Category: News

Over the last few years, we’ve seen NFTs embraced by all sorts of people and organizations. From sports bodies looking to connect with fans to consumer brands for limited-edition items to people trying to save the Amazon rainforest. But while all these are legitimate uses of NFTs, it seems terrorist groups are also getting in on the action. 

Yes, terrorist groups. According to a Wall Street Journal piece, an NFT has been made of messages from the Islamic State in Syria (ISIS). The NFT in question was made and listed on several marketplaces before eventually being reported and taken down. 

NFTs in Terrorism

While the identity of the person behind this has not been made public yet, they are confirmed to be some sort of terrorist sympathiser. When it was initially posted, it was under the name ‘IS-NEWS #01’ and bore the ISIS symbol but several marketplaces, including OpenSea and Rarible, have delisted it. 

But this is far from the end. As anyone with blockchain knowledge will tell you, such an NFT can still be sold and circulated even without the support of a marketplace. An interested buyer only needs to contact the owner and transfer crypto to them for it. More than this, NFTs are virtually permanent and can live forever on the blockchain, which is one of their biggest appeals and why they have been heavily accepted.

But this is not a case of an artwork attaining immortality through technology; it is a terrorist message that even state departments are struggling to get rid of. As former federal intelligence analyst Mario Cosby said in the Wall Street Journal piece, “It’s as censorship-proof as you can get. There’s not really anything anyone can do to actually take this NFT down.”

Another problem with this is that it opens a new can of worms. Theoretically, many of us know that anything can be turned into an NFT. But with this one achieving such notoriety, other supporters of radicalised and terrorist groups might begin to create their own digital assets in mass. Worse, actual terrorist organizations like ISIS might begin creating NFTs. 

Sadly, this is just another example of the duality of blockchain-based assets and how they can be used for both good and bad. 

NFT Marketplaces and the Dilemma of Delisting 

Moving forward, many marketplaces will have some housekeeping on their hands. Platforms like Gamestop have already found themselves having to remove unsavoury NFTs from their platform, including one that referred to 9/11 in a distasteful way. 

But this goes beyond just tone-deaf or stolen NFTs. Radical groups and their supporters could very well take advantage of the NFT boom and begin to immortalize their messages on blockchains and spread them to their supporters. If this happens, marketplaces in the industry will have to push back immensely and not let any of them be traded on their platforms. 

While, as Cosby pointed out, they cannot be wiped off the internet, they can be kept on the fringes as much as possible.

From the NFL to the NBA, NFTs are fast becoming a constant presence in sports. Over time, a variety of use cases have been explored; as memorabilia, as entry passes, and much more. But even with all of this, few applications of NFTs in sports have been quite on this level. 

As officially announced on September 2, 2022, FIFA, the global body for soccer, will be launching a new NFT platform later this month. This platform, once live, will feature soccer-themed NFTs with iconic moments in the sport’s history. This also comes just months before the 2022 World Cup in Qatar. 

A Top Goal for NFTs

This new platform is going to be called  FIFA+ Collect and will be built on the Algorand blockchain. It is worth remembering that Algorand and FIFA inked a deal months ago, which initially sparked rumours about an NFT-based project coming soon. This was also around the time that Crypto.com signed on as the official crypto trading partner for FIFA, showing that its blockchain connection is fast growing. 

Now, it seems the rumours were correct. As for the platform itself, reports say that it will feature visual depictions of top football moments over the years, and as this year’s tournament unfolds, some of them might be added to the site in real-time.

For soccer fans, certain moments in the game are considered iconic and being able to get their hands on them in digital form is very valuable. We’ve already seen this with the success of NBA Topshots, the NFT platform where top basketball moments can be traded. With this coming to the soccer world and being endorsed by the biggest body within the sport, similar success is likely. 

“Just like sports memorabilia and stickers, this is an accessible opportunity for fans around the world to engage with their favourite players, moments and more on new platforms,” says FIFA’s Chief Business Officer Romy Gai, adding that, “This exciting announcement makes FIFA collectibles available to any football fan, democratizing the ability to own a part of the FIFA World Cup.”

More details will be released as the launch date approaches, though there is already discussion about what could be involved. What specific moments will be available for purchase? Could top soccer players and teams release limited edition collections? Will the NFTs be speculative or purely for sentimental value? Only time will tell. 

Owning a Piece of Football History

Virtually every soccer fan has certain moments that they always remember, whether it is a winning goal or a devastating loss for their favourite team. But as these moments can now be immortalized on the blockchain, fan engagement will reach a whole new level than anything we’ve ever seen before.

Now, it won’t just be fans rushing to tweet or tell their friends about a moment but also them clamouring to buy the NFT equivalent of it. With this, they will engage with the sport in a much more intimate and invested way.

Considered one of the greatest actors of his generation, Heath Ledger’s death in 2008 at the age of 28 represented a major blow to the entertainment industry and to his fans. But even years after, Ledger is immortalized by his standout roles and through a plethora of tributes. 

The latest tribute to the actor, however, is steeped in the metaverse. It has been announced that a new NFT collection is being launched that features 15 images of Ledger from the early 2000s. The NFTs, once sold, will see their proceeds donated towards a charitable cause. 

Remembering Ledger

The images in question were taken by photographer Ben Watts, the brother of the actor Naomi Watts, who ledger dated for a few years. They will officially go on sale from September 14, 2022 on MarkersPlace, and those who buy them will get a physical print signed by the photographer in addition to the NFTs. 

The funds that will be raised from this sale will go to The Heath Ledger Foundation which awards scholarships to promising Australian actors. It should be noted that the images of the actor being auctioned have never been seen before and offer an intimate look at his life. 

These include Ledger skating at the LA bridge and another sees his then-adopted dogs make an appearance. Some of these were taken while Watts was completing an assignment for Interview magazine but were not published in the original spread. 

Watts has explained that unlike a lot of stars, Ledger was enthusiastic and involved in the photography process and enjoyed creating these pictures. 

“We were driving up and down freeboarding on a skateboard. I was in the back of it, towing him. In some of the shots, you can see I have the tow rope and he’s holding onto it. He loved it,” Watts says. 

Given how beloved the actor has been, even in his death, fans will likely be excited to get their hands on one of the NFTs being sold, especially considering the worthy cause it is supporting. 

It is also the latest entry in a growing list of celebrity NFTs that feature unique images of our favourite stars. 

The Celebrity NFT Industry 

For as long as celebrity as a concept has existed, people have sought to get closer to them and in the modern world, this includes viewing images of them. Celebrity coffee table books and signed photographs have long been popular among their fans and now, we are seeing the rise of celebrity images being sold as NFTs. 

From Anthony Hopkins posing as the archetypes he has played to Bill Murray referencing his long-running career, the celebrity image-NFT is fast growing. But this Ledger collection is perhaps one of the most personal ones we’ve seen so far. 

It features a beloved deceased actor in a very intimate way and is sure to be a hit with fans. And with late celebrities’ estates getting more into NFTs, it could be the first of many of its kind.

In the world of blockchain, one of the most anticipated incoming developments is the Ethereum network upgrade. Through this upgrade, the Ethereum blockchain will formally switch from a proof-of-work mechanism to a proof-of-stake one. This will have massive implications for network users, especially when it comes to energy use. 

To celebrate this impending upgrade, blockchain firm ConsenSys has announced that it will be launching the first sustainable Ethereum-based NFT collection called Regenesis. This collection will feature artistic images of depictions of worlds that embody the benefits that will come with the upgrade; sustainability, security, and scalability.

Details About the Collection

Announced by ConsenSys on September 1, 2022, this collection will be, in essence, a tribute to Ethereum and its significance within the blockchain community. 

“The art explores the scale and significance of the Merge, an ambitious re-architecture of the world’s largest open programmable blockchain, which makes the network 2000x more energy efficient and positions Ethereum to sustainably support the next generation of Web3 creators and developers,” the announcement said. 

There will be several editions of the NFTs, including an open one and a limited edition one that will be airdropped to members of the Protocol Guild who helped design the new Ethereum chain.

It was noted that these NFTs, which were developed in partnership with Invisible North and  Keithcity Group, will be free to mint, with only gas fees to be paid. To claim one of these, users only need to connect their Metamask wallet and fund it with ETH to cover the gas fees. The NFTs will be available from the day of the upgrade (called the merge) for 24 hours in total. 

The statement also explained that more concrete details would be made available once the actual date of the merge is confirmed by the Ethereum Foundation. Regardless of when this is, the upcoming upgrade has seen a lot of support in the industry. 

Just recently, OpenSea confirmed that it will not support assets that are based on forked versions of Ethereum following the merge, sending a clear message to users who might be against it. And there is a good reason why the merge is so popular; energy use.

The most obvious benefit of this merge is that the energy used by the network is estimated to reduce by over 95%. This comes as there is more of a push for the industry to become eco-friendly and sustainable. Clearly, many industry players are with the program and ConsenSys seems honoured to be launching the first of this type of NFT. 

Sustainable NFTs

Post-merge, we are going to experience a much more wholesome NFT space. Given that the Ethereum blockchain is so heavily used in the industry, the emissions produced by NFTs as a whole are going to drop significantly. 

Not only is this good for the environment in itself but it also contributes to a more positive perception of the industry. ConsesnSys might be the first but they certainly won’t be the last to release sustainable Ethereum-based NFTs.

A few weeks ago, actor Bill Murray unveiled his debut NFT collection, the Bill Murray 1,000. This project would see the actor sell NFTs relating to his many life stories and extensive career in Hollywood. Just recently, an NFT from the collection was auctioned for around $185,000, with the funds to go towards treatment for a three-year-old girl battling health problems. 

Now, only a few days later, a digital asset wallet associated with the project was targeted in an attack and around $175,000 in WETH was taken. The news was confirmed by associates of Murray who are close to the project. 

Details About the Hack

According to Gavin Gillas, who is involved in Venkman, Murray’s blockchain firm, this was first noticed when two separate unauthorized transactions took place, with 108.03 WETH and 1.73 WETH being removed respectively. 

These represented the proceeds from the charity sale and their theft was a blow to the project. Interestingly enough, almost 800 NFTs were also stored in the wallet and were part of the 1,000 that were minted for the collection and some assets from other collections. The thief did not steal those at all. 

“Some bad actors stole money out of Bill Murray’s wallet—money intended for a three-year-old with a life-threatening condition,” John Resig, the CEO of The Chive, an entertainment website supported by Murray, said to Decrypt. 

After the theft was realized, the team filed a police report, engaged the services of blockchain firm Chainalysis, and also informed Coinbase NFT, the platform that the NFTs are being sold through. 

While nothing has been confirmed just yet, there are theories of how the thief could have gotten access to the wallet. This mostly centres around the wallet unknowingly interacting with a malicious link disguised as a legitimate transaction. Then there are suspicions that a Venkman employee’s computer might have been hacked and entry gained from there. 

Regardless of what the point of entry was, the theft has taken place and Venkman is trying to move forward. In an inspiring move, the runner-up in the initial bid for the NFT donated 120 ETH to replace the funds that were stolen and it has been agreed that if the funds are recovered, they will still go towards the girl’s treatment. 

In the meantime, a GoFundMe has been set up to recoup the last $25,000 needed for the treatment. 

“When you’re faced with adversity, you can you can take [it] standing up or lying down. Given the nature of this theft, we decided not to sweep this under the rug. We need to be as transparent as possible about what happened,” said Resig said. 

The Cost of a Hack

There are many NFT and crypto hacks reported on a weekly basis but this one is particularly disturbing given the intended purposes of the funds that were stolen.

Fortunately, some recovery has been made and should the GoFundMe hit its goal, a full recovery of the funds can be made.

Have you heard of Cameo? It’s a site where you can pay for custom videos from celebrities. It has become quite popular over the last few years, with people booking all sorts of stars to do birthday shoutouts, custom messages to friends, and many more. A part of the success of Cameo lies in the impressive roster of personalities signed up on it.

The most recent viral sensation. A reality TV cast member. Singers from the 80s. And now…a Bored Ape? As bizarre as it sounds, this is indeed true. You can actually get a Bored Ape to make a custom video for you on Cameo. 

Ape Shout-Out

As we’ve recently learned,  Bored Ape #9132, an asset from the Bored Ape Yacht Club collection, is now offering videos for sale on Cameo. This was reported on Twitter by eagle-eyed users and confirmed by a Twitter account allegedly representing the NFT.

“I’ve always wanted to make history… and now I’m the first @BoredApeYC on @BookCameo! Dreams Book now!” a tweet from the account said. 

The videos feature a 3D animation of the Bored Ape which gives advice, greetings, and everything in between starting from $25. While this is a cheeky development, it does make sense given that virtual celebrities already exist and offer paid content to fans. 

Within and even outside NFT circles, a Bored Ape is quite recognizable and a custom video message would be a sweet gift for any NFT enthusiast. 

Then there is the question of who is even behind this Bored Ape venture. The answer to this is Adam Draper, son of billionaire investor Tim Draper and venture capitalist. In a statement to Decrypt, he explained that this project is a way of connecting with the NFT community, given how the Bored Ape often become offshoots of their owners’ personalities. 

“I imagine this being a new channel for me to receive startup pitches. It could also be a way for people to engage with the Bored Ape community in a way not previously possible,” he said. 

There is also an element of goodwill in this project as all the proceeds are donated to environmental causes. Given the criticism that NFTs have gotten for their energy use, this seems fitting. 

With this Bored Ape Cameo account getting so much attention, we will likely see even more NFT avatars make an appearance on the site and this could become its own sub-niche.

Greetings From Apes

Once again, we are reminded that there is so much that we can do with NFTs. Especially for those who buy them as investments, there are more avenues than ever to recoup their initial cost. We recently saw a wave of NFTs being licensed for consumer products and now, Bored Apes are launching careers as social media stars.

And for those of us who love NFTs, there are more ways to enjoy them than ever before, including having a shoutout from an actual Bored Ape as a present.

One of the biggest upcoming developments in the blockchain world is the Ethereum blockchain making the move to a proof-of-stake mechanism. Announced by the Ethereum foundation last year, this move will mean a significant reduction in the energy used by the blockchain and a change in its overall processes. 

While the announcement has been seen generally as a good move, some people still have a strong preference for the soon-to-be-discarded proof-of-work mechanism. This support includes the ‘forking’ of the Ethereum blockchain in order to create a separate chain that still runs on a proof-of-work consensus. Unfortunately for these people, they will not have the support of OpenSea, the biggest NFT marketplace in the industry. 

OpenSea announced on its Twitter page on September 1, 2022, that it would not be offering support for any NFT assets based on a forked Ethereum chain. 

No Support

In the Twitter thread, OpenSea made it clear that it is committed to supporting NFTs based on the upcoming proof-of-stake blockchain. It was also made clear that NFTs based on other versions of Ethereum would not be supported in the marketplace. 

“3/ While we won’t speculate on potential forks–to the extent forked NFTs on ETHPoW exist–they won’t be supported or reflected on OpenSea.,” a follow-up tweet said, “4/ Beyond our commitment to supporting the upgraded PoS chain, we’ve been preparing the OpenSea product to ensure a smooth transition.” 

With this, all speculation was put to rest regarding OpenSea’s stance on the upcoming network upgrade. Among the blockchain users who insist on creating and using a forked chain, there is a sense of the proof-of-work consensus being better than the proof-of-stake, thus their rejection of the latter. 

But even if they insist on being loyal to a proof-of-work Ethereum blockchain, they risk being shut out of many opportunities within the industry. In the case of OpenSea, they will be losing access to one of the biggest platforms in blockchain and the revenue that comes with that. 

Forked chains have not always had the best reception within the industry and it seems that forked Ethereum chains will be no different. But why is there so much of a push for Ethereum to make this switch in the first place?

Efficient Blockchains 

One of the biggest motivations behind this change in the Ethereum network is energy use. A long-running and constant criticism of blockchain, in general, has been the fact that it used so much energy. Once reports came out of how much energy specific networks were using, the industry was painted as unsustainable and not eco-friendly. Blockchains with the proof-of-work consensus were especially criticized for their high energy use.

In light of this, we’ve even seen many blockchain and NFT projects from mainstream brands opt for networks that use less energy. But with this move, the Ethereum foundation has explained that over 90% of the network’s current expenditure will be cut down and this reputation can be washed off to some degree.

For years, Ticketmaster has been at the forefront of live entertainment bookings. From concerts to plays and everything in between, it has been a go-to around the world, selling millions of tickets to customers. And as blockchain is becoming more prominent within different sectors of entertainment, the company is embracing it.

As per recent reports, Ticketmaster has teamed up with Dapper Labs to develop and release NFT-focused projects. This comes after the ticketing giant had been running a pilot program that involved the minting of NFTs for roughly six months. Now, it will be expanding on these efforts. 

Details About the Partnership

With this new partnership, Ticketmaster will officially leverage Dapper Labs’ Flow blockchain for its future NFT projects. This follows a recently-concluded pilot program in which Ticketmaster minted over five million NFTs on the blockchain. 

According to Mickey Maher, Dapper Labs’ senior vice president of partnerships, the Flow blockchain was the perfect blockchain solution for this sort of project. This is because it was built to scale and support a mass market production and given the millions of NFTs that will likely be minted as a result of this partnership, this sentiment rings true. 

These NFTs were created as memorabilia for attendees of special events like the Superbowl. This use case is on brand with Dapper Labs, which has created NFT platforms for several sporting leagues such as the NBA. Now that the pilot is successfully completed, Ticketmaster will be adding more features to its platform to accommodate future NFT releases.

These include a digital asset wallet on its site so that users can view their past NFTs and a marketplace will be launched as well. As for the NFTs that will be released, Ticketmaster has confirmed that future sports events such as NFL games will receive commemorative NFTs though it is possible that non-sporting events will be included in the mix eventually.

Some NFT enthusiasts might argue that all tickets should simply be sold as NFTs, especially given the fact that an industry giant like Ticketmaster would have the resources to do this. In a statement to Decrypt, Maher explained that he does not have a firm stance on the matter just yet and will instead, gauge the market’s response to this new development. 

“I think one could make an argument that that’s where the world is going, but I’d like to see how some of these partnerships and activations materialize, and that I think will drive the direction of ticketing on the blockchain,” he said. 

Tickets and Blockchains 

Whether or not Ticketmaster eventually has all of its tickets issued as NFTs, they are clearly going to be a part of the live event process moving forward. While, as Maher says, we will have to see how the markets respond to this before the future of NFTs in live events is certain, it is a good sign that a company as big as Ticketmaster is taking on the challenge and experimenting with them.

While they might seem like an unlikely combination, the world of restaurants and NFTs are fast becoming commercial companions. The most famous examples of this are probably the restaurants that have been opened by NFT owners such as Snoop Dogg that leverage the image and likeness of popular assets. 

From meals named after popular NFTs to decor that pays tribute to the metaverse, NFT enthusiasts and foodies alike are able to get their fix. But even as NFTs are becoming a part of our eating experience, not all the responses are positive. 

Take Dame, a New York-based restaurant that launched an NFT which offered entry to an “Affable Hospitality Club” which promised holders access to its services without needing a reservation. Soon after this NFT offering was made public, it drew criticism from social media users and sparked discussion about NFT use, in general.

Dame Takes a Hit 

According to screenshots shared on Twitter, the Greenwich Village-based restaurant offered the $1,000 NFTs as a way to get around needing reservations. The usual procedure, the page says, would be to book online 12 weeks in advance or physically appear at the restaurant on Mondays to get a reservation form. 

By using the NFTs, patrons could skip all of this and get access to tables that would be booked 24 hours in advance. 

“If showing up on a Monday sounds too exhausting, you can also just buy an NFT that allows preferential booking (not kidding),” the page says. 

Apparently, this isn’t a new development per se as several other high-profile restaurants in New York are also offering these sorts of NFT benefits. But the internet wasn’t having it, with several users declaring this as a cash grab. 

“i will bravely say it: nyc restaurant reservation culture has gone too far,” said Journalist Maya Kosoff on Twitter. Others agreed with her, questioning the value of this sort of project. 

But while the internet took the chance to dunk on NFTs as usual, there is something to be said for this. According to Front of House, an NFT company that is selling these assets, a table at Dame is one of the most coveted in the city. 

After all, there must be a reason why the restaurant can afford to have such stringent conditions for getting a table; clearly, there is a lot of demand for it. Also, many restaurants and other establishments have paid membership programs and passes that let people skip the line. 

All things considered, what Dame is doing is simply putting an NFT twist on things. 

NFTs are Served!

All the internet debate aside, this shows that NFTs are being more utilized in the restaurant industry even beyond themed restaurants. Soon, many of us could be buying NFTs as membership passes for our favourite establishment and this is just another use case for them. 

If Dame and other restaurants like it continue with this NFT revolution, this could very well be a possibility.

Over decades, MTV has given us some of the most iconic reality TV shows of all time; the Hills, Jersey Shore, and many more. In fact, the TV channel was at the forefront of the reality TV boom in the early 2000s and continues to put out shows to this day.

Now, it seems that NFTs will be a part of MTV’s reality TV roster as a new show, The R3al Metaverse, has been announced. But this show will not be starring socialites or burgeoning celebrities but instead, will feature NFTs from some of the best-known collections in the world. 

Details About the Reality Show

Unlike a lot of MTV’s previous offerings, this show will be more of a scripted parody of typical reality shows. While parodies have been done in the past, none have starred NFT characters.

The NFTs to be used for the show include those from the  Bored Ape Yacht Club, Cool Cat, Doodle, World of Women and Robotos collections. One of the NFTs to be used in the show is the Bored Ape owned by Alexis Ohanian, the co-founder of Reddit, who posted a teaser of the first episode on his Twitter account. 

“Episode 1 sneak peak of @r3almetaverse is here! The project is minting Sept 7! Full episode will be live everywhere TOMORROW! What do you think of the cast? #teampete @boredapepete,” he tweeted, along with a snippet of the episode. 

The premise of the show is that the NFTs have left the metaverse and now have to adjust to life on the outside. While this premise is already interesting in itself, there are a few more twists. 

First, those who have NFTs from any of the already-included collections stand a chance to have their avatars featured on the show in the future. Then there is the producer pass NFT which allows fans to have a say in the future direction of the show. 

Anyone who follows TV shows knows the feeling of wanting to have some control over its direction and with The R3al Metaverse, they have a chance to actually do this. 

This project is being developed by Invisible Universe, a tech company that is backed by Ohanian and is hoping to bring more web-based IPs to life. According to its CEO Tricia Biggio, the next iconic characters could very well be introduced to audiences across the internet as opposed to more ‘traditional’ media.

NFTs on Your Screens 

Another day, another innovative way that NFTs are being used, it seems. The beauty of this sort of project is that it can appeal to everyone, even those that do not like NFTs. And considering how polarizing the industry can be at times, this feels very much needed.

Those who do like NFTs will be impressed by the leveraging of IPs related to the metaverse. And for those who don’t like NFTs, it can simply be another MTV show they can watch for the storylines and loveable characters.