McDonald’s Metaverse in Singapore, South Korea classifies NFTs as virtual assets: Nifty Newsletter
In this week's newsletter, read about fast food chain McDonald's' new launch in Singapore, Metaverse, and South Korean regulators classifying non-fungible tokens (NFTs) as virtual assets. In other news, NFT fraudsters are indicted in the United States, and learn how Bitcoin-based collections have led to weekly increases in NFT sales volumes.
The McDonald's metaverse first appeared in Singapore
McDonald's in Singapore has introduced the “My Happy Place” Metaverse, where users can make virtual burgers and participate in various activities. It partnered with Bandwagon Labs to create an interactive virtual environment that highlights the fast food chain's creativity and daily rewards.
Metaverse uses Web3 technologies, including the crypto wallet MetaMask, and offers tokenized transactions and digital collections. Clarence Chan, founder of Bandwagon Labs, focused on visual rewards and user interaction, which addressed the typical limitations of Metaverse experiences and increased fan engagement.
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South Korea has designated mass-produced NFTs as virtual assets.
South Korea's Financial Services Commission has issued clear guidelines on the conditions under which the country treats NFTs as virtual assets. If NFTs do not have the special characteristics of virtual assets and are mass produced, distributed and used for payments, they fall under the classification of virtual assets.
The FSC emphasized that large volumes of NFT collections can be used as a payment method, although each case will be assessed on an individual basis. The directive also states that NFTs can be considered securities if they meet the requirements outlined in the country's capital market law.
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NY's attorney accuses three of being linked to the “Evolved Apes” NFT scam.
Three people linked to the “Evolved Apes” NFT scam have been charged in the US with wire fraud and money laundering. Mohammed-Amin Atta, Mohammed Relaz Waleih and Daoud Hasan inflated the value of NFTs, promised a video game and lost 800 Ether (ETH) worth $2.7 million by 2021.
Despite claims of a game launch, the project folded within weeks. Waleling's attempt to withdraw the money under false pretenses further complicated the matter; The charge carries a maximum of 20 years in prison.
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Bitcoin increases with NFT sales every week
Last week, NFT sales rose by 18.9%, hitting a sales volume of $147.3 million. This was mainly driven by Bitcoin-based NFTs, with sales reaching $49.7 million. Ethereum NFTs followed closely behind with $35.6 million in sales.
Meanwhile, Polygon, Immobility and Blast emerged as the top blockchains with double-digit growth. The volume of the explosion rose more than 95% to $4.6 million, in crypto influential NFTs. Polygon's Moon Girl NFTs surged 643 percent, to $5.8 million. Also, Immutable's Guardians Guild game dropped 22 percent to $7 million.
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Thanks for reading this roundup of the week's most notable developments in the NFT space. Come back next Wednesday for more reports and insights into this actively growing space.
