Metaverse Expo 2023 in Seoul: Exploring the Future of the 3D Internet

Asiastar Entertainment and Codus to Develop Casual P2E Game with NFT RewardsAsiastar Entertainment, a Korean company specializing in animation, food products, and toys, revealed plans last Friday to work with its business partner, software and blockchain development firm Codus, to develop a casual play-to-earn (P2E) game that rewards players with NFTs.Photo by Choong Deng Xiang on UnsplashTokenized in-game assets and coin rewardsSpecifically, multiple in-game characters and backgrounds will be tokenized as NFTs for trading. As players progress through the game, they can also earn rewards in the form of TBC — the official tradeable coin issued by TurboChain Foundation, a subsidiary of Asiastar Entertainment. These rewards can be exchanged for gift vouchers and various merchandise, the company said.The two companies plan to leverage Asiastar Entertainment’s Great Q-Bot animation model — a model originally aimed at providing animated educational content for children — to create the P2E game.Watch-to-earn, short-form videosMeanwhile, TurboChain Foundation is gearing up to launch its Turbo Playhouse platform in the latter half of the year. This watch-to-earn, short-form video platform links offline products and online videos with QR codes to allow users to receive TBCs.Asiastar Entertainment also added that it is currently focusing on expanding its business through blockchain-related ventures by taking advantage of its core competencies in this emerging field.

Tokyo Government Launches Initiative to Support Security Token BusinessesThe Office of the Governor for Policy Planning under the Tokyo Metropolitan Government made an announcement yesterday regarding its new initiative aimed at promoting the issuance of security tokens.Photo by Ben Cheung on PexelsBlockchain-based security tokensGiven the growing interest in blockchain technology, which allows for decentralized peer-to-peer transactions, various applications have emerged within the financial sector. Notably, blockchain-based security tokens hold significance as they possess the potential to promote retail investments and reshape startup financing. This potential largely stems from the fact that these tokens can be issued in smaller denominations than traditional securities, facilitating direct connections between issuers and investors.Promoting growthIn an effort to broaden this market, the Tokyo government undertakes this initiative to foster the growth of security token issuance. This endeavor is expected to stimulate the development of various use cases for security tokens, as well as facilitate the widespread exchange of valuable expertise and insights into potential challenges within this sector.Financial supportIn accordance with the Financial Instruments and Exchange Act and the Specified Joint Real Estate Ventures Act, the Tokyo government will introduce subsidies for Tokyo-based businesses involved in security token-related activities. This initiative aims to provide financial support to businesses by covering a portion of the expenses associated with token issuance. Eligible expenses that can be subsidized by the government include platform usage, consultation, and system development costs.Under this program, the Tokyo government will offer financial assistance by funding up to half of the project-related expenses, with startups eligible for up to two-thirds. The maximum grant amount per project is set at 5 million yen ($36,000). Businesses can apply for these subsidies starting from May 31, 2023, with the application window remaining open until February 29, 2024. Although applications can be submitted at any point during this period, the window will close once the allocated budget is exhausted.

Indian Crypto Platform Mudrex Expands Operations in ItalyMudrex, the Indian cryptocurrency investment platform, has achieved a new milestone by successfully registering to operate in Italy.News of Mudrex’s move into the Italian market emerged via a press release published on Tuesday, as well as through an interview given recently by CEO and Co-Founder Edul Patel to CoinDesk. The expansion into Italy marks a rare international move for Indian crypto entities, which have faced challenges due to stringent taxation policies and the global crypto market’s fluctuations.Photo by Mathew Schwartz on UnsplashGlobal expansion planPatel unveiled Mudrex’s ambitious plan for global expansion, with half of the team actively working on international initiatives. The firm’s journey into the Italian market involved gaining approval for registration with Italy’s Organismo Agenti e Mediatori (OAM), a crucial step for crypto firms operating in the country. This registration, granted on September 1, was a strategic move that the company had been carefully planning. Patel explained:“We just wanted some time to pass after the approval before we made the news public.”Coin Sets and thematic indexesDespite having only one million registered users, Mudrex stands out as one of India’s largest crypto platforms. It offers a unique investment approach, focusing on index investing through Coin Sets, an innovative alternative to speculative trading. These Coin Sets encompass various categories, including small, mid, and large-cap assets, as well as Bitcoin (BTC) and Ethereum (ETH). Additionally, Mudrex provides thematic indexes that cover layer one and layer two solutions, NFTs, metaverse projects, and Dow trackers.“While India is our home and where we initially grew, our international customers have told us that investment products in their regions lack diversity,” Patel noted. “We believe that our product is unique and offers distinct advantages.”Mudrex was established in 2018 in Bengaluru while also establishing an office in San Francisco. Alongside Patel, its other Founders included Alankar Saxena as CTO, Rohit Goyal in the role of VP of DeFi, and Prince Arora as VP of Engineering.In 2021 it raised $2.5 million in funding with a view towards launching crypto mutual funds and ETFs. It followed that up in 2022 when it raised $6.5 million in a pre-series A funding round, supported by Y-Combinator, Arkham Ventures, and Tribe Capital.The firm participated in what has become a crypto platform trend over recent months by incorporating an AI chatbot into its platform in June to assist platform users when it comes to learning about crypto.Lithuanian trading licenseMudrex’s expansion into Italy was facilitated by the company’s prior fulfillment of EU operating requirements. The company had obtained a license in Lithuania less than a year ago, enabling it to navigate the EU regulatory landscape efficiently. During the six months of pursuing registration in Italy, Mudrex’s presence in the EU grew substantially, with user numbers increasing from approximately 5,000 to 17,000.With its foothold established in Italy, Mudrex now seeks to make its investment products accessible through various registered entities, including banking partner apps. Patel confirmed ongoing discussions with potential partners, further signaling the company’s commitment to expanding its global footprint.