Tag: Metaverse

  • Crypto companies at risk of closure in the United Kingdom

    A number of cryptocurrency businesses in the United Kingdom (UK) may be forced to shut down if they fail to register with the financial watchdog before a major deadline next week.

    Firms providing crypto services in the UK must register with the Financial Conduct Authority (FCA) by 31 March, 2022. The FCA is in charge of supervising how digital asset firms tackle money laundering.

    In 2021, the authority stretched the deadline for businesses on a temporary register to continue trading while seeking full license. Once the deadline passes, the temporary register will be closed.

    Many crypto businesses have withdrew their applications, according to the FCA, since they did not match the required anti-money laundering criteria.

    With only days until the deadline, the status of companies on the temporary register including Revolut, a $33 billion fintech business, and Copper, a crypto start-up is in trouble which counts on UK Finance Minister, Philip Hammond as its advisor.  

    Read More: Pakistan decides to make cryptocurrency illegal

    Some businesses are now withdrawing their applications, including B2C2, a London-based crypto trading firm, just removed itself from the FCA’s provisional registry.

    B2C2’s spot trading activity has been relocated to the company’s U.S. Entity from this week. The firm’s business is now unaffected as it is handled by an FCA-authorized subsidiary.

  • Facebook joins rival social media platform TikTok

    Facebook joins rival social media platform TikTok

    Giant social media platform, Facebook has joined its rival social media platform, Tiktok. The company created its official account last week which reached more than 18k followers. It is verified now but has not uploaded any videos on the account.

    A Facebook spokesperson also confirmed the Facebook account on Tiktok to a news agency Adweek.

    He said, “Brands leverage a variety of channels, including some of our social media platforms, to reach and engage with the people using their products and services every day. Our intent with establishing a brand presence and cultivating a community on platforms like Tiktok or others is no different.”

    Facebook has an official account on Twitter as well which is also a rival platform.

    Metaverse recently introduced reels on Instagram which has an audience from 150 countries. The company has already announced monetisation features for advertisers on the platform.

    Tiktok also has a verified account with 26 million followers on Instagram.

  • Facebook launches virtual reality remote work app, users can be ‘avatars’ in meetings

    Facebook launches virtual reality remote work app, users can be ‘avatars’ in meetings

    Facebook Inc. on Thursday launched a test of a new virtual-reality remote work app where users of the company’s Oculus Quest 2 headsets can hold meetings as avatar versions of themselves.

    As per details, the beta test of Facebook’s Horizon Workrooms app comes as many companies continue to work from home after the Covid-19 pandemic shut down physical work spaces and as a new variant is sweeping across the globe.

    Facebook sees its latest launch as an early step toward building the futuristic “metaverse” that CEO Mark Zuckerberg has touted in recent weeks.

    In its first full VR news briefing, the company showed how Workrooms users can design avatar versions of themselves to meet in virtual reality conference rooms and collaborate on shared whiteboards or documents, still interacting with their own physical desk and computer keyboard. The app, free through the Quest 2 headsets which cost about $300, allows up to 16 people together in VR and up to 50 total including video conference participants. Bosworth said Facebook was now using Workrooms regularly for internal meetings.

    The world’s largest social network has invested heavily in virtual and augmented reality, developing hardware such as its Oculus VR headsets, working on AR glasses and wristband technologies and buying a bevy of VR gaming studios, including BigBox VR.

    Gaining dominance in this space, which Facebook bets will be the next big computing platform, will allow it to be less reliant in the future on other hardware makers, such as Apple Inc, the company has said.

    Facebook’s Vice President of its Reality Labs group, Andrew Bosworth, said the new Workrooms app gives “a good sense” of how the company envisions elements of the metaverse.

    “This is kind of one of those foundational steps in that direction,” Bosworth told reporters during a VR news conference.

    The term “metaverse,” coined in the 1992 dystopian novel “Snow Crash,” is used to describe immersive, shared spaces accessed across different platforms where the physical and digital converge. Zuckerberg has described it as an “embodied Internet.”

    In July, Facebook said it was creating a product team to work on the metaverse, which would be part of its AR and VR group Facebook Reality Labs.

    The company said it would not use people’s work conversations and materials in Workrooms to target ads on Facebook. It also said users must follow its VR community standards and that rule-breaking behavior can be reported to Oculus.

    Facebook recently halted sales of its Oculus Quest 2 headsets and recalled the foam face-liners due to reports of skin irritation in cooperation with the US Consumer Product Safety Commission.

    The recall notice said it affected about 4 million units in the United States, providing an estimate of Quest 2 headset sales which have not yet been officially announced by the company. Facebook reported non-advertising revenue, which comes from the AR and VR part of the business as well as e-commerce, of $497 million in the second quarter of 2021.