With developments from crypto payments to Web3 making headlines throughout the month, let’s take a moment to reflect on some of February’s biggest stories!
Multinational corporations continue to file trademark applications related to Web3, NFTs, and the metaverse in early 2023. GM is interested in downloadable digital media containing collectible artwork authenticated as NFTs; Lacoste’s application covers NFTs, crypto transaction software, virtual clothing and more; and Walmart is exploring options for blockchain software, virtual reality healthcare and cryptocurrency services.
Portal, a Web3 wallet infrastructure startup, has raised $5.3 million from Slow Ventures and Haun Ventures despite the harsh crypto winter landscape lowering venture capital investments (91% year over year) into blockchain. Portal provides wallet infrastructure and a decentralized application (dApp) store, offering developers a kit to enable them to connect to protocols & dApps from mobile or desktop browsers.
Google Cloud announced a planned partnership with Casper Labs, which develops and maintains the Casper blockchain for large corporations and government institutions. As part of the partnership, Casper Labs will move its infrastructure to Google Cloud’s servers and provide developers access to storage and hosting space. This tie-up is Google Cloud’s latest step into Web3, including offerings such as partnerships with Coinbase and Aptos and Blockchain Node Engine support for Ethereum and Solana.
Ingenico, a company focused on payment acceptance solutions, has partnered with Binance, the largest exchange for digital assets, to offer an in-store cryptocurrency payment acceptance solution. This partnership will allow users who hold their cryptocurrency at Binance to leverage the new in-store use case.
U.S. payment giants Visa and Mastercard have paused plans to partner with crypto firms due to market instability and increased regulatory scrutiny. Both companies maintain focus on blockchain technology and its potential applications, however. Other card companies such as American Express and FTX had announced crypto partnerships or exploration of the asset class in recent years but are now taking a “near-term” wait-and-see approach as the regulatory environment remains uncertain.
Despite pushback from users, big names in the games industry continue to incorporate NFTs into their projects, while Ubisoft is doubling down on blockchain integration. Various platforms’ rebranding of NFTs to “digital collectibles” appears successful.
Deconstructing negative sentiment surrounding blockchain technology requires advocacy, journalism, and the finance/banking industry to work together. Users view Web3 technologies based on the benefit they bring, not whether it is an NFT or IoT system.
Mathew McDermott, Goldman Sachs’ global head of digital assets, said the investors’ “flight to quality” in the crypto industry is a byproduct of last year’s collapse. The cryptocurrency deposit focus has shifted to cash-settled derivatives, options, and futures. Goldman Sachs is heavily invested in blockchain infrastructure, working on tokenization, remaking financial markets plumbing, and digital money effects across markets. In collaboration with Coin Metrics and MSCI, Goldman created a Datonomy classification system for crypto investments.
Google Cloud has partnered with the Tezos Foundation to bolster web3 application development and provide new services. Google Cloud will facilitate Tezos corporate baking program to reduce barriers for businesses wanting to join Tezos and help developers deploy nodes. Besides partnership support, Google Cloud is building products focused on core principles at the base layer of blockchain technology.
Universal Music Germany has created a digital element to complement physical awards given to artists for their sales/stream achievement. The digital awards are tokens based on the blockchain and are untransferable. The first recipients of the new awards are Lena, Nico Santos and DJ Robin & Schürze for their recent hits.
Robin Arzón, Vice President of Fitness Programming at Peloton, is exploring how Web3 technology can further empower fitness communities. Move-to-Earn (M2E) games reward users with crypto tokens for exercising, indicating the potential efficacy of M2E gaming.
Source: CoinDesk
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