NFTs Weekly News #79 - Ecosystem: China guarantees legal protection of NFTs

Are you ready for some NFTs news?

We've prepared a new article that covers the latest news and updates in the world of Web3 and NFTs. Read them below!

šŸ—žļø News from last week

  • Looksrare launches "Infiltration", a game that promises prizes in $ETH and $LOOKS. On November 23 you will be able to mint your NFT collection for the new game, and from November 24 the game will start, or rather start heist (en. Heist).
  • The Sandbox is putting Cinerama LAND on sale, offering Sandbox Metaverse land owners film-themed spaces in partnership with well-known film industry brands.
sandbox metaverse
  • The beta version of Web3, Parallel will be released on the Epic Games Store platform soon, and players with NFT cards can earn $PRIME tokens for their victories.
  • Ubisoft, the creator of Assassin's Creed is presenting an NFT collection for its new game "Champions Tactics", 9999 tokens will be distributed for free.
  • Animoca Brands Japan will launch digital figurines, in the form of NFTs, inspired by anime characters from the TV series Liar, Liar. They will be launched on the Weebox platform in March 2024 as part of their strategy in San FranTokyo.
  • PancakeSwap has launched its own game marketplace, enabling developers to build, launch and update games with cryptocurrency and NFT integration. The platform will support nine blockchains, including Ethereum and Binance Smart Chain.

šŸ—žļø Investments

Animoca Brands and NEOM Investment Fund: a strategic partnership to develop Web3 in Saudi Arabia

In a world undergoing a digital transformation, Animoca Brands, a gaming company with a significant presence in the Web3 and metaverse, recently announced a strategic partnership with NEOM, an urban development project in the northwest of Saudi Arabia, or more simply, a city of the future. Under the agreement, Animoca Brands will receive $50M in funding from NEOM Investment Fund.

animoca brands

The goal? In short, to turn NEOM into the Silicon Valley of Web3, only in the Arabian desert.

In the long term, the investment will help support and develop Web3 initiatives in Saudi Arabia in line with the Saudi Vision 2030 plan. This will mean a decentralised and transparent digital economy that will revolutionise the way people live, work and interact and position Saudi Arabia as a global leader in Web3. And NEOM will be a hub for technology, innovation and sustainable development.

The partnership between Animoca Brands and NEOM Investment Fund is not only an investment, but also an important step in the development of the Web3 ecosystem in Saudi Arabia and a recognition of the potential of this technology to democratize the digital economy and create new opportunities for people around the world.

šŸ—½ Brands / Celebrities

  • Disney will have its own NFT marketplace, Disney Pinnacle. Only it doesn't call them NFTs, it calls them digital badges. They will be inspired by characters from Disney, Pixar and Star Wars movies and are similar to Disney's original physical badges. All this, in collaboration with Dapper Labs (creator of NBA Top Shot and CryptoKitties), on the Flow blockchain. The badges will be available for purchase directly from the app because, by the end of the year, Disney Pinnacle will be released in the App Store and Play Store. Here find the link to join the waitlist.
  • FIAT announces an open call for artists in preparation for next year's ARTISTICA generative art exhibition. The deadline for submissions is 14 January 2024.
  • FIAT also marks its entry into Web3 with the launch of the FIAT Pass, a unique membership card, distributed free of charge to all interested parties, starting December 21. It evolves as holdouts interact with the brand and can unlock various rewards or early access to future airdrops.
  • Lacoste has launched the "Factory Drop" collection, featuring six pieces co-created by the Lacoste community and designers, available worldwide until December 6. Lacoste UNDW3 owners receive a 20% discount."
lacoste collection
  • Amazon Web Services together with Animoca Brands and Polygon Labs is launching the MoonRealm Express Accelerator, a global initiative to develop Web3 solutions through the MocaverseNFT project, focused on decentralized identity, socialfi and gamefi.
  • Diary Queen, the American fast food brand, has partnered with the NFT Weirdo Ghost Gang project for a pop-up experience in Chengdu, China until December 31."

šŸ“£ Projects news / Updates

  • ZenAcademy has partnered with Travelswapz the platform that allows you to book and pay for hotel accommodations with cryptocurrencies, and as a ZenAcademy member, regardless of your ZenAcademy NFT, you will have access to exclusive discounts at hotels worldwide.
  • Doodles celebrated their first appearance at ComplexCon with a giveaway for a PlayStation 5 exclusive 1/1, created by artist Burnt Toast.
  • Cool Cats has announced the "Color Me Cool" contest in collaboration with Macy's to launch a custom CC collection consisting of 1,000 limited edition Blue Cat and Chugs figurines incorporating NFC technology. Cool Cats owners can participate until November 22, 3 PM ET.
  • The RTFKT experience made in Fortnite - Dunk Wars map, will launch on November 21, and Clone X LA participants have early access.
  • CyberKongz has introduced SAGA, a platform that offers interactive storytelling experiences. CyberKongz holders can register for the chance to become characters in Niakea.
  • Deadfellaz presents the official DFZ Gaming channel, focused on Web2 and Web3 gaming content on the X platform.
  • Pudgy Penguins is set to launch two different types of arcade video games in 2024.

China guarantees legal protection of NFTs and grants them virtual property status!

china legat nfts

The Chinese government has taken a significant position on the legal status of digital collections such as NFTs.

In the face of often conflicting judicial opinions on the status of cryptocurrencies in the country, the Chinese government has officially issued a legal commentary on the handling of NFT theft cases and their status as legally protected virtual property.

According to a November 9 publication by the state-controlled Southwest China University of Political Science and Law (SUPL), digital collectibles such as NFTs - unlike ordinary online images - meet the characteristics of virtual online property due to their non-alterable attributes, unique codes and detailed transaction information.

SUPL jurists say, "This highlights the rarity of digital collections, which have both use value and exchange value. According to Article 127 of the Civil Code, it can be seen that, from a civil law perspective, online virtual property is considered a different object of rights from property rights, creditor rights, intellectual property rights, etc. and is protected by civil law."

In the same announcement, Chinese authorities presented three perspectives on the classification of digital collection theft. The first two view it as either data theft or digital property theft. However, the third perspective, which recognizes digital collections as both data and virtual property, classifies them as "co-infringements" that violate both laws protecting computer data and property rights.

By labeling digital collections as "virtual network property", the Chinese government officially recognizes them as property in a criminal context, indicating that they may be subject to property offences.

Despite China's ban on most crypto activities in 2021, this announcement shows a more nuanced approach to digital assets such as NFTs. There are clear signs of growing interest in NFTs in China - on October 6 the state-owned China Daily revealed plans to create its own NFT platform, allocating $390,000 for its design and implementation.

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