McDonald's Launches Metaverse in Singapore and NFT Sales Surge: Key Updates in Crypto World
Summary:
This article showcases key developments in the NFT space - from the creation of a metaverse by McDonald's in Singapore, to South Korean regulators classifying NFTs as virtual assets, legal action against NFT scammers in the United States, and a rise in NFT sales volumes driven mostly by Bitcoin-based collectibles.
Take a look at this week's highlights in our newsletter, featuring the recent launch of McDonald's metaverse in Singapore and the classification of non-fungible tokens (NFTs) as virtual assets by South Korean regulators. Also, learn about NFT scammers being held accountable in the United States, and the role of Bitcoin-based collectibles in the weekly boost of NFT sales volumes.
McDonald's has unveiled its interactive metaverse, "My Happy Place", in Singapore. Here, participants get to virtually create burgers and partake in a range of activities. Developed alongside Bandwagon Labs, the fast-food giant's metaverse, grounded in Web3 technologies, offers daily rewards and promotes creativity. It also features token-gated engagements and digital collector's items. The metaverse is designed to focus on connection and real rewards, features essentially missing in typical metaverse experiences. This is according to Bandwagon Labs' founder, Clarence Chan.
The Financial Services Commission (FSC) in South Korea has clarified its position on the treatment of NFTs as virtual assets in certain situations. If an NFT is mass-produced, divisible, usable for payments, and lacks unique characteristics of virtual assets, it will be considered a virtual asset. The FSC stressed that large-scale NFT collections could potentially be used for payments. However, every situation will be independently assessed. The issued guidelines also mention that NFTs could be deemed securities if they fulfill the criteria stipulated in South Korea's Capital Markets Act.
Legal action has been initiated in the United States against three individuals in connection to the ill-famed "Evolved Apes" NFT scam. Accused of wire fraud and money laundering, Abdullah Al-Rubaish, Mohamed-Amin Atcha, Mohamed Rilaz Waleedh and Daood Hassan are believed to have manipulated NFT prices, pledged a video game, and disappeared with approximately $2.7 million worth of 800 Ether (ETH) in 2021. Despite promising a game, the project collapsed in a few weeks. The elaborate scheme to siphon off funds has resulted in severe charges with potential jail sentences of up to twenty years.
The previous week saw an 18.9% increase in the sales of NFTs, tallying a sales volume of around $147.3 million. Bitcoin-based NFTs primarily stimulated this rise, with sales totaling nearly $49.7 million. Ethereum NFT sales were not far behind, amounting to about $35.6 million. Surprisingly, blockchains such as Polygon, Immutable, and Blast also reported significant growth. Influencer-centric NFTs resulted in Blast's volume soaring by more than 95% to approximately $4.6 million. Meanwhile, sales of Polygon's Moon Girl NFTs skyrocketed by 643%, amounting close to $5.8 million. Lastly, Immutable’s Guild of Guardians game climbed 22% to $7 million.
Thank you for perusing this concise briefing of this week's key happenings in the NFT world. Be sure to return next Wednesday for more updates and insights on these progressively changing landscapes.
Published At
6/12/2024 10:00:00 PM
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