Crypto

This Week in the Metaverse: Arrest Warrant for Top Crypto Creator, “The Merge” Is Coming

Things are moving fast in the metaverse and the wider world of Web3 as a whole. Here’s what you need to know from the past week:

Roblox – the immensely popular blockchain-based gaming platform – announced at its annual developer conference on September 9 that it would soon introduce an expanded advertising model and age guidelines in a bid to attract a growing population. older and expand their income stream.

According to data from Statista, around 67% of Roblox users were under 17 – and the vast majority were under 13 – as of September 2020. Now that the distribution seems to be changing – there now seems to be more daily assets users (DAU) over the age of 13 than below.

At the same time, Roblox fell short of its financial goals; the company’s most recent financial report shows that it missed both its revenue and results. Having derived most of its past revenue from a game currency called Robux, the company seems to be looking for new ways to expand its revenue stream.

The company hopes to solve both of these problems with the introduction of a new advertising model. According to reports from The Verge, Roblox announced on Friday that it will soon be rolling out immersive advertising options – such as virtual billboards – that will allow brands and developers to reach players through a wide range of platform games, or “experiments”. Advertisers would also soon have the ability to create “portals” that transport players from a game to a branded virtual space.

The platform’s new advertising model is expected to be tested with a select group of advertisers later this year, followed by an official launch in 2023. Immersive ads would be labeled as such and accessible to users aged 13 and over. Roblox also plans to add guidelines to its platform, letting players and parents know which experiences contain potentially offensive or disturbing content.

South Korea Issues Arrest Warrant for Do Kwon, Creator of TerraUSD and Luna


A South Korean court issued an arrest warrant earlier this week for Do Kwon, the main builder of the TerraUSD and Luna cryptocurrencies, which both crashed earlier this year and took a significant part of the broader crypto market. According to one estimate, the collapse of the two coins caused investors around the world to lose a cumulative amount of around $42 billion.

The arrest warrant reportedly follows a long period of search and seizure operations by South Korean authorities. “An arrest warrant has been issued against a total of six people, including Do Kwon, who currently resides in Singapore,” a spokesperson for South Korean prosecutors said in a statement on Wednesday. No reason was specified.

Kwon announced in a public interview in August that he had moved to Singapore for the safety of his family.

US authorities have also recently cracked down on the crypto industry. In July, for example, the New York Times reported that the Treasury Department’s Office of Foreign Assets Control was investigating crypto exchange firm Kraken for allegedly violating US sanctions law by laying off its services. available to customers in Iran, Syria and Cuba.

“The Fusion” is finally coming

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This afternoon, around 3 p.m. ET, the Ethereum network is expected to transition from a Proof-of-Stake (PoS) system to a Proof-of-Work (PoW) system – a highly anticipated event known in the crypto community under the name “fusion”. If all goes according to plan, the pivotal event could result in a 99% reduction in the amount of power Ethereum needs to operate. It could also turn Ethereum’s native cryptocurrency, Ether (or ETH), deflationary – meaning that supply will hypothetically decrease over time – which in turn could attract more investors and raise its price. For a more detailed explanation of the merger and its significance, click here.

iHeartMedia moves to Roblox

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Media company iHeartMedia announced Wednesday that it had cut the ribbon on iHeartLand on Roblox, a new virtual experience designed to establish the brand “as a go-to destination and pioneer in the rapidly expanding metaverse,” according to a press release. iHeartMedia has partnered with Intel and State Farm for its new Roblox activation; State Farm’s famous Jake will also (virtually) be present – probably in khaki.

The media company appears to be trying to lure younger audiences into its new virtual landscape through musical appeal. Visitors will be challenged to collect “song energy” rewards in an effort to “fuel their own [virtual] personalized music studio as well as unlock upgrades, fan experiences, and rewards,” according to the press release. A pre-recorded performance by singer-songwriter Lauv will be played this Friday from State Farm Park – described as “the epicenter of iHeartLand” – and fans can take photos of an avatar of Lauv (which will not be actually controlled by no one). iHeartLand on Roblox will also host an album release party for singer-songwriter Charlie Puth on October 7, “a special podcast event” with The Trap Nerds, and several other “can’t-miss events next year. “.

“We’re always looking for more ways to connect with our audience and provide the kind of unique experiences that only iHeartMedia can deliver, and we’re excited to expand our footprint in the metaverse by opening iHeartLand to Roblox,” Conal Byrne, chief executive of iHeartMedia Digital Audio Group, said in the press release. “Our scale and reach across all forms of entertainment puts iHeart in an elite position to bring the hottest artists, newest music, and biggest podcasts to Roblox. iHeartLand on Roblox is ready to blow away all expectations.

iHeartMedia launched iHeartLand in Fortnite less than a month ago.

Kingship teams up with Grammy winners James Fauntleroy and Hit-Boy

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Kingship is hoping to make some hits in the metaverse through a new collaboration with Hit-Boy and James Fauntleroy, who have both signed on as co-executive producers and songwriters for the band. Hit-Boy is a Grammy-winning hip-hop producer who has worked with industry giants like Jay-Z, Kanye West, Nas, Beyonce and many more. Fauntleroy is a Grammy-winning singer, songwriter and producer who has also worked with some of the GOATs.

“I’m always looking to push things forward musically,” Hit-Boy said in a press release, “and this is a great opportunity to do something new in the web3 space.”

Kingship’s faces are three Bored Ape NFTs and one Mutant Ape NFT, giving them – at least optically – a Gorillaz vibe. The group was launched by 22h33, Universal Music Group’s web3 label.

News of the band’s collaboration with Hit-Boy and Fauntleroy comes less than a month after the band announced a partnership with Mars, International, which featured M&Ms emblazoned with the band members’ cartoon simian faces.

According to the press release, Hit-Boy and Fauntleroy will be working with Arnell, the band’s Mutant Ape member who is also Kingship’s DJ.

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