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The Metaverse and Web 3.0 update – September 6th
Despite a global downturn in the cryptocurrency market, Web 3.0 is still proving its worth and continuing its impressive growth. Week after week, we are seeing bigger and more exciting developments emerging from the Web 3.0 space, for example, the metaverse making an appearance at the VMA awards and Tom Brady announcing a new NFT drop.
In this article we will take a look at both of these developments plus more of the biggest headlines relating to Web 3.0 from the past 2 weeks.
What is Web 3.0?
Snoop Dogg and Eminem
Snoop Dogg and Eminem brought their Bored Apes avatars to the VMAs, which was held this past Sunday. Both artists performed their song, “From the D to the LBC’, from inside Yuga Labs’ upcoming metaverse, Otherside.
It is fair to say that MTV has really begun to embrace the metaverse. This was especially evident during this year’s VMAs, with the introduction of the ‘Best Metaverse Performance’ award along with traditional categories such as Artist of the Year.
Nike becomes the highest earner from NFTs.
Recent reports suggest that Nike has made around $185.33 million from NFTs so far. This means Nike has earnt more than rival companies Gucci, Tiffany, Dolce & Gabbana and Adidas who have all released NFTs.
Dolce & Gabbana ($25.65 million) took second, Tiffany ($12.62 million) finished third, and Gucci ($11.56 million) and Adidas ($10.95 million) claimed fourth and fifth, respectively.
Meta releases its metaverse ID system
Meta has officially released its ‘Meta accounts and Meta Horizon Profiles’. The ‘Meta accounts and Meta Horizon Profiles’ will be used instead of the personal social media accounts that have so far been required to log into Metas VR systems.
There have been a lot of recent announcements relating to Metas upcoming VR system, firmly establishing the company at the front of the Web 3.0 revolution.
M&M’s limited edition candy to feature Bored Ape images
Confectionary giant, Mars, has released a set of limited-edition M&M’s candy featuring Bored Ape Yacht Club imagery on them. This release was done in partnership with Kingship and 1022PM.
The release was such a success that the $100 limited edition set, which was limited to 100 boxes, instantly sold out. However, at the time of writing there are still some $4000 and $6000 editions available online.
Michael Bay joins forces with Jadu
World renowned movie director, Michael Bay, has joined forces with developer, Jadu, to help develop what is expected to be Web3’s definitive AR game.
As part of the partnership, Michael Bay also created rare BAY designed AVAs from the upcoming NFT collectibles drop from the Jadu ecosystem.
Tom Brady announces his new NFT experience
Legendary NFL Quarterback Tom Brady recently announced his participation in an NFT Signature Experience with autograph.io. Autograph.io is a Web3 platform Tom Brady co-founded.
The first signature experience being launched as part of this collection is known as ‘The Huddle’. ‘The Huddle’ offers Season Ticket holders a chance to participate in an exclusive collaboration with Tom Brady, attend in-person and online events, and claim custom goods—both digital and physical—crafted specifically for the community.
By unlocking exclusive access to The Huddle, owning this unique NFT is much more than a membership program. After each week of the regular NFL season, the Season Ticket will evolve to reflect Brady’s updated stats and achievements.
Luxury watch maker, Jacob & Co, releases Web 3.0 themed watch
Luxury watch maker Jacob & Co. has released a Web 3.0 themed watch called the Astronomia Solar Bitcoin. This watch is valued at $350K and is a limited edition, with only 23 being made. The design of this watch pays homage to Bitcoin.
According to Jacob & Co:
“The black DLC titanium Astronomia Solar Bitcoin is a limited edition of 25 pieces, a highly symbolic tribute to the world of cryptocurrencies and to its pioneering and leading example, Bitcoin. It’s interspersed with details and features that are directly linked to the Bitcoin universe.”
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 talk to one of our experts now.
For a full list of our blockchain services, please click 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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