Global Web3 metaverse and tax initiatives continue in the face of a market meltdown
Categories: Crypto News
Web3 developers, institutional investors and regulators preparing to tax metaverse profits remain stable despite all the turbulence in the digital assets market.In 2021, nonfungible tokens became the biggest disrupter in art, with artists minting, exhibiting and auctioning them and investors buying, selling and trading them. But by May 2022, NFT sales had dropped 92% from the market peak. According to data aggregator Layoffs.fyi, more than 17,000 technology laborers lost their jobs in May. The recent downturn is similar to 2018, when leading cryptocurrencies like Bitcoin (BTC) and Ether (ETH) fell by 80% or more. Immune to the digital asset market’s manic depressive volatility, Web3 developers, institutional investors, and regulators preparing to tax metaverse profits are calmly continuing with business as usual across the world.The NFT bear market might have cautioned high-level financiers at the World Economic Forum in Davos, Switzerland, as central banks start to tighten monetary policy against a backdrop of slowing economic activity. And gone are the days when central bankers fretted hedge fund managers — they are more concerned about the new crowd at the door, the “Metaversians,” who are digitizing various aspects of life in 3D with artificial intelligence Canada The digital asset market meltdown was foreseen by Brian Shuster, founder and CEO of Canada-based Utherverse, who has developed more than 100 patents and pending patents for core internet technologies and the Metaverse. China With the floor price of some major NFT collections crashing over 50% over the past month amid broad sell-offs, the digital asset market meltdown has not slowed down infrastructural investment into the Metaverse in China, with NFT investment funds and fund of funds popping up every day. France The film industry is tapping NFTs for funding movies, with nonfungible tokens making a big splash at the Cannes Film Festival.In France, the movie Plush, which is set to be released in 2023, will be co-produced by the investing community through the sale of NFTs. NFT holders will receive a share of the film’s profits and be granted attendance at special screenings, and they may even see their beloved NFTs come to life in the movie. India Harshavardhana Kikkeri, founder and CEO of HoloWorld — a metaworld that hosts “phygital” (physical and digital) metaverses in education, sports, robotics and security — has designed HoloSuit, which contains 40 embedded sensors to track the movements of a wearer’s arms, legs and fingers, presenting them digitally to enhance interactions in the phygital world. Japan Japanese multinational company Sony intends to be a leader in the metaverse and AI spaces by leveraging “the unique strengths provided by its diverse businesses and expertise in game technology, which will form the basis of entertainment experiences going forward.” South Africa Nelson Mandela, a revolutionary and anti-apartheid leader who served as the first democratically elected president of South Africa from 1994 to 1999, entered the Metaverse with the first Mandelaverse NFT — a collaboration between the Mandela family, TinyWins, Phoenix James Art Haus and Range Media Partners. The charitable Web3 project includes four NFT collections whose proceeds benefit the Mandela Education Program, an initiative to expand access to books to children in Africa and beyond and revolutionize how philanthropy can work. Spain Following Avalanche’s first-ever summit in Barcelona, the first Spanish Ethereum conference will be held in the same city from July 6 to 8. This comes as Ethereum co-founder Vitalik Buterin is calling for Federal Deposit Insurance Corporation-like protection for small crypto investors in the face of the recent market meltdown. United States Popular NFT collection Bored Ape Yacht Club, created by United States-based Yuga Labs, saw its floor price plunge to 88 Ether (ETH) (about $153,000) on May 27, down from 138 ETH (over $390,000 at the time) a month prior.