This week, we begin with an extraordinary project: Saudi Arabia’s Public Investment Fund has unveiled plans for a 400-meter tall and 400-meter wide cube city called The Mukaab, which will offer “ever-changing environments” using digital and virtual technology to create holographic images. If successful, the structure, featured in International Construction, could become the most ambitious metaverse-focused architecture project to date – and, as such, inspire other countries to invest in similar projects.
This week also saw the appointment of a new web3-friendly Youtube CEO (Decrypt), new NFT experiments by Spotify (TechCrunch), a new NFT collection by Sportswear brand PUMA (The Crypto Times), and a new partnership between Google Cloud and the Tezos network (Coindesk). All these developments point to the sustained interest in the metaverse by top players across industries.
As these developments occur, regulators continue to wrestle with the challenges and opportunities of new technologies. One official declared that the EU must consider non-discrimination, user safety, and data privacy when designing its metaverse policy (Coindesk). At the same time, as the US and Europe battle to attract talent and companies, regulators are trying to balance the need to regulate with the need to provide an attractive business environment for those building the internet of tomorrow (Politico).