According to The Paper, at the 2023 World Artificial Intelligence Conference, Qualcomm Global Senior Vice President Cheng Lixin said that 5G and AI technologies will enable new application services, environments and experiences in the Metaverse. At present, the development of XR is largely limited by the high cost of content production and the fragmentation of the application ecosystem. The maturity and wide application of AIGC will greatly improve the production efficiency of Metaverse content.

Punjab National Bank, India's third largest public sector bank, has launched a virtual branch in the metaverse. Customers can access the PNB Metaverse from their homes or offices via mobile phones or computers. The platform offers virtual experiences for customers to explore various products and services, make deposits, and access banking services in digital avatar formats.

Despite the decline in popularity of memecoins, the Shiba Inu token (SHIB) has been experiencing a surge in activity, with high transaction fees and significant growth in its network.

A leaked European Commission paper suggests that the metaverse requires a new type of global governance to remain open and lawful. The document proposes relaxing regulations to encourage innovation and explores the legal barriers to new forms of digital cooperation, such as decentralized autonomous organizations (DAOs). The paper highlights the potential benefits of virtual worlds in areas such as healthcare, education, and culture, but stresses the need for international engagement to ensure that the next generation of the internet is shaped as an open, secure space that respects EU values and rules. The Commission plans to support the creation of a technical multi-stakeholder governance process to address essential aspects of virtual worlds and Web4 that are beyond the remit of existing internet governance institutions.

According to EU antitrust chief Margrethe Vestager, the metaverse has not yet raised any concerns that require legislation to regulate it. Vestager plans to present an initiative next week to help competition regulators understand the dynamics of the industry. Despite fears that companies like Facebook, Microsoft, and Apple may dominate the metaverse, Vestager does not have any competition concerns and believes that existing digital legislation can apply to it. However, she cautions against jumping to regulation as the first safety measure and emphasizes the need for careful implementation.

The European Commission's policy paper on virtual worlds, announced by Commission President Ursula von der Leyen in September, has been delayed and will not have legislative power. However, concerns remain about how virtual worlds will address policy issues such as property rights, technological standards, and privacy.

Major League Baseball is set to debut a virtual stadium for the All-Star Game festivities this weekend, including a celebrity softball game in the metaverse. The virtual stadium will allow fans worldwide to interact with the live game, although it will not offer VR/AR experiences. Users can walk around the stadium in their avatars and play mini-games, while crowd sound will vary depending on the avatar's location.

MPCWallet, as the next-generation cryptocurrency wallet, is prepared for the metaverse. The creation of this wallet aims to bring the convenience of Web2 into the world of Web3, enabling users to interact with various corners of the metaverse. MPCWallet not only supports cross-chain transactions but also integrates powerful aggregators, allowing users to easily engage in cross-chain transactions within decentralized applications. It covers dozens of blockchains, including Ethereum, HECO, BSC, Polygon, Arbitrum, and PlatON, among others.

July 4 (Cointime) -  The Open Metaverse Alliance (OMA3) has revealed plans to create the Inter-World Portaling System (IWPS), which will allow users to travel between different blockchain games in the metaverse. The IWPS will support interoperable metaverses, enabling players to seamlessly move across platforms like Alien Worlds, My Neighbor Alice, Sandbox, and Space.

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