Friday, December 2, 2022

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    This Week in the Metaverse: Apple's App store crypto & NFT rules, Umbro sprints into web3

    Things are moving fast in the metaverse, and in the wider world of web3 as a whole. Here’s what you need to know from this past week:

    Apple clarifies App Store rules for crypto and NFTs

    In an updated set of rules published Monday, the tech giant firmly established that apps using the App Store can offer crypto services through licensed exchange platforms, but only in jurisdictions where those platforms have legal authority to operate. 

    The updated rules also mentioned that apps can sell NFTs through – and only through – in-app purchases. As a result, some apps that sell NFTs operating in Apple’s App Store will be subjected to the much-debated 30% fee on in-app purchases that the tech giant collects from developers who make at least $1mn per year through the App Store. 

    Top investor urges Meta to cut back on metaverse spending

    On October 24, Altimeter Capital founder and chief executive Brad Gerstner published an open letter warning Meta that it had lost its way, along with the confidence of its investors. The letter, titled “Time to get fit,” offered a three-point plan to help Meta get back on track, which focused on cutting back on spending – especially that devoted to metaverse-related projects. 

    Umbro enters web3 space with jersey-themed NFTs

    Athletic equipment company Umbro has kicked off its first-ever web3 campaign by launching a series of NFTs, which it describes as “smart digital collectibles.”  The series, called the “Nations Collection by Umbro,” features designs modeled off football (soccer) jerseys from around the world. Umbro’s new NFT collection arrives shortly before the 2022 FIFA World Cup, which starts in Qatar next month. It also arrives at a time when a growing number of sports organizations – including, recently, Football Club Barcelona – have been launching their own web3 campaigns. 

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    L’Oreal and Meta offer support program to Web3 startups

    L’Oreal has partnered with Meta and SEC Paris (a business school located in the French capital) to develop a program aimed at assisting startup companies operating in the Web3 space. The program will reportedly be headquartered in Paris and will provide mentorship services and other resources to a minimum of five startups working in Web3-related fields like VR, AR, and avatar development. Applications for the program will be open until November 20. This isn’t L’Oreal’s first Web3 move. Just last week, it was announced that the beauty product giant’s Urban Decay brand has partnered with Paris Hilton for her new, Halloween-themed Roblox activation.

    For more, sign up for The Drum’s Inside the Metaverse weekly newsletter here.

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