Weekly Report (Feb-28)

4 min read
Weekly Report Feb28

Animoca Brands has partnered with Cube Entertainment to create the music metaverse.


  • Animoca Brands has partnered with Cube Entertainment to create the music metaverse, AniCube.
  • Binance has partnered with SM Brand Marketing to establish a Play-to-Create (P2C) NFT ecosystem; FTX introduced an “NFT as a Service” for mainstream gaming studios.
  • Rakuten has announced the launch of its NFT marketplace in Rakuten NFT.
  • Manchester City set to launch the first ever soccer arena in the Metaverse.
  • Jupiter Meta has launched India’s first fully curated NFT marketplace; Infosys announced the launch of Metaverse Foundry.

Tokenized assets and rare digital gems are raking in billions of dollars throughout NFT marketplaces, and everyone has been looking for a way in, including a diverse range of popular private organisations, sports groups, celebrities, and top-tier artists. This cutting-edge technology has piqued the interest of both the public and the government, resulting in a domino effect in fields like art, fashion, and design. Thus, NFTs and the metaverse has continued to become a mainstream topic of conversation because of the advantages it provides in terms of global access, decentralised nature, and useability.

Blockchain Hacks#

The number of smart contract vulnerabilities, scams, rug pulls, and security exploits have equally increased with the growth in the DeFi industry. Investors and liquidity providers lose money as a result of technical defects in the platform, a lack of security audits, or low morale amongst market movers. In a similar event, Web3Memes (W3M), a new memecoin developed on the Binance Smart Chain, was rugged with 625 Binance Coins (BNB) worth $237,000. When investors had already invested their money into memecoin, its liquidity pools were depleted approximately five hours after its public release.

Metaverse, and NFTs#

Animoca Brands has partnered with a South Korean entertainment company, Cube Entertainment to create the music metaverse AniCube. The joint venture will enable the benefits of NFTs, in particular intellectual property rights, to be available to artists and their fans in global marketplaces. Digital sound sources, albums, portraits, and avatars of K-pop artists under the management’s wing will all be included in future NFT drops.

Binance has also partnered with SM Brand Marketing, a subsidiary of SM Entertainment in South Korea. The collaboration with the world’s largest digital asset platform will enable the latter to establish an eco-fund and a global Play-to-Create (P2C) NFT ecosystem, which will allow users to recreate IP-based content in the form of music, dance, games, and merchandise.

FTX, another cryptocurrency juggernaut, has introduced an “NFT as a Service” for mainstream gaming studios to include crypto-collectibles in their titles. This solution will allow companies to launch digital tokens for gamers and will support NFTs integration alongside other blockchain-powered collectibles.

NFT adoption has also been on a massive rise in the land of the rising sun. Rakuten has announced the launch of its own NFT trading platform, Rakuten NFT. The NFT marketplace from the Japanese e-commerce and online retailing giant will also allow intellectual property owners to issue and sell NFTs through their own websites. In other headlines, Mitsubishi UFG, the world’s second-largest bank holding company, is releasing its own cryptocurrency wallet that will be capable of storing and using blockchain-powered digital assets and NFTs.

Manchester City is the latest addition to enter the Metaverse space, following Manchester United’s collaboration with Tezos as their technology partner. The English Premier League’s reigning champions have partnered with Sony Corporation to create a virtual replica of Etihad Stadium, making it the first soccer arena to exist in virtual reality.

Jupiter Meta has launched India’s first fully curated NFT marketplace. The digital marketplace will concentrate on music, cinema, and gaming, allowing consumers to get the most out of their time in the metaverse. Following this launch, The Advertising Standards Council of India, or ASCI, has established a complete guideline for promotions of digital assets and crypto enterprises, including NFTs and exchanges. The ASCI standards, which will take effect on April 1, 2022, would require crypto firms to include a disclaimer prominently in any media ads they may run, and all past ads from advertisers should be removed from the public domain unless the new disclaimer is included.

In addition, Infosys has announced the launch of Metaverse Foundry. With over 100 ready-to-use templates and use cases, the Indian IT multinational company’s new business division promises to simplify and accelerate an enterprise’s ability to use emerging technologies and offer metaverse products and services.