The Web 3.0 Report - 13/04/23

The Web 3.0 Report is our bi-weekly newsletter helping readers keep their fingers on the pulse of everything Web 3.0 whether that be Blockchain, NFTs, the Metaverse, or of course, AR/VR.?Today we focus on US legislation on AI, Twitter and eToro's partnership, Meta's AI's segment everything and retailers scaling back metaverse strategies.

US Commerce Department developing guidelines for ethical use of AI

The US Commerce Department is developing a set of guidelines for the use of artificial intelligence (AI) in industry. The guidelines are intended to address concerns around the ethical use of AI, including issues related to bias, privacy, and transparency. As part of the process, the Commerce Department has been consulting with experts from industry, academia, and civil society. “In the same way that financial audits created trust in the accuracy of financial statements for businesses, accountability mechanisms for AI can help assure that an AI system is trustworthy,” said Alan Davidson, the head of the National Telecommunications. The guidelines are expected to be released later this year.

The Commerce Department's move to regulate AI development is a reflection of broader concerns around the impact of AI on society. AI has the potential to revolutionise many aspects of our lives, but it also raises a number of important ethical and societal issues that need to be addressed

Twitter partners with eToro to offer access to stocks and crypto

Twitter has partnered with eToro to allow users to access stocks and cryptocurrencies through the social media platform. The move is part of Twitter's broader push into the financial services sector, which includes plans to launch its own payment platform later this year. According to a spokesperson for Twitter, the partnership with eToro is intended to make it easier for users to access financial markets and to "democratise access to finance." eToro, which is a social trading platform, will provide users with access to a range of financial instruments, including stocks, cryptocurrencies, and commodities.

The partnership between Twitter and eToro reflects a growing trend of social media platforms entering the financial services market. Yoni Assia, eToro’s CEO, stated that “There is very high quality real-time content on financial analysis of companies and what’s happening around the world”, this uniquely positions social media companies to bring new audiences into the financial services industry. The move also highlights the increasing integration of technology and finance, as users are able to access financial markets directly through social media platforms.

Meta AI develops advanced image segmentation tool with AI algorithms

Meta AI, a startup that specialises in artificial intelligence (AI), has developed a new image segmentation tool that can "segment anything." The tool uses advanced AI algorithms to identify and separate different objects within an image, allowing for more precise editing and manipulation. The tool is being marketed to a range of industries, including gaming, e-commerce, and social media. According to a spokesperson for Meta AI, the tool has the potential to revolutionise the way that images are created and edited.

The development of Meta AI's image segmentation tool highlights the growing importance of AI in the creative industries. Such developments in the space of AI has the potential to transform the way that creative work is done within creative industries. The tool also reflects the increasing sophistication of AI algorithms, as machines become better able to recognize and classify different types of objects.

Retailers scale back metaverse strategies due to challenges

Several major retail players, including Adidas and Gucci, are reportedly scaling back their metaverse strategies. The move comes as retailers face challenges in creating compelling experiences within the metaverse, as the initial hype behind it begins to slow. “One of the biggest challenges was really figuring out the right key performance indicators” said Melissa Minkow, director of retail strategy at digital consultancy firm CI&T.? Some retailers are focusing on developing virtual storefronts within the metaverse, while others are experimenting with virtual try-on technology. However, the high cost and complexity of developing metaverse experiences has led some retailers to take a more cautious approach.

The shift in retail strategies reflects broader uncertainty around the metaverse and its potential impact on the retail industry. Despite the challenges, many retailers see the metaverse as a key area of innovation and are continuing to invest in its development. Babylist Chief Growth Officer Lee Anne Grant stated? they want “to start learning early because we believe that in a couple of years, or in five years, or in 10 years, it will be a core part of how people are shopping. So why not start learning now?”.