KONKRIT NFT Platform Offers Exclusive Reservation Tickets for Hyundai Card’s Cultural Festival

China Furthers Efforts to Shape the MetaverseFindings by US political media outlet POLITICO suggest that Chinese authorities and state-owned companies are seeking to mold the metaverse in line with existing systems in China such as the country’s social credit scoring system.The concept of the metaverse entails a network of interconnected immersive virtual worlds powered by virtual reality, augmented reality, and simulations. Development in this area is centered around applications such as online gaming and virtual events.Photo by Hanson Lu on UnsplashDigital Identity SystemIn a report published on Sunday, POLITICO referenced recently drafted proposals put forward by China Mobile, a state-owned telecoms operator. The proposals outline a “Digital Identity System” for users within online virtual worlds and metaverses.These proposals recommend the use of “natural characteristics” and “social characteristics” within digital IDs, encompassing personal data such as occupation, “identifiable signs,” and other attributes. Moreover, they suggest storing this information “permanently” and sharing it with law enforcement to ensure order and safety within the virtual realm.Setting agreed benchmarks for emerging techThe proposals present a hypothetical scenario involving a disruptive user named Tom, who causes turmoil in the metaverse. The digital identity system, according to these proposals, would facilitate prompt identification and punishment by law enforcement.These discussions are occurring within the framework of the International Telecommunication Union (ITU), a United Nations (UN) agency responsible for establishing global technology standards. This strategy echoes China’s endeavor to set worldwide benchmarks for emerging technologies.The ITU, as a UN agency, holds significant sway in defining global telecommunications and technology infrastructure standards. Given that the US and China have quite different outlooks when it comes to technology governance, particularly the future development of the internet and related technologies, the ITU has become a means through which common ground can be found and differences resolved.Upcoming vote on proposalsChina Mobile’s proposals, presented during the ITU’s metaverse focus group meeting, are poised to be voted on during the next meeting in October in Geneva. The company is the largest mobile operator by subscriber base. Demonstrative of ongoing tensions that exist between the US and China, the company was delisted from the New York Stock Exchange in 2021 following a US executive order.Chinese organizations are reportedly submitting more proposals than their Western counterparts, demonstrating that China is very much taking a lead in metaverse development. It’s evident that there is a clear strategy for China to establish itself in furthering this technology.In May, Alibaba Cloud, a subsidiary of Chinese e-commerce giant Alibaba Group, entered into a partnership with layer one blockchain Avalanche to better enable businesses to deploy metaverses. Around the same time, an administrative body within China’s Henan Province established a $22 million dollar investment fund, focused on financing metaverse-related ventures.Later that month, the city of Zhengzhou announced a set of policy proposals designed to support the growth and development of metaverse companies in the region.Within the Chinese autonomous territory of Hong Kong too, there has been plenty of metaverse-related activity. Metaverse start-up Artifact Labs completed a funding round with a view towards expanding its operations. The city is home to Animoca Brands, a prominent player in metaverse-related development.

SynFutures, the Singapore-headquartered decentralized derivatives exchange specializing in crypto perpetual futures trading, has taken its V3 from public testnet through to mainnet launch on the Blast layer two network. Bringing permissionless perps to BlastTaking to Medium on March 1, the company outlined that “we’ve officially brought permissionless perps to Blast.” With the launch, the project is demonstrating iterative progression. Back in October of last year, the company outlined that it had launched V3 on public testnet, while also announcing details of a $22 million Series B funding round at that time. SynFutures' decision to roll out V3 on the Blast mainnet aligns with the layer two network's rapid ascent in the crypto space. Blast itself launched on Feb. 29 and in the process the network unlocked around $2.3 billion in staked crypto which had remained locked up until that point. The optimistic rollup-based network allows transactions to be executed off-chain, all the while leveraging the security provided by the Ethereum blockchain network. Blast has managed to garner significant value on-chain due to the 5% annual yield it offers users on ether and stablecoins that network participants accrue from staked ETH.Photo by Alina Grubnyak on UnsplashPoints rewards programAlongside the V3 launch, SynFutures has introduced a points rewards program, christened Oyster Odyssey. This initiative aims to incentivize user engagement on the platform, with V3 users set to qualify for the upcoming Blast airdrop as well. "Interacting with SynFutures can qualify users for Oyster Odyssey points as well as Blast points," Rachel Lin, co-founder and CEO of SynFutures, disclosed to The Block. Lin added:"We're also committed to giving 100% of our Blast developer airdrop back to users, so they'll enjoy plenty of benefits." Gearing up for native token launchIt also appears that SynFutures is gearing up for the launch of its native token. In its blog post, the firm suggested that it was pleased to reveal that it is “exploring the path to a token.” The company promises that launch details and an associated timeline will be disclosed in the not-too-distant future. Following V3 public testnet launch last year, the project explored various blockchain options, including Polygon and zkSync Era, before ultimately settling on Blast. While the team remains committed to a multi-chain expansion for V3, with future deployments under consideration, Lin has suggested that the immediate focus lies in driving adoption and volume on Blast. While V2 of the platform still operates on the Polygon proof-of-stake chain, support for it is gradually phasing out as SynFutures prioritizes the V3 rollout. Meanwhile, V1 has already been phased out, with both iterations collectively processing over $23 billion in cumulative trading volume to date. SynFutures' journey thus far has been supported by substantial funding, with approximately $38 million raised to date. Notable backers include Pantera Capital, HashKey Capital and SIG DT Investments, a unit of the Susquehanna International Group, among others.  

Korea's Democratic Party of Korea (DPK) plans to re-request the Financial Services Commission (FSC) for an authoritative interpretation of spot Bitcoin ETFs in June, seeking the legal interpretation of such products, according to The Korea Economic Daily.  The FSC currently does not classify virtual assets as financial investment products, as they do not function as underlying assets for ETFs as stipulated by the Capital Market Act. Thus, the issuance and listing of spot cryptocurrency ETFs have not been permitted in the country, limiting trading opportunities for Korean investors. Photo by Pixabay on PexelsDespite the situation, interest around the spot Bitcoin ETFs has surged in South Korea following the approval of such ETFs in the United States and recently in Hong Kong. This heightened expectation of spot Bitcoin ETF approval has coincided with the 22nd general election held on April 10.  DPK’s attempts to keep its promise The DPK’s decision to seek clarification on spot Bitcoin ETFs from the financial regulator comes after the party’s landslide win at the general election, securing a total of 175 seats out of 300 in the National Assembly. Among the party’s key pledges were to allow the trade of spot BTC ETFs and ease regulations on crypto products.  In the run-up to the election, the DPK and the ruling People Power Party (PPP) vied for introducing pro-crypto pledges to win votes from young Koreans in their 20s and 30s, who make up a significant portion of crypto investors within the country.  Bold move to amend Capital Market ActThe spokesperson of the DPK said the party will first seek an authoritative interpretation regarding spot Bitcoin ETFs from the FSC and continue to closely monitor how the situation unfolds. The prevailing view from experts, however, is that the agency is likely to remain sturdy in its view.  If the FSC insists on its current stance on spot BTC ETFs, the party would go as far as to amend the Capital Market Act, the spokesperson said, which would take at least a number of months to follow all due processes.