Virtual Meetings Reimagined – Pandaily

Digestible information on the most recent developments throughout the fields of NFTs, blockchain, and metaverse in Greater China, compiled for you each week by Pandaily.

This week: China’s Communist Youth League launches NFTs, crypto mining rig maker Canaan added to SEC listing of scrutinized Chinese corporations, Regal Hotels to launch digital convention heart within the metaverse, and extra.

China’s Communist Youth League Lauches NFTs

China’s Communist Youth League has launched 54,000 free NFTs on May 4, identified in China as Youth Day, a vacation established in 1919 to commemorate anti-imperialist pupil actions in Beijing. SCMP first reported the story on Thursday.

  • The group labelled the NFTs as “digital collectibles,” as China has formally banned crypto since final September.
  • The assortment featured the league’s official mascot “Tuanbao,” an anime-inspired cartoon determine with two communist stars on its head. The NFTs had been constructed on a blockchain developed by Hangzhou Shunwang Technology, and offered out inside an hour after their launch.
  • Like different digital collectibles, the Communist Youth League NFTs can’t be offered or traded.
  • China’s Youth Day is widely known yearly on May 4 to commemorate pupil demonstrations in 1919 in opposition to the Treaty of Versailles, which transferred the possession of a Chinese territory from Germany to Japan.
  • Separately, Peking University, one of the prestigious universities within the nation, issued 20,000 digital collectibles within the type of alumni playing cards to commemorate Youth Day and the varsity’s 124th anniversary. (SCMP)

Crypto Mining Rig Maker Canaan Added to SEC List of Scrutinized Chinese Companies

Chinese crypto mining rig maker Canaan mentioned on Thursday that it has come below the scrutiny of the United States Securities and Exchange Commission (SEC) because of its obvious ties to Beijing, reported CoinDesk.

  • According to the SEC, Canaan was added to the listing as a result of it used an auditor for its 2021 annual report that the US Public Company Accounting Oversight Board (PCAOB) couldn’t totally examine. The mentioned auditor was KPMG Huazhen LLP.
  • The Holding Foreign Companies Accountable Act (HFCAA) handed in 2020 as a legislation that requires corporations publicly listed on inventory exchanges within the United States to declare they don’t seem to be owned or managed by any international authorities.
  • Canaan has till May 25 to file documentation with the SEC to show that it isn’t “owned or managed” by a international authorities. If Canaan had been to stay as an “recognized” issuer for 3 consecutive years, it dangers being delisted from the US markets, together with over-the-counter buying and selling. China-linked crypto shares fell by as a lot as 10% on the heels of the announcement.
  • Canaan is now considered one of over 80 corporations on the watchlist, which incorporates China’s JD.com, Trip.com, Pinduoduo, Bilibili, NetEase, and Sinovac Biotech.
  • Sources instructed Reuters final month that Chinese regulators had requested among the nation’s US-listed companies, together with Alibaba, Baidu, and JD.com, to arrange extra audit disclosures. (CoinDesk, CNBC)

READ MORE: The SEC’s List of Scrutinized Chinese Companies

Regal Hotels to Launch Virtual Conference Center within the Metaverse

Regal Hotels introduced plans to launch a digital convention heart in The Sandbox, a metaverse platform owned by Hong Kong-based gaming software program and enterprise capital agency Animoca Brands, reported SCMP.

  • As one of many first listed resort teams within the metropolis to make its foray into the metaverse, Regal Hotels sees alternatives in constructing blockchain-based digital convention facilities.
    • “The format of company conferences and conferences is not going to be both on-line or offline, however will tackle a hybrid mannequin whereby it can additionally allow members to proceed with their networking,” mentioned Poman Lo, Vice President and Managing Director of Regal Hotels. “The metaverse has made it attainable to interact attendees in methods that aren’t but obtainable on [existing] video convention platforms.”
  • The digital convention heart will host large-scale business occasions that may be livestreamed to attendees, who even have the choice to fulfill their potential enterprise companions as avatars.
  • Regal Hotels’ transfer follows a collection of explorations of the digital convention format by tech giants, together with Baidu, which hosted a three-day digital convention for AI builders in its metaverse app “Xirang,” and NetEase, which livestreamed the itemizing of its music streaming platform on the Hong Kong Stock Exchange in its personal metaverse “Yaotai.”
  • Virtual conferences was one of the vital income streams for the hospitality business. However, because of the COVID-19 pandemic, many offline conferences had been cancelled or moved on-line. The video conferencing market is estimated to develop to $6.9 billion this 12 months, in line with market analysis agency Fortune Business Insights.
  • Regal Hotels additionally plans to promote as much as 100 resort and residential models within the type of NFTs to town’s younger folks, who stay in one of many least reasonably priced housing markets of the world. (SCMP)

READ MORE: HSBC Joins Metaverse Race Through Partnership With The Sandbox

Hong Kong Exchange to Include Crypto ETF by Samsung Asset Management

Samsung Asset Management plans to listing a blockchain exchange-traded fund (ETF) on the Hong Kong Stock Exchange within the first half of this 12 months, the Korea Economic Daily reported on Thursday.

  • The new ETF, monitoring cryptocurrencies and blockchain tech corporations, would be the first of its type to listing in Asia.
  • The annoucement of the plan follows the asset supervisor’s acquisition in late March of a 20% stake within the US ETF sponsor Amplify Holding Company LLC, identified for its ETF merchandise such because the Amplify Transformational Data Sharing ETF, which invests not less than 80% of its internet property in blockchain-related corporations.
  • The new ETF tracks an inventory of crypto-related corporations, together with crypto fee platform Silvergate Capital, crypto mining graphics processing unit (GPU) producer Nvidia, digital asset supervisor Galaxy Digital Holdings, crypto trade platform big Coinbase Global, and derivatives trade Chicago Mercantile Exchange (CME) Group.
  • To date, Samsung Asset Management has launched 5 ETFs, which monitor international semiconductors, US large tech (Facebook, Apple, Amazon, Netflix, Google, and many others.), Asia-Pacific REITs, Chinese tech corporations, and crude oil. (The Block Crypto, The Korea Economic Daily)

Starbucks to Launch NFTs by End of This Year

Starbucks instructed traders throughout its Q2 2022 earnings presentation that it plans to enter the Web3 area with the launch of an NFT assortment later this 12 months, which is able to present homeowners with entry to unique content material experiences and different advantages, reported TechCrunch and The Verge, citing Starbucks CEO Howard Schultz and Executive Vice President and Chief Marketing Officer Brady Brewer.

  • The executives mentioned the corporate will add “new ideas corresponding to possession and community-based membership fashions that we see growing within the Web 3 area.” Brewer went additional and mentioned: “Imagine buying a brand new digital collectible from Starbucks, the place that product additionally serves as your entry cross to a worldwide Starbucks group, one with partaking content material experiences and collaboration all centered round espresso.”
  • In addition to simply NFTs, the corporate alluded to a full-fledged “Starbucks Digital Community Web3 platform” probably tied to cell in-store funds.
  • The Starbucks app is at the moment the second most used type of cell fee within the US, solely behind Apple Pay, with over 30 million energetic customers.
  • Ahead of the NFT launch, Starbucks introduced in Adam Brotman, the architect of its Mobile Order & Pay system and the Starbucks app, to assist function a particular advisor for the venture.
  • The firm can also be on the lookout for a brand new CEO who understands the potential of Web 3 applied sciences, in line with present interim CEO Howard Schultz. The longtime government has returned to go the espresso chain – which is now present process a unionization push – following the departure of Kevin Johnson, who had served as CEO since 2017.
  • The espresso big narrowly topped its Q2 income forecasts, with a complete of $7.64 billion versus $7.6 billion anticipated and earnings per share of 59 cents adjusted, in keeping with expectations, regardless of losses in China because of new COVID-19 lockdowns. (The Verge, Tech Crunch, CoinDesk)

NFT Market Likely to Grow 35% Into a $13.6B Industry by 2027

New analysis predicts that the $3 billion NFT market will attain $13.6 billion by the top of 2027, reported Cointelegraph.

  • For the following 5 years, the important thing components tied to the worldwide NFT increase proceed to issue within the rising involvement of mainstream influencers, gaming communities and the rising demand for digital artworks.
  • Research agency MarketsandMarkets added a number of different components contributing to the expansion of the NFT market, together with its growing use circumstances in provide chain administration, retail and trend.
  • Market leaders corresponding to Meta may even assist to hurry up the event of the section.
  • Other indicators of NFTs development potential embody the growing variety of Google searches across the subject, particularly amongst APAC traders. Cointelegraph mentioned one of many key components inflicting the rise in NFT searches in locations like Hong Kong, Singapore and mainland China is the dearth of regulatory readability round crypto buying and selling and mining.
  • NFT marketplaces will declare the lion’s share within the development of the section. Market leaders like OpenSea now face growing competitors from crypto exchanges like Coinbase and Binance, which have began providing comparable providers for minting, promoting, and buying and selling NFTs. (Cointelegraph)

That’s it for this week’s e-newsletter – thanks for studying! As all the time, I welcome any suggestions on learn how to make this article higher. My e mail is [email protected]. See you once more subsequent week!

https://pandaily.com/china-nft-weekly-virtual-meetings-reimagined/

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About the Author: Daniel