The Metaverse of Gucci

Good evening, and welcome to De.Nomics newsletter, your daily digest to stay ahead in the world of Web3 and decentralized technologies at a regional focus. Today, we have plenty of trending news and stories. So, get your cup of tea and some biscuits, and let’s go ahead.
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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• Are Token Standards Enough?

• Bitcoin Ordinals Trading Hits 6-Month Peak.

• Coatue Management marks down stake in OpenSea by 90%.

• A16z crypto leads $4.2 million seed investment in UK’s Pimlico. 

• A new $25M Fund to Support Web3 Startups in Asia.

• Dictionmoics: EOA

A must-have
Would Desci make sense?

The DeSci movement is a term that refers to the use of Web3 technology, such as blockchain, smart contracts, and tokens, to improve the scientific process and make it more fair, transparent, and accessible. The DeSci movement aims to solve some of the biggest problems in science, such as the lack of funding, the inefficiency of peer review, the monopoly of publishers, and the ownership of intellectual property. By using Web3 tools, the DeSci movement hopes to create a decentralized and distributed system for funding, creating, reviewing, crediting, storing, and disseminating scientific knowledge. The DeSci movement also builds on the open science movement, which advocates for making scientific data and methods publicly available and reusable. Some of the benefits of the DeSci movement include:

• More diverse and democratic funding sources for scientific research, such as DAOs, quadratic donations, crowdfunding, etc.

• More transparent and efficient peer review process, where reviewers are incentivized and credited for their work.

• More open and accessible publishing models, where researchers can own and distribute their work according to their terms.

• More collaborative and innovative scientific culture, where anyone can access and contribute to scientific knowledge.

The DeSci movement is still in its early stages, but it has been gaining momentum and attracting attention from both the blockchain and biotech communities. 

Some examples of DeSci projects are:

• UltraRare: A DAO that funds rare disease research using NFTs and smart contracts.

• BioDAO: A DAO that funds synthetic biology projects using a governance token called BIO.

• ResearchHub: A platform that rewards researchers for sharing their papers, data, and code using a token called RSC.

• Bioverse: A platform that connects researchers with laboratory services using a token called BVS.

The DeSci movement is an exciting and promising development that could revolutionize science and make it more accessible and impactful for everyone.

Global Biscuits

The Metaverse of Gucci.
Gucci, the renowned fashion brand, has ventured into the metaverse with "Gucci Cosmos Land" in The Sandbox, bringing its London exhibit into the digital space. This virtual experience mirrors the real Cosmos exhibition, offering users an interactive journey through Gucci's historical designs and creative legacy across different decades and themes. The homage to Gucci's origins since its founding in 1921 enables players to explore sections representing the brand's principles, inspirations, and unique creativity. The move highlights Gucci's continued innovation in digital spaces, following their previous metaverse presence, including the launch of Gucci Vault and showcasing their Milan Fashion Week on various virtual platforms.

HSBC to Launch Tokenized Custody Service.
HSBC is teaming up with Metaco, a company under Ripple's ownership, to introduce a new custody service for tokenized securities in 2024. The move aims to meet the growing demand for managing digital assets from asset managers and owners. Tokenized securities use blockchain technology to create digital versions of real-world assets like stocks, ETFs, bonds, and other securitized assets, including real estate. HSBC's partnership with Metaco, known for Harmonize, an institutional platform for secure digital asset operations, signifies the bank's continued exploration of blockchain applications in managing assets. HSBC had earlier trialed tokenized deposits with Ant Group and launched Bitcoin and Ethereum ETFs through its Hong Kong division.

New cryptocurrencies are slowing down.
The creation of new cryptocurrencies has slowed down significantly in the past three years, according to data from CoinDesk. The number of new coins launched per month has dropped from a peak of 253 in January 2021 to just 36 in October 2023, a decline of 86%. The main reasons for this trend are the increasing regulatory scrutiny, the dominance of established coins like Bitcoin and Ethereum, and the high barriers to entry for new projects.

Binance announces self-custody crypto wallet.
Binance, the largest cryptocurrency exchange globally, has unveiled a self-custody wallet integrated into its app during the Binance Blockchain Week conference held in Turkey. The new wallet, designed to offer user-friendly access to the Web3 ecosystem, allows millions of Binance users to explore various tokens across more than 30 networks, access decentralized applications, and conduct seamless asset transfers between the exchange and the wallet. Employing multi-party computation technology, the wallet ensures robust security by dividing a user's private keys into smaller parts, enhancing asset protection and reducing vulnerability. Despite recent cryptocurrency price increases, Binance has experienced a gradual decline in its market share, dropping from 74% in December 2022 to 50% last month.

Assassin's Creed Maker Is Building a Crypto 'Gaming Experience.
Ubisoft, the creative force behind popular games like Assassin’s Creed, is teaming up with Immutable, a leader in blockchain gaming, to create a new "Web3 gaming experience." The collaboration aims to explore digital ownership in gaming by leveraging Immutable’s blockchain technology. While specifics about this project remain undisclosed, the partnership could bring about various possibilities—ranging from the integration of blockchain elements into existing games to the development of entirely new blockchain-based games. Ubisoft has previously experimented with NFTs, launching unique digital assets tied to games like Rabbids in The Sandbox and Reddit, and even exploring NFTs for Tom Clancy's Ghost Recon Breakpoint. The collaboration with Immutable is another step into the evolving landscape of NFTs and blockchain gaming. Ubisoft's recent initiatives show its continued exploration of blockchain technology, suggesting an ongoing interest in incorporating it into its gaming experiences. The exact nature of the Ubisoft-Immutable collaboration is yet to be revealed, but it’s expected to provide an innovative gaming venture in the Web3 space.

Tastes of the regions

$100 million crypto fund in UAE.
SC Ventures, Standard Chartered's investment arm, and Japan's SBI Holdings have collaborated to establish a $100 million crypto investment fund in the UAE. This joint venture aims to invest globally in crypto startups across different stages, focusing on various sectors such as decentralized finance, tokenization, payments, and the metaverse. The collaboration plans to make strategic and minority investments leveraging SC Ventures' digital assets experience. Additionally, SBI Holdings is also initiating a separate fund to invest up to 100 billion yen in web3, AI, and fintech startups with contributions from prominent Japanese financial entities. This move coincides with the crypto market's rebound and growing anticipation for a potential spot Bitcoin ETF approval next year.

Dictionomics
Soulbound NFT 

Soulbound digital assets are a new type of non-fungible tokens (NFTs) that have a unique feature: they are permanently linked to the identity of their original creator or owner. Unlike regular NFTs, which can be transferred, sold, or traded, soulbound digital assets cannot be separated from their creator or owner, even after death. This means that soulbound digital assets can serve as a form of digital legacy, preserving the artistic or personal expression of their creator or owner for eternity. Soulbound digital assets can also create a stronger emotional bond between the creator or owner and the asset, as well as a higher sense of value and rarity.

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