Pandaily
Everything about China's Innovation
Digestible news on the latest developments across the fields of Web3, NFTs, blockchain, and metaverse in China and beyond, compiled for you every week by Pandaily.
This week: Tencent
-backed digital publisher jumps on NFT bandwagon, Chinese state media signals tighter crypto control following Terra’s collapse, Coinbase rescinds accepted offers as valuation plummets, and more.
COL Digital Publishing Group, an online publishing company backed by Tencent, announced last week the launch of an NFT platform called “The Fifth Prism.” The move came despite China’s ban on crypto and regulatory uncertainties regarding digital assets. SCMP first reported the story.
READ MORE: COL Digital Publishing Launches “The Fifth Prism” Collection Platform
Chinese tech giants are making forays into the fashion metaverse despite slim prospects of monetization and Beijing’s outright ban on crypto. SCMP first reported the story.
READ MORE: ByteDance Enters Digital Fashion Industry
Chinese state media outlet Economic Times signalled that further regulatory action may be taken toward stablecoins in the wake of the collapse of Terra, an open-source blockchain payment platform for an algorithmic stablecoin. Cointelegraph first reported the story.
The Monetary Authority of Singapore (MAS) this week announced what it calls “Project Guardian,” meant to test risk-management in blockchain asset tokenization and decentralized finance (DeFi) initiatives. Forkast first reported this story.
Crypto exchange Coinbase announced last Thursday that it will extend its hiring freeze into “the foreseeable future” and revoke accepted offers from some candidates who have not started their roles. TechCrunch and CNBC first reported the story.
Versus Entertainment is working with metaverse platform Decentraland to develop Web3 angles for its ongoing film project “The Infinite Machine.” Variety first reported the story.
That’s it for this week’s newsletter – thanks for reading! As always, I welcome any feedback on how to make this newsletter better. My email is [email protected]. See you again next week!
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Pandaily is a tech media based in Beijing. Our mission is to deliver premium content and contextual insights on China’s technology scene to the worldwide tech community.
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