In this week’s newsletter, read about fast food chain McDonald’s newly launched metaverse in Singapore and South Korean regulators classifying non-fungible tokens (NFTs) as virtual assets. In other news, NFT scammers have been charged in the United States, and find out how Bitcoin-based collectibles led to a weekly surge in NFT sales volumes.
McDonald’s metaverse debuts in Singapore
McDonald’s has introduced the “My Happy Place” metaverse in Singapore, where users can craft virtual burgers and engage in various activities. In collaboration with Bandwagon Labs, the fast-food chain developed an interactive virtual environment emphasizing creativity and daily rewards.
The metaverse utilizes Web3 technologies, including the crypto wallet MetaMask and offers token-gated activities and digital collectibles. Clarence Chan, Bandwagon Labs’ founder, highlighted the focus on tangible rewards and user interaction, which addresses the typical limitations of metaverse experiences and enhances fan participation.
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South Korea labels mass-produced NFTs as virtual assets
South Korea’s Financial Services Commission (FSC) has issued clear guidelines on situations when the country will treat NFTs as virtual assets. If NFTs lack distinctive traits from virtual assets and are mass-produced, divisible and usable for payments, they will fall under the virtual asset classification.
The FSC emphasized that high-volume NFT collections could serve as a payment method, though each case will be evaluated individually. Additionally, the guidelines outline that NFTs could be considered securities if they meet the criteria outlined in the country’s Capital Markets Act.
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NY Attorney charges three tied to “Evolved Apes” NFT scam
Three people linked to the “Evolved Apes” NFT scam face charges in the U.S. for wire fraud and money laundering. Mohamed-Amin Atcha, Mohamed Rilaz Waleedh and Daood Hassan allegedly inflated NFT prices, promised a video game, and vanished with 800 Ether (ETH) worth…
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