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  Canadian musician Grimes has launched a Gen 1 Avatar NFT collection in partnership with digital art platform Zora. The free collection, called the "A.I. Oracle Neural-Network," is the first in a series of virtual A.I. avatars. The collection has already been minted 43,000 times, with the last day to mint being Friday.

  Argentinian low-cost airline Flybondi has partnered with NFT ticketing firm TravelX to launch Ticket 3.0, a service that issues electronic tickets as non-fungible tokens (NFTs). The NFTs can be transferred, sold and changed by passengers independently of Flybondi, and the technology is built on Algorand's blockchain. Ticket 3.0 will provide Flybondi passengers with a more flexible travel experience that reduces the airline's customer service costs and generates increased revenue from trading fees.

  Binance, the world’s largest cryptocurrency exchange, is facing a lawsuit from the US Commodity Futures Trading Commission (CFTC) alleging that it evaded US laws by failing to register in the country and allowing Americans to trade crypto derivatives. Binance CEO Changpeng Zhao has denied the allegations, but investors using the platform have withdrawn $1.6 billion. If the CFTC suit is successful, it could result in significant fines and a possible ban on Binance’s ability to register as a derivatives trader in the US, dealing a serious blow to Binance’s derivatives revenues. The lawsuit has led to significant uncertainty for Binance and may have broader implications for the cryptocurrency industry.

  Walt Disney Co. has announced the elimination of its metaverse division, as part of a larger restructuring effort that will reduce the company's workforce by 7,000 employees in the coming months. The metaverse division was tasked with developing strategies to integrate Disney's extensive library of intellectual property into immersive, interactive storytelling formats using web3 technology. The team of about 50 members have reportedly lost their jobs, while the future of the division's head, Mike White, remains uncertain. Disney's decision to shut down the metaverse division follows a broader trend in the entertainment industry, with companies like Facebook (now Meta) investing heavily in web3 technology and the metaverse.

  The IRS plans to tax certain NFTs as collectibles, resulting in higher tax rates for wealthy owners compared to other assets like stocks or real estate. The federal government imposes a maximum tax rate of 28% on collectibles held for over a year, compared to a maximum rate of 20% on other investments. The IRS intends to issue guidance on the treatment of specific NFTs as collectibles and has requested feedback from the public. Comments are due by June 19.