by remodeling. (Cointelegraph)
Meta adds child safety features to Metaverse
Meta announced last week that it will launch several features to improve the safety of preteens in their virtual world. It will also add new security features to Instagram. Forbes first reported this story.
- Parents can monitor and control how their children interact with the metaverse platform through an app connected to Meta’s Quest VR headphones. Parents will be able to approve or deny purchases, block apps, view apps that a teen user owns, among other things.
- The parental control feature will only be activated when a teen links an account to a parent. Parents will now be able to view the child’s screen time, see who the friend became friends with, and lock the contents of a PC to the virtual reality headset.
- “We are adding more interventions in the app to encourage teens to have more positive online experiences with a diversity of content,” Meta Vaishnavi J, Meta’s head of youth welfare, told Forbes in an interview. “And also to be more aware of the time they spend online.”
- On Instagram, parents will now be able to restrict the use of the app and view information about any posts a child reports. Instagram will also start sending notifications (“nudges”) to teen users to reduce the time spent on certain topics that are potentially harmful.
That’s the whole newsletter this week – thanks for reading! As always, we appreciate any feedback on how to improve this newsletter. Write to us at [email protected]. See you again next week!