In this week’s newsletter, read about how German flagship airline Lufthansa uses nonfungible tokens (NFTs) to reward loyal customers and how soccer superstar Cristiano Ronaldo teased his future NFT plans during a lie detector test. Check out why a law professor believes the metaverse should be taxed, and find out how artificial intelligence (AI) and NFTs can provide a personalized learning experience to children. And don’t forget this week’s Nifty News, featuring a Mutant Ape NFT selling for over $800,000 amid an ongoing downward price trend.
Lufthansa launches NFT loyalty program on Polygon
Lufthansa’s innovation unit has collaborated with its frequent flyer program division to launch Uptrip — an NFT loyalty program operating on the Polygon network. With this, loyal customers can get rewards by turning their trips into NFT collections.
The program allows the airline’s customers to scan their boarding passes and exchange them for collectible NFTs. When completed, the NFT collections can be used to redeem rewards like lounge access and flight upgrades.
Ronaldo teases NFT plans while on a lie detector test
Soccer star Cristiano Ronaldo was given a lie detector test to celebrate the release of his second NFT collection in July. While the athlete was on the lie detector, he said he would release more NFTs in the future. The test confirmed that he was being truthful. When asked if he owns any NFTs, the soccer player answered “yes” once more, with the test confirming his answer again.
In 2022, Ronaldo signed a multiyear partnership with crypto exchange Binance’s NFT unit. The collaboration aims to introduce Web3 technologies to soccer fans around the world through NFTs.
Failure to tax the metaverse ‘will create a tax haven’ — Harvard legal expert
Law professor Christine Kim published a paper that presented arguments on taxing the metaverse. According to Kim, the metaverse should be regulated under the tax code. Kim argued that failure to tax it will turn it into a “tax haven.”
The professor also highlighted several tax-related proposals. Among these, Kim proposed that taxation should occur immediately upon receiving gains, which includes unrealized gains and income.
Animoca subsidiary builds AI and NFT tools for educators
Education-focused tech platform TinyTap has announced the integration of NFT and AI tools for parents and educators. According to the announcement, AI integration will enable the platform’s users to create educational games using a topical prompt.
After setting the prompt, the AI will generate the game within minutes. According to TinyTap CEO Yogev Shelly, the tools will help speed up content creation and access, which could let teachers and parents provide personalized learning experiences to children.
Nifty News: Adidas unveils resident Web3 artists, Mutant Ape sells for 500 ETH and more
NFT company Yuga Labs has announced that it will launch its metaverse game Legends of the Mara later in September. Meanwhile, a Mutant Ape was sold for over $800,000 despite the downward trend in the NFT market.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.