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Nifty News: Trump drops more NFTs ahead of presidential run, Meta opens to teens and more

Coin Telegraph
Nifty News: Trump drops more NFTs ahead of presidential run, Meta opens to teens and more
Coin Telegraph

Trump’s first NFT collection has seen its value plummet by more than 60% following the latest launch which comes ahead of his 2024 presidential bid.

Trump drops series 2 NFT collection ahead of presidential run

Another round of digital nonfungible tokens (NFTs) trading cards have dropped bearing the likeness of former United States President Donald Trump, with 38,001 minted on Polygon (MATIC).

The collection was launched on April 18 at a price of $99 each, it currently has a floor price of 0.0659 ETH ($145) according to data from NFT marketplace OpenSea and has racked up a volume of 592 Ether (ETH), or over $1.2 million.

Based on the collections creator fee of 10% the sales have generated over $100,000, while the initial subscription generated an additional $3.76 million of revenue based on a sale price of $99.

A screenshot of Trump's April 18 Instagram post. Source: Instagram

Posting to Instagram, Trump suggested that he kept the price the same as it was for the first series “because I want my fans & supporters to make money, & have fun doing it,” adding:

“I could have raised the price MUCH HIGHER, I believe it still would have sold well, with a lot more money coming to me, but I didn’t choose to do so. I WILL BE GIVEN NO ‘NICE GUY’ CREDIT?”

The initial series, which was unveiled on Dec. 15, has seen its floor price drop by 61% in the last 24 hours according to OpenSea, although the trading volume has increased by 1,011%.

Meta opens Horizon Worlds to teens in a bid for more users

Teens from the U.S. and Canada can now use the virtual reality (VR) app Horizon Worlds after Big Tech firm Meta opened it up on April 18, it was previously restricted to people aged 18 and over.

The decision comes after Horizon Worlds fell well short of its monthly active user goal for 2022 recording an average of just 280,000 over the year compared to the 500,000 it had targeted according to the data website Statista.

Various advocacy organizations and safety groups have urged Meta CEO Mark Zuckerberg to halt plans to allow minors into its metaverse. An April 14 open letter argued that Meta should wait for more peer-reviewed research on the potential risks of allowing youths in the metaverse.

The letter claimed minors will face harassment and privacy violations on the VR app, which is still in its early stages.

Meta’s announcement appeared to target the concerns as it focused heavily on ways it plans to mitigate these risks through features such as parental supervision tools, and limiting interactions between teens and adults they don’t know.

The key takeaways listed in Meta’s public announcement. Source: Meta

Nike kicks off first .SWOOSH digital collection with NFT sneakers

Global sportswear brand Nike launched its first NFT collection through its Web3 community platform .SWOOSH, a digital version of its “iconic” Air Force 1 sneaker from 41 years ago.

The Polygon-based NFTs are priced at just under $20 and are available to all .SWOOSH members. According to Nike, the NFTs will have a range of perks such as “special access to physical products and experiences.”

Related: What happens to your NFTs when you die?

Nike added that it will “introduce other new utilities and benefits” to its virtual creations in the near future.

After Nike announced the upcoming launch of the NFT marketplace in November 2022, its community voted that Nike’s first digital asset collection should be based on its Air Force 1 sneaker.

Smurfs step into Web3 with new NFT collection

The popular cinematic animated franchise The Smurfs are set to launch a new collection of NFTs in association with the Web3 platform, The Smurfs’ Society.

The first public sale for the 12,500-strong NFT collection began on April 18 with 3,000 NFTs depicting various Smurfs characters up for auction with an average bid price of 0.02 ETH ($42).

According to The Smurfs’ Society, the NFTs will allow owners to attend VIP events, get unique rewards, and participate in members-only games.

Some of the bidders appear to be either huge fans of the Smurfs or are speculating that the prices will increase following the mint given the top three bids are for 847 of the NFTs.

Current bids for the NFT collection. Source: The Smurfs’ Society

Among the 250 or more characters available are Papa Smurf, Brainy Smurf, and Smurfette. The collection will have over 350 unique traits according to The Smurfs’ Society.

More Nifty News:

A newcomer to the blockchain game Illuvium sold an NFT for over $49,000 after finding a rare NFT inside a digital loot box. The loot box cost just $32 meaning the lucky player made a gain of approximately 140,525%.

Speaking with Cointelegraph, art market economist and academic Magnus Resch suggested “the most important pillar in any NFT project is the community” and believes that some NFT projects have failed because they treated their community like an audience that follows their project rather than contributing to it.

NFT Creator, Sarah Zucker: The Sarah Show’s analog past meets dizzying digital future

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Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Nifty News: Porsche ends ‘low effort’ NFT mint early, Oreo dunks into the Metaverse and more

Coin Telegraph
<div>Nifty News: Porsche ends 'low effort' NFT mint early, Oreo dunks into the Metaverse and more</div>
Animoca Brands

Porsche’s first foray into NFTs appears to have flopped after recording underwhelming sales and was heavily criticized by the community.

Porsche criticized for 'low effort' NFTs, ends mint early

Car manufacturer Porsche had to cut short a nonfungible token (NFT) mint of its famous white 911 model only two days after the public mint started, saying its “holders have spoken.”

The Jan. 23 launch was seen by some as a huge flop for Porsche with just 2,040 of the 7,500 NFTs available having been sold at the time of writing.

The mint was widely criticized by the crypto community for being “low effort,” “tone deaf” and overpriced. The price of the NFTs were set at 0.911 Ether (ETH) ($1,417).

Sales on secondary markets have been undercutting the live mint, with some selling for as little as 0.86 ETH.

After announcing it would cut the supply, Porsche clarified that minting would still be open until 11am UTC on Jan. 25. The collection recorded a surge of FOMO buying which temporarily drove up the floor price.

Get Stuf’d: Oreo launches a Metaverse…and a really big cookie

Cookie company Oreo launched its own Metaverse, the OREOVERSE, an interactive digital world where cookie lovers can play cookie-themed games and enter into a sweepstake.

The OREOVERSE is on desktop, mobile and in Meta’s Horizon Worlds, where users with a Meta Quest headset can enter the Metaverse and experience it in virtual reality (VR).

A screenshot from the web-based version of Oreo’s new metaverse. Source: OREOVERSE

Oreo enlisted the services of TV personality Martha Stewart along with her gardener and friend Ryan McCallister to endorse the Oreo-inspired digital world.

The grand prize for the sweepstake gives users the chance to win $50,000 amongst a range of smaller prizes.

The Metaverse announcement was paired with the unveiling of its latest limited-edition cookie called the “Most OREO OREO” which has a “Most Stuf” creme center — filled with bits of Oreo.

Nike kicks off NFT marketplace with Air Force 1’s

In its first collection of NFTs on its “.SWOOSH Studio” NFT marketplace, Nike is set to launch a NFT collection influenced by its iconic Air Force 1 sneakers following a community vote.

The Polygon (MATIC)-based NFTs will go live on Jan. 25 according to a Jan. 23 tweet by Jasmine Gao, Nike Virtual Studios’ senior product manager.

Nike announced the upcoming NFT marketplace on Nov. 14 last year, which Nike Virtual Studios general manager Ron Faris claimed would help “onboard the next million” into the “wonderful world of web3 and digital assets.”

It aims to be a community-driven platform for Web3 digital art, with members given the chance to help co-create virtual creations with the global fashion brand through community challenges.

According to the Nov. 14 press release, members who win the challenge will also be able to earn royalties on the virtual product they help create.

Nike also suggested that digital wearables would eventually be usable in games and other “immersive experiences.”

Twitch co-founder's Fractal brings its games to Polygon

The gaming company Fractal will be expanding its F Studio product suite to the Polygon blockchain and is bringing along 30 Polygon gaming partners for the ride.

The partners include games such as Phantom Galaxies, Life Beyond, League of Kingdoms, Blast Royale and Sunflower Land.

Fractal and Polygon launch partners. Source: Polygon Gaming.

Fractal is an NFT gaming marketplace founded by Twitch co-founder Justin Kan and provides a launchpad for new projects as well as facilitating tournaments.

It also boasts a software development kit allowing developers to build in-game marketplaces where players are able to buy and sell NFTs in-game, rather than needing to go through Fractal’s marketplace.

The platform originally started on the Solana (SOL) network, but according to a Jan. 23 report by VentureBeat, Fractal is expanding over to Polygon due to its speed, scalability and ability to accelerate game development with the security of the Ethereum network.

Polygon Gaming will be making a strategic investment in Fractal for an as yet undisclosed amount according to the report, in an effort to deepen the partnership between the two firms.

More Nifty News:

An up-and-coming NFT racing game called PetaRush sold out all the NFTs available through both its whitelist and public sales. The game allows users to integrate some NFT collections from outside the games' ecosystem by pursuing partnerships that allow them to use the IP of other collections.

In a recent interview with Cointelegraph, the co-founder of the blockchain role-playing game Illuvium, Kieran Warwick, suggested casual gamers are “critical” to the success of blockchain games that utilize NFTs. Animoca Brands Chairman Yat Sui echoed the sentiment, claiming that all it would take is one good game to kick-start a blockchain gaming boom.

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Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

4 ‘emerging narratives’ in crypto to watch for: Trading firm

Coin Telegraph
4 ‘emerging narratives’ in crypto to watch for: Trading firm
Art

The crypto trading firm sees NFTs becoming more intertwined with brand IP, while Web3 apps with "real world utility" gain traction.

Despite an eventful year fraught with crypto collapses and price drops, Steven Goulden, a senior research analyst at crypto trading firm Cumberland has pointed to several “green shoots” to break the surface in crypto in 2023.

In a 14-page “Year in Review” report released on Dec. 24, Goulden said he saw four “emerging narratives” in 2023 that will lead to “significant progress” for crypto over the next six to 24 months.

These include non-fungible tokens (NFTs) becoming a “go-to method” of tokenizing a brand's intellectual property (IP), Web3 apps and games becoming “genuinely popular,” while Bitcoin (BTC) and Ether (ETH) could become more commonly used as a nation’s reserve asset.

Goulden argued that while NFTs have until this point, been “largely been confined to the art space,” he believes the next step for NFTs will lie in the marrying of NFTs and a brand’s intellectual property.

The analyst noted that many non-Web3 companies are already making “significant progress” to monetize IP and improve customer engagement using NFTs.

Among those include Starkbucks partnership with Polygon to generate NFTs for Starbucks customers, and Nike’s launch of Swoosh, which enables users to design customized sneaker NFTs.

“Listening to these companies talk about Web3 initiatives, it’s clear they see digital engagement with customers and fans as a new aspect of the retail experience,” said Goulden.

He also noted that “selling NFTs to retail users has the potential to generate material, high-margin revenue.” Nike is a textbook example of that, having generated $200 million from digital sneakers alone. The analyst expects Polygon’s MATIC, LooksRare’s LOOK and 0xmon’s XMON token to lead the way on this front.

CryptoKicks digital shoes from Nike and RTFKT. Source: Nike.

The Cumberland analyst also said that NFTs will become a “go-to method of tokenizing IP”, sharing that there is around $80 trillion of intangible assets that exists on corporate balance sheets today.

Real-world utility apps to gain traction

Goulden also sees the adoption of Web3 platforms providing “real world utility” starting to gain traction in 2023, acknowledging it has been “extremely challenging” to disrupt Web2 monopolies thus far:

“The reality is that it takes time to build and bootstrap projects like these, and so we anticipate material traction is probably 12+ months out, with serious user adoption probably 2-5 years away.”

Some “genuinely useful real world” platforms that Goulden highlighted included IT recruitment platform Braintrust, Internet of Things protocol Helium, GPU rendering service Render, global mapping project Hivemapper and ride sharing app Teleport.

Web3 games to attract “serious” gamers

The analyst was also optimistic about the Web3 gaming market, noting that there is around three billion gamers in the world, 200 million of which are “serious” — representing $200-300 billion in total addressable market.

“[...] yet these users usually don’t own in-game items and have little control or governance over these gaming ecosystems,” said Goulden.

Related: 5 cryptocurrencies to keep an eye on in 2023

Goulden says the play-to-earn aspects of blockchain-based gaming will lead to significant profitability for developers but added that because it takes “around 2-3 years to build a triple A (highest-quality blockbuster) game,” we probably won’t see a “Web3 game that becomes a star” until 2023 or 2024.

Web3 Gaming Market Figures. Source: Fungies.

BTC and ETH as reserve asset

Finally, the research analyst suggested that close attention should be placed on BTC and ETH’s potential role as a reserve asset, particularly for nations focused on exports.

Goulden said many high-export nations around the world may choose to stock up its reserves with alternative assets such as cryptocurrency instead of U.S. treasury bills as a means to depress their own currencies against the U.S. Dollar.

“Even a small central bank allocation to BTC or ETH would be material and would likely lead to other exporting states following suit.”
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Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Nifty News: Nike unveils NFT platform, Steve Jobs’ sandals sell for $200K and more

Coin Telegraph
Nifty News: Nike unveils NFT platform, Steve Jobs’ sandals sell for 0K and more
2022 FIFA World Cup

A one-of-a-kind NFT of the Birkenstocks sandals worn by Apple co-founder Steve Jobs at various times during his life has sold for over $200,000.

Nike’s Dot Swoosh platform lands

Footwear and apparel giant Nike has unveiled its latest foray into the nonfungible token (NFT) and metaverse space with the launch of an NFT marketplace named .Swoosh.

While .Swoosh is still in the beta phase, Nike announced that its “first digital collection” is set to launch on the Web3 platform in 2023, with the rest of 2022 devoted to growing the platform and user base.

Among the “virtual creations” to become available next year are digital sneakers, apparel, accessories and other collectibles. In addition, some will unlock benefits such as access to real-life products and events.

Following the first collection drop, members can enter a community challenge to win the opportunity to co-create a virtual product with Nike.

According to Nike, the winners of the challenge can earn an undisclosed amount of royalties on the virtual product they help co-create.

Ron Faris, general manager of Nike Virtual Studios, said .Swoosh offers a “gateway into a new digital arena,” while the Twitter post from Nike said the platform would help “onboard the next millions” into the “wonderful world of web3 and digital assets.”

“We are shaping a marketplace of the future with an accessible platform for the web3-curious,” he added.

In 2021, Nike entered the metaverse game through the acquisition of virtual sneakers and collectibles brand RTFKT. It also launched the virtual world Nikeland.

.SWOOSH uses similar tools and technologies but all three are different projects for the company.

Steve Jobs NFT sandals go under the hammer

A one-of-a-kind NFT of the Birkenstocks sandals worn by Apple co-founder Steve Jobs at various times during his life has sold for $218,750 at an auction.

Steve Jobs sandals, complete with imprints of his feet. Source: Julien's Auctions

Julien’s Auctions ran the auction from Nov. 11 to Nov. 13, with 19 people overall trying to claim the footwear with offers ranging from $15,000 to $175,000.

Included in the deal was an NFT featuring a 360° digital representation of Steve Jobs sandals, which was minted on the Polygon blockchain.

The NFT is a 1-of-1 edition and included the physical sandals, with the “imprint of Steve Jobs’ feet.” It also came with a hard case for storage and transport and a Jean Pigozzi book titled The 213 Most Important Men in My Life.

Initially, the sandals and NFT were projected to fetch between $60,000 and $80,000, but after 19 bids, the sandals ended up going for $218,750. The new owner of the sandal NFT has not been publically disclosed.

Jobs and Steve Wozniak co-founded Apple in 1976. Jobs died of pancreatic cancer in 2011.

First airport metaverse takes flight in India 

Bangalore International Airport has launched Metaport, a metaverse airport built on the Polygon blockchain. 

Inaugurated by Indian Prime Minister Narendra Modi on Nov. 11, the metaverse features a virtual reproduction of Terminal 2 at Bangalore International Airport and allows users to network with other travelers, access entertainment and go shopping in the digital space.

Arpit Sharma, vice president of enterprises at Polygon, posted a Nov. 12 video of Metaport in action.

In the video, a user logs into the Metaverse airport, customizes their avatar’s appearance and clothing and then wanders around the virtual space.

The avatar interacts with several other users through a text-based chat, goes on an art tour and gets the chance to purchase digital items before a boarding call prompts the user to leave the metaverse. 

The project is the result of a joint venture between Bangalore International Airport, Polygon, Intel and Amazon Web Services and is being called the first metaverse airport in the world by its creators.

2022 FIFA World Cup NFTs kicking off 

The 2022 FIFA World Cup is rapidly approaching its Nov. 20 kickoff in Qatar and in the leadup, several companies have been releasing NFT collections and announcing Web3 games for the event. 

Sportswear manufacturer Adidas posted a Nov. 14 promotional trailer for the World Cup featuring its Bored Ape Yacht Club (BAYC) character Indigo Herz alongside Lionel Messi and other players. 

Herz was on a cereal box of “Indigoooooals.”

The footwear giant purchased Indigo Herz, or BAYC #8774, on Sept. 17, 2021, for 46 Ether (ETH) — worth approximately $58,500 at the time.

Yuga Labs grants holders full intellectual property rights to use the characters for commercial endeavors.

Related: Wuhan omits NFTs from metaverse plan amid regulatory uncertainty in China

Earlier this month, major credit card company Visa released five soccer-themed NFTs for auction on Nov. 1 featuring World Cup goals of famous players. The auction lasted until Nov. 8, with all proceeds donated to a United Kingdom-based charity.

The payments company is also giving fans a chance to create their own NFTs on a digital pitch at the FIFA Fan Festival, which will launch during the World Cup.

On Oct. 14, Budweiser partnered with FIFA to release a live scoreboard NFT collection called Budverse X World Cup.

According to the OpenSea description, once users mint their world cup team, the NFT will follow and track the progress throughout the FIFA World Cup.

Meanwhile, FIFA announced on Nov. 9 they will have at least four Web3 games that fans can play while at the World Cup.

More Nifty News:

NFT marketplace OpenSea announced it will continue to enforce royalties across all collections going forward, following an outcry from creators for considering otherwise.

Web3 technology has opened a whole new frontier for musicians, but the head of IP at Animal Concerts metaverse platform says onboarding someone like Snoop who is active in the space is very different from “artists who don’t typically keep up with the Web3 ecosystem.”

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Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Ethereum Co-Founder Vitalik Buterin Criticizes Corporate Metaverse Attempts — ‘Anything Facebook Creates Now Will Misfire’

Bitcoin.com
Ethereum Co-Founder Vitalik Buterin Criticizes Corporate Metaverse Attempts — ‘Anything Facebook Creates Now Will Misfire’
3D worlds
Ethereum Co-Founder Vitalik Buterin Criticizes Corporate Metaverse Attempts — ‘Anything Facebook Creates Now Will Misfire’On Saturday, the co-founder of Ethereum, Vitalik Buterin, took to Twitter and gave his perspective on the “existing corporate attempts to create the metaverse.” Buterin noted that a metaverse will happen, but he doesnt believe the current corporate metaverse attempts are going anywhere. Ethereum’s Vitalik Buterin Shares His Thoughts on Existing Corporate Metaverse Attempts This […]
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Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Nifty News: ‘Blue-chips’ halve in value, free-to-mint Goblintown NFT volume surges

Coin Telegraph
<div>Nifty News: 'Blue-chips' halve in value, free-to-mint Goblintown NFT volume surges</div>
BAYC

Data on the most well recognized nonfungible token (NFT) projects show that key metrics have fallen with floor prices and market capitalization over the past month.

“Blue-chip” nonfungible token (NFT) collections have seen their floor prices and market capitalization slide over the past 30 days, with some of the most well-recognized projects halving in value for these key metrics.

Data collected on key Ethereum (ETH) NFT projects by DappRadar show the floor prices of established collections such as CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Moonbirds, are at most down around 55% over 30 days.

The MAYC is the worst off of the four with the floor price diving 55% to 16.7 ETH ($31,300). The more popular BAYC has fallen over 47% to 86.7 ETH ($163,000), and CryptoPunks by almost 49% to 45 ETH ($85,000).

The only collection to gain in the month was Moonbirds up 22% with a 19.6 ETH floor price, roughly $37,000.

Whilst the floor price for Moonbirds may be up, its market cap has fallen 55% to $368 million. The others have also tumbled with the biggest losses being the MAYC, down over 71% to under $610 million, whilst BAYC and CryptoPunks were down 62% and 51% respectively.

Despite the falling metrics the collections still continue to dominate the top NFT sales over the past 30 days the most expensive being a BAYC NFT sold for 410 ETH on May 5, worth about $1.2 million at the time.

Free-to-mint collection tops charts

A free-to-mint NFT collection called Goblintown launched on May 22 now commands a nearly $50 million market cap and is in the top 30 NFT collections.

Despite the website stating the NFTs have “No roadmap. No Discord. No utility.”, Goblintown is in second place for volume over the last seven days at nearly $23 million according to DappRadar, beating out collections such as Otherdeeds and the Bored Ape Yacht Club.

The collection features 9,999 “goblins” which debuted without any real marketing, fanfare or the usual hype-building for a NFT project. The team behind Goblintown is not known and often post seemingly nonsensical and crude tweets from the official Twitter account.

Despite all of these factors, the floor price of the collection was 2.7 ETH or around $5,000 on NFT marketplace OpenSea at the time of writing. The most expensive NFT sold from the collection has fetched a price of 69.4 ETH or about $130,000.

Nike scoops ENS domain

RTFKT (pronounced “artifact”) the Web3 arm of sportswear and sneaker giant Nike has added an Ethereum Name Service (ENS) domain to the company's repertoire, purchasing “dotswoosh.eth” for 19.72 ETH, about $37,000.

Related: NFT 2.0: The next generation of NFTs will be streamlined and trustworthy

Whilst it’s unclear what use Nike will put the domain to, the company has been investing in Web3 through the creation of multiple sneaker-based NFT collections with RTFKT, and has defended its claim to the space, taking a reseller of Nike NFT sneakers to court.

The purchase of this latest ENS domain brings the total owned ENS domains by the company to ten.

More Nifty News

The popular move-to-earn NFT game Stepn has banned users in China from its app to adhere to Chinese regulations. Mainland Chinese users make up 5% of the platform's overall user base and Stepn’s founder has said the move will not have a significant impact on the firm's finances.

The community for a Solana (SOL) based NFT game has dished out payback to a scammer after the developer of the game raised royalties to 98% on a batch of NFTs stolen in a Discord hack phishing scam. Community members bought back the NFTs to return them to their original owners whilst the hacker made a measly 2% on each sale.

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Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

‘$1T opportunity’: JPMorgan becomes first major bank in the Metaverse

Coin Telegraph
<div>'T opportunity': JPMorgan becomes first major bank in the Metaverse</div>
Adidas

JPMorgan is officially the first major bank in the Metaverse, having opened a virtual lounge in blockchain-based Decentraland in an effort to capitalise on a “$1 Trillion” market opportunity.

The largest bank in the US, JPMorgan, has taken a massive step into the Metaverse, opening a virtual lounge in the popular blockchain-based world Decentraland after it labelled the sector as a “$1 trillion opportunity.”

Visitors to the lounge, situated in Decentraland’s Metajuku mall, are greeted by a roaming tiger and a digital portrait of Jamie Dimon, the CEO of JPMorgan. If players walk upstairs, they can watch an executive’s presentation on the economics of cryptocurrency.

JPMorgan's metaverse bank (Source: Decentraland)

The “onyx lounge”, named after JPMorgan’s in-house blockchain payments system was unveiled alongside a report from the bank, detailing the types of business opportunities companies can expect to find in the Metaverse.

The report states: ”The Metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues”, while also highlighting that $54 billion is already being spent on virtual goods each year—twice the amount spent buying music.

The report notes the average price of virtual land doubled from $6,000 to $12,000 between June and December last year, and predicts that in-game advertising spending will reach $18.4 billion per annum by 2027.

JPMorgan has identified a rush of individual creators utilizing Web3 to monetize their work in new ways as a driving force behind the new economy being build in the Metaverse.

“This democratic ownership economy coupled with the possibility of interoperability, could unlock immense economic opportunities, whereby digital goods and services are no longer captive to a singular gaming platform or brand."

Increasing mainstream adoption of the Metaverse is also being driven by interest from massive brands, notes JPMorgan, citing Adidas and Nike’s move to create NFT-based products and shopfronts as well as Samsung opening a Metaverse store as enormous steps forward in adoption.

As if to underline the point, Disney announced this morning that it has officially appointed a new executive, Mike White, to lead its foray into the Metaverse. According to a memo from Disney CEO Bob Chapek, Disney is looking to expand its storytelling prowess to the digital realm. “Today, we have an opportunity to connect those universes and create an entirely new paradigm for how audiences experience and engage with our stories,” said Chapek.

Related: FarmVille developer Zynga set to release first NFT game this year

The JPMorgan report wasn’t all positive however.

In a section titled "Navigating hype vs. reality," the report stated, “Despite much excitement about the possibilities of the Metaverse, in order to enable its full potential for engagement, community building, self-expression and commerce, key areas need to be further developed and matured,” pointing to flaws in the overall user experience, poor performance of avatars, as well as difficulties with commercial infrastructure.

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Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Sneaker Giant Nike Sues Online Retailer for Selling Unauthorized Nike Shoe NFTs

Bitcoin.com
Sneaker Giant Nike Sues Online Retailer for Selling Unauthorized Nike Shoe NFTs
Birkin bags
Sneaker Giant Nike Sues Online Retailer for Selling Unauthorized Nike Shoe NFTsNike has filed a lawsuit against an online reseller using unauthorized Nike shoe images in non-fungible tokens (NFTs). “Those unsanctioned products are likely to confuse consumers, create a false association between those products and Nike, and dilute Nike’s famous trademarks,” Nike alleges. Nike Sues Online Retailer Over NFT Sales Sneaker giant Nike filed a lawsuit […]
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Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

NFT battles: Nike takes seller of unlicensed NFT sneakers to the court

Coin Telegraph
NFT battles: Nike takes seller of unlicensed NFT sneakers to the court
Coin Telegraph

StockX is an online reseller estimated to be worth $3.8 billion, and NFT sneakers in dispute are still online.

Popular sneaker maker Nike has started the "licensed NFT" wars by taking an online reseller called StockX to court for trademark infringement or sale of unlicensed nonfungible token (NFT) sneakers.

According to a Reuters report, Nike has filed a lawsuit against the reseller in the New York Federal court demanding an undisclosed amount in damages and a halt of sales on such virtual collectibles. StockX reportedly started selling Nike sneaker NFTs in January and promised buyers they can redeem the real-world version of the sneakers in the near future.

Nike in its 50-page complaint claimed StockX has sold nearly 500 NFT sneakers with the Nike branding which has dented their reputation and legitimacy. The shoemaker brand also alleged the NFT sneakers were being sold at inflated prices with very “murky terms of purchase and ownership.” 

StockX is a popular online reseller estimated to be worth $3.8 billion and the NFT sneakers because of which it is facing the lawsuit is still online. The collection is called ‘The Vault’ comprising of 9 premium Nike sneakers and deals with NFTs tied to their real-world asset.

Related: From art to gaming: The biggest NFT trends of 2021

Nike claimed NFTs are a way for brands to interact with their customers, but some of the players in the market are trying to “usurp the goodwill of some of the most famous trademarks in the world and use those trademarks without authorization to market their virtual products and generate ill-gotten profits.” The shoe-maker is set to launch its own NFTs collection later this month in association with recently acquired art studio RTFKT.

NFTs popularity has made it a primary PR and marketing tool for brands and celebrities. However, as with any popular use case in the decentralized world, NFTs have reached a point of exploitation. Apart from Nike, there have been several other lawsuits around NFTs involving big brands and celebrities. Pulp Fiction’s film production company Miramax sued the director of the film Quentin Tarantino for selling NFTs of the movie, calling it copyright infringement.

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Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

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