Metaverse bank robberies, Trump NFT business prefers crypto, and more in Nifty News.

Metaverse bank robberies, Trump NFT business prefers crypto, and more in Nifty News.

Stick em’ up! Bank robbery drills in the Metaverse

The Bank of America (BoA) is taking a unique approach to employee training by utilizing virtual reality (VR) and artificial intelligence (AI) in a virtual world known as the Metaverse. This cutting-edge training program aims to prepare new hires for a variety of situations, including handling upset customers and even simulated bank robberies.

According to a report by Bloomberg, the bank’s 2,000 new employees undergo an intensive week-long training regime, which includes using VR headsets to immerse themselves in a range of simulated scenarios. These VR modules simulate both mundane situations, such as assisting an upset customer, as well as more extreme scenarios like a full-blown bank robbery.

The use of VR technology in training allows employees to experience realistic scenarios that are difficult to replicate in traditional training methods. VR creates a sense of anxiety and nervousness, which helps to simulate the stress and pressure of real-life situations. Mike Wynn, the innovation and design executive of BoA’s Academy, highlighted the benefits of this training approach, stating that these scenarios are “hard to teach traditionally.”

In addition to VR, AI plays a crucial role in the training program. New hires practice conversing with AI bots acting as customers, guided by another AI bot. This integration of AI in training provides employees with the opportunity to refine their communication skills and learn how to handle various customer interactions.

This virtual training program has already been deployed to over 200,000 BoA staff globally. The bank’s call centers also utilize an AI coaching bot to assist employees in their conversations with clients. Furthermore, managers have the option to delegate further staff training to these AI bots, creating a comprehensive and scalable training solution.

The potential of the Metaverse doesn’t end with employee training. BoA is also considering using this virtual world at job fairs to attract a younger audience to pursue careers in banking. By immersing potential candidates in a virtual bank associate experience, BoA aims to showcase the excitement and possibilities of working in the industry.

The combination of VR, AI, and the Metaverse is revolutionizing the way Bank of America trains its employees, providing them with realistic and immersive experiences that traditional training methods cannot replicate. This innovative approach not only enhances the skills of new hires but also demonstrates the potential of blockchain technology in the banking industry.

An upset virtual customer the new BoA staff have to calm. Source: Bloomberg

Donald Trump’s NFT business opts to hold funds on-chain

Former US president Donald Trump has ventured into the world of non-fungible tokens (NFTs) through his licensing business. Recent disclosures reveal that Trump’s NFT licensing firm, CIC Digital, has chosen to hold its funds on the Ethereum blockchain, with its US bank account holding less than $1,000.

The updated financial disclosures, filed by Trump with the Office of Government Ethics, shed light on his business dealings and finances as he embarks on another presidential bid. The disclosure shows that while the US bank account has a minimal balance, the Ethereum wallet holds between $250,000 and $500,000.

Trump’s foray into NFT licensing has proven to be lucrative, with his previous disclosure in April indicating earnings between $500,000 to $1 million from NFT licensing deals. The decision to hold funds on-chain highlights the growing acceptance and adoption of blockchain technology in various industries.

CIC Digital’s choice to hold funds on the Ethereum blockchain signifies the benefits of using blockchain technology for financial transactions. By leveraging the security, transparency, and immutability of blockchain, Trump’s NFT business ensures the integrity and traceability of its financial assets.

As NFTs continue to gain popularity across different sectors, it’s not surprising that even high-profile figures like Donald Trump are exploring the potential of blockchain technology and its benefits in the digital economy. This move further solidifies the role of blockchain in revolutionizing traditional industries and creating new opportunities.

Siemens $560K campus to be built in the metaverse first

Siemens, a renowned German tech conglomerate, has announced plans to build a new tech campus near Nuremberg, Germany. However, before construction begins in the physical world, Siemens intends to create a digital replica of the campus in the metaverse.

The company is investing $1.1 billion in creating a blueprint for the industrial metaverse, with $500 million allocated to the campus itself. The industrial metaverse aims to provide a digital recreation of locations used for troubleshooting and analytics. By simulating the campus in the metaverse, Siemens can optimize and adjust the layout before implementing it in the real world.

Siemens’ decision to leverage the metaverse for planning and simulating its campus demonstrates the increasing significance of virtual environments in various industries. This approach allows for more efficient and effective design processes, ensuring that the physical implementation aligns with the company’s goals and requirements.

The digital replica of the campus will be located alongside Siemens’ existing factory, which specializes in manufacturing electronic components. By incorporating the metaverse into their development strategy, Siemens is embracing innovation and harnessing the power of virtual environments to enhance their planning and design processes.

The investment in the industrial metaverse aligns with Siemens’ broader plan to establish new education centers and regional hubs. By leveraging the potential of the metaverse, Siemens is positioning itself at the forefront of technological advancements and showcasing the company’s commitment to digital transformation.

Puma sneaker NFTs let you listen to tracks, while on track

Puma, the popular sports shoe company, has teamed up with NFT company Legitimate and rapper Jay-Z’s entertainment agency Roc Nation to release a unique sneaker collection integrated with non-fungible tokens (NFTs).

Dubbed “The Evolution of the Mixtape” collection, this collaboration features three sneaker models: “Disc,” “Cassette Tape,” and “Playlist.” These sneakers incorporate an NFC chip embedded in the tongue of the left shoe. By tapping this chip with a phone, owners gain access to an exclusive portal featuring unreleased music from Roc Nation artists, video content, and a documentary.

The integration of NFTs into the sneaker collection adds a new dimension to the consumer experience, combining physical products with digital assets. Priced at $130 per pair, these sneakers offer more than just style and comfort. The NFC tags in the sneakers can also be linked to an NFT, providing authentication of the genuine product.

This trend of “phygital” streetwear, which combines physical and digital elements, has gained popularity in recent times. Luxury brands like Dior have also embraced NFTs, introducing sneakers that come with a “digital twin” NFT.

The collaboration between Puma, Legitimate, and Roc Nation exemplifies the growing intersection between fashion, technology, and blockchain. By integrating NFTs into physical products, brands can enhance the value proposition for consumers and create unique experiences that extend beyond the physical realm.

More Nifty News

Aside from the aforementioned developments, the blockchain industry continues to witness further noteworthy events:

  • Dapper Labs, an NFT firm, recently underwent its third round of layoffs within nine months, with 51 full-time staff and contractors being let go. This reduction in workforce constitutes approximately 12% of the company’s staff. This move indicates the dynamic nature of the industry and the need for companies to adapt to changing market conditions.

  • An NFT collector shared their experience of securing a $35,000 decentralized finance (DeFi) loan by using a Patek Philippe luxury watch as collateral. The watch was transformed into an NFT, granting ownership of the watch as collateral for the transaction. This innovative use case demonstrates the versatility and potential of blockchain technology beyond traditional financial systems.

The blockchain industry is continually evolving, with new applications and use cases emerging across various sectors. These recent developments highlight the transformative power of blockchain technology and its potential to reshape industries, enhance consumer experiences, and drive innovation.