First, some big news. Effective immediately, we’re rebranding these monthly wrap up posts to, simply, Y.
What is Y? Y is integrated everyday character IP life enhancement that ensures privileged access to life enhancement therapies.
No, wait, sorry, that’s Living+ from Succession. Let’s try again.
Y is the future state of unlimited interactivity, creating a global marketplace for ideas, goods, services, and opportunities.
Nope, sorry again, that’s X from the artist formerly known as Twitter.
You know what, forget the whole rebrand thing, let’s just stick with …now you know. And with no further ado, here’s some of July’s most notable headlines.
that’s $3.7b as in billion
Meta’s release of its second-quarter earnings revealed that its Reality Labs unit, which spearheads its VR and AR endeavors, racked up a $3.7 billion operating loss. Despite all the “see, no one wants the metaverse” doomsayers getting some fresh meat to chew on, the truth is that for a company as big as Meta this is the cost of investing in a future that spans much longer than one quarter, and Meta is far from the only game in town. Whether the term “metaverse” sticks or needs its own rebrand, the future of VR+AR still looks bright.
Meta’s Reality Labs has now lost more than $21 billion since the beginning of last year
ripples in the crypto water
It was easy to lose this one in all the financial and technical jargon, but the short version is that a judge ruled that Ripple’s digital asset XRP is not a security, setting a precedent for the crypto market to avoid the more intense regulation that a security designation would have brought. But while there is reason for crypto enthusiasts to rejoice over the short term, there are many more bridges to cross before the regulatory waters settle.
What Does The ‘XRP Not A Security’ Ruling Mean For Other Cryptocurrencies?
let’s work on that ‘phygitals’ name
It’s hard to think of another major label that’s embraced Web3 as strongly as Warner Music Group, and this month WMG launched a web3-focused music accelerator in partnership with Polygon Labs. The accelerator covers five areas – artist and fan communities; decentralized music production and distribution; music merch and ‘phygitals’; blockchain ticketing; and a catch-all category of music and immersive / interactive tech and gaming – so if that sounds like something you’d be into, we suggest heading on over to the submission page.
WMG launches a web3 music accelerator with Polygon Labs
nothing compares
This final line item in the monthly wrap-up has unintentionally become the rest in peace section, but we couldn’t let the passing of Sinead O’Connor go without a mention.
You can add Sinead to the long list of female artists who were often dismissed as “crazy” but, in the words of Morrissey, it’d be more fitting to say, “She had the courage to speak when everyone else stayed safely silent. She was harassed simply for being herself. Her eyes finally closed in search of a soul she could call her own.” (And we put together our own mini-tribute to Sinead in ArkRunr here if you’re interested.)
