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The Metaverse Web 3.0 update – August 1st
01/08/2022
Web 3.0 is continuing its upwards trajectory and attracting new and exciting experiences from the world’s leading brands and celebrities. From Post Malone and Tony Hawk announcing virtual experiences to Reddit and Nike announcing Digital Asset platforms, it’s been another exciting couple of weeks for Web 3.0.
In this article we will take a look at some of the biggest headlines relating to Web 3.0 from the past 2 weeks.
What is Web 3.0?
Reddit launches a new NFT-based avatar marketplace
Reddit has launched a new NFT-based avatar marketplace. This marketplace allows users to purchase blockchain-based profile pictures for a fixed rate. Furthermore, a crypto wallet is not required to buy the avatars, so a credit or debit card can be used. Any purchased avatars can be stored on Reddit’s own wallet product.
Reddit has said that it is releasing 90 designs with the total amount of NFTs limited to a figure in the “tens of thousands” during the early-access phase.
Anyone who purchases one of these limited-edition NFTs from Reddit will have the licensing rights to use it both on and off Reddit as an avatar.
Solana to open a physical store in New York’s Hudson Yards
Solana recently opened a permanent physical retail store dedicated to its cryptocurrency activities. The main goal of this experience is to onboard interested customers and educate anyone who would like to learn more about the blockchain.
The store features various stations aimed at onboarding people to the crypto space, including a private booth for helping people to set up a Phantom wallet (the most popular Solana wallet). Other stations provide tutorials on platforms like STEPN, a play-to-earn app, and Magic Eden, an NFT marketplace.
Visitors can also take a look at and experience the Solana Saga, Solana’s Web3 mobile phone.
Post Malone to partner with Meta Quest
International superstar and Nine-time Grammy Award-nominated artist, Post Malone, will be partnering with Meta Quest (Facebook’s new metaverse headset), as well as Facebook and Instagram. Post Malone’s Twelve Carat Toothache: A VR Experience, which is made up of a 40-minute concert film and visual album, will debut July 15 at 9PM EST within Quest’s Horizon Worlds, as well as on the artists IG and Facebook pages.
Tony Hawk to open a skatepark in the metaverse
The legendary skateboarder, Tony Hawk has announced his intentions to create a skateboard themed experience in the metaverse through a partnership with The Sandbox and autograph.io.
As part of the experience, Tony Hawk is planning to build a skateboard park in the metaverse. There will also be voxel representations of the skateboarder available as NFTs, that users will be able to use in The Sandbox metaverse world.
Nike announces plans to open a platform for digital assets
Nike recently updated its swoosh.nike website and revealed plans that they are building a “safe and secure platform for you to discover, collect, and create virtual products.”
Ethereum plans to be able to process 100k transactions per second
The upcoming Ethereum Merge will help push the blockchain network one step closer to being able to process 100K transactions per second.
Should Ethereum be able to achieve this, they will be able to process significantly more transactions than Visa (~65,000) Mastercard and Amex (~5,000).
Playboy to enter the metaverse
Playboy’s iconic party mansion will soon be coming to the metaverse. A virtual version of the real-life building is coming to The Sandbox and will contain a variety of mini-games, social mixers, and programmed events.
Chipotle to give away $200,000 of crypto
American fast food restaurant, Chipotle has announced that it’s giving away $200,000 in free crypto through an online game called “Buy the Dip.”
Players are presented with a crypto trading chart, which allows them to watch as prices rise and fall. In order to win, they need to hit ‘stop’ whenever they believe the market is bottoming out. If players win a prize, they will have 15 seconds to “CLAIM” it or “SWAP” it for a chance at a different prize. If players don’t win a prize, they can click “TRY AGAIN” for another chance.
US Senators announce a proposal to exclude crypto transactions <$50 from tax
Senator Patrick Toomey (R-PA) joined with Kyrsten Sinema (D-AZ) are looking to push the exemption from tax requirements for crypto users making small investments or purchases valued at $50 or below.
Please note, this proposal is in its very early stages and nothing concrete has been announced yet.
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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