NFT
US-Based Crypto Exchange Kraken Officially Rolls Out New NFT Marketplace
Crypto exchange Kraken is announcing that its new non-fungible token (NFT) marketplace is now available for the general public following months of testing the platform with a select group of users. The San Francisco-based firm rolled out the beta version of Kraken NFT in November, saying it would use user feedback during this phase to […]
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Kraken launches your gateway to the world of NFTs
Cointelegraph Pitch Room launched, bridging promising projects to quality investors
Cointelegraph presents Pitch Room, where innovation meets opportunity.
Cointelegraph presents Pitch Room, a new stage in the effort to boost innovation in the crypto space, dedicated to investors interested in deal flow. Pitch Room opens doors for promising startups in the Web3 space, exploring new markets and building solutions with the potential to disrupt the industry. Investors can view a one-page summary of each company, a two-minute elevator pitch and an in-depth presentation. The goal of Pitch Room is to bridge venture capitalists and private equity managers with innovative firms at the cutting edge of the crypto space.
As Bitcoin (BTC) matures and delivers a beta return in the industry, investors are now looking for disruptive innovation to generate alpha returns. By actively seeking out startups and projects that push the boundaries of what is possible in the Web3 space, investors aim to capitalize on the next wave of innovation that can drive alpha returns, leading to exciting opportunities for both investors and the industry as a whole.
Join Pitch Room now and be the first to see the future of crypto.
Challenges for investors
Despite the large number of companies emerging in the crypto and Web3 space, it is often difficult for investors to assess the true potential of many projects. This is especially true for investors who may not have a strong technical background or a deep understanding of the underlying technology.
Another challenge for investors is the sheer number of projects out there. According to data from CoinMarketCap, there are currently over 9,600 cryptocurrencies in circulation, with new projects being launched all the time. Similarly, there are countless Web3 projects in development, ranging from decentralized finance (DeFi) protocols to non-fungible token (NFT) marketplaces and beyond.
With so many options available, it can be overwhelming for investors to determine which projects are worth their time and money. Startups often struggle to articulate their key idea and the practical benefits of their product, and investors can struggle to distinguish between two similar projects, making it hard to determine which one is more likely to succeed.
In addition, the crypto and Web3 industry is still subject to some risks and uncertainties, like regulatory changes, technical glitches and market volatility, which can all affect a project’s success. Consequently, investors need to evaluate these risks and assess whether the potential rewards a project can bring outweigh the potential downsides.
Pitching innovation
To help institutional and retail investors overcome these challenges, Cointelegraph launched Pitch Room. With this new initiative, Cointelegraph’s team hosts pitch desks and helps investors navigate the complexities of these emerging industries. From on-chain scoring and capital-efficient lending protocol RociFi to a one-stop gaming ecosystem GameSwift, Cointelegraph introduces the companies’ products, elaborates on their competitive advantages, market size perspectives and team background, and much more.
Pitch Room allows Web3 entrepreneurs to present ideas, solutions and long-term visions for their projects as well as discuss their experience, market conditions, expansion plans and more. For example, in a two-minute pitch accompanied by an interview, Bernardo Corti, CEO of decentralized derivatives exchange EMDX, provides insights into the company’s mission and addresses market issues and challenges. Corti also presents the company’s financial derivatives products and discusses the benefits of the Avalanche blockchain and strategic partnerships. In such a short and easy-to-understand format, investors can quickly get brief information about the project, and then contact the entrepreneurs if interested.
Pitch Room is always on the lookout for both innovative startups and qualified investors interested in staying updated on promising companies and emerging market trends. Feel free to contact us for more information or to submit your application.
Nike NFTs to make their way into EA Sports games and its millions of fans
Nike’s “virtual creations” will be integrated into EA Sports games in the coming months.
In a major step towards mainstream gamer adoption for crypto, Nike’s nonfungible token (NFT) platform .Swoosh will soon be integrated with EA Sports games, potentially allowing Nike's virtual footwear and apparel to appear in games.
In a June 1 statement, Nike said that its “virtual creations” — its way of saying NFTs — will start being incorporated into EA Sports games in the coming months, though neither Nike or Electronic Arts (EA) has revealed which game titles will include Nike’s virtual goods.
And that does it for the launch of the OF1 Collection.
— .SWOOSH (@dotSWOOSH) June 1, 2023
Thank you to all of the 50K+ .SWOOSH members who participated.
We'll be back tomorrow with a recap of all things OF1.
Oh, and we have a special announcement coming at 8am PDT.
Until tomorrow .SWOOSH fam
EA Sports games include FIFA — which was awarded the title of “most popular game” in 2022 — as well as Madden NFL series and the NBA Live series, all of which attract millions of gamers. It’s expected that Nike NFTs will be customizable wearable add-ons that players can purchase and alter their character avatars in-game.
"This partnership will allow us to unlock some incredible new experiences for our .SWOOSH community and the massive EA SPORTS fan base," said Ron Faris, general manager of Nike Virtual Studios.
EA SPORTS @dotSWOOSHhttps://t.co/hNxxdaMgRL pic.twitter.com/NH8vp0fWoQ
— EA SPORTS (@EASPORTS) June 1, 2023
Nike first unveiled its .swoosh NFT platform in November 2022, but didn’t release an NFT collection until the beginning of 2023.
It was on May 15 when .Swoosh released its first NFT collection, a line of virtual shoes called Our Force 1, a not-so-subtle nod to the brand’s iconic Air Force One line of sneakers. At the time of publication, more than 97,000 of the sneaker NFTs have been sold to just under 53,000 addresses, according to data from Polygonscan.
Related: NFT collections take massive price hit in 2023: Nifty Newsletter, May 24–30
In December 2021, Nike entered the Metaverse through the acquisition of virtual sneakers and collectibles brand RTFKT. It also launched the virtual world Nikeland.
While .Swoosh uses similar tools and technologies to RTFKT and Nikeland, all three are individual projects for the company.
NFT Creator: Top 10 crypto artist Trevor Jones on being rich, rekt and rich again
From cricket to crypto: AB de Villiers ventures into Web3
South African cricket icon AB de Villiers trades his bat for Web3 as he discusses his love affair with NFTs and a partnership with a novel Ethereum-based investment platform.
AB de Villiers is a household name in the world of cricket, renowned for his swashbuckling batting style and records in the shorter formats of the game. Perhaps less well known is his involvement in the Web3 and cryptocurrency space as he moves on from an illustrious sports career.
The 39-year-old South African sat down for a wide-ranging interview with Cointelegraph as he shifts his attention to the world of Web3. From his love affair with nonfungible tokens (NFTs) to an ambassadorship with a Web3 investment platform, De Villiers has familiarized himself with the ins and outs of the wider cryptocurrency ecosystem.
As the South African explained in the first episode of Crypto and Sport, his personal experience navigating the crypto ecosystem has tossed up some testing deliveries to bat away. It has also led him to become an ambassador for a new Ethereum-based Web3 investment platform looking to open up retail investor access to opportunities in promising new start-ups.
Hands off my Mutant Ape!
De Villiers admits that he kept the crypto space at an arms’ length for a number of years despite the best efforts of Web3 savvy friends and family to compel him to explore the industry as early as 2017.
Related: Planet of the Bored Apes: BAYC’s success morphs into ecosystem
While his brothers pressed him to invest in Ripple’s native XRP in those early days, De Villiers remained skeptical of the crypto ecosystem and kept his distance, until he started exploring trading more seriously after downloading Trading View:
“I started to follow some of my favorite stuff. Obviously the markets as well, gold, commodities, the Nasdaq and S&P 500. I just found a bit of interest, started reading a little bit about the markets around the world and then obviously also crypto, Bitcoin, Ethereum, XRP were my first interests.”
A couple of years later, NFTs took off with collections like Bored Ape Yacht Club scoring hundreds of millions of dollars in sales. De Villiers brushed up on the intricacies of the space with the help of a friend working in the industry.
Getting to grips with Metamask and its various wallet and network connections, token swaps and blockchain bridges, De Villiers quickly became enamored with collecting NFTs. Describing his experience as being littered with highs and lows, the former Proteas captain was particularly proud of being a Mutant Ape owner which also happened to be his first NFT trade.
“I think I started off with an amazing bang. I bought an M2 mutant ape. Amazing as a first investment. I went straight for the big one. Obviously it's not overboard, but still an M2 is a biggie.”
His dose of NFT dabbling went on for some time, with De Villiers estimating that his NFT trophy cabinet held over 300 digital collectibles before an unfortunate incident left him scrambling. Enticed by a malicious NFT masquerading as a new Pudgy Penguin drop, De Villiers inadvertently gave a hacker access to his wallet by signing a malicious contract more than a year ago:
“I tapped on it, it looked very legit. There was a $1 gas fee. The minute I hit that gas fee, it stalled. I hit it about five times, which ultimately meant that I gave this guy access to my whole wallet.”
De Villiers ended up losing a portion of his collection before sending the remainder of his NFTs to another wallet for safe-keeping and admitted that the experience had made him recognize some of the challenges navigating Web3 for newcomers:
“I made a couple of mistakes and it cost me dearly, but that is something I really want to talk about. For anyone who wants to invest in NFTs, blockchain or Web3, it's all new and it's complicated, or it can be unless you simplify it as much as possible.”
Leveling the investment playing field
The experience also led him to get involved with Common Wealth as an ambassador. The Ethereum-powered Web3 investment platform aims to give retail investors early access to start-ups that are traditionally stonewalled for conventional venture capital investors. It ‘levels the playing field’ for retail investors to invest in high-potential early-stage Web3 projects, as De Villiers tells Cointelegraph.
Ready to level up your investment game? With Common Wealth, you can invest in private VC deals that were once reserved for the few, not the many. Let’s level up the playing field. pic.twitter.com/nJR2G2SC5B
— Common Wealth (@joincommonwlth) May 31, 2023
The platform allows the average investor access to early stage projects and companies at seed and private sale rounds. Users are able to invest in a variety of funds with crypto to access tokenized shares issued as genesis NFTs .
Community investors decide which projects to back through different funds, with voting power proportionate to their investment in a respective fund. Fund NFTs can be sold, traded or fractionalized on the platform or other marketplaces, which affords access to capital that is typically locked up for long time frames in conventional seed investment rounds.
For De Villiers, giving the everyday investor access to an easy to use platform with a low financial barrier to entry to traditionally exclusive early fundraising rounds resonated with his views on financial inclusivity.
He draws parallels to the socio economic landscape in South Africa, with its multitude of cultures and a regrettably large disparity of wealth, and the potential for projects like Common Wealth to tackle inequality:
“I love the fact that the common person, that's why it's called Common Wealth, can get an opportunity alongside the most wealthy person out there, the guy who has been involved with this space for ten years, who knows all the tricks, the ins and outs, this just gives you a level playing field.”
With some 9.5 million followers on Twitter and more than double that on Instagram, De Villiers added that his alignment with the project was assured by the pedigree of individuals behind Common Wealth. Prominent team members include alumni from Google, Activision Blizzard, Intel, Cardano and Facebook that have built the Ethereum-powered mobile optimized platform.
De Villiers continues to adjust to life after an illustrious cricket career that saw him named ICC One Day International player of the year three times. Broadcast work is on the cards for the 39-year-old, while he admits that he’d like to continue exploring the Web3 industry in various capacities, whether it is apportioning investments into BTC, ETH, NFTs and other promising Web3 projects.
That comes with the usual caveat of caution when investing in the cryptocurrency space, given a long history of market volatility and other criticisms of the nascent sector.
How are NFTs used in fashion and wearables?
The fashion industry is progressively employing NFTs in conjunction with virtual technology to enhance user experiences.
The future of NFTs in fashion
The future of NFTs in the fashion industry carries significant potential. This is because the segment is expanding in lock step with the wider NFT market.
Looking at growth over the past couple of years, the global NFT market size was estimated to be $15.54 billion in 2021. Current projections indicate that it is likely to reach the $231 billion valuation mark by 2030, mostly driven by the widespread adoption of NFTs.
Considering these forecasts, NFT technology is poised to attract more users in the long run as it gains mainstream traction. This development is, in turn, likely to stimulate the growth of the NFT wearables market. Furthermore, the ongoing utilization of fashion NFTs in creative ways has the potential to boost demand for both virtual and phygital NFTs among digital-couture enthusiasts.
How are phygital NFTs used by fashion companies
The use of phygital NFTs, which are NFTs that are paired with physical items, is a growing trend among fashion brands that are looking to create a unique shopping experience.
Many fashion brands that use this strategy provide limited-edition NFTs that are virtual versions of physical items, such as NFT sneakers and jackets. The NFTs, which are bundled with physical products, enable customers to possess and wear the actual item while having a digital version of the item on the blockchain.
Among prominent phygital NFT events that have successfully demonstrated their desirability, Dolce & Gabbana’s Collezione Genesi auction sale of phygital NFTs in 2021 stands out. The sale of the nine-piece NFT collection set a fashion phygital NFT record after it was sold for approximately $6 million in Ether (ETH). It proved that there was substantial demand for phygital NFTs.
Since then, numerous prominent fashion enterprises have jumped on the phygital NFT bandwagon. One of them is Givenchy. In November 2022, the French fashion company launched a limited edition collection of phygital NFTs in collaboration with Bstroy, a streetwear brand. The unique collection included jeans, T-shirts, hoodies, bags and footwear.
In January 2023, L’Oréal Group’s Yves Saint Laurent Beauté fashion brand also joined the trend alongside luxury fashion brands such as Prada. One major reason why fashion brands are embracing the phygital NFT strategy is to offer a unique value proposition to customers who seek exclusivity.
An added benefit of using phygital NFTs is that they help counter the proliferation of counterfeit goods. This is because NFTs serve as proof-of-ownership, a factor that validates the authenticity of their corresponding physical items.
NFTs-powered digital fashion in the metaverse
The metaverse is a virtual world that allows people to connect with their peers and partake in activities that are analogous to those in the real world, such as working, gaming and shopping. Sometimes, these cyberspaces also incorporate elements of augmented reality and digital economies.
One major advantage of metaverses is their online accessibility. Consequently, fashion brands are increasingly turning to them as a practical alternative to traditional fashion shows when this is convenient.
By leveraging fashion NFTs in virtual environments, fashion companies that have embraced the concept have been able to create immersive avenues for fans and customers to check out their latest offerings. They mainly showcase NFT wearables in the metaverse that provide users with a higher level of individuality.
The Metaverse Fashion Week is an example of a successful metaverse fashion show event. The event attracts major fashion companies each year. Notable fashion companies that have participated in the event include Balmain, Dolce & Gabbana, Tommy Hilfiger, Adidas and Coach.
The event — which was pioneered in 2020 by the UNXD NFT marketplace and Decentraland, a virtual world platform — also attracts tens of thousands of enthusiasts annually.
Besides using metaverse fashion events to showcase their creations, some fashion brands set up NFT virtual stores within metaverses to make purchase processes more interactive, especially when there are major events. The stores are usually built on virtual land and help to enhance brand awareness among demographics that appreciate digital world experiences.
How are fashion NFTs used in augmented reality settings
Augmented reality (AR) has been hailed as the next frontier in NFT fashion. This is because the technology enables designers to create unique virtual fashion items that can be showcased and worn in augmented reality settings.
Delving a bit into the workings of AR, the technology enables computer-generated objects to be superimposed onto real-world environments, creating a holographic effect that integrates them into their surroundings. In the fashion industry the virtual objects include digital clothes and accessories. AR realism experiences are typically achieved using AR-enabled devices — such as smartphones, AR headsets and smart glasses — to provide users with a captivating experience.
By leveraging the advanced capabilities of AR, NFT fashion brands are able to make use of 3D virtual spaces to showcase their products in a dynamic and realistic manner.
Furthermore, the combination of NFTs and AR allows fashion brands to set up virtual fashion shows and events, granting designers the opportunity to display their collections. Such events are usually held on metaverse platforms.
Due to the combined potential of AR and NFTs, a collective of established footwear and apparel companies have been collaborating with digital fashion specialist agencies to help them tap into the space. The companies include Nike's RTFKT, Off-White and Adidas.Benefits of NFTs in the fashion industry
NFTs bring numerous benefits to the fashion industry. One benefit is that they enable creators to authenticate the ownership and genuineness of their creations on the blockchain while allowing collectors to acquire the digital assets, which can sometimes be sold for substantial profit via NFT marketplaces.
As a result, many prominent fashion designers are now eager to acquire the necessary skills for crafting NFT designs.
NFTs in fashion have also created new monetization opportunities for designers and creators by giving rise to innovative concepts such as NFT wearables in the realm of virtual reality.
What is an NFT wearable? NFT wearables are digital items that can be donned by user avatars or virtual characters within digital environments such as metaverses and games. They range from dresses and jeans to wearable NFT jewelry.
What makes wearable NFTs so special is that they allow digital fashionistas to customize their digital personas using virtual items such as clothes and accessories. The digital assets can be obtained, traded and sold within blockchain-based ecosystems. Much of their appeal lies in their capacity to enhance users’ virtual experiences.
That said, the value of NFT wearables is dependent upon a range of factors, such as their rarity, desirability and popularity, among others.NFTs revolutionizing the digital assets space
Nonfungible tokens (NFTs) are unique digital assets that are embedded on the blockchain and have unique identifiers that can be used to confirm their authenticity and ownership. Each NFT has a unique token ID and metadata that makes this process easy.
Their nonfungible nature means that each NFT token is one of a kind and cannot be interchanged for another token on a one-to-one basis. This is unlike fungible assets such as fiat currencies, where each unit holds the same value and can be substituted for another. Because of this property, NFTs are sometimes used to represent real-world items such as rare works of art, event tickets and even real estate.
That said, the meteoric rise of NFTs in the past couple of years has allowed their utility to extend across various industries. While the first NFT was created in 2014, their popularity has risen exponentially since 2021, when demand for NFT art started to grow. And now, the fashion industry is embracing them due to the unique benefits that they offer.Binance Announces New Non-Fungible Token (NFT) Borrowing Program, Binance NFT Loan
The world’s largest crypto exchange by trading volume, Binance, has released a new non-fungible token (NFT) loan feature. According to a new Binance announcement, the platform will offer zero gas fees and the ability to borrow Ethereum (ETH) without the need to sell assets. The loan feature aims to cater to those who want quick […]
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Why buy an NFT? Collectibility
Who invented NFTs?: A brief history of nonfungible tokens
Ever wondered who invented nonfungible tokens — aka NFTs? The timeline includes colored coins, quantum, CryptoPunks and a lot more.
Revival and resurgence: NFT market rebounds and issuance of Bitcoin-native NFTs
The sector took a plunge in 2022 but regained an upward trend in 2023, bringing the joy back to NFT aficionados.
For much of 2022, growth in the NFT sector plateaued. Macroeconomic factors brought down the enthusiasm in the NFT market. Even the metaverse had been a talking point before it fell off the radar. Mark Zuckerberg’s metaverse division lost $13.72 billion in 2022.
2023, however, brought smiles back to NFT enthusiasts. Ordinals launched in January 2023, exploiting the 2021 Bitcoin Taproot upgrade, which enabled on-chain Bitcoin-native NFTs. By February 2023, Yuga Labs, the premiere issuer of NFTs in the world, had announced the rollout of “TwelveFold,” a new NFT collection to be issued on the Bitcoin network. Ordinals, an advancement of the concept of colored coins, are serial numbers imprinted in a single, unique satoshi.
As per data from DappRadar, the NFT market clocked $2 billion in total trading volume in February, which was a 117% increase from the previous month. The impetus sustained into March, with data demonstrating only a slight dip to under $2 billion. BCC Research envisions a market value of the NFT sector of $125.60 billion by 2027, with a compound annual growth rate of 27.7% (2022–2027).
Accumulated data from DappRadar and Dune disclosed about 5.8 million total NFTs sold in March compared to approximately 6.5 million NFTs in February. Ethereum NFT trading in February ($1.81 billion) was almost identical in March ($1.82 billion).
Expanding beyond Ethereum: Non-Ethereum blockchains and the NFT ecosystem
Certain factors propelled NFTs to a sharp surge in 2021. Various blockchains set up new standards specifically for NFTs.
NFTs in 2021 witnessed a spike in supply and demand. According to NFT data company NonFungible.com, NFT trading jumped around 21,000% to top $17 billion during the year.
The usage of NFTs in the art market was a major factor behind the surge. The emergence of digital art provided artists with another venue to showcase their creativity and store their work, which could be verified as well. Thanks to these advantages, digital art gained traction and helped propel the NFT boon.
This was the time when renowned auction houses such as Christie’s and Sotheby’s moved their auctions online. Moreover, these auctions included art that pushed the popularity of NFTs. It was at Christie’s where Beeple’s “Everydays: the First 5000 Days” NFT made a record-shattering sale of $69 million. A sale of that scale drew the attention of non-Ethereum blockchains and blockchain enthusiasts toward NFTs.
Buoyed by the NFT mania, blockchains such as Cardano, Solana, Flow and Tezos started work on their own platforms for NFTs. In September 2021, smart contracts became functional on Cardano, which facilitated the development of NFT applications on the platform. A few new standards were set up by various blockchains to establish the authenticity of nonfungible assets.
A key event of the year was Facebook rebranding itself as Meta and strolling into the metaverse space. NFTs were always an integral part of the metaverse, leading to the surge in demand for NFTs.
The rise of NFTs in gaming and the metaverse: From CryptoPunks to Axie Infinity
Ethereum introducing a set of token standards facilitated the steady movement of NFTs toward the blockchain. The token standard informs developers how to deploy new tokens.
The success of the Rare Pepes was followed by Larva Labs, a software development company that launched CryptoPunks, its own generative series of NFTs, created by John Watkinson and Matt Hall. Inspired by London punk culture, the project has 10,000 unique pieces, with no two characters resembling each other. CryptoPunks became a huge success and was the foundation of many other NFT projects, including the Bored Ape Yacht Club, one of the biggest NFT collections.
The next major launch was CryptoKitties, which came up during the ETHWaterloo hackathon, back in October 2017. The game enables players to buy, sell and create NFTs representing virtual cats with desirable traits on Ethereum. Post CryptoKitties, NFT gaming became increasingly popular.
NFT gaming combined with metaverse projects to formulate a new momentum. A major project of this era was Ethereum-based Decentraland, a virtual world that allows players to explore games and build and collect assets.
In October 2018, Axie Infinity, an NFT-based battle game, was released. It set the ball rolling for play-to-earn (P2E) games, which enabled gamers to earn in-game rewards while playing. It’s a pioneering video game on the Ethereum blockchain involving Axies, creatures that are rare NFTs with unique attributes. Gamers fight battles using Axies and build more attributes into them.
The evolution of NFTs: From colored coins to the emergence of Rare Pepes and Spells of Genesis
As mentioned, the story took off with colored coins, which were created to represent and manage ownership of real-world assets on the blockchain. They were different from Bitcoin (BTC) because of the “nonfungible” element that provided them with a unique utility.
Demonstrating a humongous leap in Bitcoin’s capabilities, colored coins were composed of tiny fractions of a Bitcoin, which could be as minuscule as a satoshi. Use cases of colored coins, such as the representation of property, coupons, or usage as digital collectibles, subscriptions, shares and access tokens, helped people realize the potential of blockchains for issuing assets.
Bitcoin, however, was never intended to be used as a database for tokens, which meant that colored coins just remained at the concept level. However, the development did set off a series of experiments that culminated in NFTs. The first of the NFTs was “Quantum,” as mentioned before, an octagon-shaped animation. The arrival of Ethereum provided NFTs with the platform they required to flourish.
A major project of this period that enabled the development of digital assets was The Counterparty platform built on Bitcoin. A spectrum of “Rare Pepes” NFTs was released on The Counterparty, initiating the use case of NFT as artwork. “Spells of Genesis,” created on Ethereum, was another big NFT project after The Counterparty.
A brief history of NFTs: From inception to global recognition
What started with Bitcoin-based colored coins in 2012–2013 became a phenomenon in 2021 and is still thriving. The Ethereum blockchain had a pivotal role in popularizing NFTs.
Though 2021 turned out to be the year of Nonfungible tokens (NFTs), it wasn’t the year when the technology was invented. Kevin McCoy minted the first NFT, “Quantum,” on the Namecoin blockchain in 2014. Nonetheless, the inception of Bitcoin-based colored coins in 2012–2013 marked the beginning of the concept that led to the development of BRC-20 tokens. This idea stemmed from a paper authored by Meni Rosenfield in 2012, and it paved the way for the evolution of digital tokens on the Bitcoin blockchain.
The world, however, noticed NFTs in 2017. This was mainly due to the arrival of the Ethereum blockchain, which overcame the limitations in the blockchains prior to it when it came to hosting NFTs. Ethereum not only provided NFTs with a reliable solution for critical things such as token creation, storage, programming and trading but also lowered the entry barrier for launching NFT projects.
A brief history of NFTs can be segregated into a timeline:
