NFT weekly newsletter

Trading volume from NFT marketplace OpenSea has gone from $405 million on May 1 to $5 million in Aug. 28.

In this week’s newsletter, read about Meta’s newest update on the integration of nonfungible tokens (NFTs) on Facebook and Instagram. Check out how the NFT trading volume on OpenSea has plummeted by 99% and how despite the downturns, digital artists still firmly believe in the future of NFTs.

In other news, learn about the changes in participation in GameFi. And, don’t forget about this week’s Nifty News roundup featuring Taco Bell’s Metaverse wedding competition in collaboration with Decentraland. 

Meta announces Facebook and Instagram users can post NFTs from digital wallets

Social media giant Meta has introduced NFTs on Facebook and Instagram. In an update, Meta highlighted that users can now post NFTs on both social platforms by connecting their digital wallets from either of the apps.

While the new update shows progress, the digital wallet connection looks limited to apps and doesn’t include third-party browsers. Despite this, integrating NFTs into smartphones with Meta apps may spark the broader adoption of digital collectibles.

Continue reading…

Looks bare: OpenSea turns into NFT ghost-town after volume plunges 99% in 90 days

The NFT trading volume of OpenSea, the largest NFT trading platform, has shown a decrease of almost 99% from its record high of $405 million on May 1 to $5 million in NFT transactions on Aug. 28, according to the NFT data tracker DappRadar.

The lower volume and decline in the number of users suggest that the overall interest in NFTs has started to go down. Apart from these, floor prices of prominent collections like Bored Ape Yacht Club (BAYC) have also plummeted. Because of these things, some believe the NFT bubble may be bursting.

Continue reading…

NFTs are a ‘natural place’ for digital artists — Gal Yosef

Despite the downturns in prices for most NFT collections amid the bear market, self-taught NFT artist Gal Yosef believes that NFTs will still grow in the future because it’s a natural fit for digital artists.

In a Cointelegraph interview, Yosef explained that NFTs give “massive exposure” to artists. Additionally, the 3D artist said that apart from NFTs, he thinks that the Metaverse can be the next big thing while also hinting that he might dive into that space next.

Continue reading…

GameFi investors are now prioritizing the ‘fun factor’ over money: Survey

While most of the GameFi community joined the space looking for profit, the crypto winter has forced them to focus on other things, such as entertainment. According to a survey conducted by blockchain gaming tracking site Chainplay, 89% of investors are currently in a deficit, and 62% of them have lost more than 50%.

The decrease in profitability has also had an effect on participation. The survey results showed that in 2022, investors only spent 2.5 hours per day in GameFi. The numbers are down 44% when compared to 2021 when participants spent up to 4.4 hours per day.

Continue reading…

Nifty News: Taco Bell wants you hitched in the Metaverse, Animoca Japan raises $45M and more

Fast-food restaurant chain Taco Bell collaborated with metaverse project Decentraland to offer couples based in the United States a chance to tie the knot in the Metaverse. Couples who are engaged are eligible to join a competition that runs from Aug. 25 to Sept. 6. The winner will get Taco Bell’s metaverse wedding package that includes streaming the event and a marriage certificate NFT.

Continue reading…

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.

New research show that developments in the Metaverse will become a catalyst to broader adoption of NFTs.

In this week’s newsletter, read about how the Metaverse is a catalyst for nonfungible token (NFT) adoption. Check out how GameStop’s NFT marketplace revenue dropped and how MTV added a metaverse award at the VMAs. In other news, learn about how the Telegram founder has been floating the idea of integrating NFT-like smart contracts for Telegram usernames. And, don’t forget about this week’s Nifty News roundup featuring Decentraland’s Metaverse Art Week. 

Metaverse is a key factor in long-term NFT success, says new research

A report published by consultancy firm Juniper Research highlighted that in the next five years, the NFT market may grow from 24 million to about 40 million. According to the report, Metaverse developments will be one of the primary catalysts to the broader adoption of NFTs.

The study also noted that Metaverse-related NFTs will be the fastest growing niche in the next five years, with a projected increase in transactions from 600,000 to 9.8 million. Despite the predictions, the researchers pointed out that the values in the report are based only on a medium scenario and urged the community to do their due diligence before investing.

Continue reading…

GameStop NFT daily fee revenue plunges under $4K as gloom infects markets

GameStop’s NFT marketplace witnessed a dip in daily fee revenue to below $4,000 as its 24-hour sales volume dropped to around $166,800, suggesting that interest in the NFT platform has started to die down since its launch.

The drop in profits follows a downturn in the broader NFT market as popular collections such as the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) dropped large percentages in their floor prices.

Continue reading…

MTV introduces the ‘Best Metaverse Performance’ award category

Web3 continues its foray into the music scene as the 2022 MTV Video Music Awards (VMAs) added the “Best Metaverse Performance” in its award categories, giving the age-old awards show a hint of the future.

In the first year, there are six artists who were up for nomination. This includes Ariana Grande for The Rift Tour on Fortnite, Blackpink for The Virtual on PUBG Mobile, BTS for a performance on YouTube, Charli XCX for a performance at Roblox, Justin Bieber for An Interactive Virtual Experience at Wave and Twenty One Pilots for their show in Roblox.

Continue reading…

Telegram founder suggests ‘NFT-like smart contracts’ to auction usernames

Telegram founder Pavel Durov has suggested the idea of implementing smart contracts similar to NFTs to auction in-demand usernames, group and channel links within its messaging platform.

According to Durov, this can potentially give birth to a new platform that lets username holders sell their accounts to interested parties secured by the blockchain. The Telegram founder said that the idea was inspired by the success of The Open Network.

Continue reading…

Nifty News: NFL All Day opens to the public, Boss Beauties go to Hollywood and more

Metaverse platform Decentraland will host its third Metaverse Art Week on August 24 and August 28. The event will feature various curated NFT artworks from Sotheby’s, OpenSea and Artnet and feature panel discussions. Meanwhile, the Australian Football League (AFL) has released its first NFTs, selling out in under 12 hours.

Continue reading…

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.

A Polygon executive highlighted that NFT games have an advantage over traditional "money in, no money out" gaming business models.

In this week’s newsletter, read about how Justin Bieber, along with other celebrities, was called out to disclose their connections to nonfungible token (NFT) firms. Check out the market performance of blue chip NFTs and how NFT games have an advantage over traditional gaming business models. In other news, learn about how OpenSea is implementing new ways to combat NFT theft. And check out how experts feel about carbon offset NFTs that aim to help the environment. 

Justin Bieber, Paris Hilton among 19 celebs called out for shilling NFTs

Consumer watchdog Truth in Advertising called out 19 celebrities, including Justin Bieber, Paris Hilton and Tom Brady, over NFT promotion on their social media platforms. According to the watchdog, the space is full of deception and urged the celebrities to disclose connections with NFT companies.

In a previous post, the watchdog highlighted that the celebrities may be violating rules on endorsements and the requirements for influencers. Citing the Federal Trade Commission, the group noted that influencers must disclose their connections to brands that they advertise.

Continue reading…

Blue chip NFT performance fails recovery, but investors hodl even harder

The performance of NFTs that are classified as the blue chips of NFTs went to another all-time low range, according to the data gathered by the statistics platform NFTGo. The fall is attributed to the falling prices of projects like CyberKongz and CyberKongzBabies.

According to the site’s Blue Chip index, June 13 marked the worst performance in the history of blue-chip NFTs, with the index falling to 9,331 Ether (ETH). This follows its best-performing day, which was on April 29, when the index reached almost 14,900 ETH.

Continue reading…

NFT games have edge over ‘money in, no money out’ games: Polygon’s Urvit Goel

Urvit Goel, an executive from Polygon, told Cointelegraph in an interview that NFT games have an advantage over games where players can only put their money in and never get anything in return.

The executive argued that GameFi has a business model advantage over traditional gaming, where users cannot sell their in-game items for money. “We just want to give users the ability to own the content they’re buying,” he said.

Continue reading…

OpenSea introduces new stolen item policy to combat NFT theft

NFT marketplace OpenSea has expanded its use of police reports to confirm stolen item reports within its platform. According to the firm, this is a way to enhance its platform’s defenses against theft and false reports.

In addition to this, the platform is making it easier to re-enable the buying and selling of recovered NFTs. The NFT platform also said that its team is working to implement other solutions that combat NFT theft. This includes automating theft detection.

Continue reading…

Carbon credit NFTs are only effective if burned, experts say

While carbon credit NFTs are being marketed as a way to use the technology to help the environment, an expert argued that it’s only effective once the NFTs are burned and not traded anymore once the certificate is obtained.

A KlimaDAO core member told Cointelegraph in an interview that when it comes to carbon offsets, it's very important to not neglect the burning of the carbon offset NFT to permanently take the NFT out of circulation so that it can no longer be sold to someone else.

Continue reading…

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.

Ethereum co-founder Vitalik Buterin proposed a way to anonymize NFT transactions using smart contracts.

In this week’s newsletter, read about Ethereum co-founder Vitalik Buterin’s proposal for stealth nonfungible token (NFT) ownership. Check out how a CryptoPunk will be split into thousands of pieces to enable smaller investors to access it, and how the NFT play-to-earn game Axie Infinity plans to double down on South Korea despite regulatory hurdles. In other news, learn about how NFT storage works according to two NFT experts. Lastly, check out how a Redditor turned criticisms of the NFT space into NFTs. 

Vitalik Buterin proposes stealth addresses for anonymous NFT ownership

Vitalik Buterin, co-founder of Ethereum, proposed what he dubs a “low-tech approach” to adding privacy to NFT transactions. According to Buterin, smart contract wallets can add a method that allows senders to mask their addresses to third parties.

In a tweet, Buterin wrote that, for example, one can send an NFT to an address like vitalik.eth without anyone except the new owner being able to see where the NFT was sent. However, with this method, senders need to have enough Ether (ETH) to pay five to 50 times in fees.

Continue reading…

A slice of the punk: CryptoPunk NFT to be split into thousands of pieces

With NFTs becoming more expensive, fractionalization is becoming a solution that lets smaller investors have a share of popular NFTs like CryptoPunks. Through a new campaign, a Punk’s ownership will be in 56,000 wallet addresses that signed up to get a share.

This effort gives NFT users a chance to participate in an NFT collection that was once out of their reach but has now become more affordable through fractionalization. The campaign is facilitated by Unique Network, an NFT infrastructure built on top of Kusama and Polkadot.

Continue reading…

Axie Infinity looking to ‘double-down’ on the South Korean market

Jeffrey Zirlin, co-founder of Sky Mavis — the company behind the NFT play-to-earn game Axie Infinity — spoke to Cointelegraph at the Korea Blockchain Week. He said that despite regulatory hurdles in South Korea, the team is still looking at the region and how the team can tailor the game to serve its players in the area.

Zirlin noted that their team wants to “double-down” on the region. He said that as Koreans don’t really speak a lot of English, there are barriers to Korean players getting their hands on the game. Because of this, the Sky Mavis co-founder said the company wants to localize.

Continue reading…

Nonfungible tokens don’t live on the blockchain, experts say

In a Cointelegraph interview, NFT experts Jonathan Victor and Alex Salnikov talked about the misconceptions surrounding NFT storage. According to the two, NFTs are not stored on the blockchain but on other decentralized storage platforms, such as the InterPlanetary File System (IPFS) and Filecoin.

Salnikov explained that because NFTs are a relatively new concept, there are many people who don’t know how NFT storage works. Clarifying the topic, Salnikov said that the NFTs that are in a user’s wallet only point to the file that it represents. The actual file, called the NFT’s metadata, is stored somewhere else, according to the CEO of NFT marketplace Rarible.

Continue reading…

Worthless JPEGs: Redditor turns NFT criticism into NFTs

In a mission to mock NFT critics, a Reddit user who goes by the name u/busterrulezzz introduced his NFT collection in the r/cryptocurrency subreddit to entertain community members as critics rejoice in the bear market.

Compiling a collection dubbed “Worthless JPEGs!,” the Redditor curated quotes from the internet along with lines from prominent critics, such as Warren Buffet, Peter Schiff and Dan Olson, minting their anti-NFT sentiments into NFTs.

Continue reading…

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.

Almost 1 million ETH were spent to mint NFTs on the Ethereum network in the first half of 2022, according to a Nansen report.

In this week’s newsletter, read about how Binance started its nonfungible token (NFT) ticketing service by partnering with a sports club. Check out the NFT exchange-traded fund (ETF), which was released by trading platform KuCoin and how Google AI was able to paint BAYC-inspired NFTs.

In other news, learn about how much the NFT community spent in minting NFTs in the first half of 2022 and check out the upcoming NFT album by British rock band Muse. And, don’t forget about this week’s Nifty News roundup featuring Dr DisRespect’s NFT game and FC Barcelona’s NFT release.

Binance jumps into NFT ticketing after UEFA League fiasco

Crypto exchange Binance partnered with Società Sportiva Lazio to launch its NFT ticketing solution. With this, all of the sports club’s home matches will have NFT tickets. The partnership is valid for the 2022 to 2023 season.

According to Binance, NFT tickets will solve issues like fake tickets and scalping highlighted by the recent fiasco at the UEFA league. In addition to event access, the NFT tickets will also have added value, such as store and match discounts and token giveaways.

Continue reading…

KuCoin crypto exchange debuts USDT-dominated NFT ETF

Seychelles-based crypto platform KuCoin has created an ETF tied to NFTs such as the Bored Ape Yacht Club (BAYC) collection. The exchange’s NFT ETF trading zone was launched on July 29, allowing traders to trade ERC-20 tokens representing NFT assets.

BAYC is one of the five NFT ETFs launched by the exchange. BAYC’s ETF trades under the symbol hiBAYC, which represents BAYC assets. Apart from BAYC, an ETF for CryptoPunks will also be available under the ticker hiPUNKS.

Continue reading…

Google AI turns all 10,000 BAYC NFTs into machine-made art

A project called Artsy Monke used artificial intelligence (AI) to transform 10,000 Bored Ape Yacht Club NFTs into various forms of abstract art resembling the BAYC collection. To create the pieces, the AI was given the BAYC NFTs as references to create the art.

Crypto Grims, the AI artist, said that after giving the references, their team taught the AI how to paint in various art styles. They ran servers for weeks to get their desired results. After creating the collection, the team put it for sale on the NFT marketplace OpenSea and it sold out shortly after listing.

Continue reading…

Crypto users spent $2.7B minting NFTs in the first half of 2022: Report

New research by data firm Nansen showed that the NFT community spent almost 1 million Ether (ETH), around $2.7 billion, to mint NFTs on the Ethereum network in the first half of 2022. Most of the minting was made in the NFT marketplace OpenSea.

According to Nansen, around 1 million unique wallet addresses on Ethereum were involved in minting. The report also compared the number to other popular chains like the BNB Chain, where $107 million worth of NFTs were minted and Avalanche which had $77 million.

Continue reading…

Upcoming Muse NFT album becomes first new format added to charts in years

British rock band Muse will release an NFT album called Will of the People on Serenade, a Web3 marketplace. The album will be the first new format eligible for charts since 2015. Serenade CEO Max Shand told Cointelegraph that this concept will innovate the music industry, inserting NFTs into existing workflows and creative processes.

The digital pressing format presented by Serenade implements a new way to manage royalties. According to the firm, it will add Web3’s characteristics to music assets, enabling the accurate accumulation of royalties and verifiable ownership.

Continue reading…

Nifty News: Dr DisRespect unveils NFT game to mixed reaction, FC Barcelona’s first NFT sells for $700K and more

Gaming streamer Dr DisRespect gave a preview of his NFT game called Deadrop on Saturday. Fans have mixed reactions over the NFT game, as it’s still in the early development stage.

Meanwhile, an NFT artwork released by soccer team FC Barcelona sold for $693,000 on July 29. The NFT is an audio-visual piece showing Cruyff’s goal against Atletico Madrid in 1973.

Continue reading…

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.

The Open Metaverse Alliance for Web3 was created by blockchain platforms with the goal of setting standards for NFTs.

In this week’s newsletter, read about how game developer Square Enix plans to launch Final Fantasy VII digital collectibles. Check out the new Open Metaverse Alliance for Web3 and how NFT sales will fund artwork restoration efforts in Ukraine.

In other news, you can learn about how an NFT of a falling man was removed in the GameStop marketplace following community pressure. And, don’t forget about this week’s Nifty News roundup featuring a joke gone wrong, leading to the loss of 100 Ether (ETH). 

Square Enix partners with Enjin to launch Final Fantasy VII collectibles

Game development firm Square Enix has collaborated with NFT platform Enjin to launch digital and physical collectibles of the popular Final Fantasy VII (FF7) video game. The digital collectibles will be tied to their physical counterparts that will be available at the Square Enix store.

To acquire the FF7 digital collections, fans must redeem the code found on the physical products at the NFT platform called Efinity network. According to the announcement, the FF7 collection will be available on Efinity in 2023.

Continue reading…

Web3 platforms launch the Open Metaverse Alliance

The Open Metaverse Alliance for Web3 has been created by a number of blockchain platforms including Alien Worlds, Animoca Brands, Dapper Labs, Decentraland, MetaMetaverse, Space, Superworld, The Sandbox, Upland, Voxels and Wivity.

The alliance will be a decentralized autonomous organization (DAO) to ensure transparency in governance. The DAO has the goal of setting standards for NFTs, portals between worlds and interoperability. 

Continue reading…

Related: NFT utility to remedy ticketing dilemmas? Experts weigh in

NFT sales will fund the restoration of physical monuments in Ukraine

The government of Ukraine will use funds from NFT sales to restore real-world works of art destroyed in the war with Russia. In an announcement, Ukraine’s Ministry of Culture and Information Policy said that the Meta History Museum of War, a government-backed platform, raised around $1.3 million in NFT sales and will use the proceeds for its artwork restoration efforts.

While NFTs will not stop the attacks from Russia, Ukrainian official Oleksandr Borniakov said that it offers an opportunity for Ukraine to rebuild its economy and develop as a country that’s innovation-friendly.

Continue reading…

GameStop “Falling Man” NFT saga shows people’s power at its finest

A controversial NFT listing on GameStop’s NFT marketplace was taken down after receiving pressure from the community. The NFT, dubbed Falling Man, depicted a man in a space suit falling downwards. The NFT resembles a very famous photo from the 9/11 terrorist attack on the World Trade Center with a man falling to his death.

The artwork received heavy backlash as community members pressured GameStop to take it down from their platform. The NFT platform eventually removed the NFT from its marketplace and banned the artist from minting NFTs.

Continue reading…

Nifty News: BAYC hodler loses 100 ETH in “joke” domain sale gone wrong

An NFT whale who owns many expensive Bored Ape Yacht Club NFTs made a mistake while performing a joke, leading to a loss of 100 ETH. Attempting to trigger and mock the EnsBidsBot on Twitter, the NFT whale called Franklinisbored placed a bid on the Ethereum Name Service domain that they listed on their own. However, the tides turned when they forgot to remove the bid before accepting another bid of 1.9 ETH.

Continue reading…

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.

A consulting firm predicted that the NFT market could be worth $231 billion in 2030, noting that the market will grow at a rate of over 33.7% in the years to come.

In this week’s newsletter, read about the most expensive CryptoPunk sale in 30 days. Check out the report that predicts the growth of the NFT market in 2030 and actor Bill Murray’s biographical NFT project.

Additionally, you can learn about the successful tech demo of the Otherside Metaverse. And don’t forget about this week’s Nifty News roundup featuring a Bored Ape Yacht Club (BAYC) NFT at clothing retailer Old Navy and a whisky bottle being auctioned as an NFT. 

CryptoPunk sells for $2.6M as big NFT brands’ floor prices increase

A CryptoPunk NFT has been bought for 2,500 Ether (ETH), worth $2.6 million during the time of purchase. Despite a downward move in the overall NFT market, the transaction involving CryptoPunk4464 — an ape-themed CryptoPunk has become the biggest NFT sale in 30 days.

The sale is also the CryptoPunk collections’ fourth biggest sale of all time in ETH, but only the 15th biggest transaction in United States dollar due to the recent fall in ETH price. 

Continue reading…

NFT market worth $231B by 2030? Report projects big growth for sector

A report by the consulting company Verified Market Research predicted that the NFT market could grow into a $230 billion industry by 2030. As the researchers dove into the space, the team valued the NFT space at $11.3 billion in 2021 and noted that the market will grow at a rate of 33.7% in the next few years.

Looking at the key drivers in the space, the researchers identified the gaming sector as one of the areas that pushed the adoption of NFTs. Noting projects like Enjin and Axie Infinity, the research recognized that gaming contributed significantly to NFT adoption.

Continue reading…

Bill Murray’s biographical NFT project set to be premiered by Coinbase

American actor and comedian Bill Murray partnered with the NFT platform of crypto exchange Coinbase to release an NFT collection with 1000 pieces and highlighted that it shows advice, memories and “Murray-isms.”

According to Coinbase, the actor and his son carefully checked, edited and approved each story within the collection. The duo worked with the author John Resig to create context with the stories.

Continue reading…

Otherside Metaverse demo kicks off with 4,500 participants: Highlights

The Otherside Metaverse demo on July 16 opened for Otherdeed NFT land owners dubbed "Voyagers". The event was reportedly a success as many participants went on Twitter to express their happiness with the experience.

During the demo, the Voyagers went into a virtual lobby, then followed a huge Bored Ape into a colorful portal into the Otherside Metaverse. Once the Voyagers reached the Biogenic Swamp, they moved towards a central stadium, enabling participants to explore their avatars' functionality.

Continue reading…

Nifty News: Old Navy’s BAYC shirts, expensive whisky NFTs, Sandbox publishing

Clothing company Old Navy has released a new t-shirt featuring BAYC #7285, which is selling for $19.95. While some questioned the move, others were happy to see their favorite NFT collection get more popular. Meanwhile, a 52-year-old whisky bottle made in Japan is being auctioned as an NFT, with a starting price of 62 ETH, or $75,000.

Continue reading…

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.

A Web3 startup has also created a subscription model that uses nonfungible tokens to offer lifetime Netflix and Spotify memberships.

In this week’s newsletter, read about Playboy’s upcoming virtual mansion in The Sandbox (SAND). Check out how a startup is offering lifetime Netflix and Spotify access through nonfungible tokens (NFTs) and how NFTs can bridge gaming and blockchain.

Additionally, learn how game company GameStop launched its own NFT marketplace. And, don’t forget about this week’s Nifty News roundup featuring an “Ape Now, Pay Later” scheme from a decentralized finance (DeFi) platform. 

Playboy to launch first ‘MetaMansion’ in The Sandbox

Metaverse platform The Sandbox announced that it has partnered with lifestyle company Playboy to launch a digital version of the popular Playboy mansion. With the collaboration, a Playboy MetaMansion game will be created in the digital world with NFT collectibles integrated into the social game.

Back in 2021, Playboy launched its Rabbitars NFT project, incorporating bunny avatars sold for $800 each. Within the MetaMansion, holders of Rabbitars NFTs will have special access to exclusive experiences. However, details of the project and the date of launch have not been released yet.

Continue reading…

Croatian Web3 startup offers lifetime Netflix and Spotify membership via NFTs

Ticketing provider Revuto announced a lifetime subscription model for Netflix and Spotify through NFTs. According to the project, its Revolution NFT will allow 10,000 users a subscription model that gives them lifetime access to Spotify and Netflix.

Dino Ivankovic, an executive at Revuto, told Cointelegraph that the subscription model allows users to monetize unused subscriptions through NFTs. Additionally, the NFTs can be traded on crypto exchanges.

Continue reading…

How will NFTs bridge traditional gaming with blockchain? Enjin CTO Witek Radomski explains

Cointelegraph Markets Pro spoke with Witek Radomski, chief technology officer at Enjin, in an ask-me-anything session about his thoughts on GameFi and NFTs. According to Radomski, once the crypto winter settles down, there will be a blockchain gaming renaissance.

The executive believes that using NFTs, blockchain games can also go beyond just earning crypto through playing. He notes that history, ownership, digital rights and utility could be linked to all digital creations through NFTs. With this, Radomski believes that NFTs could have a role in verifying digital identity to solve issues regarding impersonation.

Continue reading…

Related: Playing it louder: Companies bring music licensing to the blockchain

GameStop releases public beta NFT marketplace

Video game company GameStop has launched a public beta of its NFT marketplace. With this project, GameStop aims to provide a low-fee and high-speed NFT marketplace to its users. Through its platform, the company will provide several features like statistics and educational content.

Apart from this, the platform is a noncustodial Ethereum layer-2 application. Users can access it through any Ethereum-compatible wallet and the GameStop Wallet. There are already hundreds of NFT collections available on the platform. However, GameStop noted that users should expect outages until the full version is released.

Continue reading…

Nifty News: Total BAYC thefts crack $18.5 million, ‘Ape Now, Pay Later’ loans come for NFTs and more

Lending platform Teller Finance launched an “Ape Now, Pay Later” scheme that mimics the popular “buy now, pay later” payments structure in traditional finance. As the name suggests, users can acquire NFTs and pay them in installments over time.

Meanwhile, an Australian music festival has launched an event that uses NFTs in its ticketing process. The festival, dubbed The Grass is Greener, will release 1,111 NFTs that will give holders access to the event along with experiences like backstage and VIP access.

Continue reading…

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.

The most-followed TikTok creator Khaby Lame also partnered with Binance to create Web3 content and create nonfungible tokens with the exchange.

In this week’s newsletter, read about Binance’s partnership with the most-followed TikToker Khaby Lame. Check out how Vincenzo Sospiri Racing will use NFTs to authenticate car parts and how NFTs will gradually appear on Facebook and other Meta-owned apps.

Meanwhile, an NFT licensing platform that aims to connect Bored Ape Yacht Club (BAYC) owners to brands has noted that hundreds have signed up. And, don’t forget about this week’s Nifty News roundup featuring a console for Web3 gaming.

Binance taps TikTok star Khaby Lame to drive Web3 adoption

Last week, exchange platform Binance announced a partnership with TikTok star Khaby Lame to bring awareness to Web3 and debunk the space’s myths. With his quirky content style, Lame is set to clear up misconceptions in Web3 and combat misinformation.

The TikToker said that he has been curious about Web3 and the partnership is a match for his style, which is making complex things a lot easier. As part of the collaboration, Lame will also be creating NFT collections with Binance to boost engagement with his fans.

Continue reading…

Lamborghini-backed GT racing team to authenticate car parts using NFTs

GT team Vincenzo Sospiri Racing (VSR), a brand supported by Lamborghini, partnered with an NFT platform to launch a program that uses NFTs to certify racing car parts. Through NFTs, VSR will monitor and ensure that their car parts are of the utmost quality. According to former world champion Vincenzo Sospiri, this allows their team to authenticate and audit each part of their fleet. Moreover, the NFT certification may also be expanded to the team’s official merchandise and products in the future.

Continue reading…

NFTs to appear on Facebook, cross-post with Instagram as Meta Web3 expansion continues

Meta continues its Web3 expansion as Facebook announced a “digital collectibles” tab on creators’ timelines. A Meta spokesperson confirmed that Meta will gradually launch NFTs on Facebook, starting with creators based in the United States.

After a while, creators of NFTs will be allowed to post between Facebook and Instagram. In May, Meta CEO Mark Zuckerberg announced the beginning of NFT tests on Instagram. According to Zuckerberg, NFT functionalities will eventually come to other apps owned by Meta like WhatsApp and Facebook Messenger.

Continue reading…

Hundreds of Bored Ape owners sign up to hire out their NFTs to brands

A new NFT licensing platform called Boredjobs aims to list BAYC NFTs within its platform to allow brands to browse and indicate their interests in collaboration. The platform was created by blockchain accelerator Mouse Belt Labs, led by its co-founder Patrick McLain.

According to McLain, only a day after its launch, the platform had received hundreds of applications from owners of BAYC NFTs to verify their ownership. Within the platform, brands can browse through BAYC NFTs and can choose to hire an ape. It will then be presented to the owner of the ape if both parties agree.

Continue reading…

Nifty News: NFT and Web3 gaming console to launch in 2024, Chinese firms to check ID for NFT buying and more

Web3 gaming company Polium has announced a multichain console dedicated to Web3 gaming. According to Polium, the console will be able to support NFTs and blockchains like Ethereum (ETH), Solana (SOL), Polygon (MATIC) and more. Meanwhile, Chinese tech giants have signed an agreement that compels them to confirm the identity of users of NFT trading platforms. Dubbed a “self-discipline initiative,” companies with stakes in China’s NFT market have committed to checking the identities of NFT buyers.

Continue reading…

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.