Latest Crypto News: Maruti Suzuki Dives Into Metaverse World, China To Launch First National NFT Marketplace

Here are some of the major developments from the world of crypto over the last few days
Latest Crypto News: Maruti Suzuki Dives Into Metaverse World, China To Launch First National NFT Marketplace

Maruti Suzuki India Limited (MSIL) has announced the launch of ARENAVerse, a metaverse platform for the business’ ARENA showroom network, in an effort to improve its position in the metaverse world.

MSIL is the second automaker after Mahindra & Mahindra to take a plunge into the world of metaverse.

The Maruti Suzuki cars will be available for users of ARENAVerse to interact within a lifelike virtual experience.

The carmaker has provided clients with Virtual Reality (VR) equipment at more than 700 Maruti Suzuki ARENA locations spread across India to allow them to explore ARENAverse.

On online browsers, the Maruti Suzuki ARENA website will also provide access to the ARENAVerse Web version.

Shashank Srivastava, senior executive officer, marketing & sales, MSIL, says: “We set the wheels of metaverse in motion with NEXAverse, which has been a resounding success, with over 10,000 bookings for the Grand Vitara coming from NEXAverse alone. With ARENAVerse, we have taken this digital journey a notch up, by bringing the country’s largest auto retail network, ARENA into metaverse and ensuring that our customers’ digital experiences are as personalised and dynamic as possible.”

“There is immense potential in the global online ecosystem of metaverse that provides companies with the platform to grow without geographical boundaries and time zones. This presents huge opportunities for us at MSIL to touch our most remote customers by integrating our technological innovation with our vast network across India. We are very excited about what the meta-universe has in store for us and how we navigate through it to bring the best of experiences for our customers,” he adds.

China Will Launch First National NFT Marketplace

China will introduce its first regulated platform for non-fungible token (NFT ) trading on January 1, 2023, according to a report from Cointelegraph, quoting local news outlet Sina News.

The group that functions as a secondary market for the trade of NFTs was founded by the state-owned Chinese Technology Exchange, the state-owned Art Exhibitions China, and the privately-owned Huban Digital Copyrights Ltd.

According to a previous ruling by China’s Hangzhou Internet Court on November 29, 2022 NFTs are regarded as virtual property, and therefore, legally protected, and thus, “have the object characteristics of property rights, such as value, scarcity, controllability, and tradeability”. Despite the fact that Bitcoin ownership is acknowledged as virtual property that is protected by the law, cryptocurrency exchanges have been forbidden in China since 2021.

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