Latest In Metaverse, Web3, and NFTs

Hello, and welcome back to my Latest in Metaverse, Web3 and NFTs newsletter.?

From Visa and Mastercard to Japan's Metaverse Investments, as usual, things have been moving fast in the industry that never sleeps… As the world of web3, crypto, metaverse and NFTs continues to evolve, I'll keep you updated on the latest news and trends.?

So without further ado, let’s get started!

Spotify testing exclusive playlists for NFT holders

Spotify, the popular music streaming service, is trying out a new feature called "token-enabled playlists" that provides exclusive access to playlists for people who own certain NFTs. This feature is currently being tested with a select group of NFT communities, including Kingship, Overlord, Fluf, and Moonbirds. To use this feature, users need to connect their NFT wallet to the Spotify app.

Currently, this feature is only available to Android users in the United States, United Kingdom, Germany, Australia, and New Zealand. Overlord has created a playlist called "Invasion" that can only be accessed by Creepz lizard NFT holders. Kingship has also created a playlist featuring their favourite tracks from popular artists like Queen, Missy Elliott, Snoop Dogg, and Led Zeppelin.

It's an interesting experiment by Spotify that could potentially provide a unique experience for NFT holders. However, it's worth noting that this is currently in a testing phase and is not yet available to everyone. It will be interesting to see how this feature develops and whether it will become a permanent fixture on the platform.

Visa and Mastercard hit the brakes on crypto-related services

Payment giants Visa and Mastercard have temporarily halted their crypto-related plans until market conditions and regulatory clarity improve.

Over the last few months, both companies had announced several partnerships with cryptocurrency firms, aimed at making it easier for users to purchase crypto. Visa had partnered with over 70 crypto firms, reaching 80 million merchants globally.

However, the recent market crash that left many cryptocurrency companies, including FTX and BlockFi, in financial difficulty, has forced Visa and Mastercard to reconsider their crypto partnerships.

Sources close to Visa and Mastercard have confirmed that they will temporarily halt the signing of new partnerships with crypto firms. They have also decided to suspend the launch of crypto-related services until market conditions improve and regulatory clarity is established.

Despite this, Visa remains optimistic about the potential of crypto and blockchain technology. A Visa spokesperson emphasized that the recent market downturn is a reminder that crypto still has a long way to go before it can become mainstream. Nevertheless, the company will maintain its positive stance and strategy on crypto.

Similarly, Mastercard intends to focus on exploring blockchain technology's underlying potential to address current issues and create more efficient systems. The company will continue to look for use cases of blockchain technology while waiting for regulatory clarity to establish new partnerships with crypto firms.

It remains to be seen how long Visa and Mastercard will wait to re-engage with the cryptocurrency space. But one thing is certain: the payment giants will continue to monitor the market closely, ready to capitalize on any opportunities that arise when the time is right.

Japanese companies join forces to form Metaverse Economic Zone

Ten Japanese companies have signed an agreement to create an open metaverse infrastructure called "Ryugukoku," which will offer services such as payments, identity authentication, and insurance, creating a Metaverse economic zone. Among the firms that have signed the agreement to build an open metaverse infrastructure are Mitsubishi and Fujitsu.

This move follows Japan's earlier efforts to promote the development of Web3 technology, with Prime Minister Fumio Kishida making it a key part of the country's economic revitalization strategy. In 2022, Japan tightened KYC rules for crypto exchanges and expanded money laundering penalties for financial institutions to increase adoption and safety in Web3.

Furthermore, Japan lifted the ban on foreign-issued stablecoins in December 2022 and launched a pilot program for a central bank digital currency in 2023. Despite these developments, lobbying groups have been pressuring lawmakers to lower tax rates for crypto companies since early 2022, arguing that the current rates stifle Web3 adoption and prevent crypto start-ups from emerging in the region.