Category: News

In the last few months, OpenSea has been on a roll when it comes to adding support for new blockchains. From Optimism to Arbitum, the NFT marketplace has been very deliberate about expanding on the types of assets that can be listed and traded on its platform. 

And it has done it again, this time announcing on November 29, 2022, that it now supports assets listed on BNB Chain, the official blockchain for Binance. With this development, the total number of blockchains supported by OpenSea has gone up to 8 and there are reportedly even more onboardings to come. 

This news was also confirmed by the BNB Chain team on Twitter. 

“BNB Chain NFTs will now be available for listing and sale on @opensea. The move will enhance #NFT trading experience for over 1 million existing users. The integration with OpenSea’s standard core marketplace will enable #BNBChain support for creators to buy and list NFTs,” a tweet said. 

Details About the Listing 

This new development, in many ways, is a win-win for all. OpenSea is the biggest NFT marketplace in the world, boasting several blue-chip collections and billions of dollars in trading volume thus far. BNB Chain, on its part, is the most widely-used smart contract chain in the world, with 3 billion transactions processed to date. 

This was reiterated on the official OpenSea accounts, which noted all the NFT collections that can now make their home on the marketplace. These include Pixel Sweepers, Goodfellas, MOBOX, and much more. 

This was also noted in a press release regarding the news. As Jeremy Fine, the Head of Business and Corporate Development at OpenSea.  says, “We’re delighted to begin leveraging Seaport across multiple blockchains, including BNB Chain, to better the OpenSea experience for everyone. This update will make it simpler to reach even more users and creators on the chains they prefer.”

OpenSea, from all indications, is looking to make its platform more accessible to everyone and this means listing NFTs from all sorts of blockchains. Many NFT buyers have preferred blockchain or collections and depending on where they are listed, might be restricted in terms of where they may buy certain NFTs. But as OpenSea’s blockchain support grows, so does the number of collections that can be listed on it. 

The Benefits of Integration

While it is clear that OpenSea has been intentional about adding more support for different NFTs, there are many benefits to doing so. First, there is the obvious access that both BNB Chain and OpenSea users will have to more trading opportunities. 

But there is also the message that this sends to the rest of the industry. For a long time, marketplaces were quite restrictive in the type of  NFTs they would list, with some only listing assets from a single blockchain collection. 

But with OpenSea, such a big name in the industry, going out of its way to be blockchain-inclusive, it could lead to more marketplaces, both big and small, supporting a wider variety of chains.

The holidays are now upon us and around the world, consumers are being swept up in a flurry of activities. These include Christmas Carols, holiday parties, and exchanging gifts. One thing that isn’t traditionally associated with the holidays but might soon be is NFTs. 

This comes as the luxury fashion brand Prada has announced the latest drop in its Timecapsule collection which is slated to arrive on December 1, 2022. This collection has been the flagship project of Prada Crypted, the brand’s NFT arm, and has seen customers access all sorts of perks by owning NFTs. Now, these perks are being given a twist for the holidays. 

A Prada Holiday 

This latest drop in the collection is to be tied to physical items. More specifically, Prada will be releasing a gender-neutral traditional Christmas sweater which comes with an NFT. These sorts of sweaters have been a staple of the Christmas season for years and the company is putting a web3 spin on it. 

For months, Prada has been giving customers a new drop in its collection that is available for purchase for 24 hours. This is the seventh drop in the collection and only 50 NFTs and accompanying sweaters will be available. The sweater itself will be a red and white Merino wool piece that will feature not only the Prada logo but the word ‘December’ embroidered on it. 

Given that Prada is a world-renowned fashion house, a Christmas sweater from it is a treat in itself. But that is not all as ownership of the NFT will grant access to some offline and online benefits for holders. 

Some previous drops have included an invitation to the Prada Extends Miami which coincides with Art Basel 2022 and Prada Mode, which offered an art experience along featuring the work of artist Damien Hirst. As Prada has branded it, these NFTs grant access to an exclusive club which is in line with its reputation as a luxury brand. This is also one of the latest examples of luxury brands leveraging NFTs to unlock exclusive experiences.

Then there is the linking of the physical and digital. All the NFTs, which are based on the Ethereum blockchain, have serial numbers for both their drops and their accompanying physical item. As such, they act as digital certificates of authenticity. Physical certificates are often presented along with high-end fashion pieces and as the industry embraces NFTs even more, they can be applied in this way. 

NFTs For Christmas 

It is also interesting that this drop has the theme of the holidays. Given the time that it is being released, this feels like a natural choice but we have seen more holiday-themed NFTs finding their way into the market. 

A notable example of this is Melania Trump who has released two Christmas NFT collections in the last few years. And while they might not be as conventional as Christmas sweaters or a tree, the NFT industry seems to be creating its own holiday traditions. 

While much of the discussion surrounding NFTs has to do with their commercial viability, they have been shown to be very useful tools for cultural and political engagement. Take the plethora of NFT projects that have sprung up in light of the Russia-Ukraine war. 

Now, NFTs are being used politically once again but this time in China. In the last few days, a number of NFTs have been listed on OpenSea that depict anti-lockdown protests in different Chinese cities. These were especially sparked by a fire which took place last Thursday and led to an outpouring of frustration among the Chinese public. 

NFTs and Protests 

This recent development is a result of China’s current zero-Covid policy which has seen several cities locked down entirely to prevent any spread of the COVID-19 virus. But naturally, many citizens have been frustrated with these lockdowns and their effect on their daily lives. This was even documented in a previous NFT collection that showed the lockdown as it happened in Shanghai. 

And now, history is repeating itself as, following a fire outbreak in Urumqi, the capital city of Xinjiang, Chinese citizens took to the streets to voice their frustrations. Apparently, this frustration was worsened after a dismissive attitude from the government towards the tragedy that claimed at least 10 lives. 

Since the fire, dozens of protests have broken out in many cities such as Shanghai, Beijing, Wuhan and Guangzhou. These protests have been documented and the accounts of them are now being listed on popular marketplaces like OpenSea.

Some of these include ‘Blank Paper Movement’ which shows protestors holding blank signs as a statement regarding free speech and ‘Silent Speech’ which shows images of protest signs from across China. These NFTs all vary in price with some costing a few dollars in ETH and others commanding up to $10,000. 

This, of course, is reminiscent of previous NFT projects that documented the loneliness of some of the earlier lockdowns. And price aside, these NFTs help to create a permanent record of the protests. This is especially poignant given the fact that the Chinese government has been somewhat hostile towards NFTs and cryptocurrencies in the past, with the latter being outright banned within the country. 

The Place of NFTs in Political Discourse 

And even outside of NFTs, blockchains have been used by Chinese activists in the past to document political events in a permanent form. Unlike a traditional website, information stored on a blockchain cannot be removed and this essentially makes it censorship-proof. And now that this information is being created as NFTs and might be sold to others, its protection against censorship is even more defined. 

Over the next few years, we will likely see even more applications of NFTs within the global political scene. Whether they are being sold to raise funds for political or charitable reasons or being used as a documentation tool, NFTs will play a part in political and cultural developments well into the future.

In the last few months, sports fans have been spoiled for choice when it comes to NFT offerings. From Manchester United to FIFA, many top names in the industry have announced NFT projects. These have ranged from sentimental collectables to assets that unlock exclusive experiences. 

Adding to this impressive and ever-growing list is the Spanish Football Federation (RFEF). It has recently been announced that the federation has signed a new deal with the Portuguese NFT company RealFevr. Together, the two will create NFTs that centre around one of the biggest football leagues in the world; the Copa Del Rey. 

Copa Del Rey Fans in For a Treat 

As one of the top competitions in Spanish football, the Copa Del Rey has a massive following behind it. Now, this three-year partnership is looking to tap into this. More specifically, the partnership is going to convert some of the most iconic moments from the competition thus far into NFTs. 

It should be noted that Copa Del Rey has been in existence since 1903 and has seen some of the most iconic players in the world make appearances in it. These include Lionel Messi, Cristiano Ronaldo, Thibaut Courtois, David Beckham, Gaizka Mendieta, Samuel Eto’o, and so on. Football fans are notoriously passionate about getting their hands on all things related to their favourite players and teams and this is now being offered in NFT form.

This format is something that RealFevr has experience with as its marketplace has sold thousands of NFT packs since its launch. The management of the league has also said that this represents a unique opportunity to offer these assets to even more sports fans. 

“Our agreement with RealFevr is great news for Copa del Rey fans around the world and will allow us to share with them historical moments of the competition that will be unique within the web3 ecosystem thanks to Realfevr’s expertise and magnificent community of users,” said Rúben Rivera, RFEF’s marketing director.

The first project from this partnership is expected to be released before the end of the year and in 2023 and beyond, RealFevr has even more planned. As has been reported, the management of the company intends to expand to more leagues across the world and by securing Copa Del Rey as the first national football federation to create such NFTs, it is well on its way.

Sports and NFTs

From football to baseball. From the NBA to the Copa Del Rey. These days, few sports have not seen some sort of NFT project being released, and by progressively bigger names. While an NFT enthusiast might envision a world where sports-related NFTs are the norm, RealFevr is planning to make this a reality. 

“Progress is made one step at a time. And today, we proudly affirm being one step closer to the implementation of our vision, not just as a company, but also as an active contributor to the digital revolution in the sports industry,” said Fred Antunes, CEO of RealFevr.

Anyone who is involved in the NFT space will tell you that the current crypto winter has had an effect on it. Just as many top crypto projects have seen their values fall, several NFT projects have seen their floor prices drop and there is an air of pessimism in many NFT circles. 

One of the latest effects of this comes from Candy Digital, an NFT startup that is focused on sports and entertainment which has announced a round of layoffs. According to reports, over a third of its 100-person team has been fired and this is a result of the ongoing situation. 

Candy Digital in Dire Straits?

The reports of Candy Digital’s layoffs are even more remarkable given how meteoric its rise was. The company was founded in 2021 and in the same year, secured a valuation of $1.5 billion after raising $100 million in a funding round led by Insight Partners and Vision Fund 2. Then there were the influential figures who founded and backed it, including Galaxy Digital founder and CEO Mike Novogratz and investor Gary Vaynerchuk. 

At the time, the funds were to be used for expansion into the NFT space. And in the last year, it has been at the helm of some impressive projects. These have included deals with Major League Baseball and several teams associated with NASCAR. 

Sadly, it seems that even these resources could not protect it from the impact of the market. Rumours began circling online about the company laying off workers and this was particularly confirmed by Matthew Muntner, who worked as a Community Content Manager at the company. 

“I hate that I have to share this as much as I loved my job at @CandyDigital but I was part of the layoffs that occurred earlier today. I am quickly looking for a new role in Community Management, Graphic Design, or related Marketing. Thanks, Candy Fam for one hell of a ride,” he tweeted on November 28, 2022. 

This is part of a growing trend of companies within the crypto and NFT space laying off staff and attempting to cut costs. Some notable examples include Coinbase and even Dapper Labs, which is considered a competitor of Candy Digital. As the crypto winter is progressing and several NFT projects are feeling the impact, this might not be the last round of layoffs we see even this year.

Can the Industry Survive?

It is truly jarring to take in the effects of the crypto winter on NFTs. Even assets from blue-chip collections which initially sold for millions have seen their price floor drop significantly. With individual collections suffering and billion-dollar firms laying off staff, is there hope for NFTs?

If history is anything to go off then probably yes? Crypto winters have come and gone many times over the years. Each time, critics declare the industry and all its adjacents (including NFTs) dead and each time, the markets recover. For now, all we can do is wait and hope that NFTs also make a comeback.

Earlier this year, Starbucks made headlines for its new NFT project that would bring the magic of blockchain to its customerbase. This brought a lot of excitement to NFT lovers as it meant that one of the biggest consumer brands in the world was publicly endorsing the technology. 

Now, it seems that Starbucks is not the only major coffee franchise getting in on the NFT action. This comes as Costa Coffee, a popular coffee chain, has announced a new partnership with Artisan Lab, a sneaker company, for its new NFT project. This partnership saw the two release sneakers as part of National Espresso Day  celebrations on November 23, 2022.

Costa Makes a Splash 

This new project merged the two companies’ offerings, coffee and sneakers, in a unique way. On social media, there has been a trend of people dying their sneakers using coffee and this collaboration is tapping into this. As such, Costa and Artisan Lab have released 20 pairs of coffee-dyed sneakers called ‘The Drip 1’ which can be won by entering a contest. 

The contest is being run on the official Costa social media pages and not only will winners get their hands on one of the sneakers but they will also get an NFT as a certificate of authenticity. The sneakers were dyed with, and are being used to raise awareness for Costa’s  Mocha Italia Blend and is a part of the ongoing ‘Costa-Misation’ campaign. This campaign was designed by the digital agency, AnalogFolk London.

The NFTs which are being given out along with the sneakers are based on the Hedera Blockchain and represent one of the more interesting applications of NFTs in a consumer brand’s promotions. According to Riccardo Gismondi, Founder and Creative Director at Artisan Lab, the company’s italian heritage and shared values were at the core of this collaboration. 

“Italian heritage, premium quality and authenticity are the DNA of Artisan Lab. Sharing the same core values with Costa Coffee, we couldn’t be happier to create this amazing collaboration. A perfect celebration of what we both stand for and work hard every day to deliver,” he said. 

Not only is this project being promoted on social media but physical posters have also been put out in the real world as part of National Espresso Day celebrations. 

NFTs in Branding 

This project also shows how NFTs can encourage brand collaboration. Coffee and sneakers are two things that usually would not go together. But by creating these sneakers and authenticating them with NFTs, two worlds can be brought together. 

As Amandine Fabian, Creative Director at AnalogFolk London says, “We’re really proud to have been working on this exciting collaboration. Artisan Lab and Costa Coffee is an unexpected but natural match as two brands that share similar values of quality and craftsmanship. The coffee dip adds an edgy touch to the sneakers that will for sure please the fashion community and brand fans.”

Here’s hoping more brands decide to follow in Costa’s example. 

Regardless of how you feel about NFTs, it is impossible to deny that the industry is in a period of immense growth. From the amount of money being spent on various collections to how visible NFTs have become, the industry is in an interesting place at the moment. 

And things are only bound to get more interesting as the first-ever private equity fund for the NFT sector has been announced. This comes as Perseus Fintech, a Romanian investment company, has announced a new development that will bring all the benefits of venture capital to the NFT space.

New Investments for NFTs

It is no secret that if an NFT project succeeds, it can be to the tune of billions of dollars. Naturally, many investors would want to get their hands on a promising project before it fully enters the market. With this new NFT private equity fund, they have the chance to do so. 

Initially, the fund will focus on projects that are based on the Solana and Ethereum blockchains though more widespread support is expected to be added over time. A press release from the company also revealed that its efforts will be done in three phases. 

The first will involve sourcing seed capital for new projects. Many projects, both within and outside of the NFT space, are stalled due to a lack of funding. By removing this roadblock, these projects can reach their full potential while earning healthy returns for investors. 

Many top companies in the ‘mainstream’ world have benefited from private equity for decades and if NFT projects are going to operate at the same level, they too will need this kind of support. The second phase of this project will involve the minting phase. After the conception of ideas and the financial backing from investors, the projects will begin to materialize on their respective blockchains. 

Finally, there will be the trading of NFTs wherein all these efforts will come to fruition. At the centre of all of this will be the Perseus Token which will reflect both the state of the projects being supported and will be used to access various utilities by its holders. 

“All the proceeds generated by the project will be “swapped” in the utilities associated with the Token holders/investors. This promises to generate a wide range of “non-financial” rewards such as Alpha group dedicated channel, free platform access, WL for other NFT mining, and others,” the official press release says. 

Perseus Moves Forward 

Perseus’ NFTs are expected to begin minting next year and these will be tied to its tokens, which will be listed to top exchanges as well.  There are also plans for an app through which users can track their investments and connect with others. 

All in all, the company is looking to give NFT lovers the best of both worlds; the kind of investment support that traditional ventures receive as well as the easy access that is gotten through digital asset-backed investments. 

These days, there is a lot of buzz around NFT utility and the ways that they can be used to deliver value to fans. While there are still many NFTs that are speculative in nature, others are focused on delivering real-world benefits to their holders. 

One of the latest to do so is the Australian Open, which has announced an exclusive perk for those who hold its ArtBall NFTs. These NFTs, which went on sale earlier this year, are now being given a twist as their holders can now redeem 7-day passes to the finals week of the tournament for 2023. 

ArtBall Benefits 

These NFTs were designed through a collaboration with Tennis Australia and Web3 studio Run it Wild and while having an official digital asset from the Australian Open would be interesting enough, benefits are now attached to them. 

“Last year we set a new precedent at the intersection of tech, art, tennis and live data. This year we’re breaking new ground in offering all holders a deeper fan experience. We’ve shifted gears to build out a sustainable membership platform for the future that adds in token-gated experiences as a given, founded on proof of ownership and holder demand,” said Adam De Cata, Run it Wild Founder and NFT Tech CEO.

One of the most attractive is the ability to claim 7-day ground passes to the next Australian Open final which will hold from  January 23 to 29, 2023. Those who hold multiple ArtBall NFTs can claim multiple passes and take friends and family with them. 

The finals week of the tournament is one of the most watched sports events of the year and as such, this is a major perk. Those who want a behind-the-scenes look at the next Australian Open will be able to do so through a new initiative called Artball SuperSight. This will give not just an in-depth look at the process behind the tournament but offers Livestream and 3D tools that will help fans from anywhere experience the event. 

But it is not the only perk as holders can also get access to select United Cup matches that will be held in Sydney, Brisbane and Perth from December 29, 2022, to January 8, 2023. And these benefits stretch even beyond the world of tennis and holders could get the opportunity to access games from other sports like baseball and basketball. 

A New Type of Fan Club

The remarkable thing about this development is not only that tickets to finals week are being given out but how many. The NFT collection had about  6,776 assets and this represents a lot of passes being handed out to what can be looked at as a fan club. 

But this shows the growth of NFTs in sports in that institutions are finding practical ways to deliver value to fans outside of the sentimental. And should this Australian Open initiative be a success, we could see more of these popping up in the future. 

For years, legendary auction house Christie’s has been heavily involved in the NFT sector. It famously facilitated the sale of artist Beeple’s NFT piece ‘Everydays — The First 5000 Days’ which holds the record as one of the most expensive NFTs ever sold. In fact, Christie’s is so committed to NFTs that it has launched a new platform specifically for them. 

But that isn’t the only new NFT development from Christie’s as the auction house has announced an incoming NFT drop. This collection, called Next Wave: The Miami Edit, has been tied to coincide with this year’s Miami Art Week. 

Christie’s Announces NFTs

This NFT collection will be on sale from November 30 to December 7, 2022, and will feature a curated range of pieces from digital artists. These include generative art from Danil Krivoruchko and images from Dave Krugman and the prices for these will range from 4 to 80 ETH. 

While Christie’s has obviously seen a lot of success within the NFT market, this collection is coming at an interesting time. More specifically, it is coming during a crypto winter that has seen even blue-chip NFT collections be hit hard. But the auction house is undeterred and believes that there is still a demand for art even in the current market condition. 

“Despite the news cycle of cryptocurrencies, there remains strong interest in digital art. Collectors want to own the best artworks and Christie’s 3.0 is the venue,” said Nicole Sales Giles, digital art director at Christie’s, to Artnet News. 

This upcoming event also shows just how prominent digital art has become within the art world. When it comes to digital artwork, especially those minted on blockchains, there has been controversy in art circles, with some dismissing them as not being ‘real’ art. But nevertheless, the field has persevered, with many more artists developing and promoting their works at top galleries and events.

And, of course, it helps to have a powerhouse like Christie’s being such a vocal supporter of digital art. The auction house has had a good run with NFT art not just with Beeple but also with recent outings like artist Diana Sinclair’s pieces which all exceeded sales expectations. This, the auction house says, is the future of art. 

“We curated a tight group of digital artists who are producing very high-quality work and helping to advance the digital art space. They are the next generation of digital artists,” Giles says. 

Christie’s and NFTs

The NFT space has certainly benefited from having such immense support from Christie’s. While pricey NFTs are sold on all sorts of platforms, Christie’s mammoth support for NFTs lends a level of legitimacy to many of the projects it champions that otherwise might have struggled to gain this. 

As successful as NFTs have been, there are still those in the ‘mainstream’ art world that do not accept them and this rhetoric is combated through co-signs from institutions like Christie’s. And from all indications, this support will not be stopping anytime soon.

While there are many industries that leverage NFTs, few are quite as popular as NFT-focused gaming. Whether this is traditional firms like GameStop launching a whole marketplace for NFT gaming or the hoard of web3 games, NFTs and gaming have had a long and rather successful relationship thus far. 

Now, it looks like Magic Eden, a popular NFT marketplace is looking to tap into these booming sectors as it has announced support for Polygon-based assets. This was confirmed in a November 22, 2022 blog post in which it was stated that Magic Eden wants to delve more into gaming. 

Magic EdenXPolygon 

With this new onboarding, the Magic Eden now has access to a plethora of new gaming options. Some of the projects which are to begin work on the Polygon launchpad and are now partnering with Magic Eden include BORA by Kakao Games, IntellaX, nay, Boomland, and more. 

This a win-win for all involved as while Magic Eden will have access to more games and have a leg up in the NFT gaming space, the games themselves will enjoy all the benefits that come with being listed on such a big platform. 

“With the expansion to Polygon, Magic Eden will be able to work closely with strategic intellectual property owners, world-class game developers, and emerging creators[…] These games will benefit from Magic Eden’s industry-leading distribution and go-to-market expertise, including project/concept positioning, pre-launch timeline planning, and connections to Web3 communities,” the statement from Polygon said.

It was also noted that Polygon has a wealth of features that make it compatible with the growing industry of web3 gaming and NFT trading. These include its low fees, high transaction speeds, compatibility with the Ethereum Virtual Machine, and its in-built community that includes thousands of D’apps and 174.9 million unique user addresses.

This also represents a very bold move on the part of Magic Eden as it is already a big name in the NFT trading industry but now has its sights set on NFT gaming as well. 

“The Polygon network’s collaboration with some of the most recognized businesses and IPs, combined with its low-cost, high-speed protocol, will allow us to further expand our mission to onboard new users to Web3 by allowing creators to reach digital communities and develop highly-playable games,” said Jack Lu, Co-Founder, and CEO of Magic Eden. 

The Importance of NFTs and Gaming 

The amount of growth that NFTs have seen within the gaming sector has big implications for their importance for adoption. This is partially because the concept of digital assets is already common within gaming projects and as such, they act as a convenient pathway to NFTs for gamers. 

With this new announcement, Magic Eden users will be able to access a plethora of amazing gaming options and these games will see a wider reach. Over the next few years, we can expect to see more NFT gaming projects pop up and more mainstream attention being paid towards them if the current trajectory continues.