ALSO: Sam Reynolds writes about the unlikely rally of metaverse majors, including Axie Infinity and Decentraland, even as they struggle to keep users engaged. Author: James Rubin, Sam Reynolds

ALSO: Crypto bank Silvergate reports a fourth-quarter loss of $1 billion. Equities closed mixed after big banks’ 4Q earnings reports. Author: Jocelyn Yang

As part of a three-year effort to expand its public services, Metaverse Seoul will allow users to take their avatars to tax offices, access youth counseling and read e-books. Author: Cam Thompson

Last week, the country also added a function to its e-CNY payment app that allowed users to make payments offline. Author: Camomile Shumba

ALSO: Sam Reynolds writes that the surge of FTX’s FTT Token is part of a trend in which investors send prices of certain tokens higher even as their projects fail or flounder. Author: James Rubin, Sam Reynolds