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South Korea’s Ruling Party is set to make history; will issue NFT for election

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South Korea’s ruling Democratic Party of Korea or DPK is on its way to creating history by becoming the world’s first political party to issue non-fungible tokens [NFTs] for fundraising in a presidential election, according to presidential candidate Lee Jae-Myung’s campaign committee on 2nd January 2022. As per official sources, starting from this month, the DPK will sell the digital images featuring Lee’s photos and policies to his supporters and raise donations to fund his election campaign.

The election committee’s latest fundraising plan comes close on the heels of DPK lawmaker Lee Kwang-Jae’s announcement on 30th December last year that he would accept cryptocurrency donations in mid-January and issue receipts for donations in the form of NFTs. In the press conference, the lawmaker also revealed the presidential candidate’s preparation for fundraising through the issue of digital tokens.

Emphasizing that the National Election Commission [NEC] gave a green signal last month that raising funds using NFTs does not violate the Political Funds Act or the Public Official Election Act. Apart from that, former minister of SMEs and Startups Park Young-sun, who is in charge of digitalization policies at the DPK’s election campaign committee, also boosted the party’s digital asset-friendly policies by issuing an NFT tagging her Facebook message written in 2018, in which she opposed the shutdown of cryptocurrency exchanges.

South Korea’s efforts to woo voters through NFTs

In an effort to win the hearts of young voters, the DPK’s presidential candidate has backed up the gaming industry’s attempts to use NFTs. During an interview with a YouTuber last month, he said that South Korea should lead the global trend of integrating games with digital assets and NFTs.

“If we deny what actually exists, it will be similar to an isolationist foreign policy,” he said.

Previously in December 2021, South Korea’s finance ministry announced its decision to delay taxation plans in the profits incurred through cryptocurrency for some time. In accordance with an amendment approved by its National Assembly’s finance committee, the crypto tax law, which was slated to be effective from 1st January 2022, has been postponed for a year.

Ethereum blocks can now be minted as NFTs, courtesy of MyEtherWallet

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MyEtherWallet discussed the launch of its first non-fungible token (NFT) collection in a Medium post, which will be called the Ethereum Blocks. The NFT project is capable of tokenizing Ethereum blocks that record transactions. Using the data from these blocks, images will be created that can be traded as NFTs.

According to their Medium blog, these NFTs are exclusive to the MyEtherWallet users via the official website. Furthermore, the first 10 blocks are already sold as NFTs as the founders of Ethereum called dibs on them.

“Whether it’s a block that represents a milestone in Ethereum’s history, or one that has a secret and special significance to you personally — once you’ve minted it, no one else can get it.”

MyEthereumWallet claims

History of Ethereum solidified

There are 13 blocks that have been put up for a month-long auction that represent a certain milestone in the history of the second-biggest cryptocurrency. The proceeds from the auction of these tokenized Ethereum blocks will go to charities like “The Skid Row Trust, Wikipedia, The Internet Archive, Smile Train, Extra Life, Girls Who Code, Petsmart Charities, Go Red For Women, Prostate Cancer Foundation, Red Noses, Gary Sinise Foundation, Create Now, and NPR.”

Furthermore, the first 100 Ethereum Blocks can be minted on the MEW web, and also, the early adopts are eligible for discount in rates. “The first 100 blocks are priced at 0.01 ETH, the next 500 at 0.03 ETH, and 0.05 ETH for all blocks thereafter (plus gas fees),” said MEW in their blog.

The reservation of the first 10 blocks for founders will make them inaccessible to others. Similarly, the 13 historical NFTs will be pre-minted and sold at the auction that started on Nov 11 and will last until Dec 11. The minted ETH blocks can be sold through Rarible, an NFT marketplace.

This NFT collection will go a long way in solidifying the historical presence of ETH as it makes its way to reach the top of the industry. Many investors claim that ETH has what it takes to beat Bitcoin in terms of market capitalization and adoption.

Tencent gifts NFTs to its employees on the occasion of its 23rd anniversary

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China’s largest gaming and internet company, Tencent Holdings Ld., also known as Tencent, is celebrating its 23rd anniversary in a wise and advanced way by incorporating Non-fungible tokens (NFTs). 

The Chinese multinational company has gifted every employee an NFT, which is Tencent’s logo penguin. The company has brought 72,000 unique pieces to the collection. Under these pieces, they have used 1,000 different shapes to diversify the collection.

Colin Wu, the well-known Chinese journalist who is known for reporting exclusive news, tweeted about the same today. Social media has shown a mixed reaction to the company’s actions.

Some of the users find it exciting and a new way to celebrate, while some commented 72,000 is a huge number and does not seem “rare.”

The company was founded in 1998, and it has deep roots in the internet-related market, including entertainment and artificial intelligence.

Tencent’s slowest growth since 2004 amidst Chinese regulatory crackdown

On Wednesday, Tencent posted its slowest revenue growth since 2004, saying that the outlook for the advertising sector will be weak into 2022. The biggest reason behind the slow growth is the brutal Chinese regulatory crackdown.

As per the data by financial market data provider Refinitiv, the company’s revenue surged by 13%, at 142.4 billion yuan, which is the slowest surge since the company went public in 2004. The company said in its statements that the net profit for Q3 rose 3% to 39.5 billion yuan (around $6.18 billion).

Pony Ma, the company’s CEO, stated,

“During the third quarter, the internet industry, including the domestic games industry, and certain advertiser categories, adapted to new regulatory and macroeconomic developments.”

NFT has been one of the most significant contributors to crypto adoption these days due to the involvement of creators and fans from the entertainment and gaming sectors.

As TronWeekly reports, many big firms are trying their hands on NFT, and Disney, as well as Marvel, are the latest examples. Recently, Disney announced its partnership with VeVe to launch its own NFT collectibles.

Grammy Awards NFT collection deal struck between The Recording Academy and OneOf

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OneOf, a green non-fungible token (NFT) marketplace, has teamed up with The Recording Academy, known for its Grammy Awards. OneOf, the firm backed by the 28-time Grammy winner and veteran record producer Quincy Jones, struck a three-year deal with the Academy.

The new development was mentioned on Grammy’s website, wherein additional insight into the project was discussed. The goal of the partnership is to commemorate the 64th, 65th, and 66th Grammy Awards in the form of non-fungible tokens or NFTs. A portion of the funds earned through these NFTs will be donated to the Recording Academy’s scholarship fund.

The details on the NFT collection are yet to be released. As the website mentioned more details will be shared before the 64th Grammy Award ceremony scheduled to be held on 31st January 2022. According to the historic announcement, the NFTs will be created by renowned NFT artists from around the world using the iconic Grammy Award itself.

Grammy Awards NFT deal to leave its presence

Quincy Jones believes in the power of NFTs and how they can support artists from all around the globe. Speaking on the partnership for Grammy Awards, Jones said,

“I’ve been advocating for artists my entire career, so any technology that serves to help musicians make a living is something I fully stand behind. It excites me to know that OneOf is working to bring more money into the ecosystem, and simultaneously, I’ve been with the GRAMMYs/the Recording Academy since its inception. So, it makes my soul smile to see OneOf partnering with this wonderful organization, and I look forward to seeing the good they will do for artists.”

Quincy Jones on the partnership between OneOf and The Recording Academy

According to the co-president of The Recording Academy, Panos A. Panay, the Academy always focuses on bringing together like-minded firms who support artists from all around the globe, and this is why The Academy struck a deal with OneOf.

The co-founders of the OneOf platform, Lin Dai, Adam Fell, and Joshua James, claimed in their statement that the NFT industry has a huge potential and if used at full capacity, will empower the entire music and digital artist industry in ways that haven’t been imagined.

Thailand’s Kasikorn Bank subsidiary releases NFT marketplace

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NFTs are grabbing the attention of every artist and crypto enthusiast. Today, the subsidiary of Kasikorn Bank, the second-largest bank in Thailand, released an NFT marketplace named Coral, which is a part of the KASIKORN X (KX). KX has a list of plans to implement in Decentralized Finance (DeFi). 

In early 2020, the bank had been in the headlines for its plans for KX. It has a technology subsidiary KBTG. During the March of this year, KX came out with its first service, digital assets subsidiary KUBIX. KUBIX is a platform specifically for security tokens and works fully under Thai Securities and Exchange Commission (SEC) rules. 

The company operates an ICO Portal, but it is not the same as what unregulated ICOs we had in 2017-18.

Kasikorn Bank’s plans

The main task of Kasikorn Bank’s KUBIX is to screen issuers and assess business plans like reviewing draft prospectuses before their submission to the Thai SEC.

The Coral has featured many talented Thailand artists on its platform. They include the professional painter Benzilla, Ekachai MIlintapas, director of digital art & animation at a university Jiggy Bug, visionary artist and motion designer Pai Lactobacillus, Pomme Chan, surrealism artist Puntitabow, famous writer and artist Songsin Tiewsomboon, Tikkywow, and psychedelic pop artist TU!!.

Along with this, KBTG, being the technology partner, has joined hands with the Stock Exchange of Thailand (SET) to release digital asset trading at the end of 2021.

Blockchain adoption in Thailand

Kasikorn Bank is not alone in this Thai banks’ drive of increasing blockchain adoption. In February 2020, the Siam Commercial Bank created a venture division SCB 10X and announced a $50 million digital asset and DeFi fund. In September, Thai conglomerate CP Group announced a $600 to $800 million blockchain fund.

The company has also built a new holding company SCBx, becoming a technology group.

Interestingly, both the banks are under the Thai electronic Letter of Guarantee that uses blockchain technology.

Binance NFT Marketplace set for the launch of Jimmy Choo collection

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Binance NFT Marketplace has been booming with a lot of new projects. In an announcement by the world’s biggest crypto exchange, it was revealed that Jimmy Choo will be releasing their NFT on the platform. The platform will be hosting the auction from 20th October.

Jimmy Choo will be releasing their NFT on the Binance Marketplace in collaboration with an artist from New York, Eric Haze. The famous clothing brand from Britain has teamed up with Binance, which will hold the sale from “2021-10-20 11:00 AM (UTC) to 2021-10-25 11:00 AM (UTC).”

Recently, we have observed a lot of firms shifting to the NFT industry, including McDonald’s China and even TIME Magazine.

Jimmy Choo NFT sale on Binance

The sale will be composed of two major events, both of which will happen at the Binance Marketplace. The first is the exclusive NFT auction, while the second is the sale of a mystery box series. These mystery box series will have the same price for every customer.

Regarding the technicalities, the world’s biggest crypto exchange mentioned in its announcement that the Jimmy Choo NFT collection will consist of 8,888 mystery boxes consisting of NFTs divided into 4 categories. These categories include a single Super Super Rate (SSR) NFT, super-rare cards, rare cards, and neutral cards.

On the other hand, the NFT auction will feature the tokenized version of the famous sneaker produced for the JIMMY CHOO / ERIC HAZE CURATED BY POGGY partnership.

NFT Marketplace booming

The NFT marketplace has been booming with a lot of action recently. We also witnessed the NFT collection by The Associated Press drop on the Binance network. This sale would consist of the historical events tokenized and made available for sale on the Marketplace.

With new firms entering into the world of NFTs, we have seen certain tokens getting sold for as much as $69 million. Artists, actors, and musicians have been actively participating in the industry, including Katy Perry, The Weeknd, DJ Paul Oakenfold, and Mila Kunis.

LaLiga opens its doors to NFTs as top clubs join Sorare

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The line between technology and mainstream occurrences seems to be blurring with the advent of new updates and developments. 2020 saw the rise of NFTs and the unsatiated appetites of collectors who paid millions of dollars to acquire them. According to new reports, NFTs have now added another feather to their cap by being introduced into the Spanish footballing world.

On Thursday, fantasy football platform Sorare revealed that it had partnered with Spain’s LaLiga to launch NFTs for all its players. The company’s announcement touched on the importance of adopting new-age technologies while allowing fans to become closer to their team. Another major highlight of the partnership would be the added revenue streams for the clubs and LaLiga itself.

With the likes of Real Madrid, Barcelona, and Athletico Madrid joining its roster, Sorare further plans to expand into more football leagues. Speaking about the partnership, LaLiga president Javier Tebas said:

“At LaLiga we are always looking for innovative ways to offer our fans new and exciting experiences and to broaden the appeal of our competition, the greatest in the world. This partnership with Sorare, the most exciting sports NFT projects today, enables us to reach new audiences globally and gives existing fans additional ways they can get involved with the players and the clubs they love.”

Inside sources revealed that the platform aimed to become a major partner with all of the world’s top football leagues. Sorare claimed that the massive interest in the ecosystem coupled with a strong capital flow has enabled the ecosystem to thrive.

NFT’s growing dominance also increased the use cases of blockchain technology. The latest partnership meant that Sorare had the world’s top clubs (including the likes of Bayern, PSG and Juventus) as part of their clientele.