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In today’s edition:
- Apple’s Vision Pro
- SEC vs. Coinbase and Binance
- Is Amazon planning to offer mobile services to Prime members?
- Walmart’s new plan
- Web3 mobile games on iOS
Market Snapshot
The US equities closed lower on Wednesday. The equity market remained subdued as investors awaited inflation data and the upcoming Federal Reserve policy meeting. Despite the recent uptick, smaller companies are still underperforming the broader market, with few making new 52-week high
News Summaries
Apple has announced its $3,499 mixed-reality headset, called the Vision Pro. The device, which will be available in 2024, combines augmented reality (AR) and virtual reality (VR) capabilities to revolutionize the human-computer interface. Users can interact with digital content in their physical space using their eyes, hands, and voice and enjoy immersive entertainment with spatial audio and micro-OLED displays. Apple has also partnered with Disney to deliver immersive content, such as watching Star Wars on one of the planets in the franchise. While some are optimistic about the Vision Pro’s potential to be as groundbreaking as the iPhone, others remain skeptical based on the performance of similar offerings from existing competitors.
Coinbase and Binance are being sued by the US Securities and Exchange Commission (SEC). The SEC alleges that both crypto giants violated US securities laws. These lawsuits could have far-reaching implications for the future of the crypto industry, which has long argued that it should not be subject to the same rules as traditional securities or commodities.
- Coinbase is accused of acting as an unregistered broker by combining the functions of an exchange, broker, and clearing agency without the appropriate registration. Brian Armstrong, the CEO of Coinbase, has defended the company, stating that they have tried to register and criticized the SEC for its lack of clear guidelines in the crypto space.
- Binance was accused of evading SEC laws regarding securities and money laundering, resulting in investors withdrawing approximately $790 million from the platform. The SEC seeks to prevent Binance from participating in the cryptocurrency market, impose penalties, and have it ”disgorge all ill-gotten gains.”
Amazon is reportedly in talks with major telecom companies about offering its mobile services to Amazon Prime subscribers. The aim is to enhance the benefits of Prime membership and increase customer loyalty. However, Amazon has stated that it currently has no plans to add wireless services to Prime. This development comes as Amazon’s Prime membership faces increasing competition from Walmart’s subscription loyalty service, Walmart+.
Walmart is confidently utilizing its store network as online fulfillment centers, undeterred by Amazon’s logistics prowess. It has introduced the “market fulfillment center,” employing an automated Alphabot system to handle online orders efficiently. Walmart’s approach capitalizes on its physical stores and grocery offerings, which align with post-pandemic shopping trends. Despite a slight decline in online retail sales, Walmart remains focused on meeting the needs of cost-conscious consumers seeking essential items.
Web3 mobile games are experiencing success on iOS despite Apple’s reluctance to embrace NFTs. The mobile gaming industry is enormous, with iOS games generating $52.3 billion in revenues in 2021. Web3 games such as NFL Rivals and Cross The Ages are topping the charts and attracting players with blockchain-based features. This success may lead to more NFT-friendly policies from Apple and an influx of Web3 mobile development. However, regulatory hurdles may also emerge, such as the SEC’s allegations against gaming tokens being considered as securities. Nevertheless, the Web3 mobile gaming trend on iOS is growing and could reshape the industry.
