Soum, a re-commerce marketplace, secures $18 million to expand in the MENA region.

The global recommerce market is poised to grow as consumers more and more Some settle for second-hand goods to save costs and observe conscious consumption. The global recommerce market is expected to continue into the future. growth Markets like Saudi Arabia are growing rapidly soom aims to reach users in the Middle East and North Africa (MENA) region.

Soum was founded in 2021 in the Kingdom of Saudi Arabia and is currently aiming to expand its growth to other MENA countries, starting with the United Arab Emirates. The plan is fueled by recent $18 million Series A funding.

The round was led by Saudi Arabia’s Jahez Group, with participation from New York-based Isometry Capital, along with existing investors Khwarizmi Ventures, AlRajhi Partners, and Outliers Venture Capital. This follows the acquisition of $4 million in seed funding in 2021.

Beyond expansion, the startup, which features electronics in its top list, is also increasing the categories it covers by including products such as cars and collectibles.

“We are expanding into different regions and are looking at the entire MENA region.To realize our vision of being the place to sell everything from mobile phones to cars, we are developing new We have also started testing categories.” Fahad Al Hassanco-founder of Soum bader al mubarak and Fahad Albassam.

“We want to make buying and selling easier and accessible to everyone,” said Al Hassan, who previously worked as a consultant at PwC and as a strategic manager at the Saudi Ministry of Internal Affairs and Reform. .

Abdulaziz Alhouti, chief investment officer of Jahez Group, the parent company of Jahez, a Saudi food delivery platform that went public in 2021, commented on the round to TechCrunch: It’s a good job, but as the digital age advances, we need something more convenient, frictionless, sustainable, and reliable. This is the preposition that Soum brings to the table. ”

Soum manages the entire process from listing to delivery. Shipping is supported by third-party logistics partners. To list a product, sellers must submit images of the product for pre-approval. The startup also processes and holds payments until the buyer confirms receipt as a fraud precaution.

Al Hassan said that most products take three to four days to be delivered, and if users are not satisfied with the product, they can initiate a return within 24 hours. The company plans to extend the return period for some products to one week or even one month.

The startup makes money through commissions every time a product is sold. Prices are determined based on a variety of factors, including supply and demand.

“The commission is 10-20% of the product price. The more valuable the product, the lower the percentage, and the more frequent the seller, the lower the percentage. Therefore, multiple factors are taken into account,” Al Hassan He said, adding that more than 30,000 properties are listed on Sumu every month. iPhones and laptops are the best-selling products.

Al Hassan expects further growth for the company as the adoption of indigenous solutions continues and Saudi Arabia promotes local solutions to break away from dependence on international markets. Additionally, the country is said to be in the midst of a technology boom, with data showing a rapid increase in the number of e-commerce transactions. business and the spread of electronic services.

Source: techcrunch.com

Civitai, a generative AI content marketplace with millions of users, receives backing from Andreessen Horowitz

A community that has a large following is stable diffusion, particularly among those experimenting with new AI technologies and creating their own models. Now, there is a platform called Chibitai, a startup that allows members to share their AI image models and content with other enthusiasts. The name “Chibitai” is a word play on “Civitas,” meaning community. Chibitai CEO Justin Maier recognized the need for such a platform after working on web development projects at Microsoft. He saw the potential for creating AI-generated images and posted them on platforms like Reddit and Discord, but felt the need for a centralized community to share and discover AI image models.

Chibitai became the go-to place for sharing AI models and images in 2023 and has since grown to over 3 million registered users and receives about 12-13 million unique visitors every month. The company has even raised $5.1 million in funding from Andreessen Horowitz (a16z) in June 2023.

The platform allows users to upload images to create their own AI image models, and with each image generated, metadata is provided that includes details such as prompts and resources used. However, concerns have been raised about artists’ work being used without consent to train AI models, which Chibitai is working to address by allowing artists to flag resources they believe are using their work. Additionally, there are also concerns about non-consensual pornographic AI images being shared on the platform, which the company is working to address.

In the future, Chibitai aims to expand to other modalities beyond AI image models and to create a consumer-facing mobile app that will act as a repository for AI images. The company also plans to enable users to monetize their creations, but for now, everything on the site is free to use.

Source: techcrunch.com

Obskur’s Character Creator and Marketplace Simplifies VTuber Experience

To stream as them My mysterious alter ego is a VTuber named Mai. M41H41, typically had to juggle at least four to seven different programs. However, doing everything at once was not only mentally exhausting, but also taxed the computer and could cause it to overheat in the process. If the program crashes, you have to destroy the characters to fix it. “In many cases, you don’t actually need to use all the programs,” Mai told TechCrunch during a Discord call. “So I literally told the community, ‘Sorry, you can’t like, throw videos, chat interactive videos today. Because we literally can’t do it right now.” ” VTuber A portmanteau of “virtual YouTuber,” who streams as a 2D or 3D model rather than showing his or her actual face. This burgeoning genre has produced some highly successful streamers, but the barrier to entry has been high due to the upfront costs and technical skills required to stream as an animated character. Obscur, an all-in-one broadcast application, wants to make VTubers more accessible by allowing users to create 3D models and interactive environments without any technical skills. The company premiered several new features at TwitchCon, including Character Creator, which was officially released last week. Obskur’s broadcast software essentially combines multiple different programs into his one platform, which can be easily integrated with Twitch. This is a big attraction for her VTubers like Mai. Obskur’s Character Creator and user-generated content marketplace is particularly unique in the VTuber space. Character Creator allows users to customize his 3D model by choosing free hairstyle, facial features, and body type. Users can adjust features to change their shape and size using sliders, and select feature colors from a color wheel. For further customization, users can browse an integrated marketplace where artists sell ready-made models and his 3D assets such as costumes and interactive backgrounds. “It needs to be advanced enough that people can create a character that’s so unique that they feel like, ‘This is me and this is my brand.’ But it also needs to be easy enough that they don’t need to know anything. ” Obskur co-founder Andranik Aslanyan told TechCrunch. “It’s like you don’t have to understand rigging, modeling, textures, etc. Just select a few options and it feels like a video game. If you can play The Sims, our application You should be able to use it.” Image credits: Provided by Obscur Mai says she started using Obksur regularly after testing the demo at TwitchCon. Previously, I used up to 12 applications to run streams. One is for running models, who often have flowing seafoam-colored hair, pink moth-like antennae, and ruffled black tops; It is meant to improve body tracking. Additional software was required to perform basic animation. For example, something as simple as a VTuber making a model cry or flirting with a subscriber by bouncing her chest can involve technical subtleties that viewers rarely see behind the scenes. . Mai has to use third-party programs for her chat interactions, such as being able to throw things at viewers or sprinkle flower petals, and also says that she has to use third-party programs to make those interactions a part of her Twitch earnings. It was necessary to use additional third-party software to integrate with the features. She also needed a program to upload models into her 3D backgrounds, ranging from a basic living room to an extraterrestrial planet. “And that’s before you even think about the type of content you’ll create that day,” Mai continued. “And you need to learn how each of them works as an application on its own, but also how it works as an application in conjunction with other applications you’re running. There are a variety of models. There were probably 10 to 12 applications that I downloaded for the part.” Next is cost. When Mai first became interested in her VTuber last year, she tried to create her own models by drawing with a mouse using her free software VRoid Studio. They said it was impossible and “looked all sorts of awful.” They ended up paying another artist about $100 to $120 (the industry’s “absolute rock bottom”) to model. A high quality She 2D model can cost thousands of dollars or more, depending on the quality of the original artwork, custom She mesh and textures, and various animations. Even 3D models that are less complex to animate are still expensive to commission. Additional assets such as new costumes, hairstyles, and backgrounds are expensive and difficult to source. While many artists focus on custom commissions, others sell preset assets on Etsy, Patreon, or other online marketplaces scattered across the internet. Some large marketplaces, like Booth, are “absolute monsters in and of themselves,” Mai said, as they are offered entirely in Japanese. “In that case, you have to download them and hope they’re in the right file format. If you don’t speak the language, no one will understand,” Mai said. Aslanyan pointed out that chat interactions are not only cumbersome to use, but also difficult to look at. On Twitch, users can purchase bit, prices start at $3.00 for 300 pieces and go up to $308 for 25,000 pieces. Twitch pays streamers 1 cent per Bit, so streamers typically offer special perks to viewers who spend Bits while streaming. VTubers often encourage their viewers to consume Bits by providing certain interactive features. A viewer can, for example, “throw” objects such as electronic money to her VTuber by spending 100 bits, and change her outfit by spending 1,000 bits. Streamers needed to get into character and engage with their viewers while manually triggering interactions in the third-party software they were using. Image credits: Provided by Obscur Obskur’s Twitch extensions and apps make features like viewer interaction more seamless for both streamers and viewers. The app allows streamers to determine different stages of interaction, which are automatically triggered when a viewer consumes a Bit. Obskur receives the standard 20% developer share set by Twitch. Aslanyan hopes that by making the process more seamless, monetization opportunities will become more accessible for streamers. “The idea behind it is to give viewers a reason to spend some money, because if you look at the return on bits compared to things like subscriptions and direct donations, it’s on the lower side. ” Aslanian said. “The reason is that there is no real incentive to donate to Bit.” It may be easier for streamers to monetize their work, but do artists risk losing their commissions? VTuber 2D and 3D design has grown into a digital cottage industry since 2020, with many artists looking to make full use of it. Time relies on commissions for its income. Neither Mai nor Aslanyan are worried about Obscur’s Character Creator pushing out artists. Instead, they said, the platform’s user-generated marketplace creates opportunities for artists to expand their clientele. Mai described Character Creator as a “baseline” opportunity for complete beginners to step into her VTuber career without paying a fortune or learning complex animations. “I think there’s still a lot of desire for specific art styles with specific designs that are unique only to individual artists. They’re still doing that craft in other mediums, and a lot of artists are moving into this field. “I mainly work in Obscur because the marketplace allows you to make money from the assets you’ve already created,” Mai said. Additionally, if streamers want to use more complex and highly specialized models for their streams, they can import commissioned works into Obskur. Image credits: Provided by Obscur Image credits: Courtesy of Obxul Aslanyan added that Obskur considered feedback from artists when designing Character Creator. An artist known as the art director of Obscur. art gunis known for designing the model for Ironmouse, one of North America’s most popular VTubers. According to Aslanyan, she oversaw the development of the character creator and also helped launch the marketplace. “From my point of view as a creator, the market size is expanding,” Aslanyan continued. “The basics are one-to-one. In our case, we can create a cool jacket, and then in the marketplace people have almost instantaneous access to the character, and we can sell that jacket many times over, and we’re able to sell that jacket many times over. You can potentially generate more revenue than spending months creating a jacket for a single character. It’s more of a scale business than…

Source: techcrunch.com

Monthly Futures Spread Trading Volume on OKX Liquid Marketplace Skyrockets to Record-High $1.54 Billion, Surpassing September Performance

OKX a leading cryptocurrency exchange and Web3 technology company, today announced: futures spread trading volume Moreover liquid marketplace, a spot OTC, futures spread and options liquidity network, reached a monthly high of USD 1.54 billion in September 2023. This achievement is 62%* Institutional market share of futures spreads for the current month.

From July 2023 onwards launch OKX Accumulation of Nitro Spread, a venue for institutional investors to execute basis, futures spread, and funding rate arbitrage strategies under OKX’s Liquid Marketplace futures spread amount It led the market from August 28, 2023 to October 11, 2023.

OKX futures spread volume was also strong on the “high watermark” volume days, with OKX futures spread notional volume increasing four times within the date range (September 12th, September 19th). , September 28, and October 10) crossed the 100 million USDT mark. 2023).

These volume milestones solidify OKX’s position liquid marketplace The go-to place for institutional investors looking to take advantage of superior liquidity in a wide range of trades including futures spreads, spot OTC basis, options and more.

OKX Chief Commercial Officer Lennix Lai said: “The latest futures spread volume figures confirm that the OKX Liquid Marketplace is a diverse ecosystem of counterparties pursuing a variety of trading strategies, making it the trading venue of choice for institutional traders. We have worked hard to develop the products, liquidity, and intuitive trading features that traders demand in a highly competitive market environment. We will adapt it to the needs of customers and further expand our customer base.”

Since its launch in July 2023, OKX has announced on October 6th nitro spread Cumulative trading volume exceeded 2 billion USDT.

Nitro Spreads is a place for institutional investors to execute advanced strategies and efficiently drive delta rolls on OKX’s liquid marketplace. Nitro spreads allow both legs of a trade to be executed through a central order book, minimizing leg risk between markets and providing increased capital efficiency for institutional traders. Traders can also select a guaranteed spread for a trade before execution to reduce unexpected price slippage. The transaction is then matched and settled immediately.

*sauce: Lavitas

OKX is the world’s leading cryptocurrency exchange and innovative Web3 company. Trusted by over 50 million users worldwide, OKX is known as the fastest and most reliable crypto trading app for traders around the world.

As a top partner for English Premier League champions Manchester City FC, McLaren F1, Olympian Scotty James and Formula 1 driver Daniel Ricciardo, OKX aims to enhance the fan experience with new engagement opportunities. OKX is also a top partner of the Tribeca His Festival as part of its efforts to bring more creators to his Web3.

OKX Wallet is the platform’s newest offering for those who want to explore the world of NFTs and the Metaverse while trading GameFi and DeFi tokens.

OKX is committed to transparency and security, and we publish the evidence every month.

To learn more about OKX, download the app or visit: okx.com

Disclaimer

This announcement is provided for informational purposes only. This is not intended to provide investment, tax, or legal advice, nor should it be considered an offer to buy, sell, hold, or offer any services related to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can be highly volatile, and may even become worthless. Leveraged trading of digital assets magnifies both your potential profits and potential losses and can result in a loss of your entire investment. Past performance is not indicative of future results. You should carefully consider whether trading or holding digital assets is suitable for you, especially if you are considering the use of leverage. You are solely responsible for your trading strategies and

Source: the-blockchain.com