Check out this week’s newsletter for updates on McDonald’s launch of a new metaverse in Singapore and South Korea’s decision to classify non-fungible tokens (NFTs) as virtual assets. Additionally, learn about the charging of NFT scammers in the United States and how Bitcoin-based collectibles contributed to a surge in weekly NFT sales volumes.

McDonald’s Introduces Its Metaverse in Singapore

McDonald’s has launched the “My Happy Place” metaverse in Singapore, inviting users to indulge in virtual burger crafting and a range of engaging activities. Developed in partnership with Bandwagon Labs, this interactive virtual environment prioritizes creativity and daily incentives.

Employing Web3 technologies such as the crypto wallet MetaMask, the metaverse offers token-gated activities and digital collectibles. Clarence Chan, founder of Bandwagon Labs, emphasized the emphasis on tangible rewards and user engagement, aiming to overcome common limitations of metaverse experiences while boosting fan involvement.

South Korea categorizes mass-produced NFTs as virtual assets.

The Financial Services Commission (FSC) of South Korea has issued comprehensive guidelines regarding the classification of NFTs as virtual assets. According to these guidelines, if NFTs lack distinct characteristics from virtual assets and are mass-produced, divisible, and usable for payments, they will be classified as virtual assets.

The FSC emphasized that high-volume NFT collections could potentially function as a means of payment, with each case subject to individual evaluation. Moreover, the guidelines specify that NFTs may be deemed securities if they satisfy the criteria established in South Korea’s Capital Markets Act.

NY Attorney General Cracks Down on ‘Evolved Apes’ NFT Scam, Charges Three Suspects

Three individuals connected to the “Evolved Apes” NFT scam are facing charges in the U.S. for wire fraud and money laundering. Mohamed-Amin Atcha, Mohamed Rilaz Waleedh, and Daood Hassan allegedly engaged in inflating NFT prices, making false promises of a video game, and disappearing with 800 Ether, worth about $2.7 million in 2021.

Despite assurances of a game launch, the project collapsed within weeks. Waleedh’s attempt to unlawfully withdraw funds added complexity to the case, with charges carrying a maximum 20-year sentence.

The post Nifty Newsletter Breakdown: McDonald’s Venture into Singapore’s Metaverse, South Korea’s NFT Regulations appeared first on Baffic.