This Week In The Metaverse: Apple’s App Store Crypto & NFT Rules, Umbro Sprints Into Web3
Things move quickly in the metaverse, and in the wider world of web3 as a whole. Here’s what you need to know from the past week:
Apple published rules this week dictating how apps using the App Store can offer crypto services or NFT sales. / Adobe Stock
Apple Clarifies App Store Rules for Crypto and NFTs
In an updated set of rules published Monday, the tech giant ruled that apps using the App Store can offer crypto services through licensed exchange platforms, but only in jurisdictions where those platforms are legally authorized 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 subject to the much-debated 30% fee on in-app purchases that the tech giant collects from developers who earn at least $1 million per year through the App Store.
Top investor encourages Meta to cut down on metaverse expenses
On October 24, Altimeter Capital founder and CEO Brad Gerstner published an open letter warning Meta that it had lost its way, along with its investor confidence. The letter, titled “Time to Get in Shape,” offered a three-point plan to help Meta get back on track, which focused on cutting back on expenses — especially those devoted to metaverse-related projects.
Umbro enters the web3 space with jersey-themed NFTs
Athletics gear 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 “Nations Collection by Umbro”, has designs modeled after football kits from around the world. Umbro’s new NFT collection arrives shortly before the 2022 FIFA World Cup, which kicks off in Qatar next month. It also comes at a time when a growing number of sports organizations – including recently Football Club Barcelona – have launched their own web3 campaigns.
L’Oreal and Meta offer a support program for 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 helping start-ups operating in the Web3 space. The program will reportedly be headquartered in Paris and will provide mentoring services and other resources to a minimum of five startups working in Web3-related fields such as VR, AR and avatar development. Applications for the program will be open until 20 November. This is not 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.
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