Category: News

Good news for fans of the Doodles NFT project; after becoming one of the most talked about offerings in the space despite being relatively newer, Doodles has scored yet another coup. As announced on September 13, 2022, Doodles has raised $54 million in its latest funding round. 

This round was led by the venture capital firm 776, which is backed by Reddit co-founder Alexis Ohanian. The funding round also saw participation from firms like  Acrew Capital, FTX Ventures, and 10T Holdings. With this funding round now complete, the project has a total valuation of $704 million. 

This partnership between 776 and Doodles had been teased back in June 2022 during the NFT NYC event and now, it has come to fruition. 

Doodles to the Moon

While this funding round and new valuation itself is impressive, they are rather par-the-course for the Doodles project, which has seen a lot of support since its 2021 debut. Not only is it one of the top 20 NFT projects by sales volume but it has also brought in hundreds of millions of dollars so far, with plans to become even more mainstream. 

The collection, which features pastel-coloured images, has signed on musician Pharell Williams as its Chief Brand Officer and has remained a fan favourite within the industry. With this new funding round, the project is looking to expand even more. 

“We are using the funding to rapidly acquire a world-class team of engineers, creatives, marketers and business executives. As well as to fund product development, acquisitions, proprietary technology, media, and collector experiences,” the official Doodles Twitter page announced. 

More specifically, Doodles will be growing its team from 11 to 30 people, with such roles as Head of Marketing and Social Media Manager being created. Doodles will also look toward brand expansion, with rumoured plans for live events and even animation in the works.  

With all the funds that the project has at its disposal, this could very well be a reality. Many NFT projects are seeing massive venture capital support and despite the ongoing crypto winter, it has become clear that they have long-term potential. As such, it makes sense that Doodles, which established itself within the market in such a short time, is receiving this much support. 

If the Doodles team is able to bring all these ideas to fruition, fans of the project will be in for even more collections and content to enjoy. 

NFTs on the Rise

While the crypto winter rages on, there seems to be a maturation period going on in the NFT sector. For years, it was maligned as a cash grab that sold animated images randomly on the internet. 

Now, we can see that many NFT projects are making a conscious effort to improve and expand not just on their core collections (as Doodles itself has done) but to also establish themselves as legitimate and respected web3 companies, partnering with large firms within and outside the space and yes, fundraising along the way.

Last year, when videogame company Ubisoft announced that it would be dipping its toes into web3 and releasing NFT projects, it was not met with the greatest responses. Many of its customers and fans were vocal about their distaste for NFTs and what Ubisoft was trying to do. 

Now, it seems that all the criticism has led to results as the company is backtracking on its NFT endeavours. In a recent interview, Yves Guillemot, the CEO of Ubisoft, distanced the company from NFTs, instead saying that they were simply conducting research. 

Ubisoft Dumping NFTs?

According to Guillemot, the company is currently experimenting with web3 and NFTs to see if there is any use potential and for general data gathering. 

“So we are testing ground with some games, and we’ll see if they really answer the players’ needs. But we are still in research mode, I would say,” he said. 

This is a far cry from previous comments that were made about NFTs by executives within the company. For example, its CFO has previously said that Ubisoft wanted to become a top player in the NFT space. Nicolas Pouard, the vice president of Ubisoft’s Strategic Innovations Lab, also claimed that a lot of the players criticising NFTs were not aware of how much it could benefit them, especially in the secondary market. 

But now Guillemot has said that the company did not communicate its research plans well to customers. As he puts it, Ubisoft should have told customers that they were simply researching NFTs and would do more in the space if there were apparent benefits for them. 

Further backtracking from NFTs, Guillemot touched on the environmental impact of blockchain technology during his interview. Blockchain, which is the underlying technology of NFTs, has been extensively criticized in the past over its energy use and its impact on the environment. In his interview, the CEO echoed similar sentiments, saying that he is cautious about blockchain for this reason but is not entirely writing off the idea.

“Like so many things, at the beginning it’s not as good as it could be, but like other new technologies they will find the right way,” he said. 

So what does this mean for Ubisoft’s future in the NFT space? Will its Quartz project be rolled back entirely? For now, it is too early to tell but this could be taken as the company distancing itself from NFTs as a concept. 

NFT Explorations 

These days, it is quite common to see big, mainstream firms getting involved with NFTs and initially, the Ubisoft announcement was an example of this. But at the same time, we need to remember that not all of these endeavours will succeed. 

Some might not connect with fans, some might suffer from technical issues, and some might see aggressive pushback from their audience, as with Ubisoft. While this might spell the beginning of the end of NFTs from Ubisoft, many more companies will continue to explore the space and release NFT projects.

A few months ago, Starbucks confirmed that it would be making the leap into web3 with an incoming NFT program. At the time, it was massive news given that Starbucks is one of the biggest consumer brands in the world and has massive influence. 

Now, Starbucks has officially unveiled this NFT program called the Starbucks Odyssey experience, on September 6, 2022. This was done in an official post on the Starbucks website that went into detail about the program, which is available to Starbucks employees and customers in the United States.

A Fresh Brew of NFTs

As per the post, this new program allows customers and employees to earn and collect digital assets. These assets, in turn, can be used to unlock exclusive experiences and benefits. All these will be accessible from September 12, 2022, when customers can apply to join the waitlist for the program which will launch later this year. 

This is very significant because while many consumer brands like Starbucks have loyalty programs, this is one of the first times that NFTs are being used by a brand of this scale. 

“Starbucks is one of the first companies to integrate non-fungible tokens (NFTs) with an industry-leading loyalty program at scale, while creating a digital community that will enable new ways for Starbucks to engage with its members and its partners,” the announcement pointed out. 

So what will users be able to do beyond collecting digital assets? The press release explains that they will enjoy what they call Odyssey ‘journeys’. These journeys include interactive games and challenges that will educate them about the history of coffee and Starbucks as a brand. For completing these journeys, they will be rewarded with ‘journey stamps’ which are NFTs in themselves. 

But completing challenges and playing games are not the only ways for members to get NFTs. The Starbucks Odyssey will also have a marketplace within its application. Here, rare NFTs can be bought instantly with credit cards as easily as you would a coffee. It was mentioned that no crypto wallets or crypto would be needed to make the experience as convenient and accessible as possible. 

Some of the proceeds from the sales of these stamps will go towards charitable organisations that are supported by Starbucks partners and Starbucks Rewards members.

Each of these stamps will also have a different level of rarity and will have a value point assigned to them based on this. As customers accrue more points, they can unlock specific experiences. Some of the ones listed on the post include ​​a virtual espresso martini-making class and trips to Starbucks Hacienda Alsacia coffee farm in Costa Rica.

Coming to Starbucks

From all indications, this program is a very robust one that will give Starbucks customers even more benefit from their loyalty. 

“Leveraging Web3 technology will allow our members to access experiences and ownership that was not possible before. Starbucks Odyssey will transcend the foundational benefits that our Starbucks Rewards members have come to love, and unlock digital, physical and experiential benefits that are uniquely Starbucks,” says Brady Brewer, Starbucks executive vice president and chief marketing officer.

If you follow NFT news, you might have noticed that they have played an interesting role in the ongoing Russia-Ukraine war. First, there was the Ukrainian government documenting the war’s progression through NFTs. Then there have been a plethora of NFT projects, both privately and officially launched, that are raising funds to support Ukraine. 

The latest development with regards to this is one that sparks discussion about the value of art and NFTs as a whole. Artist Peter Seaton, who operates under the pseudonym CTO, removed a three-story mural he had designed this year. The image, which showed a Ukrainian and Russian soldier embracing, was controversial, to say the least.

But that isn’t the reason why Seaton has opted to remove it. According to him, the decision to remove it has more to do with NFTs. 

The Value of an NFT

As he explains, his decision to remove the mural (by painting over it) will increase the value of the NFTs he is selling online given that the image is now rarer. The Australian artist has also addressed critics of the mural, including Vasyl Myroshnychenko, the ambassador of Ukraine to Australia and New Zealand. 

“A recently unveiled mural in @Melbourne showing a RU and a UA soldier hugging is utterly offensive to all Ukrainians. The painter has no clue about the RU invasion of Ukraine and it is disappointing to see it done without consulting the Ukrainian community in Melbourne,” Myroshnychenko tweeted earlier this month. 

When Seaton announced that the mural was being taken down, there was some speculation that he did it because of the backlash he had received, But he quickly clarified this on social media, responding to one user by saying that it was to increase the value of the 12 NFTs he had listed for sale. 

He also touched on the wave of criticism he had received regarding the piece, claiming that others had misinterpreted his message. 

Speaking to Crickey, an Australian publication, he said, “It’s their perception of the work that has hurt them. Because it’s a CLEAR SYMBOL OF PEACE to most people.”

He also told The Age that war often dehumanises the opposition and that he is trying to bring a human element to both sides of the conflict. 

Permanent Art

Regardless of his true motivations, it is no secret that the rarer an asset is, the more that can be commanded for it. Many NFT collections have different price tiers depending on the rarity of the asset and Seaton’s work has certainly gained attention since the mural went down, with five in total being sold.

This does indicate, however, that many artists are aware of the economics of NFTs and even as many more creators are making a living through them, there is an intersection between the old and the new. Many mural and graffiti artists have developed followings over the years and more of their works are, naturally, becoming NFTs. And while you can paint over a physical mural, the works live forever in the digital realm.

The world was sent into shock on September 8, 2022, when Queen Elizabeth the second of the U.K passed away. As one of the longest reigning monarchs in the world, she was universally recognizable and her death sparked a range of reactions from public figures and everyday people alike. 

But one reaction that we aren’t exactly used to when a world leader dies is the one seen in web3 spaces. Just days after Queen Elizabeth’s death, NFTs and crypto assets related to her began popping up on popular marketplaces. 

Royal NFTs Make a Splash 

While the idea of Queen Elizabeth-themed NFTs and cryptos is fascinating in itself, perhaps what is even more remarkable is the speed with which they were listed on marketplaces. On OpenSea, various collections were released by artists that depict the late monarch in a variety of art styles and themes. 

This is not unusual per se as many NFT collections by artists often include images of public figures. But the quickness with which these pieces were added shortly after the death announcement meant that they were clearly meant to capitalize on the buzz. 

Then there are the different cryptos that have popped up to mark the occasion. From QueenDoge to RIP Queen Elizabeth, all sorts of tokens have dropped. Typically, commemorative coins are released by the Royal Mint to mark major events in the royal family, including the death of a monarch. But thanks to NFTs, private citizens are cashing out as well, with the Queen Elizabeth Inu token, in particular, seeing a surge in value. 

From those who bought the cryptos purely for sentimental value to those who were looking to sell once the price spiked high enough, many people were getting into these assets. And just like with the monarch herself, the NFTs and crypto sparked mixed reactions from the public.

Some saw it as yet another example of the innovation of blockchain-based assets in that anyone could make and release a commemorative token, even if unofficial. After all, the average souvenir merchant has likely already rolled out Queen Elizabeth-themed memorabilia. What should stop NFT artists and crypto entrepreneurs from doing the same? 

But then there were others who saw the releases as either disrespectful towards the late queen or as nothing more than a digital cash grab. Regardless of opinion, the assets dominated both marketplaces and blockchain-centred discussions. 

NFTs and Memorabilia 

While it’s not every day that the Queen of England passes away, NFTs and similar crypto assets are released into the market every day. This incident has shown us, first, that the ability to create memorabilia has been democratized and given to the masses via blockchain technology. 

Second, it signals that historic moments will be immortalized on the blockchain on an even larger scale. This event alone has seen dozens of projects spring up, with everything from artwork to video content involved. While they do not happen every day, we can be confident that they will be captured on the blockchain.

These days, we are seeing more and more use of NFTs within the film and entertainment industry. From projects being funded by NFT sales to Kevin Smith’s release that allows fans to determine the events of its sequel, NFTs are finding a place in the film sector.

But it isn’t always smooth sailing. Case in point, legendary film director Quentin Tarantino has finally settled a lawsuit with the film studio Miramax regarding some NFTs that the former released. After some back-and-forth in court, the two have settled their differences and have even teased further NFT projects. 

Details About the Case

This whole issue began last year when Tarantino announced a partnership with Secret Network, a blockchain company. This partnership would see the two release uncut and unreleased scenes from his iconic film ‘Pulp Fiction’ as NFTs. These NFTs also offered behind-the-scenes and commentary access for buyers. While fans were excited about this development, Miramax was not. 

You see, the film studio had worked with Tarantino on the film back in the 1990s and had plans to release their titles as NFTs. This led to a dispute about who had the right to make sure NFTs, the studio or the director? 

Miramax sent Tarantino a cease-and-desist letter and publicly stated that the partnership was in violation of their agreement. 

“This group chose to recklessly, greedily, and intentionally disregard the agreement that Quentin signed instead of following the clear legal and ethical approach of simply communicating with Miramax about his proposed ideas,” said Miramax’s attorney Bart Williams at the time. 

Tarantino’s own lawyers hit back, claiming that Tarantino has hand-written the screenplay and had every right to release the NFTs. Additionally, his lawyers claimed that Miramax was damaging its own reputation long-term by revealing contract details to the public. 

But now, almost a year later, things seem to have cooled. The two have not only stopped legal proceedings but have also announced that more NFT projects might come coming from them as a unit rather than separately. 

“The parties have agreed to put this matter behind them and look forward to collaborating with each other on future projects, including possible NFTs,” a recent statement says. 

While this case has been put to rest, for now, it does bring up the question of how past intellectual property can and should be turned into NFTs. 

The Problem With New NFTs of Old Property

The NFT sector is very profitable and Hollywood is fast catching on to this. As with Tarantino, many filmmakers and studios alike will look to release old, beloved IPs as NFTs. But as this case shows, there might be some friction regarding who has the right to release them as NFTs.

After all, no one was thinking of NFTs 10 or 20 or 30 years ago when these were being made. But just like with streaming services that emerged decades later, all the parties involved in these projects will have to update their contracts and figure out how to embrace new media release tools.

It’s an age-old NFT tale at this point; hackers manage to gain access to the social media account of a legitimate and known firm and try to trick its followers into handing over their NFTs. This has happened to everyone from the Bored Ape Club to even OpenSea.

The latest victim of this is the metaverse platform the Sandbox.  On September 8, 2022, the platform’s official Instagram account was hacked. Following this hack, the criminals touted a fake raffle and also approached users under the guise of wanting to ‘rent’ their NFTs. 

The Sandbox Under Attack

One of the first changes that were made after the Instagram account was compromised was that the URL posted on the page’s bio was changed. At least one person who clicked the link reported having their digital assets stolen later on. Along with this, a fake giveaway was being promoted for season 4 LAND in the same bio.

Even more bizarre, the hackers used the Sandbox Instagram account to contact users who they believed owned Bored Ape NFTs. This was based on the use of Bored Apes as profile pictures by users. When they reached out to these users, they asked to ‘rent’ their NFTs for 24 hours at a cost of 40 ETH.

This was confirmed by  Sandbox co-founder and chief operating officer Sebastien Borget on Twitter. 

“Instagram account recovered. The hacker tried to rent Bored Apes Yacht Club NFTs – using our account. We would NEVER ask via DM and have contacted all users to notify them,” he tweeted.

The company eventually regained access to its Instagram account and is now trying to move forward in the aftermath. This is a common tactic among criminals and is based on the fact that companies like the Sandbox have high followership and user base and also because they are well respected within the community. 

While a user might be reluctant to click a random link promising free assets or respond to a DM from a random user asking to rent their NFTs, they will trust it more if it is coming from a company on the level of the Sandbox. 

Also, it is quite curious that the hackers were asking to rent people’s NFTs. Over the last few months, there has been more emphasis on the ways to make money from NFTs besides selling them. This includes using loaning them out for a fee and licensing them commercially. Clearly, the hackers knew this and this factored into their plans to swindle users. 

More Vigilance

As with every time something like this happens, it is important to reiterate vigilance among users. Even if it is shared by an official account of a company you know, clicking on links promising free NFTs that were never mentioned prior or giving access to your NFTs via Instagram DM is a bad idea. 

While the activities of hackers cannot be entirely stopped, they can be reduced significantly with a bit of effort on the part of asset holders.

It is always a good sign when a governmental body embraces or endorses NFTs in some way. It signals to the world that the asset class is legitimate and valuable and gives it a positive reputation among investors and the public at large. 

Well, for NFT lovers in Japan, this sort of public endorsement has happened yet again. According to local reports, the Japanese government awarded NFT certificates to winners of a digitization company. It is not unusual for NFTs to be given as a prize for competitions but this is one of the few times that it is given by the government. 

Details About the Prize

The NFTs that were given out were “digital certificates of achievement” for the “Digi Takoshien in the summer of 2022” competition. This competition is held among local governments in Japan that are trying to invigorate their communities using technology. 

This year, many entries were turned in, with 7 local governments eventually being awarded. Some of the innovations that were rolled out include Sakata in Yamagata Prefecture using electric vehicles for deliveries and Maebashi in Gunma Prefecture using mobile phones to track traffic changes. 

For their innovative and tech-forward, ideas, the Cabinet Secretariat handed out awards during a ceremony that had Japanese Prime Minister Fumio Kishida in attendance. This marked the first time that the agency would hand out NFTs and elevate them on a national scale.

Within Japan and Asia as a whole, there is a booming NFT scene and given how much NFTs as a concept has become popular, it is no surprise that they have made it to the corridors of government. It should also be considered that NFTs, and blockchain as a whole, can be a major source of investment for a country and as such, many regions are trying to become blockchain hubs. 

The NFTs were based on the Ethereum blockchain and also leveraged Proof of Attendance Protocol (POAP) technology to prevent incidences of resale. Given how much resale is a big thing in NFT culture, with people rushing to sell any NFT they believe might be of value, this precaution makes sense. 

This can also be seen as a preemptive measure to make sure that these NFTs do not get turned into an internet cash grab. It has not yet been announced whether or not these NFT certificates will be a permanent fixture of the competition but given the reception thus far, this does not seem far-fetched. 

NFT Prizes

NFTs, as we all know, have a plethora of applications and this development from Japan is just one of the latest. If it catches on and more official bodies begin handing them out as prizes, they will be further normalized within society. 

It will also serve as a form of respite from all the profit-seeking NFT ventures that, while important in themselves, should not be the end-all of the industry. Only time will tell where this development leads but from all indications, it is a step in the right direction.

A while ago, it was reported that Reddit would be airdropping limited edition Polygon-based NFTs to some of its top users. Those who had the most karma (Reddit user points) would be offered a free NFT avatar. There were also to be NFTs for sale on the official Reddit store. From the initial announcement, the goal of this was to reward users and encourage community engagement. 

But like with many things in the NFT sector, it has since become a money-making venture for some. It is now being reported that some users are re-selling their NFTs on secondary markets like OpenSea. More than this, they are making significant profits from doing so.

NFT for (Re)Sale

Besides the free airdropped NFTs, Reddit also allows users to buy NFT avatars on its official store. The NFTs for sale range from $5 to above $50, though assets in the latter category are currently sold out. However, many of both these NFTs and the free airdropped ones have found a second life on platforms like OpenSea where a single one can command hundreds of dollars. 

This is based on several factors, including the rarity of the asset and its unique features. Several collections such as The Senses x Reddit Collectible Avatars and Foustlings x Reddit Collectible Avatars are especially popular on OpenSea. Many of these NFTs were initially launched to support independent artists and this resale craze certainly does so.

Usually, when an artwork is sold, the artist only profits from the initial sale. But with NFTs, the artist makes a cut of even the secondary sales in perpetuity. This, of course, benefits the artists by giving them a permanent passive income. 

It is also a testament to how much of a demand exists for Reddit’s avatars. Not only have many of them sold out on the official Reddit site but people are happily paying several times their original price on secondary trading sites. When the Reddit NFTs were first announced, there was some debate as to whether the public would be receptive to them but all doubts have quickly been erased. 

If more NFTs are released by Reddit, whether for free or in the marketplace, we can bet that they will find their way into the secondary market. With the success that this has seen so far, we might even see more social media platforms release their own versions. 

Soon, OpenSea could be populated with NFT avatars from Twitter to Facebook and many others.

The Internet Economy of NFTs

If there is anything that NFTs have shown us, it is that there is demand on the internet for all sorts of things. In this case, even colourful avatars for a social media site which double as artwork and a collectable asset. 

This creates an internet economy where specific assets tied to specific platforms can be assigned a tangible value e.g Reddit karma leading to collectables which lead to potential resale. While this is relatively new, there is much potential in it.

Fans of deceased celebrities remember them in all sorts of ways; they consume their works years after their release, pay tribute to them, and overall keep their legacies alive. These days, a common way that this is done is through NFTs. From the Notorious B.I.G to Heath Ledger, many deceased celebrities have been immortalized on the blockchain.

The latest celebrity to join this collective is the late singer David Bowie. As was recently announced, his estate has teamed up with both OpenSea and We Love the Arts to release a new project called Bowie on the Blockchain.

Bowie on the Blockchain

Usually, when a celebrity, deceased or otherwise, releases an NFT collection, it is done in collaboration with a single artist. But the Bowie estate is doing things a little differently, instead collaborating with 9 leading NFT artists. Each of the artists will create unique pieces that pay homage to Bowie and his legacy. The artists to collaborate on this project will be  Defaced, FEWOCiOUS, Glam Beckett, JAKE, Jonathan Wolfe, Lirona, Nadia Tolokonnikova of PussyRiot, Osinachi, and Young & Sick.

The collection will officially be released on September 13, 2022, and all the proceeds will be donated to CARE, a charitable organization that Bowie’s widow, supermodel Iman, is involved with. Even since his death in 2016,  Bowie has remained one of the most beloved artists of his generation, with his influence stretching across music to film to fashion. 

Given this enduring legacy, it is no surprise that such an elaborate tribute has been planned on one of the top NFT platforms. 

“David Bowie is an icon and a trailblazer in every way, and we’re honored to partner with his team to bring his legacy into web3. This incredible collection brings together some of the most groundbreaking NFT artists with Bowie artifacts to bring a new generation of fans together in web3,” says Ryan Foutty, VP of Business Development at OpenSea. 

There is a certain affection that many people feel for celebrities that have passed away and this often influences big spending. After all, the estates of celebrities like Marilyn Monroe and Michael Jackson continue to rake in millions, even years after their death, from all sorts of products. 

But the latest crop of NFT projects from celebrity estates don’t seem as interested in making a profit as much as they are in making an impact. The Ledger NFT collection, for example, benefits his own foundation that supports upcoming actors and the Bowie collection will benefit CARE. In many ways, this sort of initiative fulfils multiple purposes; it keeps the legacy of the celebrity alive, offers a treat to fans, and benefits a good cause. 

More NFTs to Come?

B.IG. Ledger. Bowie. These are just some of the icons whose estates have authorized NFT collections using their image and likeness. Who might be next? There is a plethora of deceased celebrities whose estates could get in on NFTs. And, of course, whose fans will be happy to pay for them.