Hermès Paris, a French fashion house, has filed a trademark application to create virtual garments as NFTs and host runway shows in the Metaverse. This and more news can be found in this handy daily digest so you're always up to date with the latest developments in the crypto world.
Hermès Paris, NFTs and Metaverse
📍French fashion house Hermès Paris is preparing for NFTs and the Metaverse. Hermès Paris is the next in a long line of fashion houses that have made their entrance into the virtual world. According to a registration application submitted to the USPTO, the French fashion house has plans to create different Web3-focused products, including NFTs, digital currencies, virtual clothing and footwear, and even hosting fashion shows in the Metaverse.
The application submitted by Hermès Paris to the US Patent and Trademark Office was filed on Twitter by trademark attorney Mike Kondoudis. Hermès Paris was founded by Thierry Hermès in Paris in 1837 and currently has a network of more than 300 stores located in 45 countries around the world.
Japan could exempt cryptocurrency companies and investors from taxes
📍Japan's Financial Services Agency has proposed exempting companies from tax on paper profits from cryptocurrencies and relaxing tax obligations for investors. According to Bloomberg, the FSA's proposal seeks to align with Prime Minister Fumio Kishida's plans to revitalize the Japanese economy.
La tax easing that the financial regulator is proposing will give more room for cryptocurrency companies and investors to develop healthily in the country.
Mythical Games builds its own blockchain
📍Video game company Mythical Games is building a blockchain that will be compatible with Ethereum. According to the company’s CEO, John Linden, Mythical Games has been working on its own blockchain, a forked network of EOS that will be compatible with EVM. Linden explained to CoinDesk TV that the company has been working on developing its own blockchain for years, but that Ethereum’s high gas fees were a problem at first.
Mythical Games is a company that develops next-generation gaming software for Web3. The company is one of the first in the gaming industry to believe in the potential of the new Ethereum network that is built based on Proof of Stake (PoS).
Hong Kong City is built in The Sandbox
📍The South China Morning Post (SCMP) is bringing Hong Kong into The Sandbox metaverse. The Star Ferry Pier, located in Hong Kong’s Yau Tsim Mong District, is one of the city’s first landmarks to be made available on The Sandbox, a blockchain metaverse developed by Animoca Brands.
The SCMP is using its 118-year archives to recreate the Star Ferry in the metaverse and bring its history and Hong Kong culture to thousands of people.
Paraguay vetoes crypto bill proposal
📍Paraguayan President Mario Abdo Benítez does not accept cryptocurrency mining as an industry. This was stated by Senator Fernando Silva Facetti, after the Paraguayan president announced a total veto on the proposed crypto law that was being debated in the country. According to Facetti, Abdo Benítez is not seeing cryptocurrency mining as an industry that generates resources and provides new sources of employment to Paraguay.
One of the reasons Paraguay’s president vetoed the bill is the high energy consumption of cryptocurrencies, which he cited as a potential impediment to developing the industry sustainably in the long term. Moreover, according to the country’s Central Bank, regulating crypto mining could give a false sense of security to investors participating in this unregulated and unsupported industry, as it noted in a statement released earlier this month.
Facetti said that Paraguay is imposing barriers between technological development, capital investment and fiscal transparency, in response to the veto imposed on the crypto law. However, according to analysts, the law could still be enacted in Paraguay if it receives approval from the National Congress again.
Continue reading: All the myths about the Ethereum merger: will it bring the network to a standstill? Will gas fee prices go down?
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