Nifty News: BTC miners cash $5M on Ordinals, Reddit NFTs get botting backlash and more
Bitcoin transaction fees from Ordinals inscriptions have exploded by 240% over the last month.
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Značka: Adidas
Nifty News: Celebs lose big on BAYC, Meghan and Harry building a metaverse, and more.
Celebrities facing huge losses from BAYC NFTsThe hype behind the Bored Ape Yacht Club (BAYC) over the last year resulted in many celebrities investing in the Ethereum-based nonfungible token (NFT) collection with many, such as singer Justin Bieber, paying top dollar.Bieber paid 500 Ether (ETH) for BAYC #3001 on Jan. 29, which at the time was valued at around $1.28 million, while the current top offer on the NFT cracks just over $69,500.According to data from NFT Price Floor, the floor price for the collection has fallen considerably since it peaked at 144.9 ETH on May. 1 this year, which at the time was worth around $396,760, to a current low of 48 ETH, valued at $58,589 at the time of writing.Many other celebs also rode the wave of hype that saw the Yuga Labs made NFTs become a “blue chip” collection, such as entrepreneur Gary Vee who still has a number of Bored Apes in his 2,400-strong NFT collection, and television host Jimmy Fallon, who bought BAYC #599 for $224,191 on Nov. 8 which has a current top offer of $70,264.It’s not all bad news for Bored Apes though, with BAYC #8633 having been bought from digital art collector Pransky for nearly $747,500 on Nov. 17 showing that there is still a huge demand for Bored Apes with some rare attributes.The Sussexes in talks for a ‘virtual world’Prince Harry and Meghan Markle are “in advanced talks” with pax.world — a platform allowing users to create their own metaverse, according to a Nov. 15 Mirror article.Sources allege that Markle is the driving force behind the plan, as a result, the Metaverse has cleverly been dubbed the “Meg-averse.”The former working royals are thought to be looking for new ways to connect with their fans and see their purported Metaverse as a way “to take their brand fully global.”.According to pax.world founder Frank Fitzgerald, the Metaverse is perfect for the “progressive, tech-savvy” audience the pair are looking to connect with as they build upon their brand, saying the platform is offering the couple “a plot of prime pax.world land.”Adidas Originals unveil ‘virtual gear’ collectionAdidas released an Ethereum based NFT collection called the “Genesis collection,” on Nov. 16 featuring a set of wearables designed to be worn by virtual avatars.INTRODUCING ADIDAS VIRTUAL GEARUnveiling the genesis collection of adidas Virtual Gear 1/6 pic.twitter.com/FUt9Qhj8VO— adidas Originals (@adidasoriginals) November 16, 2022Calling the new product “Virtual Gear,” the sportswear giant has labeled the collection as a “new, interoperable product category,” adding:“[It] accelerates our collective drive towards strengthening web3, and the adidas community-based, member-first, open metaverse pledge”Building on Adidas’ partnership with BAYC, Mutant Ape Yacht Club and Inhabitants, the 16-piece collection will also allow users who own a wearable Adidas NFT and a participating partner’s NFT to “dress up” that NFT with their Adidas virtual wearable.Owners of the Adidas Originals: Capsule NFT Collection, which launched in May will be able to burn their capsule NFT and have it replaced with a random NFT from the new collection.Commenting on the collection, the Senior VP of Creative Direction for Adidas Originals Nic Galway said Web3 offers new opportunities for its designers and collaborators and adds a “level of utility that can be explored and even discovered as worlds and avatars take new forms.”Sony’s NFT gaming patentIn a patent applied for in May 2021 and made public on Nov. 10, technology conglomerate Sony has revealed its intent to incorporate blockchain technology into its games.The patent shows the company aims to track in-game assets using blockchain technology and NFTs, including a series of diagrams showing how it would do this.One of the diagrams showing how Sony envisages its tracking system to work. Image: WIPOWhile the filing is just a patent at this time, it may indicate the entertainment behemoth is interested in joining the growing NFT gaming market.Sony has already dipped its foot into NFTs, after partnering with Theta Labs in May to launch a collection of 3D NFTs viewable on its Spatial Reality Display, that allows visualization of 3D models.More Nifty News:Crypto has been front and center at Abu Dhabi Grand Prix, with Red Bull Racing featuring NFTs on both the cars of the Red Bull Racing’s driving team following a deal struck with crypto exchange Bybit.The creator of the BAYC, Yuga Labs, acquired Beeple’s browser-based NFT game on Nov. 15. The game allows players to outfit heroes with crafted loadouts and items to complete missions, and Yuga Labs have hinted that it could be merged into their Otherside metaverse ecosystem.
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Nifty News: Nike unveils NFT platform, Steve Jobs' sandals sell for $200K and more
Nike’s “Dot Swoosh” platform landsFootwear and apparel giant Nike has unveiled its latest foray into the non-fungible token (NFT) and Metaverse space with the launch of an NFT marketplace named “.Swoosh”While .Swoosh is still in the beta phase, Nike announced that its “first digital collection” is set to launch on the eb3 platform in 2023, with the rest of 2022 devoted to growing the platform and user base.✅ About .SWOOSH ♂️.SWOOSH is a platform for @Nike’s virtual creations, for them to be more accessible and to onboard the next millions into the wonderful world of web3 and digital assets.pic.twitter.com/F0M7Q8Ddwk— ycxc RTFKT (@ycxcRTFKT) November 14, 2022Among the “virtual creations” to become available next year are digital sneakers, apparel, accessories and other collectibles. In addition, some will unlock benefits such as access to real-life products and events.Following the first collection drop, members can enter a community challenge to win the opportunity to co-create a virtual product with Nike.According to Nike, the winners of the challenge can earn an undisclosed amount of royalties on the virtual product they help co-create.Ron Faris, general manager of Nike Virtual Studios, said .Swoosh offers a “gateway into a new digital arena,” while the Twitter post from Nike said the platform would help “onboard the next millions” into the “wonderful world of web3 and digital assets.”“We are shaping a marketplace of the future with an accessible platform for the web3-curious,” he added.In 2021, Nike entered the Metaverse game through the acquisition of virtual sneakers and collectibles brand RTFKT. It also launched the virtual world Nikeland. .SWOOSH uses similar tools and technologies but all three are different projects for the company.Steve Jobs NFT sandals go under the hammerA one-of-a-kind non-fungible token (NFT) of the Birkenstocks sandals worn by Apple co-founder Steve Jobs at various times during his life has sold for $218,750 at an auction. Steve Jobs sandals, complete with imprints of his feet. Source: Julien’s AuctionsJulien’s Auctions ran the auction from Nov. 11 to Nov. 13, with 19 people overall trying to claim the footwear with offers ranging from $15,000 to $175,000.Included in the deal was an NFT featuring a 360° digital representation of Steve Jobs sandals and was minted on the Polygon blockchain. The NFT is a 1-of-1 Edition and included the physical sandals, with the “imprint of Steve Jobs’ feet.” It also came with a hard case for storage and transport and a Jean Pigozzi book titled “The 213 Most Important Men in My Life.”Initially, the sandals and NFT were projected to fetch between $60,000 and $80,000, but after 19 bids, the sandals ended up going for $218,750. The new owner of the sandal NFT has not been publically disclosed. Jobs and Steve Wozniak co-founded Apple in 1976. Jobs died of pancreatic cancer in 2011. First airport metaverse takes flight in India Bangalore International Airport has launched Metaport, a metaverse airport built on the Polygon blockchain. Hello flyers ✈️ @BLRAirport launches #Metaport, the ‘s first airport metaverse exclusively #onPolygon to showcase the T2 Terminal.Experience the phygital world ofSocializing️ ShoppingEntertainmentWelcome to the future powered by #Polygon, @AWS & @Intel pic.twitter.com/9ESUoIvplm— Polygon – MATIC (@0xPolygon) November 12, 2022
Inaugurated by Indian Prime Minister Narendra Modi on Nov. 11, the metaverse features a virtual reproduction of Terminal 2 at Bangalore International Airport and allows users to network with other travelers, access entertainment and go shopping in the digital space. Arpit Sharma, Vice President of Enterprises at Polygon, posted a Nov. 12 video of Metaport in action. BLR metaport powered by @0xPolygon, @awscloud, @intel, @BLRAirport goes live today! Super proud! Bengaluru is leading the way – @Tejasvi_Surya Kudos to the amazing leaders and team@HariMarar @sandeepnailwal @kamakshi_taneja @nikhilv @kanishkaagiwal https://t.co/5X9BBLOUIL pic.twitter.com/VgTomeNBxz— Arpit (@Arp_it1) November 12, 2022
In the video a user logs into the Metaverse airport, customizes their avatar’s appearance and clothing, and then wanders around the virtual space. The avatar interacts with several other users through a text-based chat, goes on an art tour, and gets the chance to purchase digital items before a boarding call prompts the user to leave the metaverse. The project is the result of a joint venture between Bangalore International Airport, Polygon, Intel and Amazon Web Services and is being called the first metaverse airport in the world by its creators. 2022 FIFA World Cup NFTs kicking off The 2022 FIFA World Cup is rapidly approaching its Nov. 20 kickoff in Qatar and in the leadup, several companies have been releasing NFT collections and announcing Web3 games for the event. Sportswear manufacturer Adidas posted a Nov. 14 promotional trailer for the World Cup featuring its Bored Ape Yacht Club (BAYC) character Indigo Herz alongside Lionel Messi and other players. catch our family reunion all World Cup long #ImpossibleIsNothing pic.twitter.com/UCNG2WBnLg— adidas (@adidas) November 14, 2022
Herz was on a cereal box of “Indigoooooals.” The footwear giant purchased Indigo Herz, or BAYC #8774, on Sept. 17, 2021 for 46 Ethereum — worth approximately $58,500 at the time. Yuga Labs grants holders full intellectual property rights to use the characters for commercial endeavors. Related: Wuhan omits NFTs from metaverse plan amid regulatory uncertainty in ChinaEarlier this month, major credit card company Visa released five soccer-themed NFTs for auction on Nov. 1 featuring World Cup goals of famous players. The auction lasted until Nov. 8, with all proceeds donated to a U.K.-based charity. The payments company is also giving fans a chance to create their own NFTs on a digital pitch at the FIFA Fan Festival, which will launch during the World Cup. On Oct. 14, Budweiser partnered with FIFA to release a live scoreboard NFT collection called Budverse X World Cup. According to the OpenSea description, once users mint their world cup team, the NFT will follow and track the progress throughout the FIFA World Cup. Meanwhile, FIFA announced on Nov. 9 they will have at least four web 3.0 games that fans can play while at the World Cup.More Nifty News:NFT marketplace OpenSea announced it will continue to enforce royalties across all collections going forward, following an outcry from creators for considering otherwise. Web3 technology has opened a whole new frontier for musicians, but the head of IP at Animal Concerts metaverse platform says onboarding someone like Snoop who is active in the space is very different from “artists who don’t typically keep up with the Web3 ecosystem.”
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'$1T opportunity': JPMorgan becomes first major bank in the Metaverse
The largest bank in the US, JPMorgan, has taken a massive step into the Metaverse, opening a virtual lounge in the popular blockchain-based world Decentraland after it labelled the sector as a “$1 trillion opportunity.”Visitors to the lounge, situated in Decentraland’s Metajuku mall, are greeted by a roaming tiger and a digital portrait of Jamie Dimon, the CEO of JPMorgan. If players walk upstairs, they can watch an executive’s presentation on the economics of cryptocurrency. JPMorgan’s metaverse bank (Source: Decentraland)The “onyx lounge”, named after JPMorgan’s in-house blockchain payments system was unveiled alongside a report from the bank, detailing the types of business opportunities companies can expect to find in the Metaverse. The report states: ”The Metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues”, while also highlighting that $54 billion is already being spent on virtual goods each year—twice the amount spent buying music. The report notes the average price of virtual land doubled from $6,000 to $12,000 between June and December last year, and predicts that in-game advertising spending will reach $18.4 billion per annum by 2027.JPMorgan has identified a rush of individual creators utilizing Web3 to monetize their work in new ways as a driving force behind the new economy being build in the Metaverse. “This democratic ownership economy coupled with the possibility of interoperability, could unlock immense economic opportunities, whereby digital goods and services are no longer captive to a singular gaming platform or brand.”Increasing mainstream adoption of the Metaverse is also being driven by interest from massive brands, notes JPMorgan, citing Adidas and Nike’s move to create NFT-based products and shopfronts as well as Samsung opening a Metaverse store as enormous steps forward in adoption. As if to underline the point, Disney announced this morning that it has officially appointed a new executive, Mike White, to lead its foray into the Metaverse. According to a memo from Disney CEO Bob Chapek, Disney is looking to expand its storytelling prowess to the digital realm. “Today, we have an opportunity to connect those universes and create an entirely new paradigm for how audiences experience and engage with our stories,” said Chapek. Related: FarmVille developer Zynga set to release first NFT game this yearThe JPMorgan report wasn’t all positive however. In a section titled “Navigating hype vs. reality,” the report stated, “Despite much excitement about the possibilities of the Metaverse, in order to enable its full potential for engagement, community building, self-expression and commerce, key areas need to be further developed and matured,” pointing to flaws in the overall user experience, poor performance of avatars, as well as difficulties with commercial infrastructure.
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Adidas Originals to launch debut NFT collection
Adidas Originals have announced the upcoming launch of their nonfungible token (NFT) collection titled Into the Metaverse.Although details on the supply are sparse at this time, it has been revealed that the digital asset will serve as an access token, promising holders’ exclusive access to future merchandise, physical and digital product and services, rewards within the newly attained land plot in The Sandbox, and more.The collection’s sale will commence via the company’s official website on Dec. 17 at a price of 0.2 ETH, equivalent to approximately $810 at the time of writing.Cointelegraph spoke to NFT influencer GMoney to discuss his expectations for Adidas’ emergence into the NFT market:“They have been very thoughtful and deliberate on their entrance into the space. I think they will help empower communities and creators by building together.”On Dec. 2, Adidas Originals announced their foray into the metaverse with partnerships with Bored Ape Yacht Club, GMoney, and PUNKS Comic, stating that digital worlds that constitute the metaverse will be a place “where anyone can express their most original ideas and be their most authentic selves.”Alongside this, it was revealed that Adidas purchased Ape #8774 — a blue-furred, heart-bespectacled ape with a fisherman’s hat and gold hoop earning — on Sept 17th for 46ETH, a little over $150,000 at the time.Upon the announcement, the ape was displayed in an Adidas tracksuit sporting the logos of the three respective partners, as well as a side-ways Adidas logo.#NewProfilePic pic.twitter.com/Dve8TbXT9k— adidas Originals (@adidasoriginals) December 2, 2021Related: NFT sales aim for a $17.7B record in 2021: Cointelegraph ResearchGMoney spoke about his role in supporting the brands entrance into the space in a culturally-conscious way, stating:“I have been speaking to them since April, helping to guide them in their strategy, offering feedback on ideas, to make sure that they enter the space in a truly authentic manner. And I think we’re seeing that play out now, as Adidas has had the most authentic entry into the space so far.”Over the last few months, a number of established corporations, celebrities and cultural influencers have declared their intentions to develop or participate within the NFT and metaverse space as the opportunities of the Web3 become evident.On Dec. 14, fellow sportwear brand and direct competitor Nike unveiled their presence in the metaverse space with the acquisition of virtual sneaker brand RTKFT. The undisclosed purchase succeeded RTFKT’s highly-successful CloneX avatar drop, an NFT project Cointelegrpa discussed in-depth with one of the co-founders, Chris Le in early October this year.
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Adidas enters the Metaverse with NFT partnerships
On Thursday, Adidas announced it was entering the Metaverse in collaboration with Bored Ape Yacht Club, gmoney NFT, and PUNKS Comic. In an article posted on the Adidas mobile app, the developers behind the initiative said the following:This autumn, Adidas, known for celebrating ideas at the bleeding edge of originality, it settling in at the frontier of creativity: The Metaverse. Our goal there? To see every one of its inhabitants thrive. The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain [and NFTs], those pioneers can own a piece of what they create.Today we leap Into The Metaverse with @BoredApeYC, @gmoneyNFT & @punkscomic.It’s time to enter a world of limitless possibilities.https://t.co/LmgtrRn20c pic.twitter.com/40kU8tayrS— adidas Originals (@adidasoriginals) December 2, 2021Related: Wear-to-earn NFTs target the billion-dollar fashion industryIn the article, a piece of the Bored Ape nonfungible token (NFT) has been redrawn to feature Adidas’ iconic tracksuit. Bored Ape Yacht Club contains more than 10,000 NFTs minted on the Ethereum (ETH) blockchain. Meanwhile, gmoney is a notable cryptocurrency and NFT influencer who has been featured on Fortune NFTy 50. Lastly, PUNKS Comic combines both the world of NFTs and physical comic books to create so-called crypto comics. Cointelegraph Research projects that NFT sales could reach a record finish of $18 billion by the end of the year, making the sector one of crypto’s hottest performers.
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