Ukraine Sells 1,282 War-Themed NFTs in One Day, G7 & Crypto Regulation, Metaverse Potential + More News

A fragment of an NFT by Kvi Kvi. Source: metahistory.galler

NFTs news

  • Ukraine’s recently opened “NFT museum” – Meta History: Museum of War – has already sold 1,282 artworks, raising ETH 190 (USD 653,000), on the first day of the sales, per data from the Ministry of Digital Transformation. They are raising funds to rebuild the museums, theaters, and other cultural institutions destroyed by Russian occupiers. Moreover, the NFT-Museum team is preparing “a world auction, which will include the first 4 artworks of Ukrainian artists and the artworks of the winners of the international competition PROSPECT100.” Only owners of NFT from the Meta History Museum collection can take part in the auction, according to the ministry. 

Regulation news

  • The Group of Seven (G7) countries must speed up the creation of a common framework to regulate digital currencies, Kazushige Kamiyama, the head of the payment and settlement systems department at the Bank of Japantold Reuters. He was quoted as saying that it wouldn’t be “very difficult to create an individual global settlement system” by using stablecoins.
  • The US Securities and Exchange Commission (SEC) warned that companies listed in the country that act as custodians of cryptoassets on behalf of other companies should account for those assets as liabilities and disclose the risk associated with those assets to investors. The technological, legal, and regulatory risks can have a “significant impact” on the custodian’s operations and financial conditions, they said.
  • India will frame legislation for cryptoassets only after a global consensus emerges on regulating such assets, Bloomberg reported, citing an undisclosed person familiar with the matter. For now, the government isn’t planning a law to either regulate or tighten provisions, per the report.

Metaverse news

  • In their new report, financial giant Citi estimates the target addressable market (TAM) for the metaverse economy to be in the range of more than USD 10trn, while contributors to the report indicate a range of users of up to 5bn from the mobile phone user base, or just 1bn based on the virtual reality / augmented reality device user base. However, they added that to build an envisioned Metaverse experience, latency needs to improve and faster connectivity speeds are needed.

Security news

  • Decentralized lending network platform was exploited, leading to a gain of around USD 3.6m for the hacker, while the protocol loss is even larger than that, blockchain security firm PeckShield said. The platform added that they took precautionary measures so that the attacker wouldn’t profit off the attack even more, and that they’re working on creating a compensation plan.