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Crypto Breaking News: McDonald’s to Enter Metaverse Space, US Republicans Push to Regulate Crypto Industry

American fast-food giant McDonald’s has teamed up with famed digital content producer Karen X Cheng for a Lunar New Year ad. A number of advanced technologies, including artificial intelligence (AI) and augmented reality (AR), are used in Cheng’s regularly viral works.

The 30-second ad is based on Cheng’s childhood memories of the Lunar New Year event and features a QR code call-to-action that leads viewers to more line items. NeRF technology is being used in advertising at a time when marketers are beginning to rely heavily on AI.

According to Elizabeth Campbell, senior director of cultural engagement strategy at McDonald’s, the fast-food juggernaut hopes the “tech-forward” project will commemorate the occasion and give back to the Asian American and Pacific Islander community.

This year, McDonald’s has made available a variety of metaverse experiences in an effort to bring the Lunar New Year to everyone.

With the use of virtual reality, augmented reality, and 3D animation, users can study a variety of activities. Virtual reality zoos, cooking contests, and classic Chinese games like Weiqi and Mahjong are just a few of the things to experience.

Additionally, McDonald’s has also developed a customizable 3D avatar that allows each user to travel the globe. Using in-app messaging, users can also send messages and photos to friends.

Republican lawmakers in the US push to regulate the crypto industry

US Republican lawmakers announced on January 12, 2023 the creation of a new subcommittee that will oversee the crypto and fintech industries. It is the first such committee to be created in the United States, CNBC reported.

The subcommittee on digital assets, fintech and inclusion will sit on the House Financial Services Committee, and French Hill of Arkansas will serve as chair.

Hill, who was also named vice chair of the broader committee to ensure “FinTech innovation flourishes safely and effectively in the United States,” said a bipartisan effort is needed.

After the collapse of the cryptocurrency exchange, FTX, in November 2022, the unregulated nature of the business became a serious issue across the globe. The creator of FTX, Sam

Bankman-Fried, was arrested last month on suspicion of fraud, then released on $250 million bail, even as he awaits trial.

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