Category: News

At this point, it goes without saying that OpenSea is one of the biggest forces in the NFT industry. As a top marketplace, the platform is home to some of the most famous NFT collections in the world and moves millions of dollars in transaction volume. Now, the OpenSea platform is about to become even more accessible to the community. 

This comes as OpenSea will, on September 21, 2022, integrate the layer-2 Ethereum scaling solution Arbitum. Currently, OpenSea has four blockchain networks that it is compatible with; Ethereum, Solana, Polygon, and Klaytn. This addition of Arbitum has significant implications for the site and its users.

Arbitum Comes to OpenSea

As the official announcement from OpenSea explained, adding more blockchains to its platform will give more freedom and choice to users. The types of NFTs that can be listed on OpenSea depend on the blockchains it supports and with this announcement, a whole new world of NFT collections and their fans will have access to the site. 

“We’re now almost ready to onboard amazing collections like @smolverse, @GBlueberryClub, and Diamond Pepes by @dopex_io onto OpenSea. After working with the @arbitrum team and several projects on the chain, we can’t wait to meet the rest of the community!” a tweet from OpenSea’s official account said, adding that as soon as the launch is complete, creators using those blockchains can finally list their works and set fees for them.

The official Twitter thread detailing the development received positive feedback from followers, with many excited to see what NFTs would now be listed on OpenSea. 

Many of the collections created in the Arbitum blockchain are quite popular, with several of them having trading volumes in the millions of dollars. Listing them on OpenSea is, as such, a win-win for everyone. 

The creators can finally list their creations on the biggest NFT marketplace in the world, their fans can easily purchase them without having to sign up on smaller sites, and OpenSea can profit from their sales. This also seems to feed into OpenSea’s own goals for a web3 future. 

One of the biggest philosophies that governs web3 is that control and access are as democratized as possible. However, the current NFT landscape is one that is ruled by a few dominant blockchians such as Ethereum. This is only further bolstered when platforms like OpenSea only allow for assets from a handful of blockchains.

This means that many creators need to either mint NFTs using these blockchains or be alienated from a large chunk of their target market. But with this announcement from OpenSea, this appears to be changing.

A More Equal Market

In an idea web3 environment, decentralized control is the name of the game. For NFT buyers, this means being able to choose the blockchain they want and not being limited in how they can access them.

OpenSea seems committed to this idea and following the onboarding of Arbitum, we could see even more blockchains get added to the mix, with even more choice for buyers.

Remember when Taco Bell hosted a competition that would let the winner get married in the metaverse? The competition was one of the first of its kind, given that it was backed by a major brand and also offered a metaverse wedding, which isn’t something we see every day. 

Well, it seems Taco Bell started some sort of trend as the Sandbox metaverse has officially held its first metaverse wedding, as announced on September 19, 2022. The wedding was held in both the real world and on the metaverse and marks perhaps a new frontier for web3 engagement. 

Details About the Wedding

While Taco Bell promised a wedding on the Decentraland metaverse, this wedding was held in the Sandbox metaverse. The couple who got married were Clarence Chan, the CEO of Bandwagon, and his bride Joanne Tham. Their wedding, which was held on September 17, 2022, was held at “The Alkaff Mansion”  within the metaverse and has the theme of 70s disco glam. 

The real-life version of the mansion is an iconic wedding destination in Singapore and both the couple and their friends were able to enjoy it virtually. The details of the mansion were digitally designed by Smobler Studios, a web3 design agency, and all attendees could use the structure through their metaverse avatars.

The web3 ceremony was officiated by  Sebastien Borget, The Sandbox Co-Founder and COO, and after their avatars were married, they shared their first kiss and then existed. While this is the first wedding that the Sandbox is playing host to, it will not be the last. 

“We are glad to be able to pave the way for the future of weddings and intimate gatherings, where great memories are forged in a space where we can keep replaying it. [..] We are very happy that the elegance and beauty of The Alkaff Mansion was wonderfully replicated in The Sandbox by Smobler Studios,” said Jessie Tan, marketing representative of The Alkaff Mansion.

This sort of wedding setup has proven to be innovative not just because it was set in the metaverse but also because of how easily customizable it is. As the press release states, the couple was able to incorporate certain details and practices into their wedding that might not be as easily done in a traditional Asian wedding. 

And as Loretta Chen, the Co-Founder of Smobler Studios explains, the couples who choose to get married in the metaverse are hardly restricted in terms of the themes that they can use. 

“We are exploring merely the tip of the iceberg with this inaugural wedding. We cannot wait to see what other couples decide to create in time to come, be it a fairy tale, gravity defying bohemian, Star Wars inspired or Bridgerton wedding. Even the sky is no longer the limit with the open metaverse,” she says. 

Married in the Metaverse

Could metaverse vows be the next big trend in the wedding industry? The foundation has certainly been set and  if it offers the level of freedom we’ve seen, it could very well be so.

The list of sports leagues that are launching NFT projects is fast growing. We’ve seen the NBA and NFL launch NFT projects and even marketplaces, showing how much demand there is for NFTs among sports fans. Now, yet another league is getting in on the action. 

The PGA Tour, the top league for men’s golf in North America, has signed a deal with Autograph, a web3 company, to launch its own collectables. As per current reports, these projects are due to drop in 2023, offering a plethora of benefits for its fans. 

The PGA Tour Gets in on NFTs

This new deal inked with Autograph, a company that was coincidentally co-founded by NFL legend Tom Brady, represents a new dawn for golf fans. While it might not receive as much mainstream attention as basketball or football, it does have a rich history to draw on. 

They will certainly have a lot of expertise to work with given that legendary golfer Tiger Woods is a member of Autograph’s Board of Advisors and has released his own collection in the past. Needless to say, this is not uncharted territory for the company and there is a lot of past experience to leverage. The company has already confirmed that Woods will be involved in the development of the NFTs. 

As Patrick Cassidy, Autograph’s Chief Marketing Officer, explained in a statement to Decrypt, the two parties are especially looking for how to leverage the video footage that PGA Tour has accumulated over the years. 

The NBA has already done something similar with its NBA TopShot platform where these exciting moments are minted and traded as NFTs. But Cassidy explains that they want to do something a bit more different than what has been done before. 

“Everything we’re doing—we’re trying to build something new in the space. We really feel like Autograph has an opportunity to pioneer a lot of these things. We’re not trying to do what anybody else has done already,” he says. 

Once these NFTs are launched, they will offer benefits to their holders, including access to real-life and virtual events. We’ve seen companies already offer tickets to games, collectables, and others through sports-themed NFTs and it will be interesting to see what PGA Tour comes up with. 

More announcements are expected as the launch date approaches, including the perks to be offered and the price points for the assets. 

NFTs’ Place in Sports 

It is encouraging to see yet another sports league get involved with NFTs as it is a sign of their acceptance in the industry, as well as the demand for them among sports fans. Soon, we will see even more sports leagues launch NFT projects and platforms. 

This, ultimately, means that the fans of these sports and leagues will get even more chances to engage with them and enjoy benefits while doing so. Exclusive events and memorabilia have always been a part of the sports experience but now, they are getting a digital upgrade.

One of the most pressing and long-standing issues within the NFT sector is regulations. Just as years ago, when cryptocurrency first came on the scene, NFTs have had a complicated relationship with regulatory bodies. While in some countries they are openly embraced by the government, other places like China have heavily restricted their use. 

And now, in one of the newest NFT regulatory developments of the year, US President Joe Biden’s administration has released what it calls ‘Comprehensive Framework for Responsible Development of Digital Assets’ that covers both cryptocurrency and NFTs. 

The Issue of Regulations

The document, which was released on September 16, 2022, follows Biden’s March 9 Executive Order which outlined some of the risks and benefits of digital assets. In response, several government agencies developed frameworks and policy recommendations to address the key areas outlined in the executive order.

These key areas were consumer and investor protection; promoting financial stability; countering illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation. Touching on consumer protection, the report emphasized that the various regulatory bodies need to come down harder on misconduct wihtin the industry, citing its volatility and the frauudlent claims often made by projects looking for investors. 

“The reports encourage regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), consistent with their mandates, to aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space,” the document says, also encouraging increased public awareness and education. 

It also touched on the potential use of digital assets for illicit activities, noting that they are often used for money laundering and drug trafficking operations. Increased regulatory oversight and increased law enforcment were recommended as efforts to reduce this sort of activity. 

According to the document, the US President will be amending the Bank Secrecy Act (BSA), anti-tip-off statutes, and laws against unlicensed money transmitting to include digital asset providers. For years, many had been excluded by way of technicality but after this amendment, they too will be subject to such regulations. The president will also “consider urging Congress to raise the penalties for unlicensed money transmitting to match the penalties for similar crimes under other money-laundering statutes” and expand laws to make sure that any such crimes can be prosecuted in any state in the US. 

The document also touched on a potential Central Bank Digital Currency (CBDC) and the benefits it could bring, including financial inclusion, equity, and the preservation of US financial leadership. 

The Future of Digital Assets in the US

The framework release shows many things; first, the US is seriously considering its future with regards to digital assets like NFTs and cryptos. It also shows that there is concern about the legality and regulatory aspects of these assets and how best to protect the public. 

This is good news for the space as it could signal better laws being put in place and more adoption by the government.

In the NFT space, there are many high-profile companies that get a lot of attention from heavy investors and casual fans alike. But even among the horde, there are few quite as watched as Yuga Labs. As the home of projects like the Bored Ape Yacht Club and Otherside, it is one of the most valuable companies in the NFT space. 

This, of course, means that it is constantly the subject of rumours and speculation, some of which it has to come out to refute. Such was the case with the Macha Ape NFTs, a rumoured project that it was allegedly raising funds for. 

The Rumour and the Rebuttal

Last week, rumours began floating that Yuga Labs was trying to raise $50 million and launch a new NFT collection. This started after an apparently leaked document showed that the company planned to launch 100,000 digital land deeds in the Otherside metaverse. It also claimed that Yuga Labs would be launching a new collection called Macha Ape NFTs in late 2022. 

Soon after the news went public, NFTs fans were whipped into a frenzy. Yuga Labs is one of the most influential companies in its sector and any new project from it is bound to make waves. NFT watchers might even remember the massive demand for its Otherdeed NFTs when they were released earlier this year, with people paying thousands of dollars in minting fees alone. 

Needless to say, a new NFT collection from Yuga Labs would have been heavily anticipated. But sadly, it was not to be as Greg Solano, one of the co-founders of Yuga Labs, has dismissed the claims as just rumours. This happened on Twitter when another user quoted the original article with the claims. Solano responded with the tweet by simply saying, “fake news”

Interestingly, this is not the first time that the company or one of its founders has dismissed rumours about upcoming projects. The Macha NFT project has created buzz in the past but the pitch deck that had been circulating online and making reference to it was dismissed as an outdated one. 

So while this tells us that the project will not be happening anytime soon, if at all, it does show that Yuga Labs does have something called Macha NFTs in its roster. There are even some claims online that Macha NFTs have been seen within the Otherside metaverse. 

A World of Rumours

While this one has been officially debunked, it won’t be the last time that there is speculation regarding Yuga Labs and what projects it might release in the future. It is hard for a project to reach its current level of success, within or outside NFTs, and not be the subject of a few rumours here and there. 

And we can rest assured that when Yuga Labs does release its next project, whether it is a metaverse or NFT collection or anything else, its loyal customers will be ready and waiting to buy into it.

It is no secret that fans are very passionate about their favourite celebrities. They might support every project their favourite celebrity releases, follow them on social media and know every little detail about their lives. But for those who want an even closer and more in-depth experience with their favourite star, there might be an NFT-backed solution. 

Take the latest charity endeavour being launched with actor Javier Bardem. In conjunction with Ojos del Mundo, a charity that helps fight preventable blindness, an image of the actor’s eyes is to be sold as an NFT. 

Bringing Vision with NFTs

This is all part of the charity’s ‘Iris of the World’ campaign that looks to not only raise funds to support people at risk of going blind but to bring awareness to the issue as well. As the organization explains, 90% of the visually impaired in the world live in poorer regions and over half of them are women. 

The auction will take place from September 29, 2022, to October 6, 2022, and the reserve price of the image is €9,000. In an interview with the Guardian, a representative explained that even this base price will pay for around 1,300 eye tests. If €50,000 can be raised, it would pay for 715 cataract operations. 

They also noted that Bardem’s contribution to the campaign has been greatly appreciated. 

“Javier has been very generous in sharing with us something as personal and exclusive as his iris. It’s a mark of identity that has borne witness to special moments that can now become a part of anyone who bids for this inspiring and original photograph. Javier’s eyes will open other eyes,” the rep said. 

Many celebrities are launching NFT projects for charity these days and a common theme among them is offering very ‘personal’ content to fans. The fans, in turn, seem to appreciate this wave of star-studded content and this latest one from Bardem will likely appeal to his fans as well. 

The actor has also stressed how important this project is, given the cause it is raising funds for.

“Being able to see, to hear, to touch, to feel: these are things that we don’t really appreciate until we lose them. Regaining access to everything you feel through seeing, which has such an impact on our emotions and sensibility, is an emotional and spiritual transformation,” Bardem said. 

Ojos del Mundo has treated thousands of people suffering from vision impairments over the years and has also trained 13,000 Indigenous specialists thus far.

Fans and NFTs

Celebrity charity endeavours have a very long and interesting history. From direct donations to charity matches to memorabilia auctions, a lot has been done in that sector. But NFTs are fast becoming the norm for not just general celebrity ventures but for raising funds as well. 

If all this continues, NFTs could establish themselves within the non-profit sector and secure even more public visibility and acceptance.

Ever since it was announced, it was the talk of the blockchain world due to its massive implications. It was the subject of endless articles, debates, and speculation. But now, after being announced last year, the Ethereum merge has finally taken place. 

The Ethereum merge took place at 2:45 a.m. ET on September 15, 2022. Henceforth, the Ethereum blockchain, which is one of the biggest blockchains in the world, operates using a proof-of-stake protocol and not a proof-of-work one. This, in many ways, represents a new era not just for NFTs as a sector but blockchain as a whole. 

The Aftermath of the Merge

Ever since the Ethereum merge took place, there have been a few historic firsts, especially within the NFT sector. Before the merge, there had been a lot of talk about how it would lead to a more eco-friendly NFT landscape given that less energy would be used. According to the Crypto Carbon Ratings Institute, energy use by the Ethereum blockchain will go from 23 million megawatt-hours per year to only 2,600 megawatt-hours, representing a drastic reduction. 

That new landscape has finally arrived as the first set of eco-friendly NFTs has already been minted on the Ethereum blockchain. Some of these are Merge Apes, a 10,000 NFT collection that makes reference to Vitalik Buterin’s commentary on the Bored Ape Yacht Club and TheTransition: First NFTs Proof-of-Stake, which includes some of the first assets minted on the new blockchain. 

Soon after these NFTs were listed, they saw immense support from the public not only because they have historical significance within blockchain but also because of their eco-friendly nature. Now that the merge is complete, we are looking at a new era where many of the NFTs to come out of the industry will be better for the environment. 

But while that is certainly something to celebrate, the first few days post-merge have not been entirely smooth sailing. For one, the price of Ethereum took a bit of a dip after the merge was complete. The native token of the ecosystem had been trading above $1,600 per unit right before the merge but dipped below $1,500 post-merge and has been hovering slightly above that amount. 

But the biggest issue on people’s minds is the potential treatment of Ethereum-based tokens after the merge. When it comes to regulatory bodies and blockchain-based assets, there is an age-old controversy about whether or not they are securities and how they should be treated in the eyes of the law.

When asked about the Ethereum merge, the Securities and Exchange Commission’s Chairman Gary Gensler made comments that led some to believe that Ethereum assets’ status might change due to the merge. 

“From the coin’s perspective…that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others,” he said, referring to a common test used to determine whether or not an investment contract exists. 

While this does not in itself mean that Ethereum-based assets will be treated as securities overnight, it does show that the merge is only the beginning of a new era in blockchain and that there is more to come.

Over the last few years, we’ve seen more intersections between the art and NFT worlds. This has mostly come in the form of artists selling their works as NFTs, which has become a sub-niche in the art world. And as time goes on, NFTs are becoming even more solidified in the art space. 

Take the recent announcement by New York’s Museum of Modern Art (MOMA) which has confirmed its plans to auction up to $70 million in physical art pieces. While this in itself is not uncommon, the proceeds from this sale could be used to buy NFTs.

MOMA Buying NFTs?

This new development is being undertaken by the William S. Paley Foundation which has rights to the artwork of the late founder of CBS, William S. Paley. During his lifetime, he acquired an impressive collection, including pieces from artists like Rousseau, Picasso and Renoir.

With all these in mind, this auction is on track to be an impressive one, with early projections eyeing between $70 million and $100 million in revenue. 

Williams’ art collection has been under the management of MOMA for decades now but some of these pieces will soon be sold. The foundation has enlisted Sotheby’s to sell 29 of its current inventory. 

Some portion of the proceeds will go towards charitable causes,  though MOMA will decide how the funds are disbursed at the end of the day. So why is the foundation looking to sell them in the first place?

As per reports, the funds that will be raised are to help MOMA expand on its digital collection and presence, which could include NTFs. This was certainly hinted at by MoMA director Glenn Lowry who outlined some of the museum’s potential projects in the Wall Street Journal. 

Besides NFTs, there was a discussion of virtual exhibitions and online courses. But, of course, NFTs were a major point of interest among users, given how controversial they are within the art world. But according to Lowry, MOMA is playing it safe, monitoring the market in general and looking into collections and artists to invest in. 

“We’re conscious of the fact that we lend an imprimatur when we acquire pieces but that doesn’t mean we should avoid the domain,” he said. 

Should the museum move forward with its plans, it will be one of the highest-profile museums in the world to invest in NFTs. 

A Digital Art Landscape

Ever since they came on the scene, NFTs have been a point of contention within the industry. Some embrace them as the next stage in artistic evolution while others see them as not being ‘legitimate’ forms of art. 

But this potential move from MOMA shows how far they have come and how relevant digital art is, even to museums. The sort of art that institutions like MOMA choose to invest in is often indicative of what is ‘worthy’ art and what should be deemed valuable in the industry. And from all indications, NFTs are now in this mix.

As we all know, NFTs have become a favourite of public figures raising funds for worthy causes. From the estate of the late Heath Ledger to Bill Murray, many celebrities are doing fundraising through NFTs these days. However, one name on this list is someone you might not expect; Melania Trump. 

That’s right; the wife of controversial former president Donald Trump has continued her endeavours with NFTs for charitable purposes. As has been reported, the former First Lady has released a line of animated NFTs, as well as Christmas ornaments, to both celebrate the season and raise funds to support foster children. 

NFTs for Christmas 

This NFT collection is called “The Christmas Star” and will be sold on her official website. Minted on the Solana blockchain, the NFTs are the digital equivalents of the physical ornaments and will be sold for $35 to $45. In an official statement, Trump’s team emphasized the eco-friendly nature of the Solana blockchain and thus, the NFTs that were released through them.

While, naturally, the ornaments are Christmas-themed, they are also inspired by the American spirit, Trump says. As such, each ornament was personally designed by the former First Lady and comes with her signature engraved on them. Interested buyers can order these ornaments between September 15 to October 2, 2022, and they will be delivered to them before Christmas. 

A part of the proceeds will be donated towards ​​”Fostering the Future,” an initiative that supports children in foster care through scholarships and other programs. Interestingly, this is not the first time that Melania Trump is launching an NFT-focused project. 

Back in 2021, she released a digital artwork, which was also minted on the Solana blockchain and supported children in foster care. The artwork was a digital rendering of her own eyes, along with a recorded message from her, and was available for sale during the Christmas 2021 season, though it came at a higher price point of 1 SOL (then equivalent to $150) per asset. 

“Through this new technology-based platform, we will provide children computer science skills, including programming and software development, to thrive after they age out of the foster community,” she said of the charitable venture at the time. 

It seems that the first NFT outing was a success to some degree seeing as Trump has moved forward with another venture roughly a year later. 

NFT Ventures 

After their term, it is not unusual for a former US president and First Lady to launch their own ventures such as speaking tours, books, and so on. But this is perhaps one of the first times that NFTs have come into the mix. It is also an interestingly timed venture in that the NFTs and ornaments are Christmas-themed and are clearly targeting the holiday crowd. 

The asset class is not closely associated with the holidays as of now but thanks to Melania Trump, this might be about to change. Could NFTs become the new holiday special or limited-edition Christmas offering? It very well might.

Earlier this year, Minecraft sent waves through both the gaming and NFT worlds when it confirmed that NFTs would not be supported by its servers. The reason given was that NFTs would take away from the inclusivity of the game. We’ve seen a plethora of responses to this, from companies vowing to offer alternatives to players to NFT critics who were happy at the decision. 

The latest twist in this saga seems to come from MyMetaverse, an NFT gaming platform and Enjin, a blockchain development project. The two have teamed up to develop playable NFTs that can be used on both Grand Theft Auto and Minecraft servers. 

NFTs and Servers

As per reports, this new collection is called MetaHome and was minted on the Polkadot-affiliated NFT parachain Effinity. The collection is quite impressive in that it is compatible with all of MyMetaverse’s games, which include the aforementioned Minecraft and Grand Theft Auto.

The collection is also unique because it does not manifest in the same way in every game. In Grand Theft Auto, for example, it takes the form of a car and in the Minecraft universe, it manifests as a sword. Needless to say, fans will be getting a unique experience depending on which game they choose to play. 

While all this is well and fine, there is still the elephant in the room; how do the developers behind these games feel about the collection? Minecraft especially has made it clear how they feel about NFTs. How will this new development be received and was there any change in the company’s official policy?

In an official statement from the MyMetaverse team released to VentureBeat, some clarification was given. 

“To clarify, the NFTs have been minted on Efinity and can be incorporated in MyMetaverse Grand Theft Auto and Minecraft gaming servers. In Infinity Auto, a MyMetaverse Grand Theft Auto (GTA) 5 server, they take the form of a rare vehicle; in Survival Infinity, a MyMetaverse Minecraft server, they become a special sword. In answer to your question, they are not official integrations with Rockstar or Minecraft,” the statement said. 

When Minecraft first made its announcement, there was some concern about whether or not any NFTs could ever be used on its servers again. This clearly shows that while they might not be officially endorsed by Minecraft, all hope is not lost. 

Minecraft and NFTs

Minecraft and NFT lovers can rejoice at yet another option that lets them play NFTs on Minecraft servers. Given that it is one of the most popular games on the planet, shutting out NFT access entirely would be no small matter. 

But it is apparent that there is a demand for NFTs that are compatible with its servers, even if created by third-party organizations. This then provides an alternative for players who want to enjoy the best of both worlds. And perhaps, seeing the support these sorts of alternatives receive, Minecraft might one day walk back on its initial decision.