Category: News

Over the last year, Meta, the parent company for both Facebook and Instagram, has made very conscious efforts to include NFTs in its operations. It began testing NFTs on Instagram profiles earlier this year with a handful of users before expanding to other countries over time. This, naturally, made waves given how powerful both Instagram and Facebook are. 

Now, these efforts have been intensified even more as Meta announced on August 29, 2022, that users can now cross-post their NFTs to both Facebook and Instagram at the same time. This was stated on Meta’s official press page.

Cross-Posting NFTs

For NFT users, this development is quite significant in that it could potentially increase their reach when it comes to promoting NFTs and could also make the process easier. Posting an NFT to both Facebook and Instagram means that more people can see it and possibly buy it. 

The ability to publish content simultaneously to both Instagram and Facebook has been in existence for years and is heavily leveraged by content creators for ease of posting. Now, the same can be done for NFTs, as the announcement explains.

“As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both,” the announcement said. 

Over the years, Meta has developed a reputation for being enthusiastic to embrace blockchain development. Years ago, the company took the leap and developed its Libra token and wallet, though it seems to have fallen through. Still, the company is undeterred and since NFTs came on the scene, Facebook and Instagram have become perhaps the biggest social media sites that have onboarded NFT functionality. 

This has included being able to post NFTs on both main page feeds and Instagram stories, which is more than other mainstream social media platforms have done thus far. Depending on how this functionality is used, we could see even more developments moving forward. 

This is also coming at a very interesting time in the industry as while some collections have seen a floor price dip, NFTs are perhaps more publicly known than ever before. And once Instagram and Facebook users start seeing NFTs regularly on their pages, this public awareness is bound to increase even more. 

NFTs on Social Media

With all these features rolled out to allow Facebook and Instagram users to post their NFTs, we are likely to see even more NFT content on social media. This includes NFTs made for commercial purposes, NFTs made for the sake of it, and everything in between.

More than this, other social media sites might decide to follow suit. Soon, NFTs could be posted to our Twitter feeds, Pinterest boards, and so on. Given how niche they were up until a while ago, this is certainly a sign of how far the industry has come.

The beauty of the metaverse is that there is so much that can be done in it; both the things that can be done in the real world, as well as things that can’t. You can buy property, go to space, and make friends in a single metaverse experience. And now, thanks to Taco Bell, you can possibly get married in it as well. 

Yes, you read that right. According to an August 25, 2022 announcement, Taco Bell is teaming up with Decentraland to hold a contest that lets people get married in the metaverse. 

Here Comes the (Virtual) Bride

The interesting thing to note about this contest is that it is not just a virtual meetup between the two parties looking to get married. It will be a legal ceremony that will see their loved ones in ‘attendance’ and will also be live-streamed to the internet. 

To win this wedding experience, interested couples need to submit a registration form along with a video about their love story and why they deserve to win to the official Taco Bell metaverse site. Only one entry is allowed per couple and must be submitted between  August 25 and September 6,  2022. 

Those who win will be able to enjoy traditional wedding activities such as the first dance, food, toasts, and the exchanging of vows and rings. Their guests will also be treated to a virtual reception with drinks, a dance floor, and even a photo booth. 

Of course, all this will take place in Decentraland, with a live stream for those who cannot attend. This is not Taco Bell’s first foray into the world of weddings as it is quite famous for its Las Vegas Cantina wedding chapel package that has seen almost 800 couples get married since it first launched in 2017. 

But this metaverse project is partially new ground for Taco Bell, which launched an NFT collection a few years ago but has done nothing of this scale so far. The brand, however, sees this project as a chance to do something new, especially given how dating and marriage are changing in the age of the internet. 

“In the age of swiping for love, Taco Bell’s metaverse wedding will allow one couple to take part in the voyage of what may well be the next evolution of modern love – and we’re proud to be leading the charge,” says Sean Tresvant, Taco Bell’s Chief Brand Officer.

Married in the Metaverse?

While we’ve seen many consumer brands get involved in NFTs and the metaverse, offering people to chance to get married digitally is a new frontier in itself. But Taco Bell is taking the plunge and should this contest be successful, we could see a lot more creative use of the metaverse. 

Could we see things like funerals, graduations, and birthdays in the metaverse as well? Only time will tell but it does certainly get more eyes on a platform like Decentraland when one of the most recognizable brands in the world is hosting weddings in the digital space.

Among the plethora of NFT-loving celebrities, few are perhaps as enthusiastic as the rapper Snoop Dogg. From having an enviable collection of NFTs to launching several projects in the space (including an upcoming Bored Ape-inspired restaurant), the rapper’s love of NFTs is very well known.

Now, Snoop Dogg, along with fellow rapper Eminem, has taken his love of NFTs to one of the biggest stages in the world- the MTV Video Music Awards (VMAs). This year’s show, which was held on August 28, 2022, saw the two deliver a Bored Ape-infused virtual performance. 

Bored Ape at the VMAs

This performance from the two was significant not only because of the NFT influence but also because it marked the VMAs’ foray into more virtual performances. It should be noted that the award show only just introduced the “Best Metaverse Performance” category and seems to be taking them more seriously. 

The Snoop Dogg and Eminem performance was also a virtual one, projected onto screens at New Jersey’s Prudential Center. It saw the two rappers ‘smoke’ a comically large joint and then fall into a ‘high’. In this digital high, all sorts of bizarre situations were displayed on the screen, such as a pinball machine, outer space and a colourful whirlpool. 

During the performance of the song D2 to the LBC, the two rappers switched between animated 3D renders of themselves and Bored Ape avatars. It should be noted that the official music video for the song also featured Bored Ape avatars and now, they are being shown to an even bigger audience. 

In terms of the metaverse and NFT promotion at the VMAs, this performance, along with the  “Best Metaverse Performance” that was won by the South Korean girl group BLACKPINK, took the cake. 

Since the performance was aired, there have been all sorts of reactions from fans. NFT enthusiasts love the fact that Bored Apes were incorporated into the performance and are being shown on one of the biggest award shows in the world. NFT critics have hit back, claiming that the use of NFTs was out of place. Then there are music fans who were disappointed that it was not a ‘traditional’ performance and some that were confused as to the point of the Bored Apes.

This is similar to the response that was gotten when the new category was announced by the VMAs; some love it, some hate it, and some don’t even understand what is going on.

NFTs on Your Screens 

NFTs having such a big celebrity fanbase means that this is not the last time that we will see this kind of imagery on our screens. The effect of this will be that more people will be aware of NFTs than before, which aids adoption. 

After all, few televised events are as watched as the VMAs and this makes it the perfect place to advertise what can be done with the metaverse and NFTs. And who better to show this to us than our favourite rappers?

One of the most enduring accusations against the NFT space is that NFTs are going to be a short-lived fad. As far as many critics are concerned, NFTs have a limited relevance period and will die off soon after. 

But thankfully for NFT fans, a new report from Juniper Research contradicts this. In fact, the report states that NFT transactions are expected to rise significantly from 2022 to 2027, going from 24 million per year to 40 million per year over the next five years.

NFTs to See Continued Increase

According to the report, several factors are credited for this predicted growth. More specifically, the report outlined a number of use cases for NFTs that, should they continue to progress, this leap in NFT transactions will take place. 

“The research also outlines the technical mechanics behind the implementation of NFTs across 7 key segments – outlining the business cases, revenue models, and target audiences that are driving the market using models and case studies,” the report says. 

The 7 key segments identified were art collectables, fashion, gaming, metaverse, music, and real estate. All these segments have, over the last few years, been at the forefront of NFT development and use. All sorts of artists, from the more established to the underground, have been auctioning their works as NFTs. Fashion brands from Paco Rabbane to Gucci have released NFT-based products for customers. 

NFT-focused gaming has become immensely popular over the last few years, with Gamestop even launching its own marketplace. Metaverse projects like Otherside have attracted attention from fans all over the world and subsequently sold out its entry NFTs. The music industry is fast developing a love affair with NFTs and real estate isn’t being left behind.

All things considered, NFTs are being applied aggressively in so many sectors and Juniper Research believes this will keep them relevant into the future. But it is not all smooth sailing. In the same report, the firm warns that businesses that launch NFT products must keep in mind the dangers of operating in an under-regulated industry like blockchain. 

Then there are the environmental factors attached to blockchain use, especially in terms of energy use and emissions, though some firms are leaning towards low-emission blockchains for their projects. Finally, there is the potential social blowback of these projects as some customer bases may look at brands negatively for dealing with NFTs. 

We have already seen this in the past with fans of some video game projects disapproving of their NFT endeavours or some music fans accusing artists of ‘selling out’ by releasing NFTs.

The Future of NFTs

As this report shows, NFTs can and will continue to make waves well into the future if their use cases are explored. We’ve already seen NFTs be embraced by all sorts of businesses across different sectors and this could be the key to the industry’s survival. 

As this hopefully persists, the NFT space can be even bigger by 2027.

It seems NFTs being attached to food and beverages is the newest IP-leveraging trend in the industry. We just recently got the announcement of the Bored Ape Club being licensed for a limited edition M&Ms line and now, other popular NFT collections are finding their faces on food. 

barrelDAO, a brewery which is owned and controlled by members of a DAO, has announced the launch of Solana Summer Shandy. As the name would imply, it has an interesting connection to the Solana blockchain. 

More specifically, it is inspired by NFT collections like DeGods, Degenerate Ape Academy, Okay Bears, and Solana Monkey Business, all of which are Solana-based projects. 

Brewing up an NFT Storm

The beer was officially launched on August 26, 2022, and only 333 units of 16-packs were released. On the cover of the cans are various NFTs from different collections and the packs themselves are being sold as redeemable NFTs. 

How this works is that customers can buy the NFTs from the official barrelDAO website and then use the NFTs to redeem their beer packs. Each pack of beer is being sold for  1.35 SOL, which comes to around $45. 

In a statement from Dave Goldman, the co-founder and CEO of Barrel Labs,  to Decrypt, it was revealed that 20 of the NFTs that are printed on the cans are actually owned by the DAO while the other 23 were licensed. 

For many NFT collections, having ownership of an asset grants IP rights, meaning their owners can use them in commercial ventures. This also means that the image and likeness of the assets can be licensed out to others, as was done in this case. 

According to Goldman, the DAO hoped that this venture would continue positively to the ongoing discussion about NFT IP rights and licensing. 

“Over the past three days, we painstakingly went through and licensed every single NFT used in this can design. We knew that this could kick off a big conversation about IP in the NFT space, and wanted to be sure that we set a standard for other [consumer packaged goods] brands to follow,” he said.

With this and the Bored Ape M&Ms being announced within days of each other, it is clear that the owners of these NFTs are taking full advantage of them and monetizing their image and likeness. 

Taste the Blockchain

NFTs and food are an unlikely combination but these days, the two are becoming more closely intertwined. From the upcoming Bored Ape restaurant to the recent M&Ms and Solana Summer Shandy, we’re seeing more NFT imagery on food items. 

And this is a good thing for all involved. For the owners of the NFTs used, there is revenue from licensing and a return on their investment. For NFT lovers, this is a chance to get their hands on what is essentially edible merchandise. Perhaps as this becomes more popular, we will see NFT-themed foods in our local grocery stores. But only time will tell.

For all their popularity in the NFT space, the Bored Ape Yacht Club has fully leveraged its imagery for licensing. We’ve seen the Bored Apes partner with Casetify, release a limited edition Rolling Stone cover, and are even being turned into themed restaurants. 

But now, we are getting one of the more unusual and perhaps the tastiest Bored Ape collaboration yet; M&Ms. It was announced on August 25, 2022, that the Bored Ape Club will be appearing on some limited edition M&M sweets. This is thanks to a collaboration between the  Universal Music Group and the Yuga Labs-founded IP. 

Eat the Ape 

As the official press release for the product explains, this is being done specifically with ‘Kingship’ a virtual band that is made up of several Bored and Mutant Ape characters. All the NFTs that make up the band are owned by businessman Jimmy “j1mmy” McNelis. 

Since the band was formed, a digital presence has been created for them and there are even plans in place to create music to be released under the Kingship name. Now, the M&M sweets are being launched in honour of their rider. 

Within rock and music culture, a rider is a list of items that an artist or band asks to have backstage at shows. The Kingship specifically requests M&Ms and this is the basis of the collaboration. 

“To honor their rider, M&M’S® is releasing 3 limited edition products. These exclusive packs include all 6 colors of M&M’S®, custom printed candies with KINGSHIP™ group members Captain, KING, Arnell and Hud,” the product page says. 

The candies to be released include a limited edition gold 100 gift box (which is sold out as of the time of writing), a limited edition celebratory gift box, and a limited edition gift jar. 

Those who already held one of the band’s NFT key cards had priority access to buying the M&Ms and will likely enjoy similar perks when more collaborations come out. 

This is an example of not only a limited edition item from M&Ms but also a fusion of two brands that have a solid place in popular culture. 

“Consumers’ expectations for what they want from their favourite brands [have] shifted, and at Mars, we know we need to be more innovative than ever with such a culturally famous brand like M&M’s,” says Mars Wrigley Global Vice President Jane Hwang about the announcement. 

Ape in the Wild

This is yet another example of a Bored Ape owner leveraging their IP with a popular brand to offer a unique product to fans. It is, of course, something we can expect to see even more of these moving forward. 

Ultimately, this benefits the consumers who love collections like the Bored Ape Club. for those who already have Bored Apes, this is a way to further indulge in them and perhaps inspiration to leverage their own assets. For those who don’t or can’t afford to buy a Bored Ape, it is a way to participate without breaking the bank.

As NFTs become more publicly visible and popular, they have become a target for theft all over the world. From everyday people being targeted by phishing schemes to even celebrities, many people have had their NFTs stolen and unfortunately, this shows no signs of stopping.

But while we know that NFTs get stolen, we might underestimate just how much money is lost to NFT theft. Well, cryptocurrency analytics firm Elliptic has published a report that shows that over $100 million was lost from July 2021 to now due to NFT thefts. 

The Report Findings 

In the report, Elliptic gave some details as to the prevalence of NFT theft and how they operate. For example, the average NFT scam has been found to bring in around $300,000, making them very profitable. 

At the same time, some NFT scams have proven to be particularly profitable, with CryptoPunk #4324 being sold for around $490,000 by its thieves shortly after it was stolen. Another heist was able to steal 16 Blue-chip NFTs to the tune of $2.1 million in December 2021.

With this, a clear pattern can be seen of blue-chip NFTs being especially targeted by thieves. In fact, the report says that certain blue-chip NFTs have even been stolen more than once. 

“Emphasising the persisting problem of scams, assets #9650 and #5759 in the CloneX collection have been stolen twice in the space of three months – in two unrelated scam incidents – having been worth around $50,000 on both occasions,” the report says. 

And after these scams are completed, the criminals have been known to use token mixers which make it harder to track where their proceeds go to. Tornado Cash, in particular, was found to have been used by about 52% of scammers to launder their funds. 

The platform has since been sanctioned by the US Office of Foreign Assets Control in August 2022. In terms of how these scams are perpetrated, Elliptic uncovered several methods. 

These include traditional phishing scams, trojan horses (in which tokens with ‘booby traps’ are circulated), fake swaps, and so on. Even more creatively, some scammers go as far as paying for ads. 

“Scammers have also been known to pay to advertise their sites on search engines, meaning that unwitting individuals searching for the impersonated NFT platform will see a host of phishing links at the top of their search results,” the report notes. 

The Cost of Stealing 

As the report shows, NFT theft has a significant impact on the industry and those within it. From the millions being lost to thieves to the eventual involvement of regulators, these activities going unchecked will have negative effects on the space in the long term. 

Since the thieves themselves aren’t going to stop targeting NFTs, it is up to others in the industry to put more frameworks in place to secure assets for users and make sure that the amounts lost to thefts do not continue to rise.

Anyone who follows the NFTs space within Asia will know that the Chinese market is a particularly complex one. As a result of the government’s harsh attitude towards blockchain-based assets like cryptocurrency and NFTs, many businesses struggle with dealing with digital assets. 

For example, WeChat has previously closed accounts on its platform connected to NFTs and Tencent recently folded up its NFT app.  But Chinese companies are not giving up and Baidu, a top Chinese search engine, has taken its NFT endeavours to other parts of Asia. As recently reported, Baidu Japan has inked a new deal that will see both NFTs and a dedicated community launched. 

NFTs in Japan

As per the official announcement, Baidu Japan will be launching Simeji, a keyboard application, SimejiWEB3, an NFT project, and CryptoSimeji, a digital community. These projects will be developed in a new partnership with  ITI Group, which has extensive experience in the web3 space.

This incoming NFT project, the press release says, will target Gen Z consumers especially and in order to do this, six influencers have been chosen as ambassadors. Among these influencers are recog, a game commentator, Monayo, a game blogger, and Kazuaki Mizuchi, a web3 accountant. 

Gen Z was tagged as a very ‘trendy’ generation and one that is especially receptive to web3 and blockchain-based products, As such, this project is mainly geared towards them. With this in mind, it is quite fitting that CryptoSimeji is being pushed via influencers, which is a popular marketing technique among Gen Z.

 As for CryptoSimeji, it will feature NFT-related news, games, and information that will be accessible to even NFT newbies.

Overall, Baidu seems to be particularly ambitious with this project, from the recruitment of influencers to the posting of educational content on its social media platforms. In the press release, the company clarified that it has high hopes for this project and the space that it can occupy within the Japanese market. 

“[..] will jointly operate the project “SimejiWEB3” with ITI, which has a proven track record in Web 3.0 marketing. We are confident that we can grow into the largest Web 3.0 community in Japan. We will work on the NFT business so that more people can enjoy “Simeji”,” the release says. 

More announcements will be made as more projects are launched and more SimejiWEB3-centered content is released. 

The State of NFTs in Asia 

With this new announcement, one thing is being made clear; while Chinese laws mean that its NFT scene is more conservative than others, NFT activities in other parts of Asia and the world will carry on as usual. 

It is worth noting that this sort of NFT venture, with influencers and a keyboard app, might not be able to launch in Baidu’s home country due to the discouragement of ‘speculative’ NFTs. If this continues, we will likely see a stark contrast between NFT treatment and use in China compared to other parts of Asia, just as we have seen with cryptocurrency.

NFTs have been called many things; innovative, a fad, and even a scam. But one thing that NFTs cannot be called is obscure. The truth is that whether you love them or hate them,  NFTs are very well-known by the public. Thanks to very successful collections and an ever-growing association with popular culture, NFTs are at the forefront of public visibility. 

But just how well-known are NFTs actually? Well, according to a recent survey by the Pew Research Center, they are known by about half of the American public, making them very visible indeed.

Famous NFTs 

The survey in question was conducted from July 5 to July 17, 2022, and touched on crypto assets as a whole, as well as NFTs. As per the results of the study, 49% of adults in the United States have heard of NFTs. It should be noted, however, that this is not evenly distributed among genders. Among the respondents, 68% of men and only 30% of women report having heard of NFTs.

Over the years, a lack of female representation in the NFT and blockchain space as a whole has been extensively discussed. In fact, projects like the Boss Beauties collection have been launched to combat this growing problem. 

In terms of age, 18 to 29-year-olds were the most represented group, with 79% of respondents in that age range reporting that they had heard of NFTs, compared to 56% of 30 to 49-year-olds, and only 36% of people over 50 years old. This is in line with existing data that shows that NFTs are most popular among younger people. 

Information about NFTs also seems to differ according to economic status. As per the results, 66% of upper-income people have heard of NFTs, compared to 51% of middle-income people and 36% of lower-income people. Given how pricey of an investment some NFTs can be, with a single asset from top collections costing millions of dollars in some cases, this is to be expected. 

In terms of actually investing in NFTs, the study found that only 2% of Americans had. This is in contrast to a previous study that found that around a quarter of US households had done so. Interestingly, it was found that the number of people who had invested in crypto assets has not changed since a previous study in September 2022, despite the industry’s growth. 

Visibility in NFTs

Regardless of the existing data about actual NFT purchases among Americans, it cannot be denied that NFTs are very visible at the moment. Both studies cite NFTs as being very well-known, especially among younger people. 

As more NFT projects are launched with mainstream brands and public figures, we can expect this figure to rise even more over the years. In fact, this was cited as a factor for their inclusion in the study

What that will likely mean is that NFT sales will also increase, especially given the advanced utility that is being attached to them.

When it comes to phone cases and other such accessories, Casetify is a leader in its industry, having become one of the most recognizable names in the sector and securing a loyal customer base. Now, the company is joining forces with one of the biggest names in the NFT space; the Bored Ape Yacht Club. 

The two announced on August 23, 2022, that they would be releasing a new line of apparel and accessories. Naturally, all items in the collection will have the Bored Ape Club’s iconic imagery as well as imagery from the Mutant Ape Yacht Club. 

Bored ApeXCasetify 

This new collection is to be called the “To The Moon” capsule and sees Casetify licensing $2 million worth of Bored Ape and Mutant Ape NFT collections. As many of us know, the IP of the characters within these collections remains with their owners, who may choose to license them out, as is this case. 

As per the announcement, this new collection will include items like phone cases, hoodies, water bottles, and so on. This collection will be the best of both worlds in that fans of the Bored Ape Club will be able to sport their favourite designs in their everyday items. 41 characters in total will be featured on the designs, along with slogans like ‘To The Moon’, ‘HODL’, and ‘Ape In’. 

“The NFT space is constantly evolving. At Casetify, we’re proud to be able to turn world-class digital art into premium accessories that can be enjoyed by the masses, with benefits being shared with the community’s alpha group,” said Wes Ng, the CEO and co-founder of Casetify.

This is not the first time that the Bored Ape Club has collaborated with a consumer brand. Previously, the Bored Ape Club has partnered with Adidas, Rolling Stone, and so on to release limited edition items that leverage its image and likeness. 

Other NFT collections that have done brand collaborations include CryptoPunks which teamed up with Tiffany & Co. earlier this month. As NFTs become bigger pop culture symbols around the world, we will see more of these deals announced. 

The “To The Moon” capsule will be released on August 25, 2022, on the Casetify website and pieces will be priced between  $52 and $282. Given how expensive an actual Bored Ape is (hundreds of thousands to millions of dollars), this is a rather affordable alternative.

Wear Your Apes

Popular brands team up with apparel lines all the time, from pop stars to TV shows. Given how the loyal following many NFT collections have acquired, it makes sense that their images appear on things like phone cases and water bottles. 

The Bored Apes NFTs appearing on such everyday items is not only a chance for its supporters to show their love but also a way to show the NFTs simply existing in the ‘real world’. After all, an image that appears on a phone case feels much more ’tangible’ than one that is only seen in the digital space.