Financial Technology

McDonald’s To Enter Metaverse Space, US Republicans Push To Regulate Crypto Industry

US fast food giant McDonald’s has teamed up with renowned digital content producer Karen X Cheng for a Lunar New Year ad. A number of cutting-edge technologies, including artificial intelligence (AI) and augmented reality (AR), are used in Cheng’s regularly viral works.

The 30-second ad is based on Cheng’s childhood memories of the Lunar New Year event, and features a QR code call-to-action that leads viewers to more campaign elements. NeRF technology is employed in advertising at a time when marketers are beginning to rely heavily on AI.

According to Elizabeth Campbell, senior director of cultural engagement strategy at McDonald’s, the fast food juggernaut is hoping the “tech-forward” project will both commemorate the occasion and give back to the Asian American and Pacific Islander community.

This year, McDonald’s made a variety of metaverse experiences available with the goal of bringing the Lunar New Year to everyone.

With the use of virtual reality, augmented reality, and 3D animation, users can investigate a variety of activities. Virtual reality zoos, cooking competitions, and classic Chinese games like Weiqi and Mahjong are just a few of the things that one can experience.

In addition, McDonald’s has also developed a customisable 3D avatar that lets each user travel the globe. Using the in-app messaging, users can also send messages and photos to friends.

Republican Lawmakers In US Push To Regulate Crypto Industry

US Republican lawmakers on January 12, 2023 announced the creation of a new sub-committee that will monitor the crypto and fintech industries. This is the first such committee of its sort to be established in the United States, CNBC reported.

The sub-committee on digital assets, financial technology, and inclusion will be a part of the House Financial Services Committee, and French Hill of Arkansas will serve as its chair.

Hill, who was also named vice chair of the larger committee for “FinTech innovation to flourish securely and effectively in the United States,” said a bipartisan effort is required.

After the collapse of the cryptocurrency exchange, FTX, in November 2022, the unregulated nature of the business became a serious issue across the world. The creator of FTX, Sam

Bankman-Fried, was detained last month on suspicion of fraud, and later freed on a $250 million bond, even as he awaits trial.

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