Explore the latest happenings in the world of NFTs in this week’s newsletter. Discover McDonald’s innovative foray into the metaverse with the launch of “My Happy Place” in Singapore, where users can create virtual burgers and participate in engaging activities. Partnering with Bandwagon Labs, the fast-food giant has crafted an interactive virtual world that focuses on creativity and daily rewards, incorporating Web3 technologies like MetaMask for crypto transactions and offering token-gated activities and digital collectibles. Clarence Chan, the founder of Bandwagon Labs, emphasizes the unique rewards and user interactions that set this metaverse apart.
In South Korea, regulators have classified mass-produced NFTs as virtual assets, setting clear guidelines for when NFTs will fall under this classification. The Financial Services Commission (FSC) outlined that NFTs lacking distinct traits from virtual assets, being mass-produced, divisible, and usable for payments, will be considered virtual assets. High-volume NFT collections could potentially serve as a payment method, with each case evaluated individually. The guidelines also mention that NFTs may be deemed securities if they meet specific criteria outlined in the country’s Capital Markets Act.
Across the globe, three individuals associated with the “Evolved Apes” NFT scam are facing charges in the United States for wire fraud and money laundering. Mohamed-Amin Atcha, Mohamed Rilaz Waleedh, and Daood Hassan allegedly inflated NFT prices, promised a video game, and disappeared with 800 Ether (ETH) valued at approximately $2.7 million in 2021. Despite assurances of a game launch, the project quickly collapsed, leading to legal repercussions for the accused, including a maximum 20-year prison sentence.
Bitcoin’s influence has driven a significant increase in NFT sales volumes, with last week seeing a surge of 18.9% to reach $147.3 million in sales. Bitcoin-based NFTs dominated the market, generating nearly $49.7 million in sales, followed closely by Ethereum NFTs with $35.6 million. Blockchains like Polygon, Immutable, and Blast experienced substantial growth, with Blast’s volume soaring over 95% to $4.6 million, fueled by crypto influencer NFTs. Polygon’s Moon Girl NFTs saw a remarkable 643% surge, nearing $5.8 million in sales, while Immutable’s Guild of Guardians game saw a 22% increase to $7 million.
Stay tuned for more updates and insights on the dynamic world of NFTs next Wednesday as we continue to track the latest developments in this rapidly evolving space. Thank you for reading!