Futureverse, a metaverse startup supported by 10T Holdings and Ripple Labs, has announced a groundbreaking partnership with Warner Bros. Discovery to bring Ernest Cline’s Ready Player One novel to life in a multi-world open metaverse experience.
In an exciting development on January 4th, the New Zealand-based company revealed their collaboration with Ready Player One author Ernest Cline to establish Readyverse Studios. This new venture aims to seamlessly integrate popular IPs into the metaverse, with Dan Farah, the producer of the 2018 Warner Bros. film adaptation, serving as a co-founder.
Although specific financial and technical details are yet to be disclosed, Futureverse has confirmed that their joint projects will be launched in 2024 on The Root Network. This platform utilizes ROOT tokens for security and governance, as well as Ripple’s XRP for gas fees. Following this announcement, the price of ROOT surged by over 14% to $0.073, as reported by CoinGecko.
Established in late 2022, Futureverse successfully secured $54 million in a Series A funding round, with 10T Holdings leading the investment alongside Ripple Labs. Prior to this funding, the company integrated The Root Network with XRPL and supported the XLS-20 NFT standard for non-fungible tokens.
In a separate development, NYU Stern’s Center for Business and Human Rights highlighted concerns regarding the risks associated with the metaverse in mid-September 2023. The report emphasized the urgent need for comprehensive privacy legislation to address significant privacy threats posed by virtual reality experiences. According to the CBHR, virtual reality encounters can potentially lead to long-lasting psychological harm.
Apart from privacy concerns, the report also highlighted the potential for abuse in lawless virtual environments. Instances of physical assault in the metaverse can have detrimental psychological effects, as individuals may perceive these experiences as real. The report recommended that Congress enact a robust privacy law to safeguard consumer privacy and regulate the use of body-based data. It also called for the reinforcement of the Federal Trade Commission’s authority to protect consumers from deceptive practices by technology companies and the establishment of a dedicated federal body to oversee these efforts.
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