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News – METAVERSE
The Metaverse and Web 3.0 update
The metaverse and web 3.0 has once again announced some hugely exciting news over the past 2 weeks. There have been major announcements from countries such as Russia, to international chains like Starbucks, Coca-cola and Tiffany & Co, to individual celebrities like Oleksandr Usyk.
In this article we will take a look at some of the biggest headlines relating to the metaverse and web 3.0 from the past 2 weeks.
What is Web 3.0?
Starbucks to launch a Web 3.0 based rewards program
Starbucks is looking to introduce a collection of digital collectibles in order to better engage customers. This will be achieved through launching a Web3.0 based rewards program next month.
Starbucks plans to integrate their existing digital Starbucks Rewards system with a set of Starbucks branded digital collectibles as both a reward and a community building element. Starbucks will design and launch an entirely new set of digital assetts that will both attract new customers and be appeal to existing customers.
The full reveal of the project is set to happen during Starbucks’ Investor Day on Sept. 13.
Instagram to introduce NFTs internationally
Meta, the parent company of Instagram has announced the beginning of their international expansion of NFTs on Instagram.
As part of the expansion, more people, creators, and businesses will be able to share their collection of NFTs on the platform. This feature will be available in more than 100 countries in Africa, Asia-Pacific, the Middle East, and the Americas.
People in participating regions will be able to connect a digital wallet (Coinbase and Dapper wallets), share NFTs, and automatically tag both a creator and collector for credit.
Magic Eden to accept Ethereum
Magic Eden, the most popular and widely used NFT marketplace on the Solana blockchain, will soon support Ethereum. The use of Ethereum is expected to be introduced by the beginning next month.
This follows on from Magic Eden recently announcing they have secured fresh VC funding that valued the unicorn startup at $1.6B.
Coca-cola launch their first series of NFT collectables
Coca Cola recently launched their first-of-a-kind, generative, and shareable collectibles on Polygon. The collection was released in order to celebrate International Friendship Day.
The collectibles have a unique share-to-reveal functionality where each artwork will only reveal its design after being shared with a friend.
Bored Ape NFT signs a MLS Contract
An NFT, Bored Ape 6045 has just signed a Major League Soccer contract. The NFT has been listed as a 6’5, 250lb striker, signed the contract as part of a collaboration with @getengaged.
This is the first time a ‘digital athlete’ has signed a contract with a professional sports organization.
Tiffany & Co to launch an NFT collection
Leading jewellery brand, Tiffany & Co have launched an NFT collection exclusively via Cryptopunk holders on the 5th of August.
The collection has a very limited supply of 250 and were priced at 30 ETH each (approx $50K USD).
Purchasers of a Tiffany & Co NFT will also receive a redeemable physical pendant designed and crafted by Tiffany & Co. artisans. This pendant will be designed to resemble Cryptopunk logo.
Oleksandr Usyk is helping launch a new NFT collection to raise money for Ukraine
Heavyweight Boxing champion Oleksandr Usyk is helping launch a new NFT collection. Proceeds from this collection will be used to support Ukraine.
The drop comes ahead of Usyk’s world title defence against Anthony Joshua on August 20.
The collection will be made up of 2,000 one-of-one NFTs. These NFTs will be made up of unique artwork, and feature quirky designs created by the world-renowned artist Dosbrak. The collection will chronicle some of the key moments from the boxer’s undefeated professional career.
Russia plans to release the digital Ruble across all banks by 2024
The Bank of Russia first started Central Bank Digital Currency testing in 2022 and expects to implement an official banking rollout in 2024.
According to the Bank of Russia’s latest monetary policy update, they will begin to connect all banks and credit institutions to the digital ruble platform in 2024.
In conclusion
The metaverse and Web 3.0 have once again managed to attract a whole host of celebrities and brands to join the Web 3.0 revolution. Numerous well known and established brands have announced exciting projects aimed at taking full advantage of the metaverse. Each week, more and more announcements about partnerships and new experiences opening in the metaverse are made.
If you are interested in learning more about how your business could get involved with the Metaverse, why not book a consultation with one of our Blockchain experts here
Please note that this article is for information purposes only and does not constitute legal advice.
Our consultations last for a period of 1 hour and are conducted by our Blockchain experts Lawyers who are fluent in English, French and Thai.
Consultations can be hosted via WhatsApp or Video Conferencing software for your convenience. A consultation with one of our Blockchain experts is undoubtedly the best way to get all the information you need and answer any questions you may have about your new business or project.
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Frequently asked questions
Do you pay tax on crypto in Thailand?
The transfer of cryptocurrencies or digital tokens via a registered exchange in Thailand are now exempt from VAT (7%). This new legislation has been retroactively enforced from April 1st 2022, and will last until December 31st 2023.
Which country is tax free for cryptocurrency?
Examples include, Germany, Belarus, El Salvador, Portugal, Singapore, Malaysia. and Malta.
Is cryptocurrency legal in Thailand?
Yes Cryptocurrency is legal in Thailand. The Thai Government has been enacting and releasing legislation which is designed to create a legal framework for Cryptocurrencies in Thailand.
Is Binance legal in Thailand?
Binance has not been issued with the required licence from Thailands Security and Exchange Commission.
Does Thailand have capital gains tax?
Yes, Thailand has Capital Gains Tax and is set at a rate of 15%.
How do you buy metaverse land?
How to buy land in the Metaverse
- Selecting a Metaverse platform of your choice.
- Create an NFT or crypto wallet.
- Link the wallet that you have created to to Decentraland.
- Purchase ETH via Binance or any other trading plateform then moving it to your crypto wallet.
- Choosing Your First land of Virtual Real Estate in the metaverse
How much is a land in metaverse?
The average price of properties on the four major platforms has doubled to $ 12,000 in six months over the past year, according to a report from Republic Realm, which tracks projects related to the Metaverse. As in the real world, location on the map can have a significant impact on Metaverse real estate prices
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