Tag: web3

‘Discover India Through Digital Art’: Club Mahindra on its First Ever NFT Series

Club Mahindra, a travel and hospitality firm in India, has announced the launch of its first ever NFT series called ‘Discover India’. Built on the Polygon blockchain, this series of digital collectibles will be generated by Artificial Intelligence (AI), fusing paintings by international artists with must-visit destinations that the country has to offer. The collection will have a total of 25 artworks, priced between Rs. 10,000 and Rs. 12,000. The holders of these NFTs will automatically become eligible to churn additional benefits related to their travel and vacation plans.

Club Mahindra has handpicked some resorts, landscapes of which AI will merge with the artworks of maestros like Pablo Picasso, Vincent van Gogh, and Leonardo Da Vinci among others.

Holders of these NFTs will get a complimentary two-nights/three-days holiday voucher for Club Mahindra resorts.

“NFTs are an enabler for us to offer an immersive experience to our consumers as digital collectibles and blockchain technology is evolving in India. We are thrilled to present these artistic interpretations of our resort images,” Pratik Mazumder, Chief Marketing Officer, Mahindra Holidays and Resorts India said in an official statement.

Images of these NFTs have emerged on social media.

The company has partnered with Treasurepack to host these NFTs. TreasurePack is a Web3 solutions company that tokenises items as per the requirements of brands, platforms, and publishers.

Only a handful of established brands in India have forayed into the NFT sector as India awaits a final framework for crypto rules.

Founded in 1945, the parent company of Mahindra Club that is the Mahindra Group is one of the most valued companies of India, that has also established itself abroad. Its owner, Anand Mahindra, has often expressed interest in exploring the Web3 sector. Back in April this year, Anand Mahindra had hinted that he may soon let people purchase Mahindra cars via Bitcoin payments.

In March 2022, Mahindra and Mahindra marked its first entry into the NFT space with the release of its first set of digital collectables, joining the likes of MG Motor India in the automotive space.

Other brands that have launched NFTs in India include automobile company Skoda, real estate major Hiranandani, and Cadbury.

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Microsoft Shuts Industrial Metaverse Project Airsim to Focus on AI, Lays Off Team Members

Microsoft, earlier this week, sent an internal message to select team members notifying them that it was pulling down the shutters on its Airsim project. This industrial metaverse project was preparing to use AI-based drone simulation software to be part of its industrial metaverse vision. As per Microsoft’s blog published in February 2023, the concept of industrial metaverse is to change the way that people and machines collaborate with each other. The technology, once matured, would be able to help industrial players solve problems proactively and efficiently with a twist of Web3.

This project from the software giant was to bring together metaverse and AI. After Microsoft decided to shut the initiative, it informed the team working on the project that they were being laid off, said a report by Business Insider. It, however, remains unclear how many people were fired in total.

“We are proud of the impact this incubation created for our customers and we will continue to invest in both Azure as the computing platform that powers the industrial metaverse, and a wide range of AI projects within the company,” the report quoted a Microsoft spokesperson as commenting on the development.

In addition to Airsim, Microsoft has recently pulled support from the Bonsai project, that was aimed at building autonomous systems for industrial use using AI. Both Airsim and Bonsai together, were part of Microsoft’s industrial metaverse initiative. While Airsim was initiated in 2017, Bonsai was an independent platform that was acquired by Microsoft in 2018.

Microsoft originally saw these projects as means to help industrial app developers push Microsoft’s Azure cloud services to compete with the Amazon Web Services. The programmers were under the oversight of Microsoft Chief Technology Officer Kevin Scott, who also is responsible for Microsoft’s partnership with OpenAI.

After Microsoft’s partnership with OpenAI started to elevate, Scott reportedly decided to shift his focus from industrial metaverse to AI for now. This, however, is not the first time that Microsoft has shut down initiatives related to the development of industrial metaverse.

Back in February, Microsoft pulled down the curtains on another such programme and laid off a team of 100 people at the time. The company had said that time that it was looking to favour short-term projects that could generate more revenue quicker.

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Web3 Firm Mixin Network Hacked, $200 Million Stolen in Centralised Exploit: All Details

Web3 firm Mixin Network has officially informed its community members about a mega exploit that has drained $200 million (roughly Rs. 1,662 crore) from its account. The platform offers a decentralised wallet service, and it was launched in 2017 with a billion dollars worth of total value secured. Over the weekend, the database of Mixin Network’s cloud service was hacked, which resulted in a multi-million-dollar loss. The platform is working with cyber security firm SlowMist to get to the bottom of this case.

Feng Xiaodong, the founder of Mixin Network, addressed the incident on September 24 in a live stream and assured community members that possible solutions are being discussed.

Meanwhile, the company has formally acknowledged the instance via their X handle.

“The database of Mixin Network’s cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We will try our best to minimise the losses and deeply apologise for this,” the statement said.

For the time being, the Mixin team has deemed it fit to suspend all deposit and withdrawal services temporarily.

The losses incurred via this exploit have dented the platform/s treasury significantly. As per a CoinDesk report, the top 100 assets on Mixin Network amounted to barely over $1.1 billion (roughly Rs. 9,145 crore).

Since the news about this hack attack started to spread to social media, the native XIN token of the platform tumbled by eight percent. As per CoinMarketCap, XIN is currently trading at $194 (roughly Rs. 16,130).

This, however, is not the first time that the centralised server of a blockchain firm has been traditionally hacked by cyber criminals.

Last year, a report by blockchain research firm CertiK said that “centralisation is antithetical to the ethos of DeFi and poses major security risks and that single points of failure can be exploited by dedicated hackers and malicious insiders alike.”

Researchers have previously also noted that elements of the crypto space like the DeFi sector would continue to get safer as more workload shifts from servers to blockchain networks.

The funds stolen in crypto scams, hacks, and rug pulls breached the mark of $656 million (roughly Rs. 5,454 crore) during the first half of 2023, a report by Web 3.0 security firm Beosin said in July.

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China’s Ant Group Launches Blockchain Services Brand ‘Zan’ for Web3 Developers

China’s tech giant Ant Group has launched a sub-brand called Zan, that will help blockchain developers bring out solutions for Web3. While China has maintained a stringent anti-crypto stance for two years now, some tech giants there have taken gradual steps to explore the use-cases of blockchain, which also makes for the underlaying technology that supports cryptocurrencies. Zan comes with a suite of blockchain application development products and services to help Web3 developers.

One of the first solution this brand brings along is a solution to help Web3 firms, managing or issuing manage real-world assets (RWAs), comply with local regulatory requirements.

Its suite of products also comes along with systems and tools around electronic Know Your Customer (KYC), Anti-Money Laundering as well as Know Your Transaction checks for developers to use for their projects.

Hui Zhang, an individual whose previous work history or association details with the Ant Group are unclear, has been appointed as the CEO of Zan.

“Zan is dedicated to investing in research and development of Web3 technologies and products, providing more extensive and reliable technical services to support the community, and working with our partners to accelerate Web3 developments and innovations. Web3 is a technology sector bringing new opportunities,” Zhang said.

While this platform has been publicly announced today, it had been in the works for quite some time. In early 2023, Zan was already piloting its services. During the Hong Kong Web3 Festival this April, Zan was adopted for its offerings by HashKey DID, a Web3 decentralised identity data aggregator.

Launched as an entity in itself, Zan, is expected to help the Chinese parent company to proceed directly to an IPO stage.

In 2020, the Ant Group lost a huge opportunity to open a $30 billion (roughly Rs. 2,50,546 crore) initial public offering (IPO) in Hong Kong and Shanghai. At the time, the company expected to touch the valuation of $226 billion (roughly Rs. 18,76,195 crore) but the IPO was blocked by the Chinese authorities.

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Germany’s Lufthansa Airlines to Offer NFT Loyalty Rewards, Let Flyers Indulge in Web3

Germany’s Lufthansa airline is planning to soon let its flyers collect rewards in the form of non-fungible tokens (NFTs) and engage with Web3. Lufthansa is rolling out a new loyalty programme, that will let flyers collect reward points in the form of NFTs trading cards. From business lounge vouchers, to free miles and frequent traveler statuses, these NFT trading cards offered by Lufthansa will unlock a plethora of facilities for the travelers. The name of this new loyalty programme has been decided as ‘Uptrip’ and the NFTs that are part of this programme are based on the eco-friendly Polygon blockchain.

Lufthansa will allow eligible flyers to connect their digital wallets in order to mint, transfer, and trade these Uptrip NFT cards.

The NFT cards being offered are divided into different categories, including cities, aircrafts, as well as Specials.

“Users will be able to choose from hundreds of cards of Cities (Lisbon, New York, Rio de Janeiro, Singapore and more), Airplanes (Airbus A320, Boeing 747, Embraer 190) and Specials (fly on New Year’s eve, cross the North Pole, etc). Since the soft launch over 20,000 users have registered and over 200,000 trading cards have been issued,” the Lufthansa Innovation Hub said in a statement on the Polygon website.

The Lufthansa Group is a major European airline company, with over 38 million members in its Miles and More reward programme. Its decision to explore Web3 could hence onboard millions to the digital assets sector.

“Web3 is in an early stage of development. Curiosity is high. But, we also encounter questions and hesitation – which is where Uptrip hits a nerve. We make it possible for people to access this new technology,” a report by Zycrypto quoted Kristian Weymar, Director of New Business Lufthansa Innovation Hub as saying.

The Uptrip app has been made available on both, Google Play Store as well as Apple’s App Store.

This however, is not the first time that a major airlines player has decided to venture into the digital assets sector. Back in May this year, Japan’s prominent Air Nippon Airways (ANA) launched its own online marketplace for the trade, sale, and purchase of NFTs themed around aeronautics.

In April last year, Emirates airline from the UAE had also jumped on the metaverse and NFT wagon.

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Web3 Telco World Mobile Launches Service in US, UK, Australia: Here’s What Its About

World Mobile has launched its services in the US, UK, Australia, Canada, and Tanzania through an app first available to Android users. World Mobile is a network operator, that has integrated mobile network services with blockchain and crypto technologies, both of which are part of the Web3 family. Through its advanced network services, the company aims to bridge the gap between mainstream telecom operators and those regions, where connectivity is still an issue.

The London, UK-headquartered company tweeted the official announcement about availability in these new markets on August 22.

World Mobile provides decentralised wireless (DeWi) network service through a proprietary token and a network sharing system built on the Cardano blockchain. This proprietary token is named the World Mobile Token (WMT).

“Unlike traditional mobile networks, we’re based on blockchain and the sharing economy. Local business owners in unconnected regions can operate affordable nodes on our network and bring their community online while sharing the rewards —World Mobile Tokens,” the firm explains in its website.

At the time of writing, each WMT is trading at $0.1074 (roughly Rs. 8.90) shows CoinMarketCap.

Before rolling out its app in matured markets like the UK and the US, World Mobile conducted multiple beta tests. The app was initially introduced in Zanzibar, which is one of the islands in the Indian Ocean.

As per the company blog post, the app brings features including a Cardano wallet and a fiat on-ramp service to let users exchange fiat currencies to WMT.

Another special feature of this app is the Scan for Points functionality, that would turn the mobile device into a network scanner that can identify weaker web spots around the world and earn rewards in return.

The company is now exploring avenues to integrate its service with decentralised Artificial Intelligence (AI). To do so, it has partnered SingularityNET, a company that provides the AI service.

In the coming months, World Mobile will be launching its app across Europe, Asia, Africa, and South America.

The iOS version of the app is currently under development.

Meanwhile, the company that advocates connectivity and economic freedom for all, has called out the traditional mobile network operators for neglecting investments in remote places because the process would not be ‘profitable enough’.

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Microsoft, Aptos Labs Partner to Unite Web3, Artificial Intelligence: Details

Microsoft and blockchain developer Aptos Labs have come together to use their expertise in bridging the gap between Artificial Intelligence (AI) and the blockchain technology. The buzz around combining Web3 and AI seems to be expanding all over the global tech industry. Nascent in existence, Web3 firms are looking to rely on comparatively more developed AI tech. The ambition is to tailor blockchain solutions related to banking, agriculture, health, and education. Both the firms will also work together to explore innovative solutions.

Aptos, under this partnership, will utilise Microsoft’s AI infrastructure to curate industry solutions with the goodness of both AI and blockchain. As for the software giant, this partnership could be one of its initial steps into deeper Web3 exploration.

“By fusing Aptos Labs’ technology with the Microsoft Azure Open AI Service capabilities, we aim to democratise the use of blockchain for innovators to develop new decentralised applications using AI,” Rashmi Misra, General Manager, AI and Emerging Technologies, Microsoft said in an official statement.

Microsoft is interested in exploring blockchain branches like asset tokenisation and Central Bank Digital Currencies (CBDCs) through Aptos’ ecosystem.

The interest of Web3 developers and venture capitalists in the field of AI is backed by the interest millennials and GenZ populations have in merging blockchain with artificial intelligence.

In May, KuCoin surveyed 1,125 crypto users from different parts of the world to understand how the Web3 community perceives AI. Over 64 percent of the younger respondents confirmed that they were somewhat familiar with the uses of AI in crypto and blockchain.

This backs Microsoft’s interest in giving Web3 another shot.

Previously, it established a team to work around its metaverse initiatives. In February, however, Microsoft drew the curtains on its industrial metaverse division to overcome the recession-like situation that was prevalent at the time. The hundred staff members who were part of this team were reportedly fired.

As for Aptos Labs, a group of former Meta employees came together to launch the Aptos proof-of-stake (PoS) blockchain in October 2022. Prior to that in July, Aptos Labs had raised $150 million (roughly Rs. 1,200 crore) in a Series A funding round led by FTX Ventures and Jump Crypto.

The Aptos blockchain is powered by Move — an open-source programming language developed by Meta — that was initially intended to support the abandoned stablecoin project Diem.

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World Fintech Day: Blockchain Is Here to Stay, Existing Fintech Players Must Welcome Web3, Say Experts

Indian Web3 experts and industry insiders believe that blockchain and cryptocurrencies are here because they were needed to finetune existing financial systems and benefit global fintech setup. Crypto experts echoed the sentiment on World Fintech Day, observed each year on August 1. The date marks the death anniversary of Cosimo de’ Medici, a 15th-century Italian politician and banker who established the Medici Bank and influenced the present-day banking system.

Experts maintain that the speed of adoption is a crucial metric for nations looking to lead the sector.

“The dynamic landscape of digital assets calls for adaptability. Digital assets have become immensely significant, bridging the gap between Web2 and Web3,” Dhruvil Shah, SVP – Technology, Liminal, told Gadgets 360. Shah further claimed that digital assets add transparency to financial ecosystems and promote financial inclusion. “As technology progresses, digital assets are poised to shape a decentralised and equitable global economy even further,” he added.

Limitations in Web3 and Possible Solutions

The global blockchain in banking and financial services market has reportedly grown from $1.89 billion (roughly Rs. 15,552 crore) in 2022 to $3.07 billion (roughly Rs. 25,262 crore) in 2023 at a compound annual growth rate (CAGR) of 62.1 percent.

Presently, due to the lack of concrete laws to oversee the new fintech branch of Web3 and cryptocurrencies, countries like India are taking a sceptical approach before integrating them closely with existing financial systems.

Industry insiders are, however, urging online payment players like Google Pay and Paytm to work on policies that could help them integrate Web3 services to their users as well.

“Traditional wallets deal with regulated fiat currencies, while digital assets lack comprehensive regulations. To address this, collaboration within the existing regulatory framework is crucial. One viable solution is the development of a hybrid platform, enabling seamless money transfers between traditional and digital wallets, thus expanding their services to a broader user base,” the Liminal official further noted.

Liminal is a digital wallet player based in India. The startup has hosted six rounds of fundings up until February 2023 and has managed to bag as much as $31 million (roughly Rs. 255 crore) in funding from over twelve investors. The company is among the around 450 Web3 startups that have cropped up in India in recent years.

Despite India’s stern approach towards taking gradual steps into the crypto and digital assets sector, the country’s tech talent has managed to garner the interest of venture capitalists as well as industry players seeking a blockchain workforce.

As of April 2022, Web3 funding in India had peaked to $1.3 billion (roughly Rs. 11,525 crore). At the time, a NASSCOM report had said that 11 percent of the world’s Web3 talent, resides in India, making the nation the third largest home for Web3 workforce. By 2024, the report projected, India’s group of 75,000 blockchain professionals to swell up by 120 percent.

Web3 Roadmap Predictions from Industry Insiders

Speaking to Gadgets 360, Purushottam Anand, Advocate and Founder of Crypto Legal noted that internationally, the fintech industry is already soaking in Web3 elements.

“Global consensus towards digital asset regulation seems overwhelmingly tilted in favour of regulation as against an outright ban. No major economy except China has banned digital assets while many international blocks or organisations like Europe, FATF and World Economic Forum (WEF), IMF and countries including India, Japan, Singapore, UAE and Hong Kong have either finalised or issued some draft framework of regulation. I believe, by 2025, majority of countries will have some form of digital asset regulation in place,” he said.

If not cryptocurrencies, nations around the world are now working on their respective Central Bank Digital Currencies (CBDCs). Created on blockchains, CBDCs are the digital representations of fiat currencies that eliminate the need for paper-based physical notes while also recording the details of all transactions in an unchangeable format on the blockchain.

Nischal Shetty, CEO of WazirX crypto exchange, told Gadgets 360 that CBDC trials are disrupting the fintech landscape, particularly for existing UPI players in India.

“With transactions settling in real-time directly through the central bank’s digital currency infrastructure, the need for intermediaries like payment gateways might diminish, leading to cost savings and more streamlined processes for UPI players. Scalable blockchains, with their high throughput capabilities, can facilitate instant transaction confirmations, making them well-suited for supporting the seamless and fast settlement of CBDC transactions,” Shetty said.

Currently, around $100 million (roughly Rs. 826 crore) in CBDCs are in circulation in different parts of the world where governments are carrying out trials. By 2030, this figure is expected to reach $213 billion (roughly Rs. 17,60,880 crore) with an estimated growth of 260,000 percent, a recent study by Juniper Research had said.

Meanwhile, banking giants like JP Morgan, Goldman Sachs, and Mastercard among others, are already testing Web3 waters with select crypto and digital assets-related offerings.

Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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British Museum Steps into Metaverse, Partners With The Sandbox: All Details

The British Museum, based in London, is ready to step into the world of metaverse. The home of Britain’s history since the mid-eighteenth century will now have an address in The Sandbox, a platform that provides a fully functional virtual universe that lets entities exist as avatars. The entry of this historic British landmark into the metaverse is just another testification to UK’s open-mindedness about Web3. The UK, in recent months, has shown a steadfast approach towards embracing the up-and-coming Web3 sector that encompasses projects related to crypto, NFTs, and the metaverse.

As part of this collaboration, NFTs inspired by some artifacts showcased in the museum will be launched for collectors to own as a piece of history in detailed digital versions.

The Sandbox confirmed the development on July 28, saying that people from around the world will be able to visit this historic museum in a virtually immersive experience.

“The British Museum has chosen The Sandbox for its first foray into the metaverse. In conjunction with LaCollection, the British Museum’s licensing partner, the collaboration focuses on developing digital collectibles and experiences showcasing the museum’s history,” said a blog post published by The Sandbox.

Sales of NFTs rose by a massive 117 percent in February 2023. Around March, the valuation of the global NFT market climbed to its nine-month high since June last year to over $2 billion (roughly Rs. 17,200 crore).

Despite its element of volatility, NFTs have managed to hold people’s interest in them.

NFTs hold quotients of utility and investment purpose, which are the top reasons why people invest in purchasing these digital collectibles.

A recent research study conducted by CoinGecko and the Blockchain Research Lab had condensed reasons that inspire the sales and purchases of NFTs. These included the intrigue to experiment with the new technology, gaining a stake in the NFT parent company, or promoting social welfare and contributing to charities.

Both, the museum as well as The Sandbox ecosystem, can profit financially from this partnership while also opening the museum experience to international audiences.

“This is a great opportunity for The Sandbox players, regardless of where they are, to learn about and enjoy the amazing collections of human history, art, and culture in the British Museum,” The Sandbox team noted.

Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Web3 Funding from Venture Capital Firms Register 78 Percent Dip From Last Year: Crunchbase

The funding into the Web3 ecosystem has dropped significantly between June 2022 and June 2023. In the first half of last year, projects and startups related to Web3 had managed to raise $16 billion (roughly Rs. 1,31,404 crore) in funding. On the other hand, up until June this year, only $3.6 billion (roughly Rs. 29,568 crore) have been invested by venture capital firms in Web3 initiatives. This marks a decline in funding by 78 percent in the benefit of the digital assets sector, as per a Crunchbase report.

Companies that are engaged in activities related to cryptocurrencies, non-fungible tokens (NFTs), metaverse, as well as blockchain gaming — all fall under the umbrella of the Web3 categorisation. In the lack of regularity clarity, several promising Web3 projects rely heavily on securing external fundings to launch their operations.

Between April and June this year, a total of 322 deals were finalised between Web3 projects and investment capitalists. Collectively, these deals have managed to garner $1.8 billion (roughly Rs. 14,782 crore).

On the contrary, between April and June 2022, Web3 startups had managed to raise $7.5 billion (roughly Rs. 61,585 crore), the Crunchbase report said.

“While seemingly all sectors are seeing a slowdown in venture capital, Web3 — defined here as cryptocurrency and blockchain startups — has been hit hardest. In fact, deal flow hit its slowest pace since the final quarter of 2020, when only 291 deals were announced for a total of $1.1 billion (roughly Rs. seven crore). Large rounds definitely played a role in the dramatic year-to-year drop Web3 funding witnessed,” the report noted.

While the digital assets sector remains grappled with market volatility as well as lack of regularity clarity — the attention of venture capital firms has shifted to other tech spheres.

Companies working in the field of Artificial Intelligence (AI) have attracted the attention of venture capital firms lately.

“However, there is no denying the massive collapses of large crypto exchanges — we all know the names — and recent regulatory actions in the US likely have shaken some investors from looking into the digital asset space. Will those investors come back, or will current investors invite more? The numbers certainly aren’t trending that way. Now investors seem very wary of putting money into anything — except, of course, AI,” the Crunchbase report noted.

Most recently, music NFT startup ‘Sound’, and Web3/AI firm Olympix managed to bag millions in funding.

Will the Nothing Phone 2 serve as the successor to the Phone 1, or will the two co-exist? We discuss the company’s recently launched handset and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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