Instagram NFT initiative's swift death mints mourners, mehs
Meta’s decision to test an initiative that allowed artists to sell NFTs on Instagram was widely considered a positive development for the struggling industry. Now that the tech giant has pulled the plug on the project, web3 enthusiasts’ reaction to the sudden move is all over the place. Krugman’s frustration may resonate with many independent artists.
Meta’s new NFT feature allowed him to interact directly with his audience and he could seamlessly sell NFTs on the platform rather than having to redirect potential buyers to third-party marketplaces like OpenSea. Krugman did only one drop on Instagram of 100 NFTs at $50 a piece, which he said sold in under a minute. Meta is moving off of NFTs a little less than five months after launching the initiative that allowed a select few “creators” to showcase and sell “digital collectibles” — NFTs — using Instagram.
Meta’s decision to test an initiative that allowed artists to sell NFTs on Instagram was widely considered a positive development for the struggling industry. Now that the tech giant has pulled the plug on the project, web3 enthusiasts’ reaction to the sudden move is all over the place. Krugman’s frustration may resonate with many independent artists.
Meta’s new NFT feature allowed him to interact directly with his audience and he could seamlessly sell NFTs on the platform rather than having to redirect potential buyers to third-party marketplaces like OpenSea. Krugman did only one drop on Instagram of 100 NFTs at $50 a piece, which he said sold in under a minute. Meta is moving off of NFTs a little less than five months after launching the initiative that allowed a select few “creators” to showcase and sell “digital collectibles” — NFTs — using Instagram.
🇨🇳 China Will Become a Metaverse Tech Leader During 2023
A report issued by Globaldata, a global consulting and data analysis company, predicts that China will become a leading country in metaverse tech during 2023. The firm believes that the development of other technologies like artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G will allow China to configure itself as a metaverse hub. While the interest in the metaverse seems to be waning at a worldwide level, China is still pushing to become a leader in the industry. According to a recent report prepared by Globaldata, a consulting firm, China is positioning itself to surpass the West when it comes to metaverse tech, as the country will keep investing in technologies related to this field. Furthermore, Globaldata believes that there are signs that indicate that China will continue to invest in virtual reality and artificial intelligence with the objective of promoting the economic development of the nation.
A report issued by Globaldata, a global consulting and data analysis company, predicts that China will become a leading country in metaverse tech during 2023. The firm believes that the development of other technologies like artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G will allow China to configure itself as a metaverse hub. While the interest in the metaverse seems to be waning at a worldwide level, China is still pushing to become a leader in the industry. According to a recent report prepared by Globaldata, a consulting firm, China is positioning itself to surpass the West when it comes to metaverse tech, as the country will keep investing in technologies related to this field. Furthermore, Globaldata believes that there are signs that indicate that China will continue to invest in virtual reality and artificial intelligence with the objective of promoting the economic development of the nation.
🖼 Origin Protocol Considers Subsidizing OGN Rewards After Joining NFT Royalty Wars
The protocol is moving toward backstopping its OGN staking program with ether (ETH) and OGN subsidies funded by its budget, according to a governance proposal poised to pass on Tuesday. The action is designed to combat a short-term shortfall in the fee revenue that usually supports Origin’s popular yield program, which currently holds 11% of all OGN tokens. At press time, Origin’s website dashboards showed the protocol’s rewards pools for both ETH and OGN were fully depleted, indicating there were no tokens available to pay out to OGN stakers. With hours left in the voting, the subsidies proposal appeared likely to pass. At press time, 27 holders of Origin’s OGN tokens had voted over 1 million tokens in favor of passage, and none against. At least three participating addresses were associated with employees of Origin Protocol. Together, they comprised over 50% of the voting power.
The protocol is moving toward backstopping its OGN staking program with ether (ETH) and OGN subsidies funded by its budget, according to a governance proposal poised to pass on Tuesday. The action is designed to combat a short-term shortfall in the fee revenue that usually supports Origin’s popular yield program, which currently holds 11% of all OGN tokens. At press time, Origin’s website dashboards showed the protocol’s rewards pools for both ETH and OGN were fully depleted, indicating there were no tokens available to pay out to OGN stakers. With hours left in the voting, the subsidies proposal appeared likely to pass. At press time, 27 holders of Origin’s OGN tokens had voted over 1 million tokens in favor of passage, and none against. At least three participating addresses were associated with employees of Origin Protocol. Together, they comprised over 50% of the voting power.
🖼 NFT wash trading increases by 126% in February: Data
The top six nonfungible token (NFT) marketplaces saw a rise in wash trading for the fourth straight month, with a total volume of $580 million. According to a new report from CoinGecko, February 2023 witnessed a 126% increase from the previous month’s volume of $250 million. As for the reason for the jump, the report points to a correlation with the overall recovery of NFT marketplace. Wash trading refers to the manipulation of trading volume or price through repeated transactions. The six marketplaces included in the report are Magic Eden, OpenSea, Blur, X2Y2, CryptoPunks and LooksRare. X2Y2, Blur and LooksRare played the largest roles in February’s wash trading volume, with $280 million (49.7%), $150 million (27.7%) and $80 million (15.1%), respectively. The other two marketplaces, Magic Eden and OpenSea, reported $590,000 and $42.57 million in wash trading, respectively. CryptoPunks, on the other hand, didn’t see any NFT wash trading, according to the report. The marketplaces have previously incentivized users to increase trading volume.
The top six nonfungible token (NFT) marketplaces saw a rise in wash trading for the fourth straight month, with a total volume of $580 million. According to a new report from CoinGecko, February 2023 witnessed a 126% increase from the previous month’s volume of $250 million. As for the reason for the jump, the report points to a correlation with the overall recovery of NFT marketplace. Wash trading refers to the manipulation of trading volume or price through repeated transactions. The six marketplaces included in the report are Magic Eden, OpenSea, Blur, X2Y2, CryptoPunks and LooksRare. X2Y2, Blur and LooksRare played the largest roles in February’s wash trading volume, with $280 million (49.7%), $150 million (27.7%) and $80 million (15.1%), respectively. The other two marketplaces, Magic Eden and OpenSea, reported $590,000 and $42.57 million in wash trading, respectively. CryptoPunks, on the other hand, didn’t see any NFT wash trading, according to the report. The marketplaces have previously incentivized users to increase trading volume.
Web3 gaming is picking up steam, and is being legitimized by some of the world's biggest streamers and brands.
Sony has filed patents for NFTs to allow transfers between games and consoles.
Their vision is to have items you earn in-game to be interoperable between different games and hardware like VR headsets, computers and different consoles.
Dr. Disrespect launches early access for his Web3 shooter game called Deadrop.
The game has taken the gaming community by storm, and incorporates NFTs.
CCP Gaming, makers of EVE Online, has secured $40M in funding led by a16z for a Web3 EVE game.
Sony has filed patents for NFTs to allow transfers between games and consoles.
Their vision is to have items you earn in-game to be interoperable between different games and hardware like VR headsets, computers and different consoles.
Dr. Disrespect launches early access for his Web3 shooter game called Deadrop.
The game has taken the gaming community by storm, and incorporates NFTs.
CCP Gaming, makers of EVE Online, has secured $40M in funding led by a16z for a Web3 EVE game.
⚡️ Vault Hill City Metaverse launches it’s first PC build
Vault Hill's goal is to bring the first-ever human-centric metaverse, and now, they are bringing this experience to everyone. With this year dedicated to Vault Hill's devoted community, they are offering the necessary tools to build, expand, and flourish in the metaverse, following their successful community-exclusive Virtual land (VLAND) sale. For the first time, Vault Hill City (VHC) is now available as a downloadable application, which can launch on a PC/Laptop. Install the application and start exploring, building, interacting, and playing in the first human-centric metaverse. Not only this, but the new product release also includes a NO CODE building tool! If someone has purchased a virtual land in the VHC metaverse, go ahead and customize the installation inside out and add selected assets and decorations without writing a single code line.
Vault Hill's goal is to bring the first-ever human-centric metaverse, and now, they are bringing this experience to everyone. With this year dedicated to Vault Hill's devoted community, they are offering the necessary tools to build, expand, and flourish in the metaverse, following their successful community-exclusive Virtual land (VLAND) sale. For the first time, Vault Hill City (VHC) is now available as a downloadable application, which can launch on a PC/Laptop. Install the application and start exploring, building, interacting, and playing in the first human-centric metaverse. Not only this, but the new product release also includes a NO CODE building tool! If someone has purchased a virtual land in the VHC metaverse, go ahead and customize the installation inside out and add selected assets and decorations without writing a single code line.
Trace Network Labs launches global fashion metaverse ‘PARIZ’
Trace Network Labs – a global metaverse tech brand – has launched PARIZ that’s a fully functional and next-generation fashion and lifestyle metaverse that connects the real and virtual worlds.
One of the virtual spaces in PARIZ to vouch for is the Shopping District where global fashion brands can showcase and sell their latest digital fashion-wear collections, whereas another space is Events where brands, influencers, artists, and designers can organise events such as fashion shows, fireside chats, panel discussions, and more. The Lounge is a personalised experience zone that serves as an alternative to physical meetings in clubs or conference rooms, as well as video conferencing tools like GMeet or Zoom. Last but not least is the Social District that’s a dedicated social space in PARIZ.
Trace Network Labs – a global metaverse tech brand – has launched PARIZ that’s a fully functional and next-generation fashion and lifestyle metaverse that connects the real and virtual worlds.
One of the virtual spaces in PARIZ to vouch for is the Shopping District where global fashion brands can showcase and sell their latest digital fashion-wear collections, whereas another space is Events where brands, influencers, artists, and designers can organise events such as fashion shows, fireside chats, panel discussions, and more. The Lounge is a personalised experience zone that serves as an alternative to physical meetings in clubs or conference rooms, as well as video conferencing tools like GMeet or Zoom. Last but not least is the Social District that’s a dedicated social space in PARIZ.
🖼 NFT Investor Animoca Brands Cuts Target for Metaverse Fund to $800M: Reuters
Non-fungible token (NFT) and gaming investor Animoca Brands has reduced the target for its metaverse fund by 20% to $800 million, Reuters reported on Friday, citing two people familiar with the matter. When Animoca initially unveiled its plans for the fund in November, its target was $2 billion. This was then cut in half to $1 billion in January. The firm was valued at almost $6 billion following a $75 million fundraise in July. However, its market cap in secondary markets has slipped below $2 billion, according to the report, citing two other people. The metaverse is a term for a virtual world where the internet exists as an immersive space that can be used for work, play, socializing, experiences and events. While there is much excitement about its potential in some quarters, it remains a largely unproven concept. As such, appetite for metaverse-related investment may have taken a hit in recent months as the broader digital asset industry's.
Non-fungible token (NFT) and gaming investor Animoca Brands has reduced the target for its metaverse fund by 20% to $800 million, Reuters reported on Friday, citing two people familiar with the matter. When Animoca initially unveiled its plans for the fund in November, its target was $2 billion. This was then cut in half to $1 billion in January. The firm was valued at almost $6 billion following a $75 million fundraise in July. However, its market cap in secondary markets has slipped below $2 billion, according to the report, citing two other people. The metaverse is a term for a virtual world where the internet exists as an immersive space that can be used for work, play, socializing, experiences and events. While there is much excitement about its potential in some quarters, it remains a largely unproven concept. As such, appetite for metaverse-related investment may have taken a hit in recent months as the broader digital asset industry's.
There is a bipartisan push amongst lawmakers to ban TikTok in the US, and TikTok's CEO Shou Zi Chew flew to Washington DC to provide assurances to their concerns.
The only problem is that members of the Congress weren't convinced.
Marc Veasey (D-Texas) called Chew's assurances "worthless."
TikTok, who paid for Influencers to attend the Pro-TikTok Rally in DC – is in serious danger of being banned in the United States.
The only problem is that members of the Congress weren't convinced.
Marc Veasey (D-Texas) called Chew's assurances "worthless."
TikTok, who paid for Influencers to attend the Pro-TikTok Rally in DC – is in serious danger of being banned in the United States.
📣 Metaverse NFT Trading Volume Hit New All-Time High, DappRadar Says
Non-fungible token (NFT) trading increased across virtual worlds in the first quarter of 2023, according to a DappRadar report published Thursday, totaling $311 million so far this year. According to the report, virtual land trading reached an all-time high this past quarter with 147,000 trades, thanks to platforms such as Yuga Labs'. Otherdeed NFTs, which are linked to land in the Otherside metaverse, registered $222 million in trading volume in the first quarter – a 237% increase from the previous quarter. According to the report, one Otherdeed NFT sold for 186 ETH (about $2.85 million at the time) – the highest recorded sale for virtual land last quarter. Earlier this month, Yuga Labs announced the official date of its "Second Trip" for holders of Otherdeed NFTs, which likely contributed to its uptick. "The NFT whales decided to farm [virtual] land, especially the MG Land project, which is an NFT collection."
Non-fungible token (NFT) trading increased across virtual worlds in the first quarter of 2023, according to a DappRadar report published Thursday, totaling $311 million so far this year. According to the report, virtual land trading reached an all-time high this past quarter with 147,000 trades, thanks to platforms such as Yuga Labs'. Otherdeed NFTs, which are linked to land in the Otherside metaverse, registered $222 million in trading volume in the first quarter – a 237% increase from the previous quarter. According to the report, one Otherdeed NFT sold for 186 ETH (about $2.85 million at the time) – the highest recorded sale for virtual land last quarter. Earlier this month, Yuga Labs announced the official date of its "Second Trip" for holders of Otherdeed NFTs, which likely contributed to its uptick. "The NFT whales decided to farm [virtual] land, especially the MG Land project, which is an NFT collection."
🔫 Animoca Brands Denies Reports Of $200M Metaverse Fund Cut, Valuation Unaffected
Animoca Brands, the venture capital firm and Web3 game developer, has recently refuted claims made by anonymous sources that it scaled back its Metaverse fund target by $200 million, or 20% to $800 million, due to volatility in the crypto market and instability in the banking sector. Animoca also downplayed suggestions that its valuation has plummeted from $6 billion. The Metaverse fund was announced in November 2022, with the goal of allocating capital to mid to late-stage startups with a Metaverse focus. At the time, Animoca co-founder and chairman Yat Siu outlined that the fund target was between $1 billion to $2 billion, depending on how much capital was raised.Animoca Brands has stated that “the claim that the Animoca Capital fund target was ‘cut’ from $2 billion to $1 billion is not correct, because $1 billion has always been within the range declared.”.
Animoca Brands, the venture capital firm and Web3 game developer, has recently refuted claims made by anonymous sources that it scaled back its Metaverse fund target by $200 million, or 20% to $800 million, due to volatility in the crypto market and instability in the banking sector. Animoca also downplayed suggestions that its valuation has plummeted from $6 billion. The Metaverse fund was announced in November 2022, with the goal of allocating capital to mid to late-stage startups with a Metaverse focus. At the time, Animoca co-founder and chairman Yat Siu outlined that the fund target was between $1 billion to $2 billion, depending on how much capital was raised.Animoca Brands has stated that “the claim that the Animoca Capital fund target was ‘cut’ from $2 billion to $1 billion is not correct, because $1 billion has always been within the range declared.”.
📣 Nvidia to offer metaverse services under partnership deal with Microsoft
Nvidia (NASDAQ: NVDA) has announced that it will be teaming up with Microsoft (NASDAQ: MSFT) to offer firms building in the metaverse a range of services that will assist in building realistic virtual worlds. Nvidia CEO Jensen Huang broke the news to attendees of the firm’s GTC developer conference, saying the collaboration would open the door to endless possibilities. The alliance will also see the integration between Nvidia’s Omniverse and Microsoft 365 programs like Teams and OneDrive, which Huang says will allow deeper cooperation between developers. In his speech, Huang hinted that the services provided by Microsoft and Nvidia to developers would be paid for, but details of its pricing were not revealed. The announcement was greeted with enthusiasm among attendees, resulting in BMW (NASDAQ: BMWYY) board member Milan Nedeljković stating that the automobile manufacturer will be using the service in its upcoming virtual factory.
Nvidia (NASDAQ: NVDA) has announced that it will be teaming up with Microsoft (NASDAQ: MSFT) to offer firms building in the metaverse a range of services that will assist in building realistic virtual worlds. Nvidia CEO Jensen Huang broke the news to attendees of the firm’s GTC developer conference, saying the collaboration would open the door to endless possibilities. The alliance will also see the integration between Nvidia’s Omniverse and Microsoft 365 programs like Teams and OneDrive, which Huang says will allow deeper cooperation between developers. In his speech, Huang hinted that the services provided by Microsoft and Nvidia to developers would be paid for, but details of its pricing were not revealed. The announcement was greeted with enthusiasm among attendees, resulting in BMW (NASDAQ: BMWYY) board member Milan Nedeljković stating that the automobile manufacturer will be using the service in its upcoming virtual factory.
NFT Sales Drop 5.4% to $193M, Ethereum Dominates with $107M in Sales
Over the past week, statistics show non-fungible token (NFT) sales totaled $193.08 million, down 5.44% from the previous week. Ethereum dominated NFT sales with more than $107 million or 55% of all sales, while Solana-centric NFT sales recorded $26.3 million or 13% of sales in the same period. Non-fungible token sales, or NFT sales, fell 5.44% this week compared to last week, with $193.08 million in sales recorded across 19 different blockchains.
Solana’s NFT sales increased by 37.16% this week, while Cardano’s NFT sales jumped 44.27% higher than the previous week. However, Ethereum, Polygon, and Immutable X NFT sales all saw losses compared to last week’s sales. Ethereum dominates NFT sales with 55%.
Over the past week, statistics show non-fungible token (NFT) sales totaled $193.08 million, down 5.44% from the previous week. Ethereum dominated NFT sales with more than $107 million or 55% of all sales, while Solana-centric NFT sales recorded $26.3 million or 13% of sales in the same period. Non-fungible token sales, or NFT sales, fell 5.44% this week compared to last week, with $193.08 million in sales recorded across 19 different blockchains.
Solana’s NFT sales increased by 37.16% this week, while Cardano’s NFT sales jumped 44.27% higher than the previous week. However, Ethereum, Polygon, and Immutable X NFT sales all saw losses compared to last week’s sales. Ethereum dominates NFT sales with 55%.
📣 Wassies NFT Prices Surge as Crypto Twitter Lore-Themed Hotel Opens in Singapore
A boutique hotel themed after a beloved Crypto Twitter character opened doors in Singapore today, sending floor prices of the By Wassies non-fungible token (NFT) collection up by over 20% compared to the weekend. Hotel by Wassies, themed after the popular ‘Wassie by Wassies’ NFT collection, is located at 5 Hongkong Street in Singapore. The 6-floor hotel features 55 rooms, with 49 rooms furnished in shades of Wassie-themed purple and six "Wassies & Friends"-themed rooms that will feature art made in collaboration with other projects. Creators say the hotel is a way to popularize the Wassie brand among the general populace. “Hotel byWassies is a smol Wassie step in bringing crypto culture into the real world, as we continue to look for ways to deploy the byWassies brand IP in all shapes and forms,” a regional Twitter account of the Wassie collection said. A room at the Wassie hotel is listed for $129 as of Monday, the Wassie site shows.
A boutique hotel themed after a beloved Crypto Twitter character opened doors in Singapore today, sending floor prices of the By Wassies non-fungible token (NFT) collection up by over 20% compared to the weekend. Hotel by Wassies, themed after the popular ‘Wassie by Wassies’ NFT collection, is located at 5 Hongkong Street in Singapore. The 6-floor hotel features 55 rooms, with 49 rooms furnished in shades of Wassie-themed purple and six "Wassies & Friends"-themed rooms that will feature art made in collaboration with other projects. Creators say the hotel is a way to popularize the Wassie brand among the general populace. “Hotel byWassies is a smol Wassie step in bringing crypto culture into the real world, as we continue to look for ways to deploy the byWassies brand IP in all shapes and forms,” a regional Twitter account of the Wassie collection said. A room at the Wassie hotel is listed for $129 as of Monday, the Wassie site shows.
Vault Hill City Metaverse launches it’s first PC build
Vault Hill's goal is to bring the first-ever human-centric metaverse, and now, they are bringing this experience to everyone. With this year dedicated to Vault Hill's devoted community, they are offering the necessary tools to build, expand, and flourish in the metaverse, following their successful community-exclusive Virtual land (VLAND) sale.
For the first time, Vault Hill City (VHC) is now available as a downloadable application, which can launch on a PC/Laptop. Install the application and start exploring, building, interacting, and playing in the first human-centric metaverse. Not only this, but the new product release also includes a NO CODE building tool! If someone has purchased a virtual land in the VHC metaverse, go ahead and customize the installation inside out and add selected assets and decorations without writing a single code line.
Vault Hill's goal is to bring the first-ever human-centric metaverse, and now, they are bringing this experience to everyone. With this year dedicated to Vault Hill's devoted community, they are offering the necessary tools to build, expand, and flourish in the metaverse, following their successful community-exclusive Virtual land (VLAND) sale.
For the first time, Vault Hill City (VHC) is now available as a downloadable application, which can launch on a PC/Laptop. Install the application and start exploring, building, interacting, and playing in the first human-centric metaverse. Not only this, but the new product release also includes a NO CODE building tool! If someone has purchased a virtual land in the VHC metaverse, go ahead and customize the installation inside out and add selected assets and decorations without writing a single code line.
🆘 Disney Laid Off 50 Metaverse Division Employees In A Large Job Cut
Walt Disney has slashed its metaverse division in light of the company’s lack of growth trends. According to a note to staff from Chief Executive Robert Iger obtained by The Wall Street Journal, the entertainment firm will tell employees whose roles would be impacted in the first wave of job layoffs this week. Disney has disbanded its team for next-generation storytelling and consumer experiences. According to sources close to the issue, this tiny division was researching metaverse tactics as part of a larger restructuring that is planned to slash employment by roughly 7,000 throughout the corporation over the next two months. The metaverse division, led by Mike White, a former Disney consumer-products executive, was entrusted with figuring out how to convey interactive tales in new technology forms utilizing the company’s vast intellectual property portfolio. According to the sources, all 50 members of the team had lost their employment. White is still employed by the corporation, albeit his new job is unknown.
Walt Disney has slashed its metaverse division in light of the company’s lack of growth trends. According to a note to staff from Chief Executive Robert Iger obtained by The Wall Street Journal, the entertainment firm will tell employees whose roles would be impacted in the first wave of job layoffs this week. Disney has disbanded its team for next-generation storytelling and consumer experiences. According to sources close to the issue, this tiny division was researching metaverse tactics as part of a larger restructuring that is planned to slash employment by roughly 7,000 throughout the corporation over the next two months. The metaverse division, led by Mike White, a former Disney consumer-products executive, was entrusted with figuring out how to convey interactive tales in new technology forms utilizing the company’s vast intellectual property portfolio. According to the sources, all 50 members of the team had lost their employment. White is still employed by the corporation, albeit his new job is unknown.
📣 Square Enix is releasing a set of Final Fantasy 7 NFT trading cards
Square Enix has announced that it will be releasing a set of Final Fantasy VII trading cards that will include NFTs. The collection, which is called Final Fantasy VII Anniversary Art Museum: Digital Card Plus, consists of 207 cards. Each pack, which costs ¥440 ($3.30), contains six physical trading cards as well as one ‘digital exchange card’. This can then be redeemed for an NFT version of a card. NFTs are unique non-interchangeable units of data stored on a blockchain (a form of digital ledger), which effectively allow users to buy and sell digital products like in-game items or artwork. Much like the previously announced Digital Plus Edition action figure of Cloud Strife, which will also come with an NFT version of the figure, those who buy the cards and want to redeem their digital one will have to create an account with NFT platform Enjin and download their Enjin Wallet app. Square Enix notes that “there is no upper limit” to the number of NFT cards that can be redeemed.
Square Enix has announced that it will be releasing a set of Final Fantasy VII trading cards that will include NFTs. The collection, which is called Final Fantasy VII Anniversary Art Museum: Digital Card Plus, consists of 207 cards. Each pack, which costs ¥440 ($3.30), contains six physical trading cards as well as one ‘digital exchange card’. This can then be redeemed for an NFT version of a card. NFTs are unique non-interchangeable units of data stored on a blockchain (a form of digital ledger), which effectively allow users to buy and sell digital products like in-game items or artwork. Much like the previously announced Digital Plus Edition action figure of Cloud Strife, which will also come with an NFT version of the figure, those who buy the cards and want to redeem their digital one will have to create an account with NFT platform Enjin and download their Enjin Wallet app. Square Enix notes that “there is no upper limit” to the number of NFT cards that can be redeemed.
