Web3 Developments, Metaverse Tax Initiatives Continue Despite Market Meltdown

Web3 developments, institutional investments, and lawmakers readying to tax metaverse returns remain steady regardless of the massive turbulence within the crypto markets.

non-fungible tokens disrupted art in 2021, with artists minting NFTs, exhibiting them, and auctioning the assets, whereas investors purchased. Sold and traded them. However, 2022 had a different narrative as NFT sales plunged by 92% from the market peaks.

Data from aggregator Layoffs.fyi shows over 17,000 tech laborers lost jobs in May. The latest decline resembles the 2018 one when large-cap cryptos such as BTC and ETH lost over 80%.

Institutional investors, web3 developers, and regulators readying to tax metaverse seem unbothered with current depressive volatility. The individuals continue with the usual business globally.

The bear market in NFTs may have worried top-notch financiers at Switzerland’s World Economic Forum, confirmed central banks beginning to stiffen financial policy amidst slowed economic activity. Moreover, hedge fund managers no longer worry about central bankers, focusing on Metaversians digitizing life aspects in 3D with AI.

Canada

Canada’s Utherverse CEO Brian Shuster foresaw the crypto market crash. The executive has established over 100 patents plus pending patents for the metaverse and core web technologies. He confirmed that many companies are building the metaverse, though most have severely underestimated the task’s complexity.

Meanwhile, Accelerate Financial Technologies from Calgary confirmed plans to develop the Accelerate NFT Fund, eyeing wealthy individuals interested in Web3 products and blockchain’s digital collectibles.

China

Though leading NFT collections saw their floor prices losing more than 50% within the previous month as broad sell-offs escalated, the crypto market crash hasn’t halted Metaverse infrastructural investments in China. Moreover, non-fungible token investment funds emerge each day.

France

The movie industry joined NFTs to fund films, with NFTs making a massive space during the Cannes Film Festival. In France, investing community will co-produce the Plush move via the sale of non-fungible tokens.

The movie will be on the market in 2023. Meanwhile, NFT holders will enjoy a share of returns from the film and access to special screenings attendance. Moreover, they can witness their favorite NFTs in the movie.

What are your thoughts about new tech innovations? Too challenging to ignore? You can comment below.

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