Category: News

Earlier this year, it was hinted that Instagram, one of the most widely used and powerful social media sites in the world, would begin allowing users to list NFTs on its platform. This naturally was met with excitement from the NFT-loving crowd, as well as speculation. How would the NFTs be displayed? How would you pay for them? When would they launch?

Well, no we know the answer to at least one of these questions. Thanks to a recent announcement from Mark Zuckerberg, the CEO of Meta, and Adam Mosseri, the head of Instagram, we now know that the platform will begin testing NFTs this week. 

Testing, Testing

In a video released on May 9, 2022, Zuckerberg confirmed that NFT testing will begin on Instagram this week and similar functionality is expected to find its way to Facebook eventually. 

Mosseri followed this up with a tweet explaining how the rollout will work. As with similar features introduced in the past, a select few users will be given this new function to use in the initial stage. 

“This week we’re beginning to test digital collectibles with a handful of US creators and collectors who will be able to share NFTs on Instagram. There will be no fees associated with posting or sharing a digital collectible on IG,” the tweet from Mosseri said. 

For those who will be chosen to test this new NFT feature, they will be able to post these NFTs on their Instagram feed, stories, and messages. Users can click on the NFT images and see information about them, including their name and price, the same way that they do with other products on the app. 

In the initial stage, only NFTs minted on Polygon and Ethereum will be supported, though support for Solana and Flow is expected to follow soon. The goal of this initial testing stage is to gather data on user engagement and determine how well the NFT features work on the app. 

Should testing be successful, this could potentially be rolled out to all Instagram users. But even Mosseri has acknowledged that it won’t all be smooth sailing. This is particularly because Instagram is a centralized platform and most NFT lovers are looking towards Web3, a decentralized version of the internet.

“I want to acknowledge upfront that NFTs and blockchain technologies and Web3 more broadly are all about distributing trust, distributing power. But Instagram is fundamentally a centralized platform, so there’s a tension there,” he added.

NFTs on Your Phone

As NFTs become more mainstream, one of the biggest hurdles for them to overcome is creating easier access for buyers. After all, not everyone might be curious or interested enough to open an account on a dedicated NFT marketplace. 

But if they can view and buy NFTs from a platform as globally known as Instagram, the amount of mainstream adoption and acceptance that can be achieved is limitless. From the stamp of approval that a brand like Instagram can give to ease of buying, a new dawn might be upon the NFT sector.

Many of us have fond memories of watching the iconic sketch show ‘Mr Bean’ that originally aired in the 1990s. The series propelled its lead star Rowan Atkinson into fame and has become a staple of comedy. Now, fans of the original show and the current animated iteration can own a piece of it for themselves. 

This comes as a new NFT collection featuring original artwork of the show and its titular character has been announced. This new collection is set to go on sale on May 25, 2022, via The Avenue. 

A Piece of Mr Bean

As per the announcement of the collection, a total of 3,333 NFTs will be made available for sale. This project is being supported by Rowan Atkinson himself, Tom Beattie, the executive producer of the show, and Richard Curtis, the show’s co-creator.

As Beattie explains, this NFT collection is in line with the show’s current trajectory and vision.

‘To marry NFTs and Mr Bean is a no-brainer. Mr Bean lives in a digital world, and people don’t kind of realise that. This NFT feels like quite a natural step for us,” he says.

Besides the fact that fans can buy a collectable connected to their favourite show, Atkinson also explained that the use of NFTs helps to draw more attention to the animation in the show and shine a spotlight on the artists behind it.

The NFTs will be available for purchase using Ether from the 25th of May, 2022. When fans buy one of the NFTs, they will receive branded merchandise and will also be entered into a raffle. Should they win, they will receive a hand-drawn picture of Mr Bean, signed by Atkinson himself.

While the original sketch show debuted in the 1990s, its popularity has endured throughout the years, with an animated show even premiering in 2002 and also finding success among viewers. Given the show’s popularity across three decades, there is a sizable audience that would be interested in its digital offerings.

This also highlights, as Atkinson explained, the work done by original artists behind-the-scenes at TV shows.

“Any initiative which not only draws attention to but actually enables access to the fabulous artwork associated with the Mr Bean animation series, I welcome with open arms,” he said. 

NFTs on the Small Screen

In the last few months, we’ve seen more and more instances of NFTs being tied to pop culture. Whether this is with Stranger Things or the recent Batman movie, NFTs are fast becoming the newest way for fans to connect to their favourite media.

Besides the fact that NFTs are one of the most popular forms of digital assets today, they are also very easy for fans all over the world to access. Mr Bean, for example, was watched all over the world and this NFT sale means that people who love the show can buy them regardless of where they are. 

As long as they have access to the internet, they too can enjoy the magic of NFTs.

These days, NFTs are making more of an impact in the world of sports. NFL Legend Tom Brady released his own collection of NFTs commemorating his career, the NBA has released a collection ahead of the new season, and sports fans are being spoiled for choice when it comes to digital assets relating to their favourite sports and teams. 

The latest of these comes from basketball player Stephen Curry, who has announced a new partnership with sports brand Under Armour. As part of this partnership, NFTs are going to be released that relate to the star’s career wins. 

NFTs and Basketball 

These new NFTs to be released will be based on Curry making three-point shots during playoff games, which he is known for. Now, every time one of these shots is made, three digital basketball NFTs will be minted to mark the occasion. 

Fans who want to get their hands on one of these NFTs will have to register to do so and this will be done on a first-come-first-serve basis. Those who are able to first reserve the NFTs will be able to mint them within an hour of the game where they were stored. The NFTs will also come with something that has been called ‘serums’ and these will be stored in users’ digital wallets.

The new development was confirmed via a statement on its official Twitter handle. 

“First you Change the Game for Good, then you mutate it. Every 3 @stephenCurry30 hits during the playoffs is a chance to own a piece of history. Learn more at: https://lab.currybrand.com/currycounter,” the tweet said. 

This is neither Curry’s nor Under Armour’s first foray into the world of NFTs. Last year, the company launched an NFT collection to celebrate Curry’s three-point record and Curry himself has previously spent thousands of dollars on NFT sneakers. 

The Curry brand, which was launched in November 2021, is the player’s brand with Under Armour and handles all of his digital asset releases. It is particularly interesting that these NFTs will be based on three-point shots, which is so closely associated with the Curry brand. 

As NFTs are becoming more popular among athletes, they are quickly being leveraged as a branding tool, akin to trading cards and jerseys. The fact that Curry fans have to compete with each other to get their hands on these NFTs only contributes to the excitement, 

NFTs For the Win

One of the reasons why NFTs have become so popular is because of their status as collectables. Now, they are being actively applied to the world of sports and seem to be a way for fans to engage more with the sports, the teams, and the players themselves.

Should this Stephen Curry collection be popular, we could very much expect more sports stars to have NFTs commemorating their career highlights. This would mean a level of connection between players and their fans that is unprecedented and could usher in a new era of fan engagement.

When it comes to the blockchain industry, and specifically NFTs, Discord pages are one of the most valuable tools available. This is because they serve as a platform for users to congregate, access valuable information, and so on. 

This also makes Discord pages a major target for hackers and scammers. Just last month, the Bored Ape Yacht Club’s Discord page fell victim to hackers who were running a phishing scheme. Now, the Discord page of OpenSea, one of the biggest NFT marketplaces in the world, has also been targeted by a similar phishing scheme. 

OpenSea Under Attack

According to reports, the hack was first discovered after a bot posted a message alleging that OpenSea had entered into a partnership with YouTube. Users were then told to click on a link that would allow them to mint NFTs for free and enjoy special utilities. 

“You are able to get this mint pass below for 100% free. There will only be 100 of these however, once they are gone they won’t be coming back and you will have to purchase off the OpenSea marketplace. Congratulations to those who get one,” the message from the scammers said.

Allegedly, the attack went on for quite some time, with the scammer insisting that users click on the YouTube Genesis Mint Pass link and repeatedly claiming that the passes were going fast. Eventually, the official OpenSea Twitter handle confirmed that an attack had taken place on the Discord channel and that an investigation would be opened.

Despite this, it has been reported that the attack was fairly successful, with an NFT worth $9,000 being stolen from one of the wallets that were compromised. 

Securing Assets

Given how profitable the NFT space is these days, it comes as no surprise that platforms for NFTs are being targeted by scammers, especially the Discord page of a site like OpenSea.

It is also not surprising that the link used to lure victims was one that promised free minting. Besides the cost of the NFTs themselves, minting constitutes a significant part of the cost of getting into NFTs. This is even more so for high-in-demand NFT collections.

In the recent Otherside NFT sale, for example, some people paid thousands of dollars just to mint a single NFT. As such, the prospect of being able to mint NFTs for free would be tempting to the average buyer.

This also means that these types of attacks are not likely to stop anytime soon. The good news is that both buyers and the platforms being targeted are getting more efficient at detecting and stopping these attacks. A clear idea of what a phishing scheme looks like in the NFT space is fast becoming apparent within the industry and hopefully, this means more buyers can spot and avoid them. 
For the platforms, this also means a better chance at being able to protect their users, which is even more important considering the fact that some are beginning to take legal action against them.

As many of us know, Tesla CEO Elon Musk has an interesting relationship with the blockchain industry. Last year, he famously threw his weight behind Dogecoin, including during his SNL appearance. This partially led to several spikes in the value of the token.  

Musk has also publicly shown interest in other cryptocurrencies like Bitcoin, which are some of the most famous products of blockchain. With how famous NFTs have gotten in the last few years, it comes as no surprise that Musk has weighed in on them. 

Unlike with Dogecoin, however, Musk doesn’t seem all that fond of NFTs and apparently threw jabs at them in his recent Twitter activity. 

Shade From Musk?

The apparent jab from Elon Musk came via him changing his Twitter profile picture to a collage of NFTs from the Bored Ape Yacht Club. Shortly after this was done, Musk sent out a tweet that alluded to them.

“I dunno…seems kinda fungible,” he tweeted. 

This can be interpreted as Musk claiming that NFTs are not truly ‘fungible’ i.e that they can be replicated fairly easily and are thus, not worth the money paid for them. It is also notable that he used a collage of NFTs from the Bored Ape Yacht Club, the most valuable NFT collection in the world, to drive home his point. 

The specific collage Musk posted was from the “Ape In!” NFT auction from September 2021 that was held by the auction house Sotheby’s. As soon as the profile picture was changed and the tweet made, Twitter was abuzz with different opinions. 

Fans of Musk praised his actions and some responded with memes of their own, while others defended NFTs. One interesting response came from Michael Bouhanna, the vice president and co-head of digital art at Sotheby’s, who playfully asked Elon Musk for credit for the work.

“@Elonmusk as much as I admire your work I’d like you to remove your pfp that I created for our Sotheby’s sale. Or you credit me 😂. Happy to send you the original file minted with the buyer approval,” Bouhanna tweeted. 

While all this has been in good fun, it has, once again, brought about the discussion of the value of NFTs, especially of digital artwork. As many NFT fans pointed out, Musk could use the image of a Bored Ape as his profile picture but he still did not ‘own’ the NFT or had rights to it. 

Speculative NFTs

If history is any indication, this will probably not be the last time that we hear from Elon Musk regarding NFTs. Whether his apparent dislike of them will have any effect on the market as his endorsement of Dogecoin did, however, is left to be decided. 

Regardless, having one of the richest and most famous people talk about NFTs on such a public platform only serves to shine more of a light on the NFT industry. And as they say, no publicity is bad publicity. 

Earlier this year, it was announced that Starbucks, arguably the most famous coffee franchise in the world, would be getting involved with NFTs. This came via an announcement from its CEO Howard Schultz that the company would be releasing an NFT collection in 2022, putting it alongside other top companies like Evian that have entered the metaverse. 

Now, weeks later, we know much more about these NFT ambitions from the company. Through a blog post on its official website, Starbucks has explained that its NFT projects will be made with a view to developing the digital equivalent of a ‘third place’.

A Third Place in the Metaverse?

In the blog post, Starbucks states that the ‘third place’ has ‘always been the feeling of connection and belonging it provides.’ It is also explained that in the digital world that we currently live in, Starbucks wants to extend this third place beyond its physical locations and meet customers wherever they are.

This is where NFTs come in as they will not be treated as a tradable asset to be sold based on speculation but more as an access pass of sorts. 

“We believe NFTs have broad potential to create an expanded, shared-ownership model for loyalty, the offering of unique experiences, community building, storytelling, and customer engagement,” the blog post says.

Moving forward, Starbucks will be releasing collections of NFTs, all of which will be used to grant access to specific perks and experiences. They will also be created with Starbucks’ decades of culture and history in mind. 

While many brands have a strong foundation that can be leveraged for NFTs, few of them have as much to work with as Starbucks. As the blog post explains, Starbucks has 50 years of history, global recognition, and over 27 million rewards program members in the United States alone.

The company also has a history of embracing innovative technologies including things like loyalty, mobile payment, mobile ordering, and Wi-Fi. Besides the foray into NFTs, Starbucks is heavily invested in Web3 as a space.

There are plans in place to develop a Starbucks Digital Community Web3 platform that will support both frontend and backend functions. Overall, Starbucks is anticipating a robust and progressive approach to blockchain. 

“Our approach to blockchain technology – while ultimately likely to be multi-chain or chain agnostic – will certainly start with collections backed by blockchains and infrastructure that is consistent with our multi-decade commitment to sustainability,” the announcement explains. 

Starbucks NFTs

Starbucks ended its blog post by reiterating that its first NFT collection will be released by the end of this year. This new collection, the company says, will be based on coffee art and storytelling and will come with exclusive perks and experiences for users. 

More than that, this NFT collection will serve as its official foray into the blockchain and metaverse. At the heart of all these efforts, however, will be an emphasis on the Starbucks community, even as more avenues for engagement are being created with blockchain.

Many of us might love NFTs for the cool pixelated art attached to them or the potential of flipping them for a profit but our favourite digital collectables are fast becoming political tools. Take, for example, the different establishments that have been selling them to raise funds for Ukraine amidst the Ukraine-Russia conflict. 

We’re at a stage where we are beginning to push the limits of what we can or should do with NFTs and inevitably, politics and world affairs are coming into the mix. Take some residents of Shanghai who have started documenting their experiences in lockdown using NFTs. 

A City Under Lock and Key

As per a report from Reuters, some residents of Shanghai have been minting content that documents their experiences in a month-long lockdown in which no one was allowed to leave their homes. These NFTs have included videos, pictures, audio, and so on. 

The reason this content is made into NFTs is to make sure that it cannot be censored or removed. In response to this, Chinese censors are trying to crack down on group chats and other online platforms to stop what they call ‘rumours and efforts to stoke discord’. 

Still, some citizens are undeterred, posting their content to sites like OpenSea and documenting their experiences. One notable NFT that was made was a six-minute video entitled “The Voice of April” that shared audio recordings of the Shanghai outbreak.

Since it was minted on April 22, 2022, hundreds of other items have also been listed on OpenSea that relate to the video. There have been instances in the past of Chinese activists  recording the accounts of government activities on blockchains and now, NFTs seem to be the newest way to do so. 

“I have minted the ‘Voice of April’ video into an NFT and have frozen its metadata. This video will exist forever on the IPFS,” said a Chinese Twitter user, alluding to the fact that his content is now immortalized. 

Of course, Twitter is not permitted in China but citizens sometimes access it using VPNs. The strict attitude that Chinese authorities have had towards western-created tech like NFTs has been well known. 

Last month, accounts on WeChat, the biggest messaging platform in China, were suspended for NFT-related activity. Considering that NFTs are now being used to document government and lockdown activities for the rest of the world, we can only expect attempts at censorship to continue. 

Activist NFTs

As long as there are oppressive governments around the world and a means to document their activities, this sort of content will continue to exist in cyberspace. While our first impressions of NFTs might not be about activism, they have clearly found some use there. 

Over time, we will likely continue to see NFTs of content that the government might otherwise try to remove on sites like OpenSea alongside our favourite pixelated monkeys. These just go to show the multifaceted nature of NFTs and the role that they play in our world.

NFTs can be used for many things, from transferring ownership of artwork to selling limited edition pieces. One of the more novel but fast-growing applications of NFTs is in building community. NFTs can be designed with specific perks, including exclusive access to online and real-life experiences. 

This makes them valuable tools for curating and fostering communities. At least VanEck, the crypto asset management firm, thinks so. The firm has just announced the release of 1,000 limited edition NFTs that are specifically designed to grant their owners access to the VanEck community, as well as events and exclusive research. 

Welcome to the Community 

Of the 1,000 NFTs that are being released by VanEck, there is some variance in their rarity level and what they can offer. Among the perks attached to them is access to virtual and real-life events, as well as the first look at Van Ecks’ digital asset research findings.

There will be three categories of rarity for the NFTs. These will be the commons NFTs (750 in total), the rare NFTs (230), and the legendary ones (20). These are being created in conjunction with a South Korea-based NFT agency called NUMOMO. 

These NFTs, as with many these days, are based on memes. More specifically, they are based on memes of the first U.S. Treasury Secretary Alexander Hamilton, who is referred to i the ecosystem as ‘Hammy’. The memes all reference the character’s journey into the worlds of economics and finance. 

Those interested can sign up for the NFTs via the VanEck website and in the week of May 2, they will receive their NFTs and these will, by the end of the month, fully evolve into avatars and reveal the perks that come with them. 

Generally, the purpose of these NFTs is to foster the VanEck NFT community.

“Since each NFT in the VanEck Community NFT is unique and scarce in their own right, the use of this NFT allows us to build an exclusive community where members who hold said NFT are invited to experiences and events where they can network with like-minded investors and crypto enthusiasts,” VanEck internal sales manager Matthew Bartlett said in an interview with CoinDesk. 

This community-centric attitude is also apparent in the fact that the NFTs are not going to be sold or listed on any marketplaces. Instead, the first 1,000 people to sign up on the VanEck website will receive them. 

NFTs and the Power of Community 

So much of the emphasis in the NFT space is put on the commercial aspect and how digital assets can be monetized. While this commercial aspect has certainly contributed to the growth of the industry, it is important to note that NFTs can do much more than just make money. 

In the case of this VanEck announcement, NFTs are being leveraged to grow communities and further engagement that, ultimately, will benefit the space in the long run. Over time, we will likely see more top companies adopt this approach.

Remember when Ukraine took to selling NFTs as a way to raise funds for its troops in the Ukraine-Russia conflict? It marked one of the first times that a country’s government would officially get involved in NFTs, much less for war efforts. 

Well, the trend seems to have caught on. Just after a Georgian company began selling ‘Russia’ in bits as NFTs to support the same efforts, a football club in the United Kingdom has taken to doing the same. Leeds United Football Club has announced on May 2, 2022, that it will be selling 11 exclusive NFTs in support of Ukraine. 

A Helping Hand

In the announcement, Leeds United FC explained that it will be releasing 11 ‘No War’ shirts that will be worn by the team by before the Manchester City match. Each shirt will be signed by the player who wears it and the funds raised will go to the Ukraine Humanitarian Appeal.

These shirts will have elemental detailing on both the front and back, as well as digital signatures from the player who wore them. While this is certainly an interesting effort, the announcement was quick to point out that this will not be an ongoing thing. 

“Only one of each NFT will be made available at this current time, ensuring each NFT has been issued as an exclusive one-of-one and feature a fantastic set of physical rewards alongside the digital collectable,” the announcement says.

The NFTs are being sold by auction and both credit cards and Ethereum are accepted. Those who win the NFTs via auction will get some additional perks. These will include the digitally signed NFT itself, 2 hospitality tickets for the Leeds v Brighton match on May 15, 2022, a pitchside tour with LUFC legends, and attendance to one open training session at a later time. 

Collectable Items 

This new NFT sale marks both a new foray into NFTs for the football club and also another instance of digital assets being used for non-profit fundraising. Both of these are becoming much more common these days and only serve to show the diversity of NFT applications. 

Interestingly, the announcement of the NFTs also had some fine print attached. Underneath the post, there is text that reads, “Shirts For Ukraine NFTs have been issued as collectable items and not as an investment. The decision to purchase  NFTs requires careful consideration. You should spend only what you can afford and always seek independent advice if you are in doubt. You should not purchase any NFTs if you do not fully understand the nature of your purchase and the risks involved.”

A common practice in NFT spaces is buying rare NFTs with the intention of reselling them immediately or later in the future. This can be seen as a sort of NFT scalping by people looking to make a fast profit. 

But as with the recent blunder regarding Jack Dorsey’s first tweet NFT, this does not always go well. As such, it comes as no surprise that these sorts of disclaimers are being put in place.

Of all the NFT sales that have taken place this year, the Otherside sale has perhaps been the most anticipated. This is partially because it was fronted by Yuga Labs, the company behind the Bored Ape Yacht Club. 

Ahead of the sale, which was held on April 30, 2022, Yuga Labs had announced a change in the gas fee mechanism to prevent a gas war on the Ethereum network. Despite all of this, there were a few reported gas fee hitches during the sale. 

Regardless, it has gone on to be one of the most successful NFT sales of all time, with almost $300 million made. 

Welcome to the Otherside 

The NFTs that were available during the sale were called Otherdeeds and represented ownership of digital land in the Otherside metaverse. Each Otherdeed was sold for roughly $7,000 and about 55,000 of them were created for the sale. 

In total, about $285 million was made from the sale, officially making Otherside a success in the market. This comes as no surprise given how much excitement was in the air ahead of the sale from BAYC fans and others alike. 

But the sale wasn’t without a hitch, specifically when it came to gas fees. Even before the sale, Yuga Labs had scrapped plans to decide on minting fees via a Dutch sale and instead, have a flat rate of 305 APE coins each. Part of the reason for this, the company said, was to avoid gas wars; a situation where gas fees are extremely high because buyers are competing on the network.

“Otherdeed mint may be one of the largest scale, high-demand NFT mints ever. All the usual problems with NFT gas wars would be exacerbated by the sheer number of NFTs to be minted, which could result in a gas war of historic proportions,” the announcement said at the time. 

Despite their best efforts, there were still reports of gas fees on the Ethereum network being ridiculously high, with one Twitter user claiming that they paid over $14,000 in gas fees alone. The sheer demand for the NFTs and the speeds at which they were being bought proved to be too much for the Ethereum Network and Yuga Labs, which led to them apologizing to fans. 

“This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations,” a statement from Yuga Labs said, “We’re sorry for turning off the lights on Ethereum for a while.”

The Future of Blockchains

This Otherside saga has revealed a few things, one of which is that gas fees are still a major issues for blockchain users. Despite Yuga Labs trying to prevent issues with gas fees, the demand for NFT minting and the subsequent result could not be contained. 

There has even been speculation that Yuga Labs will be moving future operations to another blockchain, which shows how much of an issue gas price stability is in the industry.