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Crypto Weekly

In the crypto space, regulators have been particularly active since the turn of the year. Regulators' increased scrutiny has weighed on Bitcoin (BTC) and the broader market. Despite this, the NFT marketplace has thrived, and activity in the Metaverse is also on the rise.

Marketplace Crime and NFTs

OpenSea, which has experienced a number of high-profile hacks in recent weeks, remains a key risk in the NFT marketplace. A "Rug Pull" social media scam promotes a digital asset. Once the scammer drives up the price, the scammer sells the asset, in this case, the NFT. Earlier this month, investors lost $1.3m due to a "Rug Pull."

OpenSea intervened in an NFT theft late last year. The wires reported that thieves stole Todd Kramer's NFT collection from his hot wallet. The stolen assets, worth $2.2 million, were frozen by OpenSea. The freeze resulted in the removal of 16 Bored Ape and Mutant Ape NFTs from OpenSea.

This month, news hit the wires that India's central bank has created a FINTECH division to keep up with the crypto market. Because of the surge in NFT activity, regulators have taken notice of the market. India's regulator

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is planning on looking at exchanges and NFTs, and new crypto launches.

Cybercrime in the Metaverse is a major concern

Metaverse, however, is subject to far less regulatory scrutiny. In spite of its lack of regulation and vulnerability, Metaverse is subject to far less regulatory scrutiny.

The number of Metaverse trademark applications in China has risen dramatically in recent months, as we reported late last year. People's Bank of China (PBoC) plans to use AML tools to clamp down on NFTs and the Metaverse, while many regulators have been silent on the matter. The PBoC believes the Metaverse is a threat and maintains continuous vigilance is necessary.

In the Metaverse, there was a flurry of news stories about sexual harassment last year. With the Metaverse country agnostic, this issue is becoming a global one. As other governments face similar challenges, South Korea's move is likely to be the first of many gaining media attention. In December, the New York Times and MIT Technology Review reported cases of sexual harassment in the Metaverse. Legislation in South Korea aims to hold online platforms accountable for the actions of their users.

A look at the metaverse by the South Korean Communications Commission

Earlier this week, South Korea's Communications Commission announced the creation of a council to address user protection on the Metaverse. According to reports, the council will also examine the issue of sexual harassment directed at minors.

In a recent news article, ƒ A 30-member council will discuss

Metaverse issues such as inclusivity, violence, and sexual crime. ƒ The law in South Korea prohibits adults from engaging in sexually exploitative conversations and behaviors with minors, both online and offline. ƒ A U.S.-South Korean partnership taking Kpop to the Metaverse makes this move all the more crucial for, the younger generation.

Metaverse Linked Price Predictions for 2022

Markets anticipate more of the same with the growing interest in the Metaverse. According to a report from late last year, the Metaverse space is led by two leading projects, SAND and MANA. They were among the top performers in 2017. According to Morgan Stanley analysts, the Metaverse could grow to an $8tn market. MANA and SAND may suffer from bad press and government scrutiny in the near future. MANA is currently down 36.11 percent to $2.085 for the current month. This month, SAND has declined by 48.32% to $3.0161. 