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⚡️ zaha hadid explores the future of architecture in the metaverse through metrotopia venture
METROTOPIA, a collaboration between Zaha Hadid Architects and Chicago-based ArchAgenda, has recently been unveiled as an extraordinary metaverse venture, aiming to serve as a virtual communication hub for the global design community. Marking its debut, the Metrotopia Metaverse introduced a virtual exhibition titled ‘Knowledge Transfer’ at the 2023 Venice Architecture Biennale. The exhibition showcases the latest creations from renowned architecture firms such as OMA, Morphosis, Coop Himmelb(l)au, UnStudio, MAD, Sou Fujimoto, Archi-Union, LAVA, CAP, EcoLogic Studio, and ZHA. This display immerses visitors in a digital realm where they can explore and engage with contemporary architectural designs. In alignment with the theme of the 18th Biennale, ‘The Laboratory of the Future’ curated by Lesley Lokko, the exhibition within Metrotopia emerges as an influential component of this event.
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⚡️ FC Barcelona launches its first NFT collection in association with Plastiks
Plastic waste is everywhere. It is found in the deepest ocean trenches and on top of the highest mountains. Eight million tons are dumped into the ocean every year, highlighting the need to improve the plastic economy and seek ways to promote a more responsible society in terms of waste and the impact it has on the preservation of the environment. FC Barcelona and Plastiks have joined forces in a partnership that will allow the recovery of at least 1,000,000 kilograms of plastic. FC Barcelona is one of the most followed teams in the world, with one of the largest communities on social networks of all sports teams. With more than 400 million followers on its different accounts, it is a leader in engagement in the global football industry. Hence the club is eager to empower its community with sustainability solutions based on Web 3.0, in this case with the aim of helping to reduce waste in the environment by combining Barça's NFT vision with a positive environmental impact. More than 8,000 kilograms of plastic waste are produced in a football match. With this first collection, FC Barcelona and Plastiks are contributing to a reduction in plastic pollution of an amount equivalent to the waste from 4 football matches.
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🖼 Sotheby's Second 3AC NFT Auction Includes Landmark Dmitri Cherniak Work
Sotheby's is set to auction off more non-fungible tokens (NFTs) seized from bankrupt crypto hedge fund Three Arrows Capital (3AC), bringing high-value NFTs like Dmitri Cherniak's Ringers #879 (often referred to as "The Goose") out from the vault for the first time since 2021. The second sale of 3AC collectibles from the "Grails" collection will be held in New York on June 15 and will feature 37 works from generative artists like Dmitri Cherniak, Tyler Hobbs, Jeff Davis and more. "For the live auction, we specifically wanted to focus on showcasing generative art, and the sale was curated to reflect not only the collection’s deep holdings of some of the most sought-after and renowned generative artists in the movement, but also to spotlight the wider community of artists pushing the boundaries of the algorithm-based art," Micahel Bouhanna, Sotheby's head of digital art and NFTs, told CoinDesk. NFTs include Cherniak’s Ringers #879, a seminal generative artwork that has become known as "The Goose" for its resemblance to the bird. The collectible was purchased by 3AC co-founders Su Zhu and Kyle Davies in August 2021 for about 1,800 ETH.
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📊 Popular NFT collections take massive price hit in 2023
Some of the most sought-after nonfungible tokens (NFTs) of 2022 have taken a massive hit in value over the past year. The trend mirrors the depreciating value of metaverse properties in 2023, which were considered top virtual lands for investment in 2022. Investments in top NFT projects, including Doodles, Invisible Friends, Moonbirds and Goblintown, have lost up to 95% of their value in Ether. The value of blue-chip NFT collections alone has fallen down by over 40% on average. Data from NFTGo shows that the Blue Chip Index went down to 7,446 ETH from its yearly high of 12,394 ETH back in July 2022. Surprisingly, NFT investors remain unfazed by the ongoing decline in value. While some expect further and prolonged depreciation of NFT prices, a handful of investors believe it’s the right time to invest, as they anticipate a comeback. On the contrary, the number of blue chip NFT holders over the past year has increased by more than 90%. During this time, sellers increased by 32% while buyers decreased by 30%. Despite the financial setbacks, the NFT ecosystem continues to draw the attention of new investors. On May 27, crypto skeptic Peter Schiff launched an NFT project on the Bitcoin blockchain via Ordinals.
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🇯🇵 Japan's largest airline launches NFT marketplace
On May 30, Air Nippon Airways (ANA), the largest airline in Japan, launched an aeronautical-themed nonfungible tokens (NFTs) marketplace with its subsidiary ANA Neo. Meanwhile, the second collection of NFTs will be released on June 7, representing the NFT image conversion of the first Boeing 787 operated by AMA. "Selling as a 3D model airplane. There are 787 items each of the two types, for a total of 1,574 items, and the price is 7,870 yen," ANA wrote. The platform is part of Air Nippon Airways' ongoing expansion into the intersection of airlines and Web3. ANA is Japan's largest airline, with revenues of $12.2 billion in its last fiscal year. The firm said it plans to increase the NFT product line in the future and aims to improve the value of customer experience through NFT commercialization. The development of ANA Neo's Gran Whale started last August as a virtual travel platform utilizing "technology, including VR, to recreate the destinations and cultures of the world" in the form of metaverse parks. "From May 30, aerial photographer Luke Ozawa's first digital photo will be converted to NFT.
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📣 NFT ART DAY ZRH returns to immerse visitors in the worlds of web3 & crypto art
NFT ART DAY ZRH (find more here) serves as a platform for building connections between the traditional art world and the emerging realm of NFTs. The event places a strong emphasis on exploring the intersection of art and NFTs, delving into the innovative possibilities offered by blockchain technology, examining the evolution of historical digital art, analyzing the performance of the digital art market, and examining various other facets of this intricate ecosystem. On Sunday, June 11, the main conference will take place at Kunsthaus Zürich’s newly constructed Chipperfield building. The conference offers a captivating program featuring talks and panel discussions that delve into various aspects of the NFT field. Key themes to be explored include the current state of the NFT art market, insights into significant artistic practices, the impact of rapidly advancing technologies in the art world, examination of collecting behavior, and artist talks. NFT ART DAY ZRH serves as a platform for bringing together esteemed international thought leaders, experts, artists, curators, and collectors who operate at the intersection of art and technology.
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⚡️ Reddit collectible avatars onboard nearly 10M into the crypto, NFT space
Social platform Reddit is close to breaching 10 million holders of its collectible avatars, or “Reddit NFTs,” nearly 11 months after its launch in July 2022. According to Dune Analytics, there are currently a total of 9,909,465 million Reddit collectible avatar holders. Around 7.7 million of these are identified as single collective avatar holders, or those that do not have multiple wallets. NFTs in the customizable collection have been designed by independent artists and Reddit content creators. Avatar holders surged following the collection’s launch but reached a plateau at around 3 million in November. However, there has been a big growth spurt in 2023, with the number of wallets tripling over the past six months. Since the beginning of 2023, the number of Reddit avatar holders has increased by 80%. The Reddit Collectible Avatars market capitalization is $38.4 million and there are 13.7 million NFT avatars in the collection. Furthermore, there have been 303,033 total sales with a cumulative sales volume of $32.6 million, according to the data. On May 28, Redditor “ContextMelodic4212” congratulated the platform on the achievement but commented that bot activity may be responsible for some of that growth.
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🖼 ERC-6551 Turns Any NFT Into a Web3 Wallet
The word “wallet,” used to label a common Web3 account tool like MetaMask, is often considered a bit of a misnomer. It just doesn’t quite fit what the tool is capable of doing. Like a Web3 wallet, a real-life wallet can hold identity information, currencies and maybe a photo or two, but it doesn’t have an address or keys, it doesn’t connect a user to activities or act as a passport to places or events — and it generally doesn’t store hundreds of collectibles or works of art. Now, to make things even a little more complicated: The ERC-6551 protocol introduces token-bound accounts, enabling any individual NFT to be a “wallet,” for lack of a better term. On a recent episode of the On the Other Side podcast, Benny Giang, the co-founder of Future Primitive and the historic CryptoKitties NFT collection, spoke with host Chase Chapman about the innovation. The idea, Giang says, sprang from a project he created with renowned streetwear designer Jeff Staple, called Sapienz.Keeping things on chain adds complexities “that really hinder what you can do with an NFT,” Giang says, with gas fees being the most significant barrier. This problem led to an “a-ha” moment for the two creators.
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🇭🇰 The Hong Kong Police Force launch new metaverse platform, ‘CyberDefender’
The cyber security unit of the Hong Kong Police Force have launched CyberDefender, a new metaverse platform designed to educate the public of the potential dangers associated with Web3 and the metaverse. According to a May 27 statement, the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force unveiled a new metaverse platform, CyberDefender, in an effort to prepare its citizens for the “challenges ahead in the digital age” with a focus on technology crime prevention. On the same day that it launched, an event was held on the platform, “Exploring the Metaverse," spanning across three virtual venues, with the aim of discussing crime prevention strategies within the metaverse. During the event, chief inspector of CSTCB, Mr Ip Cheuk-yu emphasized the importance of exercising caution in the metaverse, urging attendees to apply the same level of vigilance they practise while using the internet. “The decentralized nature of virtual assets in Web3 may also increase the likelihood of cyber criminals targeting end point devices, virtual asset wallets and smart contracts” he said. The Hong Kong Police Force plans to ramp up its technology crime educational initiatives.
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💰 ORDINALS IS BRINGING THE NFT INDUSTRY TO BITCOIN
The Ordinals protocol has taken the Bitcoin world by storm. Quickly amassing over 9,000,000 inscriptions, the new protocol allows for arbitrary data to be embedded on the Bitcoin blockchain. In addition to attracting attention from the NFT industry, Ordinals have led to a major increase in the fees required to send bitcoin, eliciting new debate on how Bitcoin should deal with high fee environments. In a recent interview with Bitcoin Magazine, Farokh, founder of the Rug Radio platform and a well-known collector within the NFT industry, shared insights into the world of Bitcoin NFTs and his vision for the Bitcoin inscription market’s future. Reflecting on his own Bitcoin and NFT journey, Farokh acknowledged the initial confusion surrounding Bitcoin in 2012, given the lack of development and user-friendly platforms at the time. However, he highlighted the rapid growth and development of NFT platforms in 2021, and how that is reflected now in the context of Bitcoin NFTs’ sudden rise in popularity.
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🪙 Binance Launching NFT Loan Feature
Binance marketplace is launching a non-fungible token (NFT) loan feature where digital asset holders can secure ETH loans by using their NFTs as collateral. The new service, called Binance NFT Loan, "will allow people to use blue-chip NFTs to borrow crypto, starting with ETH, introducing the benefits of DeFi to the Binance NFT community," Binance said in a press release. According to the platform, the tool offers competitive interest rates, instant liquidity. The feature, launching on Friday, will initially support Ethereum loans only and NFTs from Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki and Doodles collections. The platform plans to roll out new options in the future. Mayur Kamat, head of product at Binance, said in a press release that the new feature will provide new liquidity options for holders, "allowing them to participate in the market without having to let go of their precious NFTs.” "We’ve added a host of features that make it a one-stop shop for NFT trading and financial services for our community," said Kamat. "We’ve added a host of features that make it a one-stop shop for NFT trading and financial services for our community," said Kamat.
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🖼 F1 Ticket Provider Platinum Group Introduces NFT Tickets for Global Racing Event
Platinium Group, the leading ticket issuer for Formula 1, is releasing non-fungible token (NFT) race tickets – starting with the Monaco Grand Prix this weekend. Platinium Group has teamed up with blockchain infrastructure company Elemint and Web3 agency Bary to help create, mint and sell the NFT tickets. According to a press release, the tickets will be minted on Ethereum sidechain Polygon. Elie Zerbib, Co-Founder of Bary told CoinDesk that NFTs in the form of tickets offer buyers transparency, traceability, seamless digital ticketing, personalization and engagement. However, for a sport that has amassed fans from all over the world, easy onboarding is an essential tenet. “By providing a completely seamless experience on the main website, the user doesn't need to have any Web3 knowledge to purchase the NFT ticket,” said Zerbib. “We make users understand the benefits that come with this new type of ticketing and onboard them on a journey that will change their F1 experience.”
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📣 Nike OF1 NFT Sale Surpasses $1M Despite Delays, Tech Issues
Nike's .SWOOSH Web3 platform has released its first non-fungible token (NFT) sneaker collection, surpassing $1 million in sales despite persistent delays and technical issues that hindered the user experience. The sale of the highly-anticipated Nike virtual creations began on May 15, nearly a week after their previously-announced start date of May 8. The first round of sales, called "First Access," was open exclusively for select users who were airdropped ". The "General Access" sale began on May 24 – two weeks after its proposed sale date of May 10 – and aimed to offload any remaining NFTs from its total inventory of 106,453. As of Thursday afternoon, over 66,000 NFTs had been sold, according to Polygonscan. Each NFT was priced at $19.82 – a tribute to the year the Air Force 1 sneaker was first released – indicating that Nike has raked in about $1.3 million from sales so far, though the sale is ongoing and now ends on June 1. While initial numbers look promising, the launch was delayed several times due to technical and traffic issues, according to Nike, leaving excited buyers frustrated by the cumbersome process.
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🖼 Elfin Kingdom Announces NFT Staking Campaign
Approximately 40% of web3 games currently in development will go live within the next 12 to 18 months according to leading platforms Polygon and Immutable, highlighting the rapid pace of innovation in decentralized gaming. This trend reflects the increasing investments in web3 games, making them one of the most heavily invested sectors within blockchain in 2022. Web3 gaming has introduced exciting new monetization mechanisms to the world. Elfin Kingdom is one of the leading web3 games on Binance Smart Chain, with a dedicated user base that grew significantly in the past year during beta. The public launch of Elfin Kingdom last month solidified the games position as a frontrunner on BSC. As Elfin Games gears up for the launch of Elfin Arcade, which aims to attract fresh gamer and developer talent to the BSC gaming ecosystem, the platform's NFT Staking Campaign will play a vital role in driving growth and propelling the platform to new heights. The campaign creates a dynamic ecosystem where gamers can earn rewards while actively contributing to the success and expansion of the Elfin ecosystem.
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🟠 Binance enters NFT lending space, starting with ETH loans
Binance's NFT marketplace has introduced a new feature that enables users to borrow cryptocurrencies using NFTs as collateral, marking its entrance into the NFT lending space. The Binance NFT marketplace currently supports ether (ETH) borrowing against "blue-chip" NFTs, such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki and Doodles, according to an announcement Thursday. The current interest rate on NFT loans is 7.91% p.a. and loan to value ratio ranges from 40% to 60%, according to the Binance NFT website. There won't be a gas fee or Ethereum transaction fee charge. The Binance NFT loan feature comes shortly after NFT marketplace giant Blur launched its NFT lending protocol called Blend earlier this month. Blend allows lenders to set their own interest rates and loan-to-value ratios, as The Block Research's analyst Brad Kay reported recently. "Blend's meteoric rise in the NFT lending market is undeniable. As it continues to break new ground, the protocol is proving that a market-driven approach can successfully revolutionize the lending landscape," according to Kay.
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🖼 Find Satoshi Labs Rolls Out AI Tool That Turns Selfies Into NFTs
Find Satoshi Lab (FSL), the parent company behind popular Web3 game STEPN, is rolling out an artificial intelligence (AI) powered non-fungible token (NFT) generator. Called GNT V3, the tool aims to place creativity within the technological intersections of AI and Web3. Working in collaboration with MOOAR, FSL’s recently-released NFT marketplace, GNT V3 takes a user’s selfie as input to create AI-generated images that are minted on the Solana blockchain. Yawn Rong, co-founder of FSL, said in a press release that GNT V3 has the capability to redefine digital identity in Web3. “This is the advent of a new era of Web3 technology, where individuality merges with blockchain technology to redefine personal expression,” said Rong. “With GNT, we're pushing the boundaries of digital self-expression and enabling users to become creators of their own unique digital masterpieces, ready to be showcased and monetized in the vibrant Web3 ecosystem.” Last month, FSL released GNT V1, which allowed artists to mint individual NFTs on the MOOAR marketplace. Later in April, it rolled out GNT V2, which improved its AI model.
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📣 Shaq Is the Latest Celebrity to Be Sued Over Sale of NFTs
Former professional basketball player Shaquille O’Neal is being sued over alleged securities violations related to his NFT collection titled ASTRALs or, the Astrals Project, according to a complaint filed in the Southern District of Florida last week. In the class action lawsuit, Virginia resident Daniel Harper, who invested in Astrals NFTs and later suffered losses after the crypto market tanked, has accused O’Neal of violating Section 15 of the Securities Act of 1933, which requires brokers to be registered with the Securities and Exchange Commission. O’Neal and his son Myles founded Astrals in 2022. They brought on freelance creature artist Damien Guimoneau to create the look of the project, which features 10,000 NFTs of humanoid animals and creatures brandishing weapons and other accessories. The NFTs were sold on Solana, a popular blockchain similar in function to Ethereum. O’Neal promoted the project to his millions of fans on social media, offering giveaways, access to private Discord channels, and promising a return on investment, the complaint alleges. In one video posted to social media, O’Neal told his followers, “we’re not stopping until 30 SOL floor,” in other words, O’Neal believed that the least valuable NFT in the Astrals collection would be worth 30 SOL.
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💰 BRC-721E Token Standard Bridges Ethereum NFTs to Bitcoin Ordinals
A new blockchain token standard is allowing traders to convert their Ethereum-based non-fungible tokens (NFTs) to Ordinals, or NFTs on the Bitcoin network. On Monday, Bitcoin Miladys, the Bitcoin-based derivative of the popular Miladys NFT collection, introduced its BRC-721E token standard in collaboration with Bitcoin-based NFT marketplace Ordinals Market and Bitcoin wallet Xverse. The token standard is said to act as a bridge between the Ethereum. According to the Ordinals Market website, Ethereum-based NFT holders can burn their tokens and inscribe them onto a satoshi on the Bitcoin network. Once inscribed, the tokens will automatically appear on a custom Ordinals Market collection page with complete metadata. It’s worth noting that while the new standard allows for the conversation of ERC-721 NFTs to Ordinals NFTs, metadata is initially not stored on-chain. Ordinals Market provides a number of options that allow for on-chain previews of the NFT, which can be displayed in existing wallets or marketplaces. The growth is sizeable considering Ordinals have only existed since January.
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🖼 KilroyPunk NFT Drop Mashes Up Iconic Meme With a CryptoPunk
Multichain NFT protocol Holograph dropped its latest collaboration on Tuesday, combining a recognizable, “blue chip” NFT with one of history’s most iconic memes. Titled “KilroyPunk,” the collectible is a riff on CryptoPunk #8527, owned by pseudonymous Delegate Cash creator and Crypto Twitter personality foobar, who has long used the NFT as his profile picture. It combines foobar’s famed NFT with the work of Eric Elms. The collaboration comes as Holograph tries to find a foothold in the NFT space, and it marks the multichain protocol's third offering through its consumer-facing application. Released as part of an open-edition mint—meaning the collectible can be claimed an unlimited number of times—it costs $15 and is available for 48 hours. Dating back to the 1940s, “Kilroy Was Here” emerged as an American symbol on battlefields in Europe and the Pacific, often in the form of graffiti. And having created cultural commentary with the character for years, Elm’s foray into the NFT space is imbued with distinct subtext.
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🖼 The NFT Revolutionaries Binance, Decentraland and DogeMiyagi Expand The Markets
The world of non-fungible tokens (NFTs) is constantly evolving, and these marketplaces play a pivotal role in connecting creators, collectors, and investors. The three prominent players in this space that have captured considerable attention are Binance (BNB), Decentraland (MANA) and DogeMiyagi (MIYAGI). As crypto enthusiasts continue to explore the potential of NFTs, understanding the unique offerings of these platforms is crucial. The concept of NFTs traces back to 2012 when a project called Colored Coins sought to represent ownership of physical assets on the Bitcoin blockchain. However, the breakthrough moment for NFTs came in 2020. Artists and creators flocked to platforms like Ethereum (ETH) to tokenize their digital artworks, granting them scarcity and verifiable ownership. Notably, the sale of “Every Day: The First 5000 Days” by Beeple at Christie’s auction house for a staggering $69 million in March 2021 grabbed global attention, catapulting NFTs into the mainstream. Decentraland takes the concept of NFTs further by combining blockchain technology and virtual reality (VR) to create a decentralized metaverse.
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📣 Crypto Critic Now Finds Himself Supporting NFTs Minted On Bitcoin
Peter Schiff, a well-known economist and investor, now supports blockchain technology and non-fungible tokens (NFTs). Considering his previous stance on digital assets, mainly Bitcoin, Schiff unexpectedly turned to Twitter on May 27 to express his enthusiasm for a planned art endeavor. Tweeting on May 27, Schiff expressed his excitement about working with one of his favorite painters, Market Price, on a collaborative artwork that would combine the conventional elements of art with blockchain. The focus of this group effort is a unique work of art called “Golden Triumph.” Art lovers and collectors will also be able to purchase a set of prints and Ordinals that have been permanently recorded on the Bitcoin blockchain. Given Schiff’s long-standing distrust of blockchain technology and cryptocurrencies, this news came as a shock to many. His support of Bitcoin shows how his views on the convergence of art, technology, and investing are shifting. Schiff’s recent tweets on blockchain and NFTs seem to contradict his previous stance. In 2021, he questioned the worth of owning an NFT digital picture. His tweet brought attention to the blurring of lines between legitimate ownership of a non-fungible token-authenticated digital artwork.
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💰 Reddit the Only Big Tech Firm That 'Cracked the NFT Code': Polygon Co-founder
Polygon’s co-founder said the social media giant “cracked the code” for NFT adoption, during a recent AMA session on Reddit. Besides sharing pro-crypto and Polygon views like how Web3 will complement Web2 in areas like finance, gaming, and social media, the founder also explained how Reddit managed to win over its community with the launch of its digital collectibles. The social media platform introduced NFTs as “Collectible Avatars” on Polygon in July 2022 via free airdrops and early sales of digital collectibles for up to $100. Nailwal said that Reddit "is perhaps the only well-known Big Tech company who has cracked the NFT code and they are able to drive a lot of engagement with Reddit NFTs." Polygon represents a multi-chain ecosystem of sidechains that leverage Ethereum's security to provide a scalable application platform. Currently, it supports two public blockchains: Polygon and Polygon zkEVM. Reddit was responsible for adding 3 million crypto users in the first three months following its NFT launch. Over the last ten months, the company has successfully onboarded 9.7 million users to Reddit’s NFT platform, according to a Dune dashboard. Nailwal also said that no other blockchain ecosystems are “fully decentralized,” except Bitcoin and Ethereum.
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🖼 Crypto hater Peter Schiff to drop Bitcoin Ordinals NFT art collection
Despite hating on crypto for years, and calling NFTs worthless and easy to replicate two years ago, Peter Schiff is set to release an NFT art collection on Bitcoin. In what seems like a parody but isn’t, economist, gold proponent and vocal crypto skeptic Peter Schiff has unveiled a collaborative nonfungible token (NFT) art collection on the Bitcoin network that will soon go up for auction. The reaction from the crypto community has been mixed, with people generally baffled, amused or welcoming. Despite all of that, Schiff unveiled the “Golden Triumph” NFT collection in a May 27 Twitter thread in collaboration with one of his “favorite artists,” who goes by the pseudonym “Market Price.“ “This collaboration features the original painting ‘Golden Triumph’ as well as a series of prints and Ordinals inscribed on the Bitcoin blockchain,” he wrote. Golden Triumph consists of one physical painting on an oil linen canvas depicting a human hand holding a bar of gold, 50 prints on archival paper depicting the same image, and 50 digital versions inscribed as Ordinal NFTs on Bitcoin. It appears, however, that Schiff hasn’t done a complete turnaround on BTC, but has woken up to a use case for blockchain technology: verifiable ownership of assets such as art via NFTs.
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🖼 Blend Drives Surge In NFT Lending Activity
Blend, a recently launched lending protocol from Blur, the top NFT marketplace by volume, has driven a surge in NFT loan activity this month. Combined NFT loan volumes totaled $375M from May 1 until May 22, of which Blend accounted for 82% or $308M, according to a report from DappRadar. BendDAO, another popular NFT lending platform, drove $315M since launching in March 2020. Blend’s total value locked stands at $24M. “Blur’s activity has shifted from trading to lending, which currently represents 46.2% of recent [weekly] operations,” DappRadar said. “The pivot from trading to lending, and a remarkable growth in daily unique users, are testament to Blur’s growing influence and the impact of its strategic maneuvers.” Blend’s closest rival for May is X2Y2 with $20.7M in loan volume or a 5.5% market share, followed by NftFi with $19.9M or 5.3%. Non-fungibles have suffered from a protracted downturn since January 2022, with trade volumes steadily drying up and floor prices plummeting. NFT trading drove $466M in volume since the start of May, beating out the nascent lending sector by just 20%.
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🖼 Ubisoft's Rabbids Invade Reddit as Free NFTs
Ubisoft’s Rabbids are quirky white alien rabbit creatures that have spawned numerous games since the mid-2000s and even a couple Mario crossover games with Nintendo. Now, Redditors can claim free Rabbids-themed NFT avatars for their profiles on the social forum site. Each Polygon NFT or “digital collectible” features a Rabbid in various outfits and poses, from a grumpy knight with a plunger to a smiling unicorn rabbit with a golden plunger (the plunger was the primary weapon in early Rabbids games). Rabbid NFTs on Reddit matter? Well, Reddit users went wild for the online discussion platform's “Snoo” NFT avatars when they launched in July 2022, and have since become one of the most prominent brand NFT launches to date. At time of writing, all of the “Plunger Rabbid” and “Unicorn Rabbid” avatars have already been claimed and are now “sold out,” per Reddit’s website. Inspired by Reddit’s humanoid alien mascot, the Snoo NFTs have amassed a market cap of over $330 million, according to a Dune dashboard. With Snoo, Reddit has released over 13.5 million Polygon NFTs so far across more than 9.7 million unique wallets—and most of those were freebies given away to Reddit users.
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🇨🇳 Chinese city releases policy draft for metaverse industry development
On May 24, the Chinese city of Zhengzhou announced a series of policy proposals to support metaverse companies operating in the region. As part of the initiatives, the municipal government will establish a dedicated fund worth 10 billion yuan ($1.42 billion) to foster growth and development in the industry. Per the government draft, metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity. Any company engaged in the development of metaverse use cases in the city — regardless of its headquarters location — will have the opportunity to receive up to 5 million yuan ($710,000) for each project certified as viable by the municipal government. The specific date of the fund allocation has not been disclosed as of now. In addition to unveiling the funding policies, the municipal government of Zhengzhou has also outlined its long-term vision for the metaverse development in the city. It foresees that metaverse-related industries in Zhengzhou will achieve an annual revenue surpassing 200 billion yuan ($28.34 billion) by the end of 2025.
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🖼 Milady NFTs Get Dogecoin Treatment as Prices Retrace Days After Elon Musk Tweet
Prices of the popular Milady NFT collection have retracted gains from the past weeks as holders likely took profits on a move influenced by an Elon Musk tweet. Earlier in May, the Milady collection spiked after receiving acknowledgment from Twitter owner Musk who tweeted a picture of a Milady avatar with the words “There is no meme, I love you” overlaid on the picture. Each NFT traded for 3.4 ether at the time. All gains have since reversed, as the NFT collection is now back at prices before Musk’s tweet, data from OpenSea analytics shows, dropping to as low as 3.2 ether per NFT on Thursday. That immediately prices surged as much as 200%, each Milady fetching $13,700 worth of ether (ETH) at the peak. Elsewhere, an unrelated LADYS token spiked thousands of percent, reaching a market capitalization of over $120 million. This is similar to the price action seen in dogecoin (DOGE) – which enjoys Musk’s support – which typically spikes whenever it is mentioned by the entrepreneur. These jumps are short-lived, however, as traders and automated bots pile on the tokens.
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🤖 Reddit the Only Big Tech Firm That 'Cracked the NFT Code': Polygon Co-founder
Polygon’s co-founder said the social media giant “cracked the code” for NFT adoption, during a recent AMA session on Reddit. Besides sharing pro-crypto and Polygon views like how Web3 will complement Web2 in areas like finance, gaming, and social media, the founder also explained how Reddit managed to win over its community with the launch of its digital collectibles. Reddit was responsible for adding 3 million crypto users in the first three months following its NFT launch. The social media platform introduced NFTs as “Collectible Avatars” on Polygon in July 2022 via free airdrops and early sales of digital collectibles for up to $100. The early NFTs went on to sell for hundreds of dollars on the secondary market. Nailwal said that Reddit "is perhaps the only well-known Big Tech company who has cracked the NFT code and they are able to drive a lot of engagement with Reddit NFTs." Polygon represents a multi-chain ecosystem of sidechains that leverage Ethereum's security to provide a scalable application platform. Currently, it supports two public blockchains: Polygon and Polygon zkEVM. Over the last ten months, the company has successfully onboarded 9.7 million.
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🖼 30-Day Bitcoin NFT Sales Surge to $173 Million, Securing Second Place in Blockchain Market
In the past month, recent data reveals that sales of non-fungible tokens (NFTs) originating from the Bitcoin blockchain have surged to $173.28 million. Surpassing 20 alternative blockchain networks, Bitcoin-based NFT sales now secure the second position in the realm of blockchain sales, with only Ethereum reigning supreme. Amidst the fervor surrounding the Ordinal inscription trend, Bitcoin-based NFTs have skyrocketed in popularity. The sales amassed over the past 30 days firmly established the network as the second-largest in terms of sales within this time frame. While Ethereum NFT sales saw $392.23 million, this past month Bitcoin sales tallied up to $173.28 million, up 408.29% from the month prior. However, there has been a significant 47% decline in the number of buyers for Bitcoin-based NFTs, totaling 6,955 over the course of the past 30 days. Insights from cryptoslam.io data highlight that the leading NFT collection, in terms of sales during this period, is the Bored Ape Yacht Club (BAYC). The BAYC collection garnered $39,307,853 in sales over the past month, closely followed by the Ordi BRC20 NFTs.
NFTs | OpenSea | News
🖼 Brave Browser Rolls Out Web3 Calling With NFT Token Gating
The privacy browser Brave Browser announced on Twitter that its video conferencing service Brave Talk introduced a Web3 call function that allows hosts to use NFT and POAP for token-gated access. While the feature only supports token gating for Ethereum NFTs, Brave Browser plans to expand support for non-Ethereum NFTs soon. In the future, moderators can grant access based on specific token balances or previous token ownership or send cryptocurrencies to participants. Brave Software, best known for its fast and secure browser, is reimagining the online for users, publishers, and advertising. Brave’s blockchain-based digital advertising network enables consumers to opt into privacy-protecting adverts in exchange for Basic Attention Tokens (BAT). These tokens may be redeemed, used on the site, or used to tip or donate to publishers and content producers. By implementing Web3 capability into its browser, search engine, and multi-chain crypto wallet, Brave Browser actively promotes Web3 adoption. Brave Browser now boasts more than 57 million monthly active users and supports more than 1.7 million developers.
NFTs | OpenSea | News