In this week’s newsletter, learn about the recently launched McDonald’s fast food chain in Singapore and South Korean regulators classifying non-fungible tokens (NFTs) as virtual assets. Separately, accused NFT scammers in the United States have discovered how Bitcoin-based collectibles have led to a weekly increase in NFT sales volumes.
McDonald’s Metaverse debuts in Singapore
McDonald’s has rolled out “My Happy Place” in Singapore, where users can prepare virtual burgers and participate in various activities. In collaboration with Bandwagon Labs, the fast food chain has developed an interactive virtual environment that emphasizes creativity and everyday rewards.
The metaverse uses Web3 technologies, including the MetaMask cryptocurrency wallet, and offers tokenized activities and digital collectibles. Clarence Chan, founder of Bandwagon Labs, highlighted the focus on tangible rewards and user engagement, which addresses the typical limitations of metaverse experiences and improves fan engagement.
continue reading
South Korea classifies mass-produced NFTs as virtual assets
South Korea’s Financial Services Commission (FSC) has issued clear guidelines on when the country will treat NFTs as virtual assets. If NFTs do not have the characteristics of virtual assets and are mass-produced, divisible and used for payments, they will fall under the classification of virtual assets.
The FSC stressed that large collections of NFTs could serve as a method of payment, although each case will be evaluated individually. Additionally, the guidelines clarify that NFTs can be considered securities if they meet the criteria set out in the country’s Capital Markets Law.
continue reading
A New York lawyer accuses three linked to the “Evolved Apes” NFT scam.
Three people linked to the “Evolved Apes” NFT scam are facing charges in the United States for wire fraud and money laundering. Mohamed Amin Acha, Mohamed Relaz Waleed and Dawoud Hassan allegedly inflated NFT prices, promised a video game and disappeared with 800 ether (ETH) worth around $2.7 million in 2021.
Despite the game’s launch claims, the project was completed within weeks. Walid’s attempt to withdraw money under false pretenses further complicated the case, as the charges carry a maximum prison sentence of 20 years.
continue reading
Bitcoin drives weekly spike in NFT sales volumes
Last week, NFT sales increased by 18.9%, bringing sales to $147.3 million. This is mainly due to non-fungible tokens based on Bitcoin, with sales reaching around $49.7 million. Ethereum NFTs followed closely with sales of $35.6 million.
Meanwhile, Polygon, Immutable and Blast have become the leading blockchains with double-digit growth. Blast volume increased by over 95% to $4.6 million, led by influential crypto NFTs. The value of Polygon’s Moon Girl NFTs increased by 643%, approaching $5.8 million. Additionally, Unchangeable Guardians Guild sales increased 22% to $7 million.
continue reading
Thanks for reading this roundup of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and information on this actively evolving space.
