Issue #09

We keep you up to date with everything you need to know about the Metaverse

US cracks down on crypto service Tornado Cash over 'money laundering' links to North Korean hackers

The cryptocurrency service Tornado Cash has had its assets in the United States frozen after being accused of assisting cyber criminals with money laundering. Tornado Cash blends streams of digital currency in order to obscure their source and provide anonymity. The US Treasury has blocked all US crypto investors from the platform and claims that a group of hackers backed by the North Korean government, the Lazarus Group, has moved millions of dollars through the service. Some critics argue, however, that this move could also harm honest and legitimate users.  > Read more

The Ethereum Merge Explained

Ethereum, the blockchain behind one of the largest cryptocurrencies in the world, is planning to reduce its electricity requirements by over 99%. Cryptocurrencies are currently criticised for having an environmentally harmful impact due to their high carbon emissions. The Ethereum Merge, which has been in the works since 2014, will replace the current energy-intensive “proof of work” system with a “proof of stake blockchain” and will supposedly make the blockchain even more secure. > Read more

Virtual influencer Miquela is back. This time, brands are metaverse ready

Pacsun, an American clothing brand for teenagers, has teamed up with a virtual influencer called Miquela. Rather than creating a new avatar with a unique personality, Pacsun has chosen to use Miquela’s existing reputation and style, which is already known in the metaverse. Such collaborations with digitally native creators are just the latest step for brands expanding into the metaverse and exploring how to help consumers forge digital identities. > Read more

OpenSea Changes Stolen NFT Policy Following User Outcry

OpenSea, the largest marketplace for NFTs, as changed its policy for dealing with NFTs that are reported as having been stolen. Previously the platform blocked the NFTs, thus preventing them from being bought, sold or transferred to other platforms until each individual case was investigated. The new policy now requires a police report to be submitted within a week of the NFT having been reported as stolen in order to minimise the number of false reports. > Read more

Gucci now accepts ApeCoin cryptocurrency in select US stores

Luxury Italian fashion brand Gucci is now accepting ApeCoin, a cryptocurrency affiliated with the Bored Ape Yacht Club, in selected American stores. As the currency is limited to Bored Ape and Mutant Ape holders, this announcement has led to a significant collection surge and investors are hoping that the ApeCoin will therefore continue to rise in value. > Read more