Chinese companies are betting on ‘Metaverse-like’ experiences for the FIFA World Cup
China-based tech companies are said to be working on technology that would give Chinese soccer fans the ability to watch the FIFA World Cup inside the metaverse.
These efforts are part of a five-year plan released by the Chinese government in early November to boost the capabilities and development of the domestic virtual reality (VR) industry.
Video streaming platform Migu is one of six Chinese companies that have acquired the rights to show the World Cup and plans to create a “Metaverse-like” space accessible with VR headsets for users to watch live broadcasts of the game, according to Nov. 20 reports from the state-run media outlet Global Times.
ByteDance, which owns TikTok and its Chinese version Douyin, has acquired the licensing rights to broadcast the competition, with ByteDance’s VR headset subsidiary Pico offering live World Cup broadcasts, with users able to create and spend time in “digital rooms”. To watch the game together.
The World Cup appears to be being used by China’s fledgling virtual reality industry as a testbed for this technology. The country’s Ministry of Industry and Information Technology, along with four other agencies, pushed an ambitious industry plan on November 1.
The five-year plan from 2022 through 2026 specifies that China wants to boost its virtual reality industry and ship more than 25 million units to a value of $48.56 billion, though the plan does not say whether the unit target is annual or cumulative over the life of the plan. .
Said plans do not mention whether the metaverse will use blockchain technology, such as that introduced by the city of Wuhan, which was later revised to remove reference to non-fungible tokens (NFTs).
X2Y2 declines optional royalties
NFT Market X2Y2 backed away from the subscription rights game, saying on November 18 on Twitter that it would again charge creator royalties on all existing and new pools.
The market was one of the first to introduce optional royalties in August, moving to “flexible equity” that allows buyers to decide how much they want to pay. It has received mixed reactions from the NFT community.
X2Y2 said it decided to reimpose royalties after taking a page from peer OpenSea, which decided on November 9 to charge royalties.
X2Y2 has also acknowledged that several new groups use OpenSea’s proprietary royalty enforcement tool which blacklists NFTs sold on royalty-free marketplaces.
In response, OpenSea said it was “proud to stand” with X2Y2 adding that it had removed the market from its blacklist.
Givenchy drops “phygital” NFTs
French luxury fashion brand Givenchy has become the latest company to introduce Phygital NFTs – a physical good backed by a digital token.
On November 18, the company released a line of physically supported NFTs as part of a collaboration with streetwear label Bstroy.
The collaboration between the two brands sees a new limited edition “capsule collection” of six items that includes a “free NFT twin” of the physical piece.
As would be expected from a luxury brand, the items aren’t cheap, with the cheapest being a $595 shirt and the most expensive being a wool and leather jacket at $5,450.
Screenshot of a selection of the items listed on the Givenchy website that include the NFT. Source: Givenchy
Givenchy Creative Director Matthew M. Williams saying how the Bistroi founders are “old friends” and “share [his] vision for fashion”, and that Givenchy and Bistroi “focused on creating streetwear with unexpected treatments” enters the realm of contemporary street art and in Web3. ”
Another recently introduced NFT is the Azuki NFT Project, which created a supported token standard (PBT) that sold skateboards and used in street fashion collaborations. The sandals belonging to the late Apple founder Steve Jobs were also sold as phygital NFT sandals at auction.
Johnnie Walker continues on to Web3
Scotch whiskey maker Johnnie Walker has continued Web3’s push by letting NFT holders vote on a bottle design to drop a limited edition “blue label” top collection.
The whiskey company has partnered with BlockBar, a premium liquor NFT marketplace, and street fashion designer Junghoon Vandy Son, better known as VANDYTHEPINK — the latter of whom will create the bottle design.
Johnnie Walker left the design to NFT holders, who would vote on the final design or artwork Son would make for the bottle.
It is the first time that designers have taken a Web3-related project according to the brand.
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Once the physical Bottles are made, they will be held by BlockBar, which will only release the physical Bottle to the NFT holder once it is ready to exchange, “burning” the NFT “bottle”, at an initial price of $355, in exchange for exchanging for the real thing.
The brand has dabbled in Web3 in the past, partnering with Gary Vaynerchuk’s VeeFriends NFT project in May, resulting in