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🪙 Decentraland Holds Emote Contest Ahead of Metaverse Fashion Week 2023
The Metaverse Fashion Week 2023 is coming back to Decentraland. The virtual fashion event is highly anticipated by Decentraland users every year. From virtual runway shows to after parties to shopping and panel talks, the Metaverse Fashion Week has it all.
Starting February 16, participants can participate until March 20th in the Metaverse Fashion Week 2023 Emote event. Decentraland will feature the first-place winning emote in the Community Fashion Show and distribute 800 MANA to them. In celebration of the Metaverse Fashion Week 2023, Decentraland is holding an emote contest. The metaverse has lined up several rewards for contestants and is excited to encourage Emote creators to get into the Metaverse Fashion Week mood.
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🖼 NFT lending experiences resurgence, driven by BendDAO and Yuga Labs' collections
NFT lending has become a trend since the start of 2023, as the industry experiences a resurgence in key metrics. On-chain data revealed that the total monthly borrowing in January across NFT loan protocols reached the highest level since mid 2022.
BendDAO has already outpaced its competition by currently occupying a market share of 43%, while NFTfi lags with 32% of the total borrowing volume, according to The Block Research. Most lending and borrowing activity on BendDAO involves Yuga Labs' Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections. This has become one of the main catalysts for the surge in NFT lending, according to Thomas Bialek, a researcher at The Block. MAYC and BAYC NFTs have accounted for the majority of loans, with 78% of all loan value taken.
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📣 Microsoft commits to the “Industrial Metaverse”
“Microsoft is continually investing in technologies, platforms, and solutions to meet our customers where they are and help them fully realize the value of the industrial metaverse based on an innovation loop of design, build, operate, and optimize,” Microsoft writes.
Under the Industrial Metaverse umbrella, Microsoft includes tools for data management, the Internet of Things, digital twins, digital collaboration tools such as Teams, Azure Cloud, Hololens 2, and mixed reality. In the context of Hololens 2, Microsoft speaks of further commitment and innovation to hardware and software for immersive experiences. “Our commitment to innovate in this space and our commitment to support our customers is unwavering,” Microsoft writes.
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🖼 Gaming titan Square Enix plots NFT game on Polygon
Square Enix, the maker of Final Fantasy, is set to debut its blockchain game Symbiogenesis as it wades further into the web3 waters. The game, built on Ethereum Layer 2 Polygon, will be a "digital collectable art experience," according to a company release, with an evolving storyline set on a mysterious floating continent.
“Symbiogenesis was designed from the ground up on the blockchain and is designed to provide an exceptional experience for both community building and trading,” said Symbiogenesis producer Naoyuki Tamate. Ahead of the launch of the game this spring, Square Enix is planning a series of campaigns to help its fans get comfortable with blockchain-based products. Square Enix has multiple blockchain games based on original IPs under development, some of which were announced last year.
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📣 Ordinals Gain Momentum With 76,000 NFTs Minted to Bitcoin
Despite pushback from Bitcoin purists, Ordinals—the NFT-like project on the Bitcoin blockchain—shows no signs of slowing, as over 76,400 inscriptions have been created to date. The number of Ordinals spiked on February 9, 2023, exceeding 20,800 inscriptions for the day, according to data from Dune.
Launched last month, Ordinals is the latest project aiming to bring NFTs into the Bitcoin ecosystem. Counterparty, launched in 2014, was the first project that introduced non-fungible tokens to Bitcoin with the Rare Pepes collection, followed by the 2017 launch of Stacks. Developers have inscribed JPEGs, audio files, videos, and even video games to test the limits of what can go on the Bitcoin blockchain. While the total number of Bitcoin NFTs is unknown, the Ordinals website and Gamma, a Bitcoin NFT marketplace on Stacks.
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🖼 NFT legend Punk6529: NFTs are a bad investment with 'breathtaking' volatility
Pseudonymous crypto legend Punk6529 is famously represented on Twitter by a CryptoPunk NFT and has a collection that has generated about $24 million in trading. But that doesn’t mean he thinks investing in non-fungible tokens is a good idea. NFT collection has generated more than $24 million in trading volume but he calls the market volatile.
Punk6529’s comments coincide with an NFT market that is struggling to rebound after a bull run came to a screeching halt and trading volumes tanked by more than 90%. What blue-chip collections have managed to maintain value — Bored Ape Yacht Club, Doodles and Azuki to name a few — are in the process of expanding their reach by pursuing other interests like video games, merchandising and content creation. Although skeptical of the NFT market from an investment perspective, Punk6529 said that they definitely can serve a purpose.
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🪙 BendDAO NFT Liquidity Protocol’s Reserve Climbs Above 90,000 ETH
Data from Dunes, an open-source data provider shows that the ETH reserve for BendDAO has surpassed the 90,000 level. At the same time, the NFT collection supply of the protocol has recorded new highs, with BAYC, MAYC, Azuki, and Cryptopunks recording individual supplies of 430, 525, 337, and 66 respectively.
As of the time of writing, the total Bend total value locked (TVL) was $217,634,144, with the ETH deposit accounting for $138,605,209. BAYC dominates the collateral value on BendDAO by claiming 64% of all NFT collaterals on Bend. MAYC, Azuki, and WPUNKS follow BAYC in dominance by claiming 15.8%, 9.8%, and 8.1% of the collateral value respectively. BendDAO is a liquidity protocol that supports instant NFT-backed loans, Collateral Listing, and NFT Down Payment.
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💰 Polygon NFT Volume Boosts Massively After Bollywood Collaboration Announcement
The volume of the Polygon NFT market is increasing, and the network is drawing top names in the tech and entertainment sectors. According to the statement, the marketplace will debut with NFTs from well-known Bollywood movies, including pictures, video clips, and 3D avatars.
Polygon has grown to be a popular option for businesses wishing to enter the Web3 area thanks to its low costs and quick transaction rates, including Reddit, Adidas, Robinhood, and Stripe. The most recent trade data clarifies the recent increase in Polygon NFT trading activity. On February 8, the OpenSea marketplace recorded a trading volume of $11,405,423, which is more than half of the $19,686,429 daily volume of Ethereum. The OpenSea NFT market has reached a 90-day high with this price.
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🤟 Yuga Labs donates second CryptoPunk in three months
NFT heavyweight Yuga Labs is attempting to cement its place in French art history with the donation of CryptoPunk #110 to one of the country's leading contemporary art museums. The female punk, who wears purple lipstick, an earring, smokes a cigarette and sports a mohawk will live in the Centre Pompidou's permanent collection.
CryptoPunks are generally considered one of the most valuable assets in the NFT space, which has seen values drop over the past year. The floor price, or the lowest entry point to the collection for buyers, has been consistently rangebound between 60 and 65 ETH (or around $100,000) since September, according to data from NFT Price Floor. CryptoPunk #305 was donated to the Institute of Contemporary Art, Miami at Art Basel 2022. CryptoPunk #110 is the second Punks Legacy Project donation.
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🖼 NFT Market Share Battle Ramps Up Between OpenSea and Blur
2023 has been marked with increasing competition in the non-fungible token (NFT) space as different marketplaces fight for creators and collectors. OpenSea has been the frontrunner of the NFT marketplaces since its launch in December 2017.
Known for its zero trading fees and marketplace “floor sweeping,” Blur has climbed to become the second-largest NFT marketplace in just a couple of months by volume. For the week ending Feb. 6, Blur’s NFT volumes stood over 9,200 ETH worth some $15.2 million, representing more than 25% of OpenSea’s volume, per Nansen. according to blockchain data analytics platform Nansen. But competing marketplace Blur has gained considerable momentum among JPEG slingers since its debut in October.
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🤟 BAYC cracks down on Dookey Dash cheaters as finale approaches
Blockbuster NFT collection Bored Ape Yacht Club is cracking down on cheaters playing its gamified mint Dookey Dash, as contestants look to the finish line later today. "We’ve already noticed some Dookey Dash Sewer Passes associated with cheating. Those scores have now been removed from the leaderboard."
The game, which launched in January, operates through a token-gated NFT called a Sewer Pass. These were awarded to holders of NFTs in the BAYC project and its counterpart Mutant Ape Yacht Club. These passes could then be sold on the secondary market, meaning anyone could buy into the game to claim a piece of the Dookey. The way the NFT was created has meant that Sewer Pass holders can delegate their asset to another player to play the game in their stead. Bored Ape Yacht Club also urged those doing this to make sure the person they had delegated.
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🔫 Hackathon winner Mudai has released a Metaverse demo
The hackathon hosted by Huobi, the global second largest exchange, and Nextype, the world's leading blockchain gaming platform, was held with the aim of discovering next-generation leading Metaverse and GameFi projects. However, MudAi was largely noticed for its outstanding 3DCG technology and XR (mixed reality) used for GameFi.
The winning project of the hackathon will receive support from Huobi, the world's second largest exchange, and Nextype, the world's leading blockchain gaming platform. More than 100 carefully selected projects participated in the hackathon, and MudAi won the 3rd Prize. By winning the 3rd Prize, MudAi received a grant equivalent to $30,000 from Nextype. The demo version of MudAi can be operated and installed on Discord, which is operated by MudAi. comprehensive support such as token listing and marketing support, so further business expansion is expected.
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🔫 Metaverse tokens show big gains in January with sector expected to reach $5 trillion value by 2030
After spending a considerable portion of 2022 in the doldrums, a number of tokens in the metaverse sector have seen considerable gains over the last several weeks, with 18 of the top 20 tokens in the sector seeing gains of up +319%, over the last 30 days. are both up north of 300% in the last month.
The metaverse token market sector is characterized by tokens related to virtual worlds and decentralized platforms built on blockchain technology, such as Decentraland and Sandbox. The total of 92 tokens on Cryptoslate’s metaverse sector index have an overall market cap of $9.51 billion. These tokens are used as currency within virtual environments, used as a way to onboard and use specific services, or to purchase content on these platforms, known in the industry as play-to-earn (think Axie Infinity).
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⚡️ Interpol says it will now probe crime in Metaverse too
Interpol secretary general Jurgen Stock said it was really important for the agency to not be left behind as the criminals are sophisticated and professional, quickly adapting to any new technological tool available to commit crime. Global police agency Interpol is now investigating how it can probe crime occurring in the Metaverse.
According to author Neal Stephenson, a Metaverse is an all-encompassing digital world which exists parallel to the real world. The Interpol has built its own virtual reality space to help users train and attend virtual meetings, a BBC report stated. Interpol secretary general Jurgen Stock said it was really important for the agency to not be left behind as the criminals are sophisticated and professional, quickly adapting to any new technological tool available to commit crime. The new virtual reality space only accessed through secure servers helps police officers.
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🖼 Mastercard’s NFT Lead Resigned, His Resignation Letter NFT Currently For Sale
Former Mastercard NFT product director Satvik Sethi left his job and submitted his resignation letter to NFT on the digital collectibles agreement Manifold. Sethi left Mastercard in August 2020 after beginning his employment with the company as an analyst on its worldwide bill pay product development team.
Sethi announced his resignation from the international payments and credit card corporation in a lengthy Twitter thread, alleging harassment and mental hardship. The three-month notice period would have to be served before Sethi could leave the firm, he claimed, which was an attempt to prevent him from quitting when he alerted Mastercard human resources about his problems. The money would be spent 100% on survival, he declared. 16 of these NFTs have already been produced at the cost of 0.023 ETH ($37.7), and Sethi anticipates earnings of over $600.
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⛵️ OpenSea Reduces Creator Earnings And Offers 0% Trade Fees
As competing marketplaces continue to erode its once-dominant user base, major nonfungible token (NFT) marketplace OpenSea announced a significant restructuring around lower platform fees and higher creator earnings. The measures include introducing optional creator earnings, a temporary 0% fee, and leniency for other operators.
Nansen data show that on February 18, NFT marketplace Blur overtook OpenSea in daily Ether trading volume as users seek a trading environment that is advantageous to them in anticipation of higher returns on their NFT investments. OpenSea responded by announcing three significant adjustments in an effort to retain its customers who were migrating. The measures include introducing optional creator earnings, a temporary 0% fee, and leniency for other operators. OpenSea admitted losing users to other “NFT marketplaces that don’t fully enforce creator earnings.
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🤟 Fortnite gamer who won Bored Ape Dookey Dash prize tries to sell it for $3.7 million
The gaming streamer who won the top prize in Yuga Labs' debut game Dookey Dash has put the NFT up for sale on OpenSea for 2,222 ETH, or about $3.7 million. Dedicated jpeg collectors have until March 16 to snap up the "key," which is currently a crucial part of a token-gated mission set by the Bored Ape Yacht Club.
For three weeks, users who possessed Bored Apes’ “Sewer Pass” NFTs were able to play the Dookey Dash video game in an attempt to get the highest possible score. Some Sewer Pass holders hired more experienced gamers to play on their behalf in an effort to secure a better score. The pro Fortnite gamer known as Mongraal was the top scorer as the leaderboard froze last week, and therefore awarded the spoils in an event Yuga Labs called "The Summoning.". the most expensive Bored Ape sold last year at the height of the market.
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🇰🇷 South Korea Commits $173 Million To Metaverse Development In 2023
Despite a worldwide slump in the crypto market that has eroded investors’ confidence in this industry, the Web3 space seems to be faring well amid the crypto winter. The evidence lies in South Korea’s decision to go all in on Metaverse in 2023. According to a recent report by South Korean local media, the country’s Ministry of Science and Information.
The Ministry of Science and ICT plans to develop its metaverse industry by promoting and supporting customer-facing projects. This includes platform development support, talent cultivation, corporate support, and technology development. The aim is to tap into the rapidly growing metaverse market. Of the 223 billion won, 68 billion is allocated to a metaverse platform that will differ from the existing ones. Part of these funds will also be used to establish an artificial intelligence and metaverse.
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🔫 The metaverse is already here: Gamers spent nearly 50 billion hours on Roblox in 2022
Metaverse enthusiasts have something to cheer about, with Roblox growing on all fronts. Not only did Roblox increase its user numbers and the size of its platform’s internal economy in 2022, players also spent nearly 50 billion hours engaging with the platform, up 19% from the previous year.
Roblox reported that its daily active-user total grew by 23% to 56 million when comparing 2022 to the previous year. The company also said that in January its number of daily active users hit 65 million. Full year 2022 “bookings” also increased by 5%, with Roblox reporting that it generated $2.9 billion selling the platform's internal currency. The company characterizes “bookings” as the revenue it created by users purchasing "Robux," the currency players then use to customize their playing experience, such as their avatars.
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⚡️ LACMA Art Museum Acquires NFT Collection With CryptoPunk, Art Blocks
The Los Angeles County Museum of Art (LACMA) is the latest major art museum to add NFT artwork to its collection, announcing today that it has acquired a series of notable and valuable NFT pieces through donations from notable collectors.
LACMA accepted a donation of 22 tokenized digital artwork pieces from the pseudonymous Cozomo de’ Medici, a well-known Crypto Twitter personality. The collection includes CryptoPunks NFT #3831, which was last sold for $2.1 million worth of ETH in 2021. It also features NFTs from Art Blocks, a popular platform that features artwork generated by algorithms deployed on a blockchain network. Art Blocks works from Dmitri Cherniak’s "Ringers" and Monica Rizzolli’s.
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🖼 Nike’s NFT Series RTFKT CloneX Transaction Volume Has Surpassed 800 Million US Dollars
According to CryptoSlam statistics, the transaction volume of Nike’s NFT series RTFKT CloneX surpassed 800 million US dollars on February 12. According to CryptoSlam statistics, the transaction volume of Nike’s NFT series RTFKT CloneX surpassed 800 million US dollars on February 12.
Nike announced the acquisition of encrypted fashion company RTFKT in 2021, as well as the debut of CloneX NFT. This series’ transaction volume surpassed 100 million US dollars for the first time in December of that year, implying that this indicator has climbed by more than 700% in the previous 14 months. According to crypto tracker CryptoSlam, the project has already witnessed approximately $65 million in transaction activity since its initial drop less than three weeks ago.
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🖼 Kevin Abosch NFT Open Edition Goes Wild
Kevin Abosch is an Irish-American artist and photographer who has made a name for himself in the art world with his unique and thought-provoking works. He is also known for his innovative approach to the use of non-fungible tokens (NFTs) as a medium for art.
Although Kevin Abosch has launched numerous NFTs in the past, he recently joined the current NFT meta craze by launching an open edition of his work for just 0.03 ETH. The project remained relatively quiet for a while, but suddenly gained momentum and generated over 7,000 mints, leading Abosch to shut down the minting process early. The price of the NFTs has since gone up by five times as people speculate on what might be coming next for the project.
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🤟 Yuga Labs Trademark Applications Are Opposed By BAYC Imitation
10 trademark registrations from Yuga Labs have been the subject of opposition notices issued by one of the creators of the Bored Ape Yacht Club imitation NFT collection RR/BAYC. The action by Cahen also comes three days after Yuga Labs reached a separate settlement with Thomas Lehman.
The decision is yet another odd turn in the continuing legal battle over intellectual property between RR/BAYC founders Ryder Ripps and Jeremy Cahen and BAYC creators Yuga Labs. The majority of Yuga Labs’ trademark applications were submitted in the second half of 2021, and they cover a variety of BAYC logos, images, and branding for conceivable use on digital goods such NFT-based artwork, trading cards, and wearables for the Metaverse. suggested that the move was just another attempt to cause trouble for the firm.
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🖼 Ordinal Punks NFTs called out as ‘sketchy’
Anonymous Twitter account TheNorwegian expressed concerns about Ordinal Punks NFTs, asking, “[is this] the biggest NFT scam of all time?”. On Feb. 9, CryptoSlate reported on the rising popularity of Ordinal Punks, covering the sale of three NFTs according to social media posts, including #94.
The novelty of NFTs on the Bitcoin chain and the chain’s provenance seems to be driving demand for these NFTs. However, some are questioning the collection’s legitimacy. Given that the Bitcoin chain was not originally designed to accommodate NFT functionality, there is no infrastructure to verify information such as sales or even to accommodate sales in a click-and-buy process. NFT collection but then questioned whether Ordinal Punks are worthy of being classed as blue chip.
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📣 Community-centric NFT collection for the hustlers goes live to the public
As the market turned from bullish to bearish, many critics were quick to question the legitimacy of new digital collectible releases. Fortunately, the market turn wasn’t an end to the asset class as a whole, but rather to the projects that weren’t rooted in real utility.
Therefore, many collections are putting the community front and center, building intentionally so that members can find value in the sense of belonging, support and connection. These digital collectible communities are also a source of information, resources and opportunities, serving as a platform for individuals to come together with their shared experiences and to encourage each other as they continue their daily hustle. they can join forces to strengthen their connections.
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❕ SAND token jumps over 20% following metaverse discussions with Saudi Arabia
The Sandbox token price continues to soar after the metaverse game platform revealed discussions of a partnership with Saudi Arabia. according to TradingView data. The token began to climb following news of a memorandum of understanding, around 4 p.m. EST.
Metaverse tokens experienced a mysterious January bull run. SAND hit a January high of $0.84, climbing from $0.38 at the start of the year. Selling pressure could eclipse this most recent rally, with 12% of SAND supply set to be unlocked on Feb. 14. Roughly 50% of the unlock is allocated to investors and advisors. The last unlock in August could be a useful gauge, wrote Kaiko Research Analyst Conor Ryder. August 14th, nearly 75% of all significant trades were sell orders as investors looked to cash out of SAND.
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🖼 Maotai, A Chinese Liquor Company, Has Launched An NFT Based On Wine Bottles
Guizhou Maotai, a Chinese liquor behemoth and one of the largest corporations in China measured by market value, recently announced the introduction of its non-fungible token collection (NFT). This collection grants owners the ability to purchase limited-edition booze in the physical world.
The distribution of 113,960 NFTs with a Lichun motif has begun by Maotai. Each bottle is connected to an NFT that is based on blockchain technology. The bottles that are associated with NFT are being offered for a price of 2,899 yuan (US$427) for a bottle that is 500 ml and for a price of 569 yuan for a bottle that is 100 ml. The total worth of the bottles is 139 million yuan, which is over $20 million. US dollars). Customers of Maotai’s winery can gain the ability to pay for their alcoholic beverages with real money.
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⛵️ OpeaSea Releases Numerous New Creation Tools
Designers now have new options to mint assets on the site thanks to the new Drop features that the NFT marketplace OpeaSea has introduced. The implementation is anticipated to enable all platform users to set up smart contracts on all EVM chains.
OpenSea revealed the upcoming Drops phase on February 2. Over the coming weeks, the implementation is anticipated to enable all platform users to set up smart contracts on all EVM chains, modify drop methods, and design unique landing sites. Those who are interested in getting an early peek at the toolkit can request it online, according to a statement from OpenSea, which stated that access will initially be given to a small group of developers in the upcoming weeks. allowlist support, and multi-stage minting phases.
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🖼 FTX-backed NFT company airing $6.5 million Super Bowl commercial
“Seinfeld” co-creator Larry David is unlikely to make an appearance at this year's Super Bowl after shilling for FTX during last year’s game, but that doesn’t mean there won't be anyone with ties to the collapsed crypto exchange there promoting digital assets.
The NFT and gaming company Limit Break, backed by FTX in a funding round last year, spent $6.5 million for a 30-second advert that will air during this year’s Super Bowl, the company said in a statement. It’s the first time an NFT developer has purchased an ad during the Super Bowl, one of the most-watched events on television that brings in an audience of roughly 100 million people each year. Limit Break will use its time to promote a “free” NFT tied to the web3 gaming ecosystem it has been developing.
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🖼 NounsDAO Is Creating NFT Comic Book Series
Web3 neighborhood In collaboration with comic book publisher Titan Comics and NFT community ComicsDAO, NounsDAO is developing the story of its Nouns non-fungible token (NFT) collection through the creation of a comic book series.
The comics, titled “Nouns: Nountown,” will include a plot centered on the Nouns ecosystem’s tokens. David Leach, a senior editor at Titan, will write the series, and Danny Schlitz, an illustrator with experience working with companies like Disney, Marvel, Netflix, and Warner Brothers, will provide the illustrations. After the book is out, purchasers can either buy the physical book in stores or exchange their digital tokens for a physical copy.
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