🚨 Coinbase vs. SEC, 🌏 Proposed Digital Asset Legislation, 🚗 Mercedes & Tiffany & Co. Make Splashes into Web3

Welcome to Digital Twin, we help you get a little smarter about the NFT market and its impact on the future of fashion, commerce, and culture.

In This Week's Roundup:

• 🌏 Global Regulatory Environment for Crypto

• 🚨 Coinbase vs. SEC

• 🚗 Mercedes, Tiffany & Co., Prada, RTFKT x Nike Make Splashes in Web3

Regulators across the globe are grappling with how to regulate the crypto market... Here's what you need to know:

• 🇬🇧United Kingdom The U.K. Treasury announced its proposed digital asset legislation, which will modify existing rules for banking and payment systems to cover digital assets. The commission's proposal aim to deliver wider recognition and legal protections for digital assets, allowing a more diverse range of people, groups & companies to interact online & benefit from them. Digital assets do not fit easily into current private property law categories or definitions. The consultation paper argues the law must therefore go further to acknowledge the differentiations, which could provide a strong legal foundation for digital assets. This legislation is the first legal step toward recognizing certain types of crypto assets as a valid method of payment in the U.K.

• 🇸🇬Singapore The Managing Director of the Monetary Authority of Singapore, Ravi Menon, announced that Singapore will broaden cryptocurrency regulations to cover more activities. Singapore's authorities have been wary to embrace the crypto industry, with Menon praising the underlying blockchain technology's potential for innovation while stressing that retail investors should steer clear of digital assets. The city-state has been tightening rules around crypto investments, including clamping down on marketing and requiring virtual-asset providers to be licensed locally even if they only do business overseas.

• 🇮🇹Italy Coinbase and Crypto.com have been approved by the Organismo Agenti de Mediatori to offer crypto trading, custody services, and other products in Italy. Crypto.com's COO Eric Anziani said, "We are in the process of strengthening our presence across Europe. Our goal is to grow our customer base by launching the Coinbase suite of retail, institutional, and ecosystem products."

 🚨Coinbase vs SEC

An investigation has been launched by the Securities and Exchange Commission (SEC) into Coinbase’s alleged trading of unregistered securities.

• Coinbase is facing an SEC probe into whether it improperly allowed U.S. investors to trade assets that should have been registered as securities

• Coinbase has continued to deny it had listed any securities

Coinbase argues processes and securities rules need to be reviewed:

The industry is still clearly in its infancy from a regulatory perspective. The uncertainty ultimately revolves around whether cryptocurrencies issued by companies should be classified as securities or commodities. This investigation could have serious effects for these exchanges and token projects.

Up Next, Brands and Web3:

🚗 Mercedes Benz & Polygon launch a decentralized data sharing network

• Acentrik is tailored to corporate users, with Know Your Business - Instead of storing the data on the blockchain, each NFT represent a a dataset and the metadata hash stored with it

• Transactions are carried out on the Polygon or the Ethereum Rinkeby test network. Users will be required to pay gas fees in MATIC, the network's native cryptocurrency. When the transaction is completed, the buyer will have access to the underlying data, which is stored on AWS 53 or IPFS

• Businesses will be able to buy and sell data in a decentralized setting thanks to the data-sharing platform

• Despite that it is a Mercedes-Benz affiliate product, Acentrik will be used to exchange data from a variety of businesses, including insurance information, scientific studies, and clinical trials data

💎 Tiffany & Co. Announces NFT Crypto Punk Pendants

NFT Overview:

• Priced at 30 ETH

• Total Supply of 250 Pieces

• Exclusive to Crypto Punk Holders

• Launching on August 5th

NFT Utility:

• While primarily a collectible, wording at the end of Tiffany's FAQ page refers to the NFTiff as a "pass" which means that the digital asset may eventually grant privileged access to future offerings

CryptoPunks and its parent co. Larva Labs are not directly invovled with the release - instead, it is made possible by individual Punk owners leveraging their own intellectual property rights

👚 Prada's Latest Timecapsule NFT Comes With Chance to Attend a Runway Show

Prada's August Timecapsule NFT drop gives customers a chance to attend the brand's show in Milan

NFT Overview:

• Total Supply of 50 pieces

  • Black cotton poplin shirts matching different archival prints

NFT Utility:

• Each of the customers purchasing the shirt will receive a complimentary NFT and be automatically shortlisted for a chance to be flown to Milan and attend the spring 2023 show

👚 RTFKT x Nike AR Genesis Hoodie

• The drop took place on July 21st as a private mint - the access to the mint was granted to CloneX and RTFKT x Nike Dunk Genesis CryptoKicks' holders only

Through trackers and QR codes, owners of Nike’s Genesis hoodie can add AR effects like virtual wings to their garments. With time, RTFKT plans to continue building out utilities such as token-gated access to in-person events.

Earlier this month, RTFKT surprised real-life event attendees with a limited-edition Takashi Murakami NFT. RTFKT is considered a “next-generation luxury brand” by co-founder Benoit Pagotto. Taking inspiration from the streetwear industry, the company hopes to continue releasing new exclusive items frequently to its supporters.

Those that are here now will benefit greatly for being early as long as they have strong conviction plays. If you are a brand and want to start building click the connect button below. We are looking to support forward thinking brands at the intersection of fashion and Web3!

Thanks so much for reading! We want to continue to make this newsletter a resource as you navigate the world of NFTs and Web3. If you've made it this far, we appreciate you! If you have any thoughts or suggestions, please share it with us on instagram or twitter. And refer your friends to our newsletter with this link.