Autor Cointelegraph By Judith BannermanQuist

Ford prepares to enter the Metaverse with virtual automobiles and NFTs

Ford prepares to enter the Metaverse with virtual automobiles and NFTs

Uverejnil používateľ | sep 9, 2022 |

United States Patent and Trade Office (USPTO) licensed trademark attorney Mike Kondoudis revealed in a Sept. 7 tweet that the company had filed a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others. The trademark applications cover virtual cars, trucks, vans, SUVs and clothing, for its brands and also cover a proposed online marketplace for NFTs. FORD is making a big move into the Metaverse!The company has filed 19 trademark applications for all of its major brands claiming plans for:▶️ Virtual cars, trucks, vans, and clothing▶️ Online stores for NFTs#NFT #Metaverse #Web3 #NFTs #Ford #Mustang #F150 #Fordtrucks pic.twitter.com/2JK2Nf9jO7— Mike Kondoudis (@KondoudisLaw) September 7, 2022According to USPTO documents filed by Ford on Sept. 2, the car manufacturer plans to create downloadable artwork, text, audio, and video featuring its cars, SUVs, trucks, and vans which will be authenticated by NFTs. The company also revealed plans for “downloadable virtual goods” namely, “computer programs” featuring vehicle parts and accessories and clothing for use in “online virtual worlds,” including online trade shows conducted in virtual reality and augmented reality. There are also intentions to create a marketplace to promote the “digital artwork of others” through a website, along with “online retail store services featuring non-fungible tokens (NFTs) and digital collectibles.” Related: Lamborghini-backed GT racing team to authenticate car parts using NFTsFord’s decision to enter into the Web3 space comes less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced massive staff cuts from its global workforce to reduce company expenditure. Ford is not the first car company to make a move into the Metaverse space. American car manufacturer Ford Motor Company is the latest car brand prepping its entry into the world of non-fungible tokens (NFTs) and the Metaverse — filing 19 trademark applications across its major car brands. Automobile companies like Nissan, Toyota, and Hyundai have announced plans to expand into the rapidly growing Metaverse space, while luxury car manufacturers such as Bentley and Lamborghini have already rolled out NFT collections.

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Binance to temporarily suspend ETH and WETH deposits and withdrawals ahead of the Merge

Binance to temporarily suspend ETH and WETH deposits and withdrawals ahead of the Merge

Uverejnil používateľ | sep 5, 2022 |

Cryptocurrency exchange Binance announced Monday that it plans to halt all deposits and withdrawals of Ethereum (ETH) and Wrapped Ethereum (WETH) on selected networks, starting September 6th at 2 am (UTC) in anticipation of Ethereum’s Merge event.#Binance will suspend deposits and withdrawals for Ether $ETH and Wrapped Ether $WETH on the following networks starting from September 6, 2022 at 02:00am UTC.ETH (Arbitrum) ETH (OP) WETH (RON)— Binance (@binance) September 5, 2022In the announcement, the company shared a list of tokens and networks that will be impacted during the Merge — Namely ETH (Arbitrum), ETH (OP) and WETH (RON). The company stated that deposits of Ethereum (ETH) and Wrapped Ethereum (WETH) made on these networks during the suspension will not be credited, and affected users will not be eligible to receive any “forked token credit in the event of a chain split.”The suspension of transactions on the named networks is scheduled to last until the Merge is complete. According to Binance, this is being done to “secure the allocation of forked tokens in the case of a chain split.”Binance said that this precautionary move is only temporary, and that deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume once the networks are deemed stable after the Merge is complete. During the Merge, ETH trading will not be impacted by the named network suspensions.The long-awaited event is expected to reduce the Ethereum network’s energy consumption by a predicted 99.95%, making it more environmentally friendly. More news from Binance: Binance shared in another official statement Monday that it plans to introduce a BUSD auto-conversion feature on Sept 29 to help users convert their USDC, USDP, and TUSD balances into the BUSD stable coin at a 1:1 ratio. According to the exchange, this is being done “to enhance liquidity and capital efficiency for users”, and will not affect users when it comes to withdrawing their funds in USDC, USDP, and TUSD.

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Snapchat’s parent company shutters Web3 division amid layoffs

Snapchat’s parent company shutters Web3 division amid layoffs

Uverejnil používateľ | sep 2, 2022 |

Snap Inc’s CEO Evan Speigel announced in a note on Friday that the company had made the difficult decision to reduce the size of its workforce by approximately 20%. The note said that this round of layoffs comes after the company experienced slow revenue growth, a slump in stock prices, and a general lag behind its financial targets. Speigel shared:“Our forward-looking revenue visibility remains limited, and our current year-over-year QTD revenue growth of 8% is well below what we were expecting earlier this year.” Snap Inc. will now undertake the task of restructuring in an attempt to ensure the company’s success in a highly competitive space where Instagram and TikTok are currently dominating. As part of its restructuring process, the company has axed its entire Web3 team. Jake Sheinman, head of Snap’s Web3 team, announced his exit from the company on Wednesday in a series of posts on Twitter stating:“As a result of the company restructure, decisions were made to sunset our web 3 team.”I’m humbled to have partnered with the smartest builders, most creative artists, and kindest humans. Today was tough and I’ll miss this place dearly but I’m grateful for all of it. Will be taking some personal time in the coming weeks but open to discuss new opportunities 2/2— Jake Sheinman (@jakeryanshein) August 31, 2022CEO Speigel shared that the restructuring is a part of an effort to focus on three strategic priorities; namely, community growth, revenue growth and augmented reality (AR). Projects that are not in alignment with these areas will be discontinued or have their budgets slashed significantly. At the moment, it appears that Snap will not be prioritizing the budding Web3 and Metaverse space as much as its competition, such as Meta. Although many tech innovators seem to share the opinion that Web3 is going to be the next iteration of the internet, Snap does not appear interested in positioning itself within the blockchain industry.Snap’s layoffs come after other tech companies like Coinbase, LinkedIn, Meta, Apple, Google and Netflix have had to cut down their workforce due to rising interest rates in an inflationary economy.

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Hermès reveals plans for Metaverse fashion shows, crypto, and NFTs

Hermès reveals plans for Metaverse fashion shows, crypto, and NFTs

Uverejnil používateľ | sep 1, 2022 |

Luxury brand Hermès is laying the groundwork for its entrance to Web3 after filing a trademark application covering NFTs, cryptocurrencies, and the Metaverse. According to an Aug. 26 filing to the United States Patent and Trademark Office (USPTO), the trademark covers downloadable software to view, store and manage virtual goods, digital collectibles, cryptocurrencies, and NFTs “for use in online worlds.”It also filed trademarks for “retail store services featuring virtual goods” as well as fashion and trade shows in “online virtual, augmented or mixed reality environments” and for “providing an online marketplace for buyers and sellers of virtual goods.”Luxury brand Hermès has filed a trademark application for its name claiming plans to expand into▶️NFTs + Virtual currency▶️Crypto + NFT trading▶️Virtual good marketplaces▶️Virtual clothing, footwear, and fashion shows… and more#NFT #Metaverse #Web3 #Crypto #Hermes_Paris pic.twitter.com/hdvsXeQtrC— Mike Kondoudis (@KondoudisLaw) August 31, 2022The new trademark application comes months after filing a lawsuit against Metabirkins founder, Mason Rothschild in January for allegedly using the brand’s Birkin name to make money from sales and resales for his NFT Metabirkins collection.In a 47-page legal complaint against Rothschild, Hermés alleged that the “MetaBirkins brand simply rips off Hermés’ famous Birkin trademark by adding the generic prefix ‘meta’ to the famous trademark Birkin”, thereby creating the illusion that the MetaBirkins brand was a part of the luxury Hermés’ Birkin brand. Related: Metaverse is a key factor in long-term NFT success, says new researchThe lawsuit against Rothschild could be one of the reasons why the company has gone ahead to file its own protections that will cover the Metaverse, crypto, and NFT-related products and tokens. The luxury brand is neither the first or the likely the last to make moves in the Metaverse. Earlier this year, Decentraland’s Metaverse Fashion Week, a four-day digital fashion event featuring wearables on virtual runways saw the appearance of luxury brands including Dolce & Gabbana, Etro, Tommy Hilfiger, Estée Lauder and Elie Saab.Last month, data from Dune Analytics revealed that leading brands including Nike, Gucci, Dolce & Gabbana, Adidas, and Tiffany had amassed a combined $260 million worth of sales from NFTs.

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Crypto Twitter shares security concerns regarding Meta’s recent NFT integration news

Crypto Twitter shares security concerns regarding Meta’s recent NFT integration news

Uverejnil používateľ | aug 31, 2022 |

On Aug 29, Facebook and Instagram’s parent company Meta announced that its users will now be able to post digital collectibles and Non-Fungible Tokens, or NFTs, across both platforms by simply connecting their digital wallets to either site.We’re introducing the ability to post digital collectibles across @facebook and @instagram. You can now connect your digital wallet to either app to share your #NFTs on both. What NFT are you excited to share? https://t.co/wa2wkWfI7p pic.twitter.com/SlpwAuY02c— Meta Newsroom (@MetaNewsroom) August 29, 2022While Meta’s announcement may have seemed to some like a mass adoption win for some digital asset enthusiasts, not all members of Crypto Twitter were thrilled by the news. Skeptical users took to social media to express concerns surrounding the security and privacy of the data disclosed when digital wallets are connected to these social media platforms.Twitter user and Web 3 community member NPC-Picac tweeted, “I don’t think entrusting digital collectibles to connect to “Meta” is in any way smart”With Facebook having lost the data of 5 million users, 201314m, 201850m, 2018600m, 2019540m, 20191.5m, 2019419m, 2019309m, 2019533m, 2021I don’t think entrusting digital collectables to connect to “Meta” is in any way smart https://t.co/1V6ycTvJji— NPC-Picac (@PicacKc) August 29, 2022

Another Crypto Twitter community member, CryptoBartender, raised concerns about what Meta could possibly do with the data they access from digital wallets, tweeting, “So they can figure out which wallets are yours and keep tabs on you and your crypto activities?”So they can figure out which wallets are yours and keep tabs on you and your crypto activities? This is worse than the government iwo. https://t.co/JoGsE46U2p— CryptoBARTENDER (@CryptoBartender) August 29, 2022

Some users felt that publicly attaching valuable digital assets to one’s identity could turn users into targets for fraud and theft. A user operating under the handle famousfxck questioned, “This is great for adoption. But isn´t it also dangerous?”This is great for adoption. But isn´t it also dangerous? Imagine posting on your personal account that you own a rare NFT which is worth millions $…. https://t.co/kDWXZDdQfH— Famousfxck (@famousfxck) August 29, 2022

Others shared their thoughts on individuals broadcasting even more personal data for the benefit of companies that have long histories of abusing users’ data and privacy.Yeah give the clowns who abuse your personal data access to your wallet and trading history https://t.co/KtMI4mpGCS— ledegend.eth | 0xCollector.eth | browse.web3 (@ledegend_eth) August 29, 2022

In the announcement, Meta disclosed that, as part of keeping its platforms safe and enjoyable, “people can use our tools to keep their accounts secure and report digital collectibles which go against our community guidelines”. Meta has not yet shared any concrete plans it has to keep its user’s digital wallet-related data safe.

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