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“Will the Metaverse Survive After Meta Trims 10,000 Employees and Abandons NFT Plans?”

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Meta’s workforce has seen numerous changes in recent years as the Facebook parent company signaled its ambitions for the metaverse. Today, Meta announced another round of layoffs, one day after saying that it was “winding down” support for NFTs. Co-founder and CEO Mark Zuckerberg wrote in a post today that Meta will shed about 10,000 further employees in the months ahead across multiple waves, as well as close about 5,000 current listings for open positions. Meta reaffirmed its focus on building the metaverse late last year, but it has increasingly pivoted its messaging towards the renewed fervor around artificial intelligence (AI). Yesterday, Meta announced that it was “winding down” support for NFTs on its platforms less than one year after entering the space. It remains unclear how much of a role NFTs and Web3 will play in Meta’s version of the metaverse. Meta declined further comment to Decrypt regarding the impact of layoffs on its metaverse push, as well as how its NFT announcement ties into that. Based on today’s announcement and other recent comments, Meta still says that it’s building towards the metaverse, but with AI taking precedence over NFTs and Web3.

This is bad news for Meta’s workforce, who will see further layoffs and closed position listings. It is unclear at this moment how this will impact Meta’s plans for the metaverse, though it appears that NFTs and Web3 will not be a key factor. It remains to be seen how the company will proceed with their plans for the metaverse with their new focus on AI.

#Metaverse #NFTs #Layoffs #AI

You can read more about this topic here: Decrypt: Meta Cuts 10,000 More Workers After Scrapping NFT Plans—Is the Metaverse Still On?

The post “Will the Metaverse Survive After Meta Trims 10,000 Employees and Abandons NFT Plans?” first appeared on Byte Syze Crypto.

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Navigating the Murky Waters of Crypto and Compliance: Insights from NY’s Watchdog

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Have you ever pondered the enigma of crypto’s allure and its darker undertones? Adrienne Harris, the Superintendent of the New York Department of Financial Services (NYDFS), recently shed light on this very topic at the Financial Times Crypto Winter Summit. Her perspective offers a fresh look into the industry’s pressing challenges for both newcomers and seasoned enthusiasts.

Harris conveyed a stark message about crypto’s anonymity feature, which she believes creates a ripe landscape for illicit activities. Unlike traditional cash exchanges requiring physical presence, crypto transactions can occur without such constraints, despite their traceability. Regulatory minds at both state and federal levels have been grappling with these concerns, particularly in light of high-profile cases involving Binance and the Department of Justice.

When it comes to ‘socializing’ crypto firms to the regulatory framework, Harris sees a need for a ‘tone reset.’ Traditional financial entities are versed in regulatory compliance, but many crypto firms are playing catch-up, often with their business growth outpacing their compliance mechanisms. This has led to enforcement actions by NYDFS, including hefty fines for giants like Coinbase and Robinhood, primarily for infractions related to illicit finance and cybersecurity.

Harris stresses the importance of crypto firms investing in proper compliance resources. Despite the industry’s high-tech facade, investigations reveal an unexpected reliance on paper, indicating a maturity gap in the operational practices of crypto firms aspiring to be legitimate players in the financial services ecosystem.

This dialogue raises essential questions for the crypto industry, especially regarding its impact on the broader financial ecosystem. It serves as a reminder that innovation must walk hand-in-hand with responsibility and transparency.

#CryptoRegulation #Compliance #FinancialCrime #Cybersecurity

The post Navigating the Murky Waters of Crypto and Compliance: Insights from NY’s Watchdog first appeared on Byte Syze Crypto.

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Next-Gen Storyboarding: How Lore Machine’s AI Merges with Hollywood Creativity

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Imagine a world where the boundary between human creativity and artificial intelligence becomes just a gentle blur. That’s the unfolding reality in Tinseltown, where a new AI-driven platform, Lore Machine, is set to revolutionise the art of storytelling.

Founded by Thobey Campion, a name synonymous with multimedia innovation, Lore Machine is a generative AI tool designed to help screenwriters, directors, and producers bring their written visions to life. It’s a digital alchemist that transforms scripts into stunning visuals, aiming to bridge the gap between the written word and cinematic representation.

The potential of Lore Machine lies not only in its ability to create storyboards and comic books but also in its future capability to produce motion graphics. With a waitlist already 25,000 strong, the platform is expected to launch in 2024, signalling a growing interest in multimedia generation at story scale.

What’s particularly captivating is the platform’s versatility. Whether you’re crafting a fantasy epic or a cyberpunk thriller, Lore Machine promises to cater to a range of artistic preferences. Campion’s vision extends beyond the silver screen, as even the gaming industry and corporate sectors are showing keen interest.

But it’s not all about the glitz and glamour; there’s a conscientious edge to Lore Machine. Amidst the rising tensions surrounding AI and copyright infringement, the platform stands firm on ethical use and ensuring originality. It’s a nod to the creative community that their rights will be respected in this new digital epoch.

The journey of Lore Machine is akin to the voyage of Moog’s synthesizer, with the potential to redefine our creative processes. It’s a beacon of empowerment for storytellers, one that offers a promising future where technology amplifies rather than stifles human creativity.

#LoreMachine #AIinHollywood #CreativeTech #StorytellingInnovation

The post Next-Gen Storyboarding: How Lore Machine’s AI Merges with Hollywood Creativity first appeared on Byte Syze Crypto.

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Bringing Photos to Life: Alibaba’s AI Unveils the Magic of Animation

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Remember the days when creating animations required expert skills and sophisticated software? Times have changed. Now, even those with minimal tech savvy can breathe life into still images, thanks to advanced AI.

Alibaba’s AI research team has unveiled ‘Animate Anyone’, an AI model that claims to transform any photo into a fluid, animated video with ease. This intriguing innovation promises to revolutionize content creation for influencers and the tech-curious alike, by offering the ability to generate personalized, AI-crafted apparel and videos.

Despite the buzz, ‘Animate Anyone’ isn’t the only player in the game. Enter ‘MagicAnimate’, a similar AI model with a knack for smooth transitions and detail retention in video animations. Each of these tools offers a glimpse into a future where AI bridges the gap between static images and dynamic video content.

While we await public access to these cutting-edge technologies, the potential implications for the crypto industry cannot be ignored. As the line between reality and AI blurs, the authenticity of digital content becomes ever more critical—a challenge and opportunity for blockchain’s promise of verifiable truth.

In summary, whether you’re an influencer looking to spice up your content, or simply a tech enthusiast mesmerized by the magic of animation, the world of AI is bringing some exciting developments to the table. Keep your eyes peeled for more updates, as the dance of technology continues to evolve.

#AIAnimation #TechInnovation #ContentCreation #CryptoAuthenticity

The post Bringing Photos to Life: Alibaba’s AI Unveils the Magic of Animation first appeared on Byte Syze Crypto.

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