DeFI News by Thebittimes.Com

Facebook, Instagram, and WhatsApp’s parent company, Meta, released its Q2 earnings report on Wednesday. According to the document, the firm’s metaverse di vision , Reality Labs, witnessed $3.7 billion in losses. Reality Labs works on virtual reality and augmented reality technologies to fuel Meta’s metaverse initiative. According to the earnings report, Reality Labs posted $276 million in revenue in Q2 2023. This represented a significant drop from Q2 2022 when it earned about $452 million. Nonetheless, the social media giant has said it still remains committed to metaverse development. Also Read: Apple Announces Vision Pro AR/VR Headset: How Will it Impact the Metaverse? Speaking in an earnings call, CEO Mark Zuckerburg stated, “As our investments in AI continue, we remain fully committed to the metaverse vision as well.”  Zuckerburg further added that the company has been working on both AI and metaverse developments for many years in parallel an...

Futureverse has r AI sed $54 million in a fresh funding round. The company, comprising 11 startups, has its feet planted in multiple sectors ranging from Artificial Intelligence [ AI ], Metaverse, Gaming, and Blockch AI n. The latest Series A round was led by crypto investment firm 10T Holdings. Blockch AI n payments firm Ripple Labs was one of the other investors. Futureverse, which uses AI, metaverse and blockchain technologies, raised $54 million from investors that included Ripple Labs. https://t.co/EZBM85NbLy — Bloomberg Crypto (@crypto) July 18, 2023 Ripple Labs has been investing in several companies lately. In mid-Q2, it acquired crypto custody firm Metaco for $250 million. At that time, Ripple’s executive Brad Garlinghouse indicated that the company intends to expand its international presence and widen its service range. Ripple has tied up with several other companies in the recent past and already has an established presence in the cross-border payments...

The manuscript is part of a larger series of physical and digital items related to the famous book. The original manuscript of Neil Stephenson’s Snow Crash —  the book which coined the term “Metaverse,” — will be auction ed by Sotheby’s, according to a page on Sotheby’s official website. The auction is part of a Feb. 23 series called “Infocalypse” that includes six physical and six digital items related to the famous book. The original manuscript is in Lot 2 of the series. It is “wrapped in original Xerox 4200 Paper,” secured with masking tape and contains “corrections and notations throughout in Neal Stephenson's hand in blue ink.” It also has the title of the book written on the spine with a sharpie by the author. A “revised typesetting manuscript” is also up for auction in Lot 4. This is a later version filled with additional handwritten notations and revisions by the author. Attention Snow Crash readers and fans! Infocalypse, an open edition collection of digital art create...

A new soulbound NFT project from Cobo, MetaMask Institutional and Gnosis Safe is bringing new nonfungible exclusivity and proof of identity to users. Soulbound token s (SBTs) are becoming a mainstay in the Web3 space for users and project s to define themselves in digital reality.  A Dec. 13 announcement from Cobo, a digital asset custodian and blockchain technology developer, revealed a new SBT project which unites crypto industry giants to cater to users’ developing digital identities. Cobo, MetaMask Institutional and Gnosis DAO teamed up to create “Evolution,” an SBT project , a tool to help users define themselves in digital reality and stay up to date on industry trends. A spokesperson for Cobo told Cointelegraph that since SBTs cannot be sold on the market, it helps create a bridge between Web2 and Web3 surrounding user identity. “This provides assurance to the token provider and allows them to give exclusive access and benefits to their targeted users by giving them an ident...

The Defi Yield Protocol (DYP) platform has rebranded to “Dypius” to reflect its expanded product suite beyond decentralized finance.  The team is now working on developing the Dypius metaverse, which will enable special Features for owners of the company’s native NFT collection.  As revealed in a press release shared with CryptoAdventure, the metaverse will feature play-to-earn game letting players use their Cats and Watches Society (CAWS) NFTs as companions. Those NFTs can allow users to check their crypto portfolios in-game.  The CAWS collection, launched in April, is a series of 10,000 cat-based cat-based interactive NFTs circulating on the Ethereum blockchain. Dypius (then known as DYP) introduced the CAWS staking pool in May, which offered 50% APY at the time. Other elements of the metaverse will include real-time user interactions and user customization.  DYP founder Mihai Busica said on the rebranding to Dypius I am extremely proud of our expert team’s dedication...

Over the last few months, the globe has witnessed either mass layoffs or increased resignations. This trend seems to be persisting. While Elon Musk was under fire for eliminating nearly half of the jobs at Twitter, Meta may soon experience similar reception. Social media giant Meta was reportedly preparing for “large-scale layoffs” this week. A recent report by Wall Street Journal noted that thousands of employees could lose their jobs. Several have been speculating that the firm’s Reality Labs division will likely lose several members. It should be noted that this division endured a loss of about $3.7 billion during the third quarter of 2022. The current workforce of Meta stands at around 87,000 across several divisions. The upcoming layoffs would be the organization’s first significant headcount cutbacks in its 18-year history. In addition to this, Mark Zuckerberg, the Chief Executive hinted at this occurrence during the third quarter earnings call. He said, ...

Technology conglomerate Meta has been the talk of the town of late. A few hours back, the company released its revenue figures. Its earnings had been hit hard by its spending on the metaverse and its slowing growth in social networking and digital advertising. Amid all this, the company has been ordered to pay roughly $25 million to the state of Washington for violating the state’s law on online political ads. Meta in hot water? Seattle Judge Douglass North has ruled that the social media giant will have to pay $24,660,000 for 822 violations of the states’ law mandating transparency in political ads . Per the Judge, Meta intentionally and repeatedly breached the state’s laws since over the last few years and committed hundreds of violations. Outlining the same, the official release noted, “ Today, Judge North ordered Facebook to pay the maximum penalty : $24,660,000. This represents the largest campaign finance penalty anywhere in the country...

The executives say traditional jobs are increasingly at risk through factors such as automation, but GameFi can provide a viable alternative to earn a wage. Australian-based Web3 game studio Ninja Syndicate's CEO and founder believes GameFi could usher in a new era where users can earn a living wage through blockchain games. Speaking to Cointelegraph, founder John Nguyen and CEO Alex Dunmow say that traditional jobs are increasingly at risk through factors such as automation. According to the game developers, blockchain games can and are playing a vital role for people to earn a living in the digital world through play-to-earn (P2E) and move-to-earn. The process often requires significant work, but Dunmow says many mainstream triple-A games already feature "grinding for hundreds of hours," though the assets "provide no value for the player." In GameFi titles digital assets can come in the form of nonfungible tokens (NFTs); users can then take them to a market...