Web3 Woundup – 04/06/23

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This week’s Web 3.0 Woundup sees Ubisoft and Reddit teaming up over Rabbid NFTs, Nike making a million with its first NFT collection on .Swoosh, and a warning over the Inferno Drainer NFT scam.

Did you lock the door? Sure? Great, let’s go!

Hong Kong ‘CyberDefender’ Force to Police Metaverse

The Hong Kong police this week unveiled a metaverse platform aimed at tackling crimes in the metaverse. Known as CyberDefender, the force will also be used to provide education on risks associated with accessing digital worlds.

The security agency believes that web3‘s decentralization secures the virtual world from a single point of failure, making criminals turn their focus to end users.

China Releases Pro-web3 Whitepaper

The crypto market received a boost this week after China published a whitepaper aimed at promoting innovation and development of the web3 industry. The crypto market jumped by $86 billion over the weekend, driven by China’s moves into the web3 arena, which will see the country invest 300 million yuan ($42 million) in an innovation hub in Beijing’s Chaoyang district over the next three years.

China boosted the crypto market in 2019 after it announced the adoption of blockchain technology, and bagholders will be hoping that this news can provide a further boost in crypto prices.

Nike and EA Sign NFT Deal

Sportswear heavyweight Nike this week announced a huge partnership with leading video game developer Electronic Arts to bring Nike NFTs to EA games. According to Nike, the partnership will see chosen artworks from its .Swoosh platform available in future EA games, with Nike intending to use the partnership to create new experiences for its NFT community.

The news comes a few days after news of Nike’s first .Swoosh collection topping $1 million in sales.