Manchester City to build Etihad Stadium in the Metaverse
The Manchester City soccer team has partnered with Sony to help build Etihad Stadium in the Metaverse. This will give the team a home base in the Metaverse where fans can congregate and watch matches together.

Premier League champions Manchester City and their new partner Sony have begun building a virtual replica of the Etihad Stadium which will be the team’s central hub in the Metaverse.

Etihad Stadium is the home of Manchester City, England’s top soccer team at the moment. The team announced on Feb. 18 that it had signed a three-year agreement with Sony, which will provide virtual reality experts to use image analysis and skeletal-tracking technology from subsidiary Hawk-Eye.

Manchester City hopes fans will enjoy all the benefits of having a virtual stadium. Although Covid restrictions are still hampering travel options for some, the ability to watch games in an immersive Metaverse setting could be a relief to fans itching to get a taste of a game setting again.

The team is tearing down geographic barriers for fans who want to be part of a live or recorded match by beginning construction of the virtual Etihad Stadium. City Football Group’s chief marketing officer Nuria Tarre told Inews on Feb. 18 that:

“The whole point we could imagine of having a Metaverse is you can recreate a game, you could watch the game live, you’re part of the action in a different way through different angles and you can fill the stadium as much as you want because it’s unlimited, it’s completely virtual.”

Sony’s Hawk-Eye subsidiary has long been dedicated to enhancing sports for viewers and officials. It helps officials make in-game judgments in real-time with specialized replay technology. Its visualization applications will be used to recreate the dimensions of Etihad Stadium in the Metaverse.

On-chain metrics hint at a bearish outlook for Bitcoin
On-chain metrics are turning bearish as demand dwindles and losses rack up for short-term Bitcoin holders who are the most likely to sell.

Blockchain analytics provider Glassnode has depicted a bearish scenario for Bitcoin as on-chain metrics suggest increased selling pressure is imminent.

In its weekly analytics report on Feb. 21, on-chain metrics firm Glassnode said that Bitcoin bulls “face a number of headwinds,” referring to increasingly bearish network data.

The researchers pointed at the general weakness in mainstream markets alongside wider geopolitical issues as the reason for the current risk-off sentiment for crypto assets.

“Weakness in both Bitcoin, and traditional markets, reflects the persistent risk and uncertainty associated with Fed rate hikes expected in March, fears of conflict in Ukraine, as well as growing civil unrest in Canada and elsewhere.”

It added that as the downtrend deepens, “the probability of a more sustained bear market can also be expected to increase.” Bitcoin is currently trading down 47% from its November all-time high and has been down-trending for the past 15 weeks.

A lack of on-chain activity is one of the distinct signals of a bearish Bitcoin market. The number of active addresses or entities is currently at the lower bound of the bear market channel which depicts on-chain activity during periods of sideways or down trending markets, suggesting a decrease in demand and interest.

Active on-chain entities: Glassnode

Glassnode reported that around 219,000 addresses have been emptied over the past month suggesting that it could be the beginning of a period of outflows of users from the network.

It calculated a short-term holder realized price on an aggregate cost basis which worked out at $47,200 meaning that the average loss at current prices is around 22% for those still holding the asset.

Russia’s Finance Ministry introduces digital currency bill, brushes off central bank’s objections
As the public standoff between the two agencies approaches fever pitch, the Ministry of Finance makes a formal move.

Russia’s Ministry of Finance has upped the stakes in its drawn-out showdown against the country’s Central Bank (CBR) by formally introducing a bill that proposes to regulate digital assets rather than banning them.

On Monday, the Ministry introduced a draft of the federal law “On digital currency” to the government. This stage of the legislative process precedes the bill’s introduction to the parliament for consideration.

The agency cited the “formation of a legal marketplace for digital currencies, along with determining rules for their circulation and range of participants” as the rationale for the initiative. Emphasizing that the bill does not seek to endow digital currencies with legal tender status, its authors define cryptocurrencies as an investment vehicle.

The bill proposes a licensing regime for the platforms facilitating the circulation of digital assets and stipulates prudential, risk management, data privacy and reporting requirements that such operators would be subject to. Purchasing and selling crypto legally would only be possible via a bank account, and it is proposed that both crypto platforms and banks introduce Know Your Client procedures.

The legislation also requires digital asset operators to inform retail customers of the risks associated with crypto trading. Individuals would have to pass a test assessing their knowledge of crypto investment practices and risk awareness. Those who had passed the test would be subject to a yearly investment limit of 600,000 rubles (around $7900); those who had not passed the test would only be allowed to invest up to 50,000 rubles ($650) a year. Businesses and qualified investors are to be exempt from yearly limits.

Additionally, the bill introduces a formal definition of crypto mining and specifies a mechanism whereby crypto market participants can report their activities to tax authorities.

This Daily Dose was brought to you by Cointelegraph.

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