NFT space

Yahoo Hong Kong executive Lorraine Cheung said that activities in the Metaverse are seen by Hong Kong residents as a good alternative to social interaction amid the pandemic.

This week’s newsletter highlights Yahoo’s plans to get involved in nonfungible tokens (NFTs) and metaverse-based projects. Also, watch manufacturer TAG Heuer is dipping its toes into NFTs, and digital collectible platforms in China have increased in number despite warnings from the government.

On a positive note, a CryptoPunk that was donated to Aid For Ukraine sold for more than $100,000. And don’t forget about this week’s Nifty News roundup featuring the new brand lead for CryptoPunks and a phishing attack on a Solana-based project.

Yahoo is launching metaverse events for Hong Kong residents under restrictions

Online media company Yahoo recently announced its plans to get involved with a series of NFT and metaverse projects in Hong Kong. This includes hosting virtual events and concerts in metaverses within the Asian country.

According to Lorraine Cheung, an executive at Yahoo Hong Kong, activities in the Metaverse are seen by Hong Kong residents as a good alternative to social interaction, as pandemic restrictions are still enforced very strictly and people are required to present a negative COVID-19 test before entering bars or restaurants.

Yahoo will also collaborate with local artists to launch an NFT exhibition titled The Abyss of Kwun Tong.

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Swiss luxury watchmaker TAG Heuer introduces NFT-enabled smartwatch

TAG Heuer, a luxury watch manufacturer, has formed partnerships with key NFT community members to create a smartwatch that can display NFTs. The watch will allow users to connect with crypto wallets such as MetaMask and Ledger Live to select which NFTs to display on the smartwatch’s screen.

Watch owners will also be able to resize the images accordingly to fit the display and connect to the blockchain to verify NFT ownership and show a hexagonal version of artworks. The company also said that in addition to supporting images, it will also support GIFs and infinitely loop animations. 

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NFT platforms in China grow 5x in four months despite government warnings

Despite warnings from the Chinese government about the risks of investing in NFTs, the number of platforms focusing on digital collectibles grew to more than 500, five times more than back in February. Local Chinese reports attribute the growth to the growing hype surrounding NFTs within the country. Tech bigwigs such as Tencent and Alibaba have also shown interest in the NFT space and recently filed their own trademark patents. 

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Related: UAE launches the world’s most expensive modern postage stamp

Ukraine sells CryptoPunk NFT donation for 90 ETH, worth over $100,000

CryptoPunk #5364, an NFT that was donated to support the Aid For Ukraine campaign, was sold for 90 Ether (ETH), worth $102,640 at the time of the sale. Alex Bornyakov, Ukraine's deputy minister of digital transformation, announced the CryptoPunk’s sale on Monday. The price of the NFT increased from its initial value of 16.19 ETH, or $31,722, which is what it was worth when the donor acquired it. 

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Nifty News: Christie’s NFT expert to lead CryptoPunks, fake heiress launches NFT collection

NFT specialist Noah Davis announced that he is leaving his position at the British auction house Christie’s. In a tweet, Davis noted that he will be joining Yuga Labs to become the brand lead for the CryptoPunks project. Meanwhile, Solana-based NFT project Duppies was targeted by a phishing scam. Users reported losses online, with one user claiming to have lost 650 SOL, worth $18,850 at the time of the attack. 

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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 in this actively evolving space.

Last week, Apocalyptic Apes founder Bill Starkov told Cointelegraph that NFT holders can earn millions by licensing their NFTs.

This week’s newsletter highlights Mattel signing a multi-year partnership with an NFT marketplace, Mastercard planning to let cardholders purchase NFTs directly with their cards, and NFT holders being able to earn millions of dollars through intellectual property rights for their NFTs. 

Those investing in NFTs can also learn more about the drop in floor prices for prominent collections like Bored Ape Yacht Club (BAYC) and CryptoPunks, while this week’s Nifty News roundup features Kraft Food’s patent filing and Seth Green reuniting with his BAYC NFT. 

Barbie-verse: Mattel inks multi-year deal with Cryptoys NFT marketplace

Mattel, a prominent toy brand, partnered with NFT marketplace Cryptoys to feature its brands such as Barbie and Hot Wheels as playable NFTs within a metaverse. Richard Dickson, the toy company’s president, believes that there are opportunities for the brand within the metaverse space. The toys will be featured on a Cryptoys metaverse created by OnChain Studios as well as in other games developed by the company.

In the summer of 2022, the studio will be launching the Cryptoys NFT marketplace on top of Flow’s blockchain. In the past, Mattel has also dipped its toes in the NFT space by securing a partnership with the Wax blockchain in 2021 to release a Hot Wheels NFT collection. 

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Mastercard to allow 2.9B cardholders to make direct NFT purchases

To purchase NFTs, fiat holders first need to convert their money into crypto. Financial services company Mastercard aims to change this by letting its 2.9 billion cardholders purchase NFTs directly without the hassle of buying crypto first.

The finance giant partnered with various leading NFT marketplaces like Immutable X, Candy Digital, The Sandbox, Mintable, Spring and NFT Gateway to integrate a payment method that lets users purchase NFTs directly. Apart from the marketplaces, Mastercard has also formed a partnership with MoonPay, a provider of crypto on and off-ramp services. 

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NFT holders can earn millions through IP rights, says Apocalyptic Apes founder

Cointelegraph interviewed Bill Starkov, the founder of Apocalyptic Apes and a member of BAYC. According to Starkov, there is a way to generate income using NFTs apart from flipping, rather through licensing the intellectual property rights of NFTs.

Starkov explained that BAYC holders are able to get profits by “licensing their apes for commercial use.” Similarly, the Apocalyptic Apes executive noted that other collections can also do this. Before this, Starkov said that people must first hold and wait for the project behind their NFTs to mature.

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Related: NFT trading volume surges amid market and floor price crash

Floor price of popular NFT collections collapse due to bear market

Amid the current bear market, floor prices of prominent NFT collections BAYC and CryptoPunks have taken a nosedive. BAYC has gone from its all-time high floor price of 153.7 Ether (ETH) to 74 ETH. On the other hand, CryptoPunks also fell from its ATH floor price of 123 ETH to 48 ETH, as seen on the tracking site NFT Price Floor.

The drop in NFT prices came amid the large sell-off within the broader crypto market. Before the price drop, Yuga Labs co-founder Gordon Goner also warned about an incoming attack on the company’s social media accounts.

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Nifty News: Kraft Foods files for NFT and metaverse patents, Seth Green gets his ape back and more

Manufacturing bigwig Kraft Foods Group has recently filed NFT and metaverse patents. The company filed trademark applications for Kraft, Jell-O, Kool-Aid and other brands under its umbrella. Meanwhile, actor Seth Green received his BAYC NFT that had been stolen and sold to another person. The actor paid 165 ETH to buy back the NFT.

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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 in this actively evolving space.