Meta files trademark applications, Thailand bans crypto payments

It’s all about the metaverse this week, with Yuga Labs raising funds to create an NFT media empire and Meta filing trademark applications for its virtual world.

You’re reading this week’s round-up of the hottest news in Web3 developments, brought to you by UKISS Technology. 

Yuga Labs raises $450 million for NFT metaverse

Creators of the Bored Ape Yacht Club NFT collection raised $450 million to build their own metaverse platform, known as “Otherside.” 

“Otherside” will host a slew of gaming experiences, with transactions paid in ApeCoin. A teaser of the metaverse platform opened with Yuga Labs’ signature monkey avatar, followed by magical booze, volcanic adventures, and rides with familiar NFT characters. 

After the latest round of funding, Yuga Lab’s valuation is now at $4 billion.

Meta files trademark applications linked to blockchain, crypto, metaverse

The company formerly known as Facebook filed eight trademark applications related to blockchain, cryptocurrencies, and metaverse experiences. According to the documents, Meta applied to the United States Patent and Trademark Office for the following:

• Crypto networking services
• Web3-related hardware and software
• Entertainment and electronic publishing
• Telecommunication services
• Virtual currency transactions
• AR- and VR-related advertising services
• Wearable tech
• Software for user authentication, fundraising, and wallets.

The company’s chief, Mark Zuckerberg, last year shifted his company’s focus towards virtual reality. He also renamed his company Meta.

Crypto.com unveiled as FIFA World Cup sponsor

Crypto.com has made another splash in the sporting world, this time becoming the official sponsor for World Cup Qatar 2022. The value of the deal was not disclosed.

The major cryptocurrency trading platform has been splurging on sports partnerships recently, including nabbing naming rights for the Crypto.com Arena in Los Angeles. That deal was estimated to be worth US$700 million. 

World Cup Qatar 2022 kicks off in November.

Thailand bans crypto payments

Thailand’s Securities and Exchange Commission issued a ban against payments that use cryptocurrencies and digital assets, citing concerns such as price volatility, lack of safeguards, money laundering, and cyber thefts. 

Starting April 1, businesses such as digital asset payment operators will have 30 days to phase out cryptocurrency payments, while consumers will not be allowed to purchase goods or services using digital currencies. Cryptocurrency trading for investment purposes can continue.