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 about $2.7 million in 2021.

Despite claims of a game launch, the project folded within weeks. Waleedh’s attempt to withdraw funds under false pretenses further complicated the case, with charges carrying a maximum 20-year sentence.

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Bitcoin carries weekly rise in NFT sales volumes

Last week, NFT sales surged 18.9%, hitting a sales volume of $147.3 million. This was driven primarily by Bitcoin-based NFTs, with sales reaching almost $49.7 million. Ethereum NFTs followed closely with $35.6 million in sales.

Meanwhile, Polygon, Immutable, and Blast emerged as top blockchains with double-digit growth. Blast’s volume spiked over 95% to $4.6 million, led by crypto influencer NFTs. Polygon’s Moon Girl NFTs surged 643%, nearing $5.8 million. Furthermore, Immutable’s Guild of Guardians game bumped 22% to $7 million.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.