NFTs
Number of unique BAYC buyers plunged in August to second-lowest on record
According to data from cryptoslam.io, the number of unique buyers for the nonfungible tokens (NFT) collection Bored Ape Yacht Club (BAYC) has fallen to 263 for the month of August, with 438 total transactions. These metrics were the second-lowest on record since the collection’s launch in April 2021. Since crypto winter began earlier this year, the average transaction value of BAYC NFTs has fallen to $106,456, compared to a peak price of $312,101 per ape collectible in April 2022. In May 2021, the collection saw the peak number of buyers and transactions, at 3,550 and 9,255, respectively. An estimated $55 million worth of BAYC and CryptoPunks NFTs are at risk of liquidation due to users pledging them as collateral to take out loans denominated in Ethereum — the price of which h...
Ticketmaster selects Flow blockchain for minting NFT event tickets
According to Flow, a digital engagement layer-1 blockchain created by Dapper Labs, Live Nation’s subsidiary Ticketmaster has unveiled nonfungible tokens (NFTs) tickets for event organizers minted on its blockchain. The primary purpose of the NFT tickets will be for commemorative value. But aside from being used as mementos, they can also be used as proof of attendance at notable concerts. However, such virtual commemorative tickets are not valid for entry. One still needs to show a purchased ticket with a bar code from Ticketmaster or Live Nation for entry. As told by Live Nation, it selected the Flow blockchain based on its eco-friendly nature, claiming that creating an NFT on Flow uses less energy than doing a Google search or making an Instagram post. It is possib...
Crypto developers should work with the SEC to find common ground
Regulators are tasked with balancing between protecting consumers and creating environments where entrepreneurs and the private sector can thrive. When markets face distortions, perhaps due to an externality or information asymmetry, regulation can play an important role. But regulation can also stifle entrepreneurship and business formation, leaving society and its people worse off. The United States Securities and Exchange Commission has been particularly hostile against cryptocurrency companies and entrepreneurs. For example, SEC Chairman Gary Gensler has remarked that he views Bitcoin (BTC) as a commodity but that many other “crypto financial assets have the key attributes of a security.” He reiterated the line in an explosive Aug. 19 op-ed penned for The Wall Street Journal, arguing t...
Merch and perfume: Formula One trademark filing paves the way for F1 NFTs
Formula One could introduce nonfungible tokens (NFTs), digital collectibles and cryptocurrency payment support ahead of the inaugural Las Vegas Grand Prix in 2023. F1’s trademark department registered two new trademark filings with the United States Patent and Trademark Office on August 23. The filings outline the trademark and logo for the Las Vegas Strip Circuit and a wide-ranging list of goods and services that the event intends to offer during next year’s race. Of particular interest were specific mentions of NFT and cryptocurrency-related offerings as well as blockchain-powered transactional services. The filing notes NFTs that will represent ownership of a wide variety of real-world items, including vehicle equipment, decorative items, clothing, bags, wallets and even R...
Telegram founder suggests ‘NFT-like smart contracts’ to auction usernames
Pavel Durov, the founder of encrypted messaging app Telegram, has floated the idea of a marketplace that could utilize “NFT-like smart contracts” to auction highly-sought after usernames. Durov made the suggestion after the “success” of domain name auctions by The Open Network (TON), a layer-1 blockchain originally designed by the Telegram team. The blockchain project launched the TON DNS service enabling users to assign human-readable names to crypto wallets, smart contracts, and websites in mid-July. In a message to his personal Telegram group named “Durov’s Channel” on Aug. 23, he noted that he was “really impressed by the success of the auction TON recently conducted for their domain/wallet names.” “Imagine how successful Telegram with its 700 million users could be if we put res...
NFT lending protocol Bend DAO proposes emergency changes amid credit crisis
On Monday, developers of decentralized nonfungible tokens (NFTs) borrowing and lending protocol Bend DAO proposed new emergency measures in an attempt to stabilize the ecosystem. The same day, it was revealed that the project had just as little as 15 wrapped Ether (wETH) worth $23,715 to pay back lenders. Approximately 15,000 ETH was lent using the mechanism. To save the protocol from a credit crisis, the Bend Dao dev team suggested that the liquidation threshold for collateral would be constrained to 70% of the loan value, down from 85%. Next, the auction period for NFTs on its platform would be reduced from 48 to four hours. Then, the requirement for the minimum bid price of NFTs on Bend DAO to be pegged to 95% of the floor price on popular digital collectibles trading platform Ope...
Nifty News: NFL All Day opens to the public, Boss Beauties go to Hollywood and more…
NFL fans at large will now be able to get their hands on digital keepsakes of their favorite football stars after Dapper Labs’ NFL All Day NFT finally opened to the public after a seven-month-long closed beta. On Aug. 18, The National Football League (NFL), the NFL Players Association (NFLPA), and Dapper officially launched the project and announced the first public NFT drop, a pack of four NFTs dubbed “Headliner” consisting of four different new player moments. Users will have the chance to get their hands on NFTs depicting popular players such as Tom Brady, Trevor Lawrence, Javonte Williams, and Jalen Ramsey. There will be a total of 22,500 packs on sale for $59 a pop. The NFTs come in different rarity tiers of common, rare and legendary, with just 187 packs containing a highly sought af...
5 Facts About the Metaverse You Need to Know
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Meta enables Instagram NFT integration in over 100 countries
According to a Meta newsroom post updated on Thursday, the Mark Zuckerberg-led company has begun its nonfungible token (NFT) expansion across 100 countries in Africa, the Asia-Pacific, the Middle East and the Americas. This includes adding support for wallet connections with Coinbase Wallet and Dapper as well as the ability to post digital collectibles minted on the Flow blockchain. The initial rollout targets the popular social media app Instagram. One needs to simply connect their digital wallet to Instagram to post an NFT, the company said in its updated post. Third-party wallet integrations with Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet are either complete as of Thursday or are coming soon. Supported blockchains at this time are Ethereum, Polygon and Flow. Ther...
Crypto users spent $2.7B minting NFTs in first half of 2022: Report
According to new market research published by blockchain data firm Nansen, crypto users spent 963,227 Ether (ETH), worth $2.7 billion, minting nonfungible tokens (NFTs) on the Ethereum blockchain in the first half of 2022. An overwhelming majority of minting took place on OpenSea.io. Minting occurred across 1.088 million unique wallet addresses on Ethereum during this period, Nansen said. In comparison, about $107 million worth of NFTs were minted on BNB Chain and $77 million for Avalanche. A total of 263,800 unique wallet addresses were involved in NFT minting on the two blockchains. 1/ Market participants spent 963,227 $ETH (approximately $2.7b) on minting NFTs in the first half of 2022. So what did the NFT projects do with the money they raised? Read our latest research here: http...
NFT utility to remedy ticketing dilemmas? Experts weigh in
The 2022 Champions League final will have a checkered position in the competition’s history book. Real Madrid emerged victorious over Liverpool inside the Stade de France, but the pandemonium outside the stadium before kick-off highlights the need for innovative solutions to events ticketing. Counterfeit tickets played a massive role in the chaotic scenes that played out in the French capital in June 2022, as fans broke into the stadium precinct while authorities rebuffed many. French authorities estimated that 35,000 people had arrived at France’s national stadium with fake tickets or none at all, in addition to the 75,000 fans that had legitimate tickets for the grand final. Black market ticket sales and touting have been part and parcel of the sporting and events world for decades, but ...
HARTi and Mitsui Sumitomo roll out NFT insurance coverage for claims
As announced on Tuesday, Japanese NFT Platform HARTi and insurance group Mitsui Sumitomo (三井住友海上) will roll out nonfungible token, or NFT, insurance for all digital artworks exhibited within the HARTi app. The insurance will attach to the NFT pieces on display by sellers free of charge, with HARTi responsible for the premium payments. Under the scheme, Mitsui Sumitomo will compensate owners of insured NFTs if their digital assets are compromised by unauthorized third-party access (such as through phishing, theft or wallet hacks) or become bugged or glitched during transfers. In such events, the policy will payout compensation to the NFT owner based on the exhibition price of each item and up to a maximum value of 500,000 yen ($3,661). The two parties expect to expand their collaborat...
