This Week in the Metaverse: Apple App Store Encryption and NFT Rules, Umbro Goes Web3


Things are moving fast in the metaverse and the wider world of Web3 as a whole. Here’s what you need to know from the past week:

Apple this week released rules dictating how apps using its 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 released on Monday, the tech giant firmly established that apps using the App Store can offer crypto services through licensed exchanges, but only in jurisdictions where these platforms have the legal authority to operate.

The updated rules also mention 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 controversial 30% fee on in-app purchases that the tech giant collects from developers who earn at least $1 million a year. year via the App Store.

Top investor urges Meta to cut spending in the Metaverse

On October 24, Altimeter Capital founder and managing director Brad Gerstner released an open letter warning Meta that it had gone astray, as well as the confidence of its investors. The letter, titled “It’s Time to Get in Shape,” offered a three-point plan to help Meta get back on track, which focused on cutting expenses, especially those on Metaverse-related projects. .

Umbro enters the Web3 space with jersey-themed NFTs

Sports equipment company Umbro 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”, features designs inspired by football (soccer) shirts from around the world. Umbro’s new NFT collection arrives shortly before the 2022 FIFA World Cup, which begins in Qatar next month. It also comes at a time when a growing number of sports organizations – including, recently, Football Club Barcelona – are launching their own web3 campaigns.

L’Oréal and Meta offer a support program for Web3 startups

L’Oréal has partnered with Meta and SEC Paris (a business school located in the French capital) to develop a program to help startups operating in the Web3 space. The program would be headquartered in Paris and will provide mentoring services and other resources to a minimum of five startups working in Web3-related fields like virtual reality, augmented reality and avatar development. Applications for the program will be open until November 20. This isn’t L’Oréal’s first Web3 move. Just last week, it was announced that the beauty products giant’s Urban Decay brand had teamed up with Paris Hilton for their new Halloween-themed Roblox activation.

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