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OpenSea employee accused of fraud wants to subpoena the NFT marketplace
Nathaniel Chastain, the former OpenSea product manager accused of fraud through front-running the posting of different non-fungible tokens to prominent positions in the marketplace, is making three new moves in his defense, according to recent court filings.
Chastain wants the court to subpoena OpenSea for documents on whether the information Chastain allegedly used to turn a profit is considered "property" of OpenSea. The wire fraud charge contends that Chastain defrauded his employer when he allegedly used the private information of which NFTs would be listed on the homepage. The subpoena Chastain wants would include documents into whether OpenSea.
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Sales of NFTs Slide as Markets Continue to Weaken Through Third Quarter
Sales of non-fungible tokens (NFTs) have slumped significantly in the third quarter, in both volume and size, as cryptocurrency markets continue to stagnate into the autumn. Over the third quarter of 2022, total sales of NFTs amounted to $3.4 billion, according to data from decentralized application tracker DappRadar.
This represents a drop of more than half from the previous quarter’s $8.4 billion, and nearly two-thirds from the first quarter peak of $12.5 billion in total sales. From a mid-Jan. peak of over 900,000, the number of weekly sales of NFTs have also halved, according to data from NonFungible.com. Even over the past three months, the number of sales have dropped over 50% to a daily average of just 23,000. The popularity of NFTs exploded last year, spurred by the enthusiasm behind cryptocurrencies.
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Solana NFT Game Star Atlas Launches Playable Demo on Epic Games Store
Star Atlas is arguably one of the most ambitious NFT-driven games on the horizon, although it could be years before the Solana-based outer space strategy game fully takes shape. Eager players won’t have to wait that long to get a small taste, however: a limited demo has just been released via the Epic Games Store.
Launched today as part of a live-streamed event, Star Atlas: Showroom is a pre-alpha demo of the Unreal Engine 5 technology powering the game. It lets Star Atlas NFT owners explore a 3D environment and view the ships and vehicles in which they've invested. The Foundation Software Development Kit (F-KIT) is an open-source SDK that lets Unreal Engine 5 developers integrate the Solana blockchain.
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Metaverse market estimated to grow to $100 billion in 2022; new opportunity for fintech companies
The Metaverse unveils a brand-new dimension, a new cosmos where the real world, augmented reality and virtual reality all collide to create a shared, immersive, three-dimensional virtual experience. Cryptocurrency and digital art, namely non-fungible tokens are widely used in Metaverse.
Metaverse has not only emerged as a favourite among major technology firms but also among the financial sector. Although few have tried it at scale, financial services businesses have joined counterparts from other industries in studying the potential possibility of the Metaverse. Financial institutions have been experimenting the Web3.0.
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Gucci appoints new CEO of Gucci Vault and Metaverse Ventures
Robert Triefus, Gucci’s senior executive vice president, corporate and brand strategy, will now also be taking on the new role of chief executive officer for the house’s Gucci Vault and Metaverse Ventures. From November 1, Triefus will oversee emerging opportunities for brand expansion and scaling the luxury brand’s metaverse and gaming strategies.
The multimedia platform is home to various conceptual experiences, as well as an e-commerce space dedicated to pre-owned, vintage Gucci items. Additionally, the brand has aimed to highlight emerging designers through the site via a ‘Conversations’ category and selling select products through the platform. To develop these spaces, Triefus will continue to work alongside the respective teams to position Gucci in the gaming and Web3 industry.
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Defying Bear Market Trends, CryptoPunk 2924 Sells for $4.5 Million in ETH
It’s the fourth-highest price for a CryptoPunk NFT and quite a morale booster at a time when NFT sales have hit the bottom. While industry data suggest a steep decline in NFT sales, there are quite a few individual ones that indicate the interest in such assets is shifting away from volume to value. CryptoPunk NFT #2924 went for a whopping 3,300 ETH.
Sold by pseudonymous NFT collector speedphrase, this is one of the highest prices since February 2022 when Punk #8522 was bought for 8,000 ETH, equivalent to $24 million at that time, the highest so far for a punk. In March 2022, Yuga Labs, the creator of Bored Apes Yacht Club (BYAC) and Mutant Apes Yacht Club (MAYC) NFT collections, bought the intellectual properties of CryptoPunks from Larva Labs. As a consequence, the floor price of Bored Ape Yacht Club NFTs recorded a whopping 25% rise in the 24 hours since the announcement on March 12.
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Christie’s Goes Fully On-Chain With New Ethereum NFT Marketplace
Christie’s has already made a big splash in the NFT space, most notably auctioning Beeple’s "Everydays: The First 5,000 Days" artwork for $69.3 million in March 2021. The storied auction house is now fully embracing Web3’s decentralized ethos by launching a new marketplace.
The new Christie’s platform was created in collaboration with Manifold, a startup focused on smart contracts, or the code that powers NFTs and other decentralized apps. Christie’s has also partnered with blockchain analytics firm Chainalysis and metaverse platform Spatial to enable additional functionality for its marketplace. Christie’s 3.0 reshapes that approach with on-chain transactions more akin.
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Someone Borrowed $1.3M in Ethereum Using Mutant Ape NFTs as Collateral
DeFi lending was already big business, but a quickly growing niche is borrowing against valuable NFTs and using them as collateral for loans. Fragment, the holder of a pair of Mutant Ape Yacht Club NFTs, borrowed 1,000 ETH—around $1.3 million—using the star-studded JPEGs as collateral today.
Prices have stabilized some, and volatility has dropped, so lenders seem more willing to underwrite larger loans,” Frank explained. “At the same time, the mega mutants are incredibly rare assets. The lenders on the other end of Fragment's Mutant Ape loan are Nexo and Meta4 NFT Lending. According to Arcade, the loan repayment terms are 1,044 ETH in 90 days at an 18% APY.
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Spanish Telecom Giant Telefonica Partners With Qualcomm to Develop Joint Metaverse Initiatives
Telefonica, one of the largest telecom carriers in Spain, and Qualcomm, the fabless chip designer, have inked a partnership to advance joint extended reality and metaverse initiatives. Telefonica will use Snapdragon Spaces, a new technology from Qualcomm, to bring these metaverse experiences to its customers.
Telefonica, one of the biggest telecom carriers in Spain and Europe, has announced a partnership with Qualcomm, the chip maker, in order to collaborate in the production of metaverse-related initiatives. The agreement establishes that the telecom infrastructure of Telefonica will serve as a platform to deploy experiences produced with Qualcomm technology. Telefonica will include this tech in initiatives to be developed via its Metaverse Hub.
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Dimension X to Host Virtual Metaverse Creators Summit
Dimension X, Inc. (DimX), a Metaverse company developing a platform that radically simplifies the creation of immersive experiences, is hosting the Metaverse Creators Summit, a virtual learning event focused on next generation immersive storytelling to be held on November 16th, 2022.
Respected as one of the best Metaverse thought leaders, Ball has delivered an exceptional overview of the history of the internet leading to the present situation. In part 3 of his book, Ball discusses the winners and losers, the business opportunities and the personal value we might realize as participants in the next evolution of the Internet. The first 100 registrants at the Metaverse Creators Summit will receive a signed copy of Matthew Ball’s book.
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disguise Launches Metaverse Labs for End-to-End Metaverse Experience Enablement
disguise announces the launch of its Metaverse Labs – a global network of creative and technical labs filled with experts that will empower brands, creatives and technologists that want to deliver experiences in the metaverse. As part of disguise’s Metaverse Solutions division.
Its established partnerships with metaverse and virtual production experts Zerospace, Nowhere, Improbable, Film Soho, Super Bonfire, XR Studios, All of it Now, Zoan, Boum and Shape will give rise to new proof of concepts and new workflows. With this, disguise Metaverse Labs aims to democratize and share insight, develop the skills and talent for tomorrow as well as advise, consult and create future-facing experiences so creatives have everything they need to bring their next big idea to life.
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Hadean raises $30M to build out metaverse infrastructure
Metaverse infrastructure and developer startup Hadean today announced that it has raised $30 million in new funding to bridge the gap between the physical and virtual worlds. The Series A round was led by Molten Ventures, with participation from 2050 Capital, Alumni Ventures, Aster Capital, Entrepreneur First and InQTel.
Epic Games, the creator of the massively popular video game “Fortnite” and developer of gaming graphics software kit Unreal Engine also participated in the round. The company was founded in 2015 with the mission of providing a scalable, distributed computing platform for Web3 and the metaverse. It is currently used to power immersive virtual worlds in video games and industrial applications for real-world simulation. The metaverse is described as interconnected virtual worlds where people will live out their digital lives.
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Italy's AC Milan Launches NFT Game With MonkeyLeague
Italian soccer club AC Milan is diving deeper into crypto with a new collection of NFTs from Solana-based esports franchise MonkeyLeague. The new non-fungible token (NFT) partnership will let fans mint Rossoneri-branded wearables and give them access to game tournaments, such as football players playtesting the game.
Earlier this year, the club started new partnerships to issue official NFT video highlight moments and entered an NFT-based fantasy football game, allowing users to collect, trade and play with digital cards from AC Milan. AC Milan is the first football club to partner with MonkeyLeague. “We are thrilled to kick off this partnership with MonkeyLeague, a collaboration that allows us to strengthen our positioning in the field of digital innovation,”.
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Reddit Avatar NFTs Raise Eyebrows as They Rocket to $5K
Non-fungible token (NFT) avatars from social network Reddit have sold for $5,000 (4 ETH), potentially signaling a rising demand for the digital assets. The Senses collection has so far proven to be the most lucrative among Reddit’s Collectible Avatar NFTs, according to the recent sale of a pair of them. Avatars NFTs The Hands #16 and The Hands #46 each sold for 4 ETH, or roughly $5,000.
A longtime crypto-friendly environment, having accepted cryptocurrency for in-app purchases since 2013, Reddit also offers user avatars as NFTs. While the social network collaborated with many independent artists to create over 90 designs, the total number of NFTs available number upwards of tens of thousands. Those who purchase them are given licensing rights, enabling them to use the avatar off the platform as well.Reddit offers several types of NFTs, including those made by independent creators.
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Unlock Powerful Performance(s) with Intel Evo, in a four-part NFT drop on Billboard ChartStars.
The next drop will take place the following Monday, September 26, to kick off Latin Music Week. Of the nationwide redeemers, the first 250 to collect will have a chance to RSVP for the En Vivo performance with Bresh, on Saturday, October 1st in Miami, Fl. On the evening of the event, holders who arrive between 9p-10:30p, and show proof of ownership at Oasis Wynwood.
The third drop will take place in November, giving fans exclusive perks at our R&B/Hip-Hop Summit. Users who collect all three NFTs can redeem the final super challenge NFT, unlocking a chance to receive an IRL gift for top music lovers. Billboard ChartStars, a digital collectible platform in partnership with UNBLOCKED, requires no need for a crypto wallet and is built on a leading eco-friendly blockchain, where minting a collectible.
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Hugo Boss to launch NFT and '360-degree metaverse experience' with Imaginary Ones
Hugo, the youth-focused arm of Hugo Boss, said that it would be taking its apparel into the metaverse via a partnership with the whimsical NFT project Imaginary Ones. It will launch a "holistic, 360-degree metaverse experience," Hugo announced on Tuesday, as part of a "global refresh" of its brand.
The NFT collection, which launches in early November, will consist of 1,001 three-dimensional animations and will be entitled Embrace Your Emotions (EYE). "The aim of the collection is to encourage everyone to connect with their emotions, and to share a message that all feelings – positive and negative – are valid and should be embraced, as the freedom to feel and express can significantly improve mental health and overall well-being," Imaginary Ones explained in a release.
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Bored Apes' Otherside Builder Improbable Eyes Fresh Funding at $3.6 Billion Valuation
Gaming technology startup Improbable is set to raise a new funding round of $111 million (£100 million) as it sets its sights on creating metaverse worlds for buzzy Web3 firms like Bored Ape Yacht Club-creator Yuga Labs. The hyped, Softbank-backed company is finally close to achieving “operating profitability,” its CEO Herman Narula said.
The CEO said its venture with Yuga Labs, where it and Animoca Brands were tapped to create the "Otherside" metaverse, will contribute a big part of its revenue in 2022. The latest round would value the company at $3.36 billion (£3 billion), up from its last $2.8 billion (£2.5 billion) valuation in 2018. According to documents, the company recorded a $170.4 million (£152 million) loss in 2021, which left it with $ 63.9 million (£57 million) in the bank as of the end of last year. Improbable raised the then-largest funding round.
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OpenSea Recorded $144.5M in Revenue in Q3, With Creators Benefitting 76% of Funds
OpenSea earned $144.5 million in fees from users, with most of the money going to creators, according to Token Terminal. In a tweet, Token Terminal disclosed that only $35 million went to OpenSea LLC. This means 76% of the fees went to creators. This isn’t surprising since the NFT marketplace only collects 2.5% of the sale as fees.
With OpenSea controlling about 90% of the NFT marketplace, trends in the marketplace usually mirror the overall market performance. Over the year, the sales volume has declined, dropping from $5.2 billion in January to around 349 million in September. The decline in sales volume is due to several factors, such as the bear market, reduced interest in NFTs, and the macroeconomic conditions that have limited the liquidity in the market.
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Blackrock Plans to Launch a Metaverse ETF
BlackRock’s iShares Future Metaverse Tech and Communications ETF will give investors exposure to metaverse-focused companies, as per the filing on Thursday. This may include companies with links to social media, virtual platforms, digital assets, gaming, augmented reality and much more.
The metaverse, which combines technologies such as virtual reality and NFTs, has become a focal point for exchange-traded product issuers. Most recently, Switzerland-based crypto exchange-traded product issuer 21Shares and US rival ProShares have launched their own Metaverse ETFs. Despite a major slowdown in the Metaverse space, some industry surveys estimate that the total addressable market between $8-13 trillion by 2030.
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China’s Local Governments Are Spending Millions on the Metaverse
Local authorities across China are rolling out a series of subsidies and initiatives to attract metaverse-related businesses and talent, betting on the prospects of the emerging trend creating a global buzz. The metaverse refers to an immersive digital world with a combination of virtual reality, augmented reality, and the mobile internet.
At least six provincial governments as well as local authorities in 10 cities — including Beijing, Shanghai, and Chongqing — have issued either development plans with a focus on the metaverse or specific supportive measures for people working in the field, public records showed. For example, Guangzhou, Hangzhou, and Wuhan, along with the eastern Shandong province, plan to provide subsidies ranging from 2 million yuan to 200 million yuan for metaverse research platforms.
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Leading cannabis testing facility in the U.S. hops on the metaverse train
One of the companies hopping on the metaverse train is ACS Laboratory, the largest hemp and cannabis testing facility in the eastern United States, which is planning to enter the metaverse in Decentraland (MANA), the company said in a press release shared with Finbold on September 28.
In the lab, visitors will be able to learn what is included in creating unique cannabis strains. In contrast, the Cannabis Quest will offer activities such as pop quizzes and winning virtual prizes. According to the company, other activities will include “treasure hunts, influencer podcasts, live-streaming music events, health and wellness company interactions, and digital brand activations.”
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1 MORE DAY TO @AffynOfficial BIG UNVEILS!!! This is one of the most severely undervalued projects that I believe will become the Number 1 blockchain Metaverse in the entire industry.
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South Korea’s industrial city to reinvent itself in the metaverse
Changwon, a South Korean coastal city on the southeast end of the peninsula, plans to recreate its industrial complex in the metaverse in an effort to promote the businesses and products. Changwon’s metaverse industrial complex will also be used to test out and predict future advancements in technology and environment.
The mid-sized industrial city with a population of a little over a million boasts 2,871 businesses as tenants in the industrial complex, which in total employs 122,625 people, according to the city’s official website. The city will spend 13 billion Korean won (about US$9.07 million) to build the industrial complex in the metaverse under the supervision of the Korea Land and Geospatial Informatix Corporation, which is under the Ministry of Land, Infrastructure and Transport. Changwon’s metaverse project isn’t the first major case in South Korea.
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MaziMatic: A metaverse dedicated to entertainment and games
MaziMatic is the world's first multi-entertainment mixed reality metaverse which is powered by the MaziMatic token. Intending to offer advanced gaming and entertainment, the project has NFT collections and different virtual worlds for endless entertainment.
MaziMatic one of the most advanced platforms. With an array of benefits that MaziMatic has to offer, there has been a rise in investors investing in the platform. Besides being a passive mode of income with NFTs, MaziMatic has a comprehensive staking mechanism for users to stake their tokens and earn rewards at regular intervals. As MaziMatic offers an ultimate metaverse experience for its users, the platform has had some fruitful partnerships with Polygon and Saitama.
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Neal Stephenson’s Lamina1 drops white paper on building the open metaverse
Neal Stephenson‘s Lamina1 blockchain technology startup dropped a white paper today on building the open metaverse. It’s quite the manifesto. In the document, the company said its mission is to deliver a Layer 1 blockchain, interoperating tools and decentralized services optimized for the open metaverse.
The effort includes some new original content: Under active early-stage development, Neal Stephenson’s THEEE METAVERSE promises a richly-imagined interactive virtual world with an unforgettable origin story, the paper said. Built on the Lamina1 chain, creators will come to experience Neal’s vision and stay to develop their own. Stay tuned for more details, the paper said. Lamina1 said the metaverse represents the evolution of our lives online –– graduation to rich 2D and 3D worlds in which we fluidly create, explore, socialize and transact.
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Asian fashion brand set to sell clothing on Color Star's metaverse
US’ entertainment technology company Color Star Technology Co Ltd has announced that Asian fashion brand Unbounded Human will officially begin selling its clothing on its ColorWorld Metaverse platform. Color World is a metaverse platform featuring artificial intelligence and celebrity entertainment.
Focused on the oriental style, Unbounded Human not only aspires to expand globally but also has its eyes on the future developments of Color World. The fashion brand will become the first of its kind on the platform. As the brand continues to mature, its focus is now on the metaverse commerce era. To businesses, this means that Color World will bring its own traffic to them. Meanwhile, Color World will assist by promoting brands on the platform and by creating a big space in the market for brands and enterprises.
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CloneX NFTs and the Secret to Nike and RTFKT’s Success
Nike announced in late 2021 that it had acquired Web3 content developer RTFKT Studios, the news went right under the noses of the sneaker and apparel brand’s most die-hard fans. But the wider Web3 community took notice — particularly those tuned into the NFT space.
Today, thanks to the rapidly-growing CloneX NFT collection that launched in November 2021, it looks like Nike may reproduce its IRL cultural capital on Web3. In spite of the hype Nike and RTFKT have been building through their numerous NFT drops over the past months, CloneX’s legitimacy looks to be anything but hyperbole. A combination of factors came together to enable the NFT community.
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NFL ALL DAY surpassed NBA Top Shot in NFT sales in August for the first time
NFL ALL DAY surpassed NBA Top Shot in NFT sales in August for the first time. This has put NBA Top Shot at risk of losing its top-dog status on the Flow blockchain. As one of the biggest NFT blockchains by all-time sales, Flow has processed more than $1 billion worth of digital collectibles from 463,091 unique buyers across 23 million transactions.
NBA Top Shot, on the other hand, reached a 20-month low after grossing around $7 million. The last time this collection generated less than $7 million in monthly sales was in December 2020. here were 16,745 new buyers for NFL ALL DAY while Top Shot only pulled in 15,369 unique buyers. This difference was likely due to the announcement of the first public NFL ALL DAY Series 1 pack drop which was dubbed Headliners. The drop happened on Aug. 12 and featured legendary moments from Derrick Henry.
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Kleks Academy Transforms the Cinema Industry via NFT Technology
A collection of unique multi-D NFT’s, which double as tickets to the Kleks Academy universe, which will be available to purchase in the early bird pre-sale on September 27th, the September 28th presale and at the September 29th general sale. Kleks – An old story, brought back to life. Generations of Polish children grew up on Professor Kleks, a universe created decades before Hogwarts.
Technology has since advanced drastically, allowing for the legendary Professor Kleks to be brought back, this time for a global audience. And who better to do this than the Open Mind Production team, which has released consecutive smash hits, including “365 Days 1 and 2”, which garnered well over 500 million views on Netflix (NASDAQ:NFLX). Kleks NFT’s come with truly unprecedented benefits for their owners, which will transform the cinema experience and the NFT scene.
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Dubai’s space center to simulate life on Mars in the Metaverse
Dubai’s Mohammed Bin Rashid Space Center (MBRSC) is developing a mega project to simulate life on the Red Planet in the Metaverse as part of the country’s plans to build a colony on Mars by the year 2117. Colonising Mars has been a goal for the global space sector for years, while the United Arab Emirates has revealed plans to build an entire city on Mars by 2117.
Now MBRSC has teamed up with BEDU, a Dubai-based pioneer in Web3 technologies, in the development of the 2117 Metaverse, which will include virtual experiences that capture the sensations of being in space and setting foot on the Red Planet, as well as create awareness around the challenges of exploration and colonization. “The UAE is known throughout the world as a pioneer,” said Amin al-Zarouni, CEO of Bedu. “As it takes its place as a frontrunner in the race to put the first humans on another world.
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