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“Risk Is Back In Business”: Futures, Bitcoin, Oil Jump As China Eases Covid Curbs

"Risk Is Back In Business": Futures, Bitcoin, Oil Jump As China Eases Covid Curbs

While US cash markets are closed today, the rest of the…

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"Risk Is Back In Business": Futures, Bitcoin, Oil Jump As China Eases Covid Curbs

While US cash markets are closed today, the rest of the world - as well as US futures - are busy levitating amid renewed optimism that China has finally managed to contain its latest Covid breakdown after Beijing said the outbreak is now under control and the country eased more virus curbs. The upside momentum was also boosted by the best week on Wall Street since November 2020, which was catalyzed by speculation that the Fed will pause its hiking plans in September (and then proceed to ease once the recession is official). At 730am ET, emini futures trade 30 points higher or 0.70%, while Nasdaq futures jumped 1.2% higher. Oil climbed in response to the easing of Chinese lockdowns and as the European Union worked on a plan to ban imports of Russian crude, while the dollar fell for a third day.

While US markets are closed, the S&P 500 wiped out its May losses and snapped a string of seven weekly declines as institutional investors rebalanced portfolios into the end of the month.

“Risk is back in business it seems,” said AJ Bell investment director Russ Mould. “A reopening of key economic hubs in China and suggestions the US Federal Reserve might slow the pace of interest rate hikes are helping to boost sentiment, at least in the short term.”

Traders will be pondering whether the bottom of the selloff is near as investors have been buying the dip after one of the worst starts to the year for equities. However, as Bloomberg notes, a wall of worries remains from hawkish central banks underscoring fears of a recession, escalating food inflation from the war in Ukraine and China’s lockdowns stunting economic activity.  

“We are in the middle of a bear-market rally,” said Mahjabeen Zaman, Citigroup Australia head of investment specialists, said on Bloomberg Television. “I think the market is going to be trading range-bound trying to figure out how soon is that recession coming or how quickly is inflation going down.” She added that Treasury yields are set to peak this year.

European bourses enjoyed a fourth day of gains, extending their longest winning streak since late March and driving the Stoxx 600 index to the highest in more than three weeks. Luxury stocks outperformed Monday as China’s reopening plans boosted sentiment. The Euro Stoxx 50 rose 0.9%, with Spain's IBEX lagging, dropping 0.2%. Consumer products, tech and travel are the strongest-performing sectors. Shares in European crypto stock rose as the price of Bitcoin jumped to almost $31,000, as risk-on appetite returns with China easing Covid restrictions.Bitcoin was up 5.2% and trades at $30,660.69 as of 730am ET, set for its biggest gain in two weeks. Stocks such as Northern Data soared as much as 5.1% Argo Blockchain 2.6%, Arcane Crypto +6.3%, Safello Group +2.8%.

Spanish inflation unexpectedly quickened, while regional German inflation data also pointed to a concerning picture ahead, denting hopes that the eurozone’s record inflation surge has peaked and piling more pressure on the ECB to act. German bunds fell the most in two weeks.

Equities across Asia Pacific rose as China rolled back some strict pandemic-triggered restrictions and after US 10-year Treasury yields capped a third week of declines.  The MSCI Asia Pacific Index extended gains to 2.1%, the biggest jump this month, led by consumer discretionary and tech shares. Benchmarks in Japan and Taiwan advanced the most. Chinese shares including tech names climbed as local authorities eased curbs on movement in key cities after virus cases fell. The Asian measure is close to erasing losses for May, which would mark its first monthly advance this year as a reopening of China’s economy boosts growth prospects for the region. That, along with stabilizing global bond yields, have supported regional shares. Still, concerns about slowing global growth and high inflation remain, with foreign investors dumping Asia’s tech-heavy markets this year. With US markets closed for a holiday Monday, traders are turning their attention to China’s purchasing managers’ index figures for May, scheduled for release Tuesday. 

“The focus will be on how much the May data has improved from April, given the number of cities under some sorts of lockdown” has fallen to 26 from 44, accounting for 20% of national GDP, Charu Chanana, a market strategist at Saxo Capital Markets, wrote in a note.

European bonds tumbled after Spanish inflation came in hotter than expected, while regional German inflation data also pointed to a worrisome picture ahead, with more CPI prints out of the euro area due later Monday and Tuesday. Money markets raised ECB rate-hike bets, pricing 114 bps of hikes by the end of the year. Bunds yield curve bear-flattens, 5y underperforms, cheapening ~9bps to near 0.75%. Peripheral spreads widen to Germany with 10y BTP/Bund widening 3bps to ~195bps. Gilts follow suit, with the 10-year yield up some 6bps to 1.975%. US 10-year note futures decline 12 ticks to 119-24+ with cash Treasuries closed for US holiday.

In FX, the dollar slipped for a third day versus major peers as havens lost their appeal amid the improved mood. The Bloomberg dollar spot index fell 0.2%. JPY and CHF are the weakest performers in G-10 FX, SEK and NOK outperform. China’s yuan outperformed after the nation reported fewer Covid-19 cases in Beijing and Shanghai. China’s reopening moves prompted a gauge of emerging-market stocks to rise to the highest since May 5.

Bitcoin posted its biggest gain in two weeks, climbing close to $31,000, with ethereum regaining $1900.

In commodities, oil climbed as China eased anti-virus lockdowns and the EU worked on a plan to ban imports of Russian crude; Brent is heading for its sixth monthly gain, the longest winning streak since April 2011; US gasoline prices surged to another fresh record. WTI drifted 0.5% higher to trade above $115 while Brent rose above $120.

Spot gold is off best levels, up some $4 to $1,857/oz. Most base metals trade in the green; LME nickel rises 6.5%, outperforming peers.

There is nothing on the US calendar due to the Memorial Day holiday.

DB's Jim Reid concludes the overnight wrap

Everything was going so well at lunchtime on Saturday. In my big 36-hole tournament I was poised and ready to pounce just outside the top ten. However I then had one of my worse rounds for years as my back seized up and then, immediate after, watched Liverpool lose the biggest match of the season. I went to bed wondering if Liverpool could ever recover from this and whether my back would ever allow me to play the type of competitive golf I want to again. It was a low moment. Then in another competition on Sunday my back eased and I shot my best competition round for as long as I can remember. Annoyingly I finished second and missed out on the cup. A bit like Liverpool.

It’s going to be a bit of a stilted week with the US off for Memorial Day today and the UK off on both Thursday and Friday to celebrate the Queen’s Platinum Jubilee. However there’s lot of important data from both a growth and inflation perspective this week with the monthly jobs report from the US (Friday) and a slew of May CPIs from Europe. Industrial activity will be in focus too with the Chicago PMI, the Dallas Fed manufacturing activity index (Tuesday), the ISM index (Wednesday) and several European PPIs due.

On Wednesday, markets will also be especially focused on central banks with the start of the Fed's balance sheet run off, the BoC decision and the Beige Book release. In Asia, next week will be packed with data for Japan and PMIs from China will be due.

Given the recent rally in bond markets, one of the most important prints could be German inflation today with estimates slightly higher than last month which on one measure was the joint highest since 1950. We’ll get the regional prints this morning and then the country wide aggregate at lunchtime. On the EU harmonised reading consensus is at 8.1% up three tenths from those record levels. As we go to print the NRW region in Germany has seen the YoY rate climb four tenths from last month to 8.1%. France, Italy and the Eurozone sees their CPI releases tomorrow.

Producer prices will also be released across the continent, with April PPI due from Italy (today), France (tomorrow) and the Eurozone (Thursday). Finally, labour market indicators will be released throughout the week for Germany (tomorrow), Italy and the Eurozone (Wednesday).

Over in the US, all roads lead to payrolls on Friday with our US economists projecting gains of 325k vs last month's 428k reading that came in above of the median estimate of 380k on Bloomberg. The JOLTS and ADP reports will be due on Wednesday and Thursday, respectively. The JOLTS report is our favourite for looking at labour market tightness but it is a month behind the less useful payroll report.

Another important set of indicators will come for industrial activity, including the Chicago PMI and the Dallas Fed manufacturing activity index tomorrow, the ISM manufacturing index on Wednesday and April factory orders on Thursday. These follow misses on PMIs, the Richmond index and the durable goods orders last week, so markets will be paying attention as to whether these metrics will come in softer than expected as well. Finally, Conference Board's consumer confidence index, tomorrow, will be assessed in conjunction with the labour market data to gauge the strength of the consumer.

From central banks, investors will be awaiting this Wednesday when the Fed is due to start its balance sheet run off in order to gauge the preliminary impact on the markets. Elsewhere, the Bank of Canada's decision will also be due on Wednesday, following a +50bps move at the last meeting on April 13th. Analysts are expecting another 50bps. Finally, the Fed will also release its Beige Book that day and its insights about current economic conditions will be digested together with the other timely US indicators. In speakers, this week, similar to last, will be packed with those from the ECB. Their views in light of the week's CPI prints will be of great importance. Fed speakers are detailed alongside those from the ECB and all the key data releases in the day-by-day calendar at the end.

In Asia, the highlight will be May PMIs for China released tomorrow and Wednesday and much attention will be paid to the growth dynamics after dismal industrial production and retail sales numbers released two weeks ago.

Talking of Asian, stock markets are edging higher at the start of the week following Friday’s gain on Wall Street coupled with a weaker US dollar and fresh stimulus from Beijing. The Nikkei (+1.97%) is leading gains regionally with the Hang Seng (+1.90%) also significantly higher. Over in mainland China, the Shanghai Composite (+0.31%) and CSI (+0.44%) are modestly up after the Shanghai administration announced that it would remove 'unreasonable curbs' on businesses and manufacturers from 1 June to stimulate sagging growth. At the same time, the city unveiled fresh economic support measures by offering tax rebates for companies and allowing all manufacturers to resume operations from June. Among the 50 policy measures in eight categories announced by Shanghai officials the city will cut some purchase taxes, issue more quotas for car plates, and subsidise electric vehicle purchases.

Outside of Asia, equity futures in the DMs point to further gains with contracts on the S&P 500 (+0.46%), NASDAQ 100 (+0.81%) and DAX (+0.46%) trading higher.

Oil prices are higher in Asia with Brent futures up +0.53% to $120.06/bbl, as I type. Over the weekend, EU diplomats failed to come to an agreement on the EU's proposed ban on Russian oil ahead of a 2-day summit with EU leaders starting today. Meanwhile, OPEC+ are set to meet on Thursday to discuss their production policy for July.

Turning to a recap of last week now. The S&P 500 finally managed to break its nearly two month long losing streak, gaining +6.58% (+2.47% Friday) over the week. Consumer discretionary stocks led the way, gaining +9.24% (+3.47% Friday), after being the worst performer YTD. The outperformance was twofold, one was better earnings news from discount retailers this week, the second was a continued reappraisal toward a softer Fed policy path, which saw cyclical stocks outperform in general. Nevertheless, all sectors were higher, bringing the S&P 500 to -12.76% YTD. US indices were green across the board, including the NASDAQ (+6.84%, +3.33% Friday), the Russell 2000 (+6.46%, +2.70% Friday), FANG+ (+7.83%, +3.15% Friday) and Dow Industrials (+6.24%, +1.76% Friday).

European stocks lagged slightly, as the drum beats on toward more ECB tightening, but nevertheless were also higher over the week, with the STOXX 600 gaining +2.98% (+1.42% Friday) while the DAX and CAC were +3.44% (+1.42% Friday) and +3.67% (+1.64% Friday), respectively.

On the rates side, Treasury yields retreated in light of the continued growth fears and potential for a shallower Fed path, with terminal fed funds rate pricing closing below 3%. Regular readers will know I don’t think the Fed is set to pause, or that terminal rates that low will ultimately rein in inflation at current levels. So we will see. Indeed, Core PCE in the US from April was released Friday, printing at 0.3% MoM, in line with expectations and showing no signs of deceleration. Nevertheless, 2yr Treasury yields fell -10.5bps (flat Friday), while 10yr yields were -4.3bps lower (-0.9bps Friday) in one of the least volatile weeks for Treasury trading this year. In Europe, 2yr bund yields increased +1.1bps (-0.3bps Friday) while 10yr yields gained +1.9bps (-3.5bps Friday), as the consensus behind a July liftoff and positive policy rates by year end grows among ECB officials.

Elsewhere, brent crude climbed +6.12% (+1.74% Friday), while the dollar came down from its lofty heights, with the broad dollar index retreating -1.45% (-0.17% Friday).

Tyler Durden Mon, 05/30/2022 - 08:08

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Steps to building a more patient-centric industry

Lack of access, strict regulations, and demanding schedules have made it extremely difficult for patients to participate in
The post Steps to building…

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Lack of access, strict regulations, and demanding schedules have made it extremely difficult for patients to participate in clinical trials. A 2018 NIH survey found that patients felt clinical trial participation to be inconvenient and burdensome, and nearly half (49.0%) said it disrupted their daily routine. In 2021, a CISCRIP Perceptions and Insights Study reported more disruption to daily routines compared to previous years, citing length of visits, travel, and diagnostic tests as top burdens.

To ease this burden, the life sciences industry has been searching for ways to make clinical trials more accessible for patients and to drive participation numbers, increase participant diversity, and improve overall patient experience. For many patients, this change starts with choice.

A recent survey of clinical trial professionals found that more than two-thirds of respondents (61%) believe giving patients choice will have a positive impact on clinical research, and well over half (58%) said that their organisations plan to give patients the option to choose how they participate in clinical trials moving forward. Some examples of these choices can include video visits, phone visits, and remote monitoring.

As the industry focuses on creating a more holistic, inclusive patient experience, here are key steps to consider in order to help bridge the gap between clinical research and the patient experience.

Build a base in the community

According to the FDA’s 2020 Drug Trials Snapshot Report, only 8% of clinical trial participants are Black or African American, as compared to nearly 14% of the US population. The fact is, many minorities never learn about vital clinical trials in play, or that they’re eligible to participate. Subsequently, they are excluded, creating an evident gap in participants, and subsequently needed data on how treatments respond across different demographics of people.

Creating a broader, more inclusive patient experience starts with building a network of advocates who can help organisers meet patients where they are located and educate them about the availability and value of the trials. Initially, there needs to be a more proactive and sustained nationwide outreach effort to raise clinical trial awareness within minority communities.

It’s also important to partner with trusted people within minority communities, such as religious and government leaders that have the credibility needed to share clinical trial information to counter scepticism. If sponsors can partner with patient-advocacy groups to inform design, recruitment, follow-up, and even data collection (particularly for patient-reported outcomes), it will help to keep patients engaged longer and potentially derive higher quality data sets that can lead to better patient outcomes over the long run.

Embrace technology to expand reach

Technology – especially related to automation and the cloud – can help create a more flexible clinical trial model, thereby making it easier for patients to participate. Digital tools used in decentralised trials, remote enrolment tools, consent forms, wearables, and remote devices, as well as data capture, can help to expand overall access to clinical trials. For example, with remote monitoring, doctors and trial administrators can analyse all the data coming in and, if there’s a problem, they can act more quickly and respond back to the patient through a mobile device such as a smartphone.

Cloud platforms can open two-way communication channels for patients, doctors, and trial administrators to talk and share data, essentially in real-time. Some early examples of these capabilities were part of the US Centers for Disease Control and Prevention’s (CDC) v-safe program, developed by Oracle, which is used to track the effects of the COVID-19 vaccines through voluntary, scheduled survey prompts, and to remind people about boosters. Today, capabilities like this are being extended so that trial data from wearable devices and home-monitoring systems can be communicated directly to trial sites.

A new solution

One significant roadblock to clinical trial inclusion of minority groups has been location and transportation. Many potential participants lack transportation to and from clinical sites, and some trials are only held in large city hospitals, instead of smaller community hospitals that participants can sometimes access more easily. Thanks to decentralised trials and technology that collects data remotely, people from anywhere can participate.

One approach the industry has been exploring is to utilise community retail pharmacies as a central location for people to learn about and participate in clinical trials. By collaborating with pharmacy retailers, sponsors will have more opportunities for patient recruitment because they can offer patients the convenience and comfort of visiting familiar community sites.

For example, CVS and Walgreens have instituted flexible clinical trial models that combine patient insights, technology capabilities, and in-person and virtual-care options to engage broader and more diverse communities. The result is a much more expansive pool of participants and potentially much better information about populations where the drug is effective, and other populations where it might not be effective.

Keep it simple

There’s a notion that because the healthcare and life sciences industries are very complex, the systems that support them have to be equally complex. In fact, the opposite is true. Easier-to-use systems will increase participation rates, and we will have better outcomes as a result. With so many technology advancements at its disposal, the industry must find a way to bridge the divide between patient experience and clinical research. The patient journey must be a positive one, so that they will encourage others to participate.

Imagine, clinical research as an accessible care option to anyone. Technology has given us the opportunity to make this goal a reality. But as an industry, we must innovate to bring new experiences to market and improve the clinical research ecosystem for patients, healthcare professionals, sponsors, and regulators.

About the author

Katherine (Kathy) Vandebelt is global head of clinical innovation at Oracle Health Sciences. With over thirty years of experience in clinical research working in different geographies and across various TA, Kathy has worked with various organisations to advance their clinical operations and business processes to a better operating model. She believes patients are the most important constituent in clinical development and provide the necessary information to assess the safety and efficacy of new medicines. She strives to introduce new experiences and make the clinical research ecosystem better for patients, healthcare professionals, sponsors, and regulators using the power of technology.

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Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

Billions of dollars have been poured into Meta’s virtual world with little return on investment, but CEO Mark Zuckerberg says he is holding fast.

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Billions of dollars have been poured into Meta’s virtual world with little return on investment, but CEO Mark Zuckerberg says he is holding fast.

Meta CEO Mark Zuckerberg is still hopeful about the company’s Metaverse plans regardless of the billions of dollars it’s sucking up from the company, claiming “someone has to build that.”

Appearing remotely for an interview at the Nov. 30 DealBook Summit in New York, Zuckerberg was asked his thoughts on whether the tech giants’ Metaverse play was still viable given its cost and the doubts cast over the platform, answering:

“I think things look very different on a ten-year time horizon than the zone that we're in for the next few years [...] I'm still completely optimistic about all the things that we've been optimistic about.”

He added part of “seeing things through” in the longer term was “powering through” the doubts held about its ambitions.

Meta's latest earnings, released on Oct. 26, revealed the largest-ever quarterly loss in its metaverse-building arm Reality Labs dating back to the fourth quarter of 2020. Zuckerberg’s virtual reality has cost $9.44 billion in 2022, closing in on the over $10 billion in losses recorded for 2021.

On the earnings call at the time Zuckerberg was unfazed by the cost, calling its metaverse the “next computing platform.” He doubled down on this claim at DealBook:

“We're not going to be here in the 2030s communicating and using computing devices that are exactly the same as what we have today, and someone has to build that and invest in it and believe in it.”

However, Zuckerberg admitted that the plans have come at a cost, Meta had to lay off 11,000 employees on Nov. 9 and the CEO said it had “planned out massive investments,” including into hardware to support its metaverse.

He said the company “thought that the economy and the business were going to go in in a certain direction” based on positive indicators relating to e-commerce businesses during the height of the COVID-19 pandemic in 2021. “Obviously it hasn't turned out that way,” Zuckerberg added.

“Our kind of operational focus over the next few years is going to be on efficiency and discipline and rigor and kind of just operating in a much tighter environment.”

Despite the apparent focus from Meta to build its metaverse, Zuckerberg claimed 80% of company investments are funneled into its flagship social media platforms and will continue that way “for quite some time.”

Investments in Reality Labs are “less than 20%” at least “until the Metaverse becomes a larger thing” he said.

Related: The metaverse is happening without Meta's permission

Of the 20% invested in Reality Labs, Zuckerberg said 40% of it goes toward its Virtual Reality (VR) headsets with the other “half or more” building what he considers “the long-term most important form factor [...] Normal-looking glasses that can put holograms in the world.”

Zuck takes bite at Apple

Zuckerberg also took a few jabs at its peer tech company Apple regarding its restrictive App Store policies, the likes of which have placed restrictions on crypto exchanges and nonfungible token (NFT) marketplaces, saying:

“I do think Apple has sort of singled themselves out as the only company that is trying to control unilaterally what apps get on a device and I don't think that's a sustainable or good place to be.”

He pointed to other computing platforms such as Windows and Android which are not as restrictive and even allow other app markets and sideloading — the use of third-party software or apps.

He added its been Meta’s commitment to allow sideloading with its existing VR units and upcoming Augmented Reality (AR) units and hoped the future Metaverse platforms were also open in such a manner.

“I do think it is it is problematic for one company to be able to control what kind of app experiences get on the device.”

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Nifty News: Porsche 911 NFTs, BMW files Web3 trademarks, Baby Shark’s NFT game and more…

BMW and Porsche have both recently ramped up their own Web3 plays, while Baby Shark is dipping into the blockchain gaming sector, but just for kids.

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BMW and Porsche have both recently ramped up their own Web3 plays, while Baby Shark is dipping into the blockchain gaming sector, but just for kids.

Porsche to launch 7,500 NFTs for use in a ‘virtual world’

German luxury car manufacturer Porsche has suggested it will be significantly ramping up its Web3 efforts after unveiling an upcoming NFT project consisting of 7,500 customizable tokenized vehicles.

In a Nov. 29 announcement, Porsche stated that the NFTs will be launched in January, and users will be able to customize various aspects of the cars in relation to performance and appearance.

The NFT art itself is being designed by designer and 3D artist Patrick Vogel, with all pieces revolving around the famous Porsche 911 model.

Notably these virtual assets will be designed in Epic Games’ Unreal Engine 5, suggesting that gaming integrations are afoot.

NFT car designs: Porsche

The company gave a sneak peek into the project at the Art Basel conference in Miami on Nov. 30. While specific details have not been mentioned, the company noted that owners will be able to use the cars in the “virtual world,” most likely meaning some sort of Metaverse.

More broadly, Porsche suggested that it is looking to significantly ramp up its exposure to Web3 moving forward, with the announcement noting that:

“Digital art is just one aspect of Porsche’s Web3 strategy. The sports car manufacturer is working to integrate the potential of blockchain technology into existing and future processes and solutions.”

Porsche previously had a hand in launching soccer-themed NFT collectibles in June 2021 as part of a project called Fanzone, but now appears to be taking the tokenization of its cars more seriously.

BMW to get Web3 trademarks

Speaking of German luxury car manufacturers, BMW has reportedly applied to trademark its logo in relation to a host of Web3 products and services.

The move was highlighted by USPTO licensed trademark attorney Mike Kondoudis, who frequently shares news regarding Web3 trademark applications in the U.S. from major companies.

BMW outlined intentions for its logo to span across collectibles such as virtual clothing, footwear, headwear and vehicles, while also indicating plans for downloadable virtual goods such as online environments and games.

Baby Shark’s Web3 arc

Content from Pinkfong’s massively popular children’s song/music video Baby Shark is set to be tokenized as part of a family-focused blockchain game.

Pinkfong reportedly penned a licensing agreement with Toekenz Collectibles to create and issue Baby Shark characters in a child safe digital environment.

Baby Shark NFT partnership: Toekenz

Toekenz Collectibles is an NFT platform targeted at children aged 12 and under, and the focus of the game is to educate kids aged five to nine “about the trading economy of digital collectibles.”

The kids will also be able to customize the NFT art to their own liking, and even participate in a Tokenz DAO where they “can exercise democratic decision-making.”

This is not Pinkfong’s first dip into NFTs, Cointelegraph previously reported that the South Korea-based company launched a series of limited editions Baby Shark NFTs in December last year.

Related: Two Bored Apes sell for $1M each: Nifty Newsletter, Nov. 23–29

Deadmau5 rolling out music metaverse

A Web3 startup co-founded by popular crypto-friendly DJ Deadmau5 (Joel Zimmerman) is gearing up for the launch of a music and gaming focused Metaverse platform.

Announced at the Art Basel event on Nov. 29, the start-up known as Pixelynx stated that the Polygon-based platform will launch this week, and kick things off with an Augmented Reality (AR) scavenger hunt set on Miami Beach.

The firm’s CEO and co-founder Inder Phull described the AR scavenger hunt as a “Rock Band meets Pokémon Go experience,” in which virtual gaming features are merged with real locations on maps via smart devices.

Users who hold Deadmau5’s Droplet NFTs will gain early access to Pixelynx’s metaverse with the platform aiming to provide a host of virtual experiences for fans of particular musicians and artists.

More Nifty News

NFTs depicting the ongoing protests in China against the country’s tough zero-tolerance COVID-19 policy have found their way to the NFT marketplace OpenSea at the tail end of November.

On Nov. 30, decentralized exchange (DEX) Uniswap announced that users can now trade NFTs on its native protocol. The function will initially feature NFT collections for sale on platforms including OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20, and NFTX.

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