This week’s roundup will feature titles on the launch of an exclusive metaverse club, the UKs fragile economy hitting mortgages, and NFTs. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Nearly 300 UK mortgage deals have been pulled, as the value of the pound dropped and drove an increase in interest rates to nearly 6%. Thus far, HSBC and Santander, Clydesdale Bank and the Bank of Ireland have been the main lenders to pull multiple mortgage products. [source: The Guardian]
Given what’s happened in the bond market as a response to the Government’s fiscal policy, it is a bit of a no brainer to say that banks will likely be pricing their mortgages higher going forward, hence the need to pull mortgages to reprice. – Jovi
- Data compiled from Dune Analytics showed that the trading volume of NFTs across blockchains has plunged to $114.4 million, from $6.2 billion measurement in January, representing a decrease of 98%. [source: Coin Telegraph]
When judging if there is a valid use case behind something I use the ‘could you remove the word NFT from a statement and the idea still be deliverable with the same user benefits?’ The plunge would suggest others should use the same test. – Jovi
- Pakistan has seen its first Exclusive Metaverse Club (EMC) launch. The club was created by MetAsia Celebs in collaboration with TrustVibes Inc, driving celebrities and industry professionals to network in one community, with local and global privileges. [source: Daily Times]
Big things have small beginnings. Pakistan foray into the metaverse replicates the principle that turned the fortunes of its neighbours during the digital revolution. China and India positioned itself for a future that beckoned, Pakistan is now doing the same. – Jovi
See you next week, back in the Unlimit BaaS blog for your next weekly news roundup.
