Nifty Newsletter

Elon Musk slams NFTs on the Joe Rogan podcast only to unintentionally make the case for Bitcoin Ordinals.

In this week’s newsletter, we dive into the dynamic world of nonfungible tokens (NFTs) and their impact on the digital landscape, as NFT sales have skyrocketed to an impressive $129 million in November, according to data from Nansen. Despite the surge in sales, OpenSea has laid off a substantial amount of staff as it prepares to launch version 2.0 of its platform, and Elon Musk unintentionally made a case for Bitcoin Ordinals. Meanwhile, an OpenSea investor has taken a 90% markdown on their stake in the platform, and don’t forget this week’s Nifty News featuring The Simpsons roasting NFTs.

NFT sales volume jumps to $129 million in November — Nansen data

NFTs have seen a large increase in weekly sales volume, with sales reaching 29,704 Ether (ETH), worth approximately $56 million, and later surging to 68,342 ETH (over $129 million) in a matter of weeks.

NFT marketplace Blur had the highest trading volume in the last 30 days, with 161,433 ETH, which is worth around $305 million, followed by OpenSea with 52,307 ETH, which is around $100 million. When it comes to NFT collections, Bored Ape Yacht Club (BAYC) had the highest trading volume in the last 30 days, at 35,226 ETH, which is approximately $66.7 million.

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OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch

OpenSea announced on Nov. 3 that it was laying off employees as part of its plan to launch OpenSea 2.0 with a smaller team. The company has previously laid off 20% of its employees in July 2022 due to the “crypto winter.” At that time, it had a staff of 230.

According to the company, around 50% of employees would be affected across all functions. Those affected by the mass layoff would receive four-month severance packages, accelerated equity vesting, and six months of continued healthcare and mental healthcare.

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Elon Musk slams NFTs but ends up arguing the case for Bitcoin Ordinals

Tesla CEO Elon Musk has unintentionally highlighted the case for Bitcoin Ordinals, also known as Bitcoin NFTs, during his recent appearance on the Joe Rogan Experience podcast. The billionaire pointed out that NFTs are often not stored on the blockchain but are merely URLs linking to JPEG images.

Bitcoin supporters used Musk’s comments to argue in favor of Bitcoin Ordinals, which were launched in January by developer Casey Rodarmor. Bitcoin Ordinals are similar to NFTs but are stored on Bitcoin’s blockchain.

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OpenSea investor marks down stake in platform by 90%: Report

Coatue Management, a tech investment firm based in the United States, has marked down the value of its stake in the NFT platform OpenSea by 90%. The company reduced its investment from $120 million to $13 million, driving down OpenSea’s valuation to $1.4 billion.

Apart from OpenSea, another Web3 firm has also been marked down. Coatue Management also marked down its investment in a Web3 payment provider firm called MoonPay by 90%.

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Nifty News: The Simpsons roasts NFTs, Yuga Labs exec departs after antisemitic tweets, and more

The animated television series The Simpsons has shown an entire segment making fun of NFTs in its Halloween special. In a segment called “Wild Barts Can’t Be Token,” Homer mints Bart on the blockchain. The segment continued to poke fun at the industry and how the fear of missing out fuels the market.

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YugaLabs won a $1.57 million court battle against NFT artists Ryder Ripps and Jeremy Cahen because of disgorgement and damages.

Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.

 In this week’s newsletter, read about how holders of CryptoPunks nonfungible tokens (NFTs) were offered physical versions of their NFTs for 48 hours. Find out why some artists were ordered to pay Yuga Labs $1.6 million in a copyright lawsuit and why major German companies like Mercedes and Lufthansa are using NFTs. In other news, the CEO of Mintable says the United Kingdom risks regulating NFTs the wrong way.

CryptoPunks holders offered physical versions of their NFTs for 48 hours

Holders of CryptoPunks NFTs were offered the chance to obtain physical prints of their digital artworks via a partnership between the online art store Avant Arte and Yuga Labs, the owner of the CryptoPunks brand.

The sale lasted only 48 hours, with two physical versions of the CryptoPunks being offered. The first is called “Punk-On-Chain,” exclusively for the owners of the punks, and the second is called “10,000 On-Chain,” which is a print collection of all 10,000 CryptoPunks open to anyone.

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How major German firms like Mercedes and Lufthansa are using NFTs

Despite the ongoing slump in the NFT market, several German companies have included NFTs in their business strategy. The German postal service will release its first limited-edition collectible stamp on Nov. 2, 2023, combining NFTs and artificial intelligence.

German automotive company Mercedez-Benz launched its third NFT collection, The Era of Luxury, in September. Its digital collectibles were made to be digital reinterpretations of standout designs over its seven design eras.

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Ryder Ripps ordered to pay Yuga Labs $1.6 million in copyright lawsuit

NFT artists Ryder Ripps and Jeremy Cahen were ordered by a United States district court judge to pay Bored Ape Yacht Club creator Yuga Labs $1.57 million on account of disgorgement and damages, along with legal fees as an end to an ongoing “copycat” NFT lawsuit.

Yuga Labs claimed that Ripps and Cahen had violated copyright laws in creating copycats of its iconic Bored Ape Yacht Club NFT collectibles.

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U.K. risks regulating NFTs the wrong way, says Mintable CEO

The CEO of NFT platform Mintable, Zack Burks, told Cointelegraph in an interview that he believes the U.K.’s government is in danger of regulating NFTs in such a way that misrepresents the technology.

He claims a recent U.K. parliamentary report exaggerates NFTs’ role in copyright infringement and doesn’t recognize their worth more than just being volatile digital pictures.

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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 into this actively evolving space.

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Both NFT Ethics and blockchain analytics account Lookonchain allege that the OpenSea exec played a key role in hyping the AnubisDAO project to investors.

Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.

In this week’s newsletter, read about how an art gallery in Dubai plans to educate artists about nonfungible tokens (NFT) and Web3, and why NFT marketplace OpenSea said it’s unaware of any involvement of a former executive in a $60 million rug pull. Check out what happened with the Astrology-themed NFT series Lucky Star and, in other news, find out what a Chinese government-owned newspaper plans to do with its own NFT platform.

First look: Art gallery in Dubai to educate artists on NFTs, Web3

The forthcoming art gallery 37xDubai, which plans to debut in October, aims to educate artists and collectors on NFTs and the broader Web3 ecosystem through its physical presence.

Gallery founder Danilo Carlucci said it plans to hold educational workshops in the gallery space after its launch. Additionally, the gallery intends to use NFTs based on its “Tree of Life” art installation for its membership token.

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OpenSea “unaware” of any involvement of former exec in $60 million rug pull

NFT platform OpenSea says it is unaware of evidence that could point to the involvement of former head of ventures, Kevin Pawlak, being tied to the infamous AnubisDAO rug pull in 2021 after new accusations sprung up on social media.

An anonymous X (formerly Twitter) account called NFT Ethics tagged the platform, asking it to speak to the accusations. They claimed Pawlak is linked to the pseudonymous identity “0xSisyphus” and was involved in “various dubious business dealings.“

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Astrology NFT project Lucky Star Currency rugged for over $1 million — CertiK

The astrology-themed NFT project Lucky Star Currency (LSC) has been caught in the middle of trying to pull off an exit scam for more than $1 million, according to a report from the blockchain security firm CertiK.

The account of the deployer of the project utilized the “withdrawToken” function on both the NFTMerge and AdwardCenter contracts. This removed over $1 million worth of LSC tokens from the account, after which they were exchanged for the Binance USD (BUSD) stablecoin and sent to another account.

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Chinese government-owned newspaper to launch NFT platform

China Daily, an English-language newspaper under the ownership of the Publicity Department of the Chinese Communist Party, has plans to create its own metaverse and NFT platform.

The publication is awarding 2.813 million Chinese yuan ($390,000) to a third-party contractor to design the NFT platform, which can either be Chinese or foreign. It also said that the digital collectibles sold on the platform could be bridged to others, such as OpenSea and LooksRare.

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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 into this actively evolving space.

Meta has rolled out early access for Horizon Worlds on web browsers and mobile devices.

In this week’s newsletter, read about how marketplace Magic Eden integrated compressed nonfungible tokens (NFTs) into its platform and how Meta launched its metaverse game on mobile and web. Check out why the Bitcoin Ordinals creator proposes changing the protocol’s numbering system and learn about Atari founder Nolan Bushnell’s perspectives on play-to-earn gaming. In other news, the United States Securities and Exchange Commission (SEC) has charged NFT collection Stoner Cats with offering unregistered securities. 

Meta’s Horizon Worlds launches on mobile and web in early access

Meta has announced it has started rolling out Horizon Worlds on mobile devices and web browsers. The launch to mobile and web includes a free-for-all shooter game called Super Rumble, where two to six players can play together in fast-paced shooting matches.

The launch is only in early access, meaning only a few people can join. According to Meta, it will slowly roll the game out to more people and add more experiences and worlds to the metaverse in the near future.

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Bitcoin Ordinals creator proposes to change inscription numbering system

Bitcoin Ordinals chief coder and creator Casey Rodarmor proposed to change the numbering system of Bitcoin NFTs. The coder highlighted that the current system has led to “ugly code and stalled development.”

Because of this, Rodarmor initiated a proposal to make inscriptions permanently unstable, making the protocol simpler and easier to upgrade. The Ordinals creator added that while the change may make the numbers inaccurate, the numbering system will not be scrapped entirely.

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Magic Eden integrates Solana’s compressed NFTs into marketplace

NFT marketplace Magic Eden has integrated compressed NFTs (cNFTs) by Solana into its platform. According to Magic Eden, cNFTs will allow users to experiment without spending too much money and are ideal for mass-produced NFTs for industries like music, gaming and events.

cNFTs are different from standard NFTs, as their data is stored off-chain. Because of this, users can mint as many as one million NFTs for just around $110.

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Play-to-earn games are the reason “real” gamers hate crypto: Atari founder

Nolan Bushnell, the founder of Atari, a video game company that peaked in popularity in the 1980s, recently spoke with Cointelegraph and expressed that play-to-earn (P2E) games are the reason why “real” gamers dislike crypto.

The executive claimed that “good gamers” don’t like to grind and said that Web3 gaming needs to move away from P2E and focus on building worlds powered by virtual reality and augmented reality.

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Stoner Cats NFTs are “fan crowdfunding,” not securities — SEC’s Peirce, Uyeda

The SEC has charged the company behind the NFT collection Stoner Cats with offering unregistered securities. According to the SEC, the NFTs were marketed as having potential for secondary sales and implied that the value would rise.

However, not everyone in the SEC agrees with the action. SEC commissioners Hester Pierce and Mark Uyeda published a dissenting statement, arguing that the project’s activity constitutes fan crowdfunding, which they believe is a common occurrence in the world of creators.

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Soccer star Cristiano Ronaldo took a lie detector test to celebrate the launch of his latest NFT collection in July.

In this week’s newsletter, read about how German flagship airline Lufthansa uses nonfungible tokens (NFTs) to reward loyal customers and how soccer superstar Cristiano Ronaldo teased his future NFT plans during a lie detector test. Check out why a law professor believes the metaverse should be taxed, and find out how artificial intelligence (AI) and NFTs can provide a personalized learning experience to children. And don’t forget this week’s Nifty News, featuring a Mutant Ape NFT selling for over $800,000 amid an ongoing downward price trend. 

Lufthansa launches NFT loyalty program on Polygon

Lufthansa’s innovation unit has collaborated with its frequent flyer program division to launch Uptrip — an NFT loyalty program operating on the Polygon network. With this, loyal customers can get rewards by turning their trips into NFT collections.

The program allows the airline’s customers to scan their boarding passes and exchange them for collectible NFTs. When completed, the NFT collections can be used to redeem rewards like lounge access and flight upgrades.

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Ronaldo teases NFT plans while on a lie detector test

Soccer star Cristiano Ronaldo was given a lie detector test to celebrate the release of his second NFT collection in July. While the athlete was on the lie detector, he said he would release more NFTs in the future. The test confirmed that he was being truthful. When asked if he owns any NFTs, the soccer player answered “yes” once more, with the test confirming his answer again.

In 2022, Ronaldo signed a multiyear partnership with crypto exchange Binance’s NFT unit. The collaboration aims to introduce Web3 technologies to soccer fans around the world through NFTs.

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Failure to tax the metaverse ‘will create a tax haven’ — Harvard legal expert

Law professor Christine Kim published a paper that presented arguments on taxing the metaverse. According to Kim, the metaverse should be regulated under the tax code. Kim argued that failure to tax it will turn it into a “tax haven.”

The professor also highlighted several tax-related proposals. Among these, Kim proposed that taxation should occur immediately upon receiving gains, which includes unrealized gains and income.

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Animoca subsidiary builds AI and NFT tools for educators

Education-focused tech platform TinyTap has announced the integration of NFT and AI tools for parents and educators. According to the announcement, AI integration will enable the platform’s users to create educational games using a topical prompt.

After setting the prompt, the AI will generate the game within minutes. According to TinyTap CEO Yogev Shelly, the tools will help speed up content creation and access, which could let teachers and parents provide personalized learning experiences to children.

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Nifty News: Adidas unveils resident Web3 artists, Mutant Ape sells for 500 ETH and more

NFT company Yuga Labs has announced that it will launch its metaverse game Legends of the Mara later in September. Meanwhile, a Mutant Ape was sold for over $800,000 despite the downward trend in the NFT market.

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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 into this actively evolving space.

NFT project y00ts will return the $3 million it received from Polygon Labs and transfer to Ethereum.

In this week’s newsletter, read about CBS Studios’ receiving approval for Star Trek NFT trademarks, check out how FC Barcelona acquired investment for its nonfungible token (NFT) initiative, and find out why NFT project y00ts is bridging to another network just months after its previous transfer. In other news, Canadian authorities are trying to create a repository for seized crypto and NFT assets, and don’t forget this week’s Nifty News, featuring Coca-Cola releasing an NFT collection on Coinbase layer 2, Base. 

Star Trek trademarks for NFTs: The final frontier

The patent application filed by CBS Studios over the Star Trek name’s usage in crypto and NFTs has been approved by the United States Patent and Trademark Office. CBS applied for the patent back in April, which was finally approved on Aug. 8. The trademark included use for digital crypto collectibles and NFT-authenticated video clips.

With the new update, Star Trek Continuum will become a line of NFTs featuring various starships from the adventures held in the science fiction television series.

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FC Barcelona secures $132 million investment for blockchain and NFT venture

Soccer team FC Barcelona has announced it has received a $132 million investment for its Web3 initiatives, including NFTs and the metaverse. According to the announcement, integrating digital content around Web3 and blockchain is part of the club’s Barça Vision initiative.

The soccer club obtained the capital by selling a 29.5% stake in Bridgeburg Invest, which is the holding company for Barça Vision. The investments came from Libero Football Finance and Nipa Capital.

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NFT project y00ts to return $3 million grant as it ditches Polygon for Ethereum

DeLabs, the company behind the NFT project y00ts, has recently announced that it will migrate to Ethereum just months after transferring most of its NFTs to Polygon from Solana.

According to the announcement, the team will unite its NFT projects, y00ts and DeGods, with the move. The company will also return the $3 million grant from Polygon Labs that it received back in January to support its migration to Polygon.

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Canada to develop repository for storing crypto and NFT seizures

An announcement made by the Royal Canadian Mounted Police (RCMP) highlighted that they are looking for a solution that will facilitate the storage of seized NFT and crypto assets. According to the RCMP, a centralized repository will help the authorities to seize these assets in a user-friendly manner. In addition, this will also provide security to prevent theft while they are in storage.

For NFT support, the Canadian police department requires a solution that supports the Ethereum, Solana and Polygon blockchains.

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Nifty News: Coca-Cola gets Based, Reddit avatars reach 20 million milestone and more

Beverage brand Coca-Cola is diving into Web3 with the help of crypto exchange Coinbase. Through its layer-2 network Base, Coca-Cola is launching its first NFT collection consisting of works from various artists. Meanwhile, Reddit Collectible Avatars has hit the 20 million milestone and reached a cumulative sales volume exceeding $40 million.

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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 into this actively evolving space.

An NFT trader who noticed a bot was copying his trades tricked the bot out of 800 ETH, worth around $1.5 million.

In this week’s newsletter, read about how the team behind Bitcoin Ordinals plans to drive the development of nonfungible tokens (NFTs) on Bitcoin and find out why metaverse platform The Sandbox requires Know Your Customer (KYC) checks for staking. In other news, learn why NFT gas usage is on a downward trend, and don’t forget this week’s Nifty News, featuring an NFT trader tricking a bot and bagging $1.5 million in profit. 

Bitcoin Ordinals team launches nonprofit to grow protocol development

The team behind Bitcoin Ordinals has launched a nonprofit aiming to boost the development of NFTs on Bitcoin. Dubbed the Open Ordinals Institute, the nonprofit will provide funding for Ordinals developers.

The Bitcoin Ordinals protocol was launched in January, and it rapidly became one of the most popular trends in crypto. Users rushed to inscribe their assets like NFTs and Bitcoin-based crypto on the Bitcoin blockchain.

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NFT gas usage shows downward trend, signals shift in landscape

NFT gas usage continues on a downward trend. On Aug. 3, gas consumption of NFT marketplaces like Blur, OpenSea, SuperRare, LooksRare and Rarible only accounted for 1.85% of the total consumption on the entire Ethereum network.

Moreover, NFT-related projects that were once top gas users on the Etherscan charts are now not listed. This indicates a potential shift in NFT use, where users may be holding their NFTs instead of actively trading.

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The Sandbox implements KYC measures for protocol staking

Metaverse project The Sandbox will implement a KYC verification protocol for staking. According to an announcement, only KYC-verified uscane to deposit The Sandbox (SAND) tokens and claim staking rewards.

On-chain analytics firm Messari’s data shows that 6.7% of SAND’s circulating supply — about 123 million tokens — is currently staked by users. According to the metaverse platform, the move aims to enhance user security and compliance.

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Nifty News: Trader nabs 800 ETH by baiting a bot, NFT thefts slow and more

NFT trader Hanwe Chang tricked a bot into copying his trades, resulting in a profit of 800 Ether (ETH), worth around $1.5 million. The NFT trader noticed that the bot was copying his bids. Because of this, the trader tricked the bot into buying his inflated NFTs.

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NFT company Yuga Labs is set to acquire a metaverse-building startup to advance its Otherside metaverse project.

In this week’s newsletter, read about why the food and beverage nonfungible token (NFT) market is set to exceed $2 billion by 2032, check out the Bruce Lee avatar that has made its way into the metaverse, and how the British Museum uses the virtual universe to teach world history. In other news, find out how NFT-styled debit cards can be the future of Web3, and don’t forget this week’s Nifty News, featuring Yuga Labs acquiring a metaverse studio. 

Here’s how big food and beverage brands are using NFTs: Report

A report by Research and Market predicted that the global food and beverage NFT market will exceed $2 billion by 2032. According to the report, key supporting factors for the growth include blockchain adoption and the demand for NFT transparency and traceability within the food industry.

Within the industry, various brands like Pizza Hut and Papa John’s have already started dipping their toes into the space after releasing NFT collections.

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The Sandbox and the British Museum bring art and history to the metaverse

Metaverse platform The Sandbox has partnered with The British Museum to create user experiences to dive into world history. The partnership will allow the museum to generate digital collectibles that reflect various collections inside it.

According to The Sandbox’s co-founder Sebastien Borget, this is an opportunity for players to learn about human history, art and culture through the British Museum.

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Bruce Lee avatar to teach martial arts in the metaverse

An avatar of popular actor and martial artist Bruce Lee will teach martial arts in the metaverse through a tribute event. The metaverse platform Byte Dance hosts the event in partnership with Bruce Lee’s daughter Shannon Lee.

Users who minted avatars on Ethereum and Polygon can use their playable characters within the Byte City metaverse to interact with the Bruce Lee avatar. The game can be played on desktop and mobile devices.

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NFT-styled debit cards the future of Web3 — Animoca founder on $30M Hi investment

In an interview with Cointelegraph, Animoca Brands co-founder Yat Siu expressed confidence in the potential of customizable NFT-styled crypto debit cards. According to Siu, this is an example of the shift toward personalization, where Web3 can let users express themselves in new ways.

Siu’s investment firm has also earmarked $30 million for the neobank platform called Hi. The platform’s crypto-friendly debit card lets users personalize their physical cards with their NFT avatars.

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Nifty News: Yuga Labs to buy metaverse studio, Etihad NFT staking to take off and more

NFT company Yuga Labs is set to acquire Roar Studios, a metaverse-building startup, as it aims to further its Otherside metaverse. Meanwhile, Etihad Airways, one of the two national airlines of the United Arab Emirates, has announced an NFT staking loyalty program called Horizon Club.

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The creators of the popular NFT game Axie Infinity announced a partnership with NFT collection CyberKongz to migrate the Play & Kollect game to Ronin.

In this week’s newsletter, read about how Reddit onboarded millions into Web3 through its nonfungible token (NFT) avatars, and check out McDonald’s first metaverse experience in The Sandbox. Find out why professional gamers are interested in trying out Web3 games, and why Axie Infinity creator Sky Mavis is partnering with NFT collection CyberKongz to develop a new game. And don’t forget this week’s Nifty News, featuring an NFT image of Ethereum co-founder Vitalik Buterin.

Reddit engineer shares strategy behind NFT onboarding at EthCC

At the recent Ethereum Community Conference (EthCC) event, Reddit’s senior engineer Mirela Spasova shared how the online forum platform onboarded millions to its NFT avatars. Spasova highlighted that the motivation behind the project was empowering users with freedom of use.

By making the collectible project on-chain, users can either keep them as their avatars or resell them on secondary marketplaces like the NFT trading platform OpenSea.

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McDonald’s debuts McNuggets Land in The Sandbox

McDonald’s Hong Kong has built its first Web3 experience dubbed “McNuggets Land” in the metaverse project The Sandbox. The McNuggets Land is a digital world created to celebrate the 40th anniversary of the restaurant chain’s Chicken McNuggets.

The Web3 experience will allow users to go to a digital store that shows a tour of the history behind the chicken snack. It also allows participants to play and complete quests to win rewards, including The Sandbox (SAND) tokens.

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Dota 2, Rocket League pros ‘want to explore’ Web3 and blockchain gaming

Even though traditional game developers have shunned the idea of integrating Web3 into games, some competitive gamers expressed interest in blockchain-based gaming.

Professional Dota 2 player Erik Engel and Rocket League competitive gamer Max both expressed interest in trying out Web3 gaming. According to Engel, it was refreshing to see companies make more out of the technology than just the usual games.

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Axie Infinity creator to develop new game in partnership with CyberKongz

Sky Mavis, the creator of the NFT game Axie Infinity, has announced a partnership with the NFT collection CyberKongz to develop a new game. Though the company did not provide details about the game, Sky Mavis executive Kathleen Osgood said that it would have the opportunity to be interoperable by integrating with existing Axie Infinity experiences.

Despite the lower interest in blockchain gaming during the bear market, Osgood believes that the catalyst for the revival of blockchain gaming will come from a game that understands the motivations that drive users into Web3.

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Nifty News: Vitalik Buterin becomes NFT, Neopets transitions into non-crypto game and more

An image taken before Ethereum co-founder Vitalik Buterin became famous is being sold as an NFT to celebrate the anniversary of the smart contract platform. Meanwhile, the popular Web3 game Neopets Metaverse has decided to focus on a different game concept that’s non-crypto despite raising investments from various Web3 firms.

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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 into this actively evolving space.

An on-chain tile-sliding game has been causing a massive spike in daily transactions on the Sui Network.

In this week’s newsletter, Google Play has officially allowed nonfungible token (NFT) games on its store — with some limitations. NFT company Dapper Labs has completed its third round of layoffs, and a blockchain gaming startup has enabled an automated refund feature for NFT purchases. In other news, check out the blockchain-based game that has started to spike daily transaction volumes on the Sui Network, and don’t forget this week’s Nifty News, featuring the Bank of America training employees inside the metaverse. 

Google Play Store officially allows NFT games, but not gambling ones

The Google Play Store recently published new blockchain-based content policies, including allowing NFT games. The company stated that the new policies are designed to “open new ways to transact blockchain-based digital content” within applications and games.

Despite being open to NFTs and blockchain gaming content, the company also clarified that developers must clearly state the feature in their game descriptions. Gambling is also not allowed.

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Dapper Labs makes third round of cuts in 9 months amid NFT slump

NFT company Dapper Labs has announced another round of layoffs, cutting 51 more employees from its team. According to the company, the decision was necessary to keep the firm lean and efficient.

The recent layoff marks the third time the company laid off staff in less than a year. In November 2022, the company cut 22% of its employees. The firm also cut staff by 20% in February 2023.

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Blockchain gaming platform creates refundable NFT program

Blockchain gaming startup Spielworks and Web3 platform Mycelium Network have partnered to create an NFT project that allows automated refunds for NFT purchases. Through a smart contract, anyone who wants a refund only needs to click one button and exchange the NFTs with a pool of funds.

Users who acquire the NFTs will also be allowed to use them within a blockchain game, giving material drops to players, as well as mining power.

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A simple tile game is spiking daily txs on Sui Network — Data platform

Sui 8192, an on-chain tile-sliding game, has caused a huge spike in daily transactions on the Sui Network. According to an on-chain analytics platform, the game has even surpassed Solana in terms of daily transactions.

A new object is minted at every instance of the game. This process is similar to minting NFTs. In addition, every move within the game is recorded as a transaction and requires gas.

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Nifty News: Metaverse bank robberies, Trump NFT biz prefers crypto over cash and more

The Bank of America is employing virtual reality metaverse and artificial intelligence technology to train its employees to handle bank robberies or angry customers. Meanwhile, Donald Trump’s NFT business holds its funds on Ethereum, with disclosures showing nothing on its bank account.

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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 into this actively evolving space.