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Non-Fungible Tokens

NFT Minting And Trading To Soon Be Available On Instagram

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Non-Fungible-Tokens (NFT) has become extremely popular in the last year or so. Over 1 billion NFTs are already available on the market, and an average of 8 million new ones are produced each month. As more people become aware of how valuable they may be in transferring value, this figure is anticipated to increase even higher.

Instagram, the famous social media network, is getting ready to launch a number of tools connected to NFTs that will let creators produce, display, and trade NFTs.

At its Creator Week, 2022 event on 2 November 2022, Instagram parent firm Meta said that the network would let its creators produce “digital collectibles” and sell them “both on and off Instagram.”

Meta has picked the Polygon blockchain as an initial partner for this functionality, claiming that creators will have an “end-to-end toolkit” for developing, presenting, and finally selling NFTs within the platform.

It states that only a “small group” of American authors will be permitted to test the new capabilities and that expansion to other nations will follow, although it makes no mention of when this will happen.

In addition to the blockchains it now supports, such as Ethereum, Flow (FLOW), and Polygon, Meta recently announced support for the Solana blockchain and the well-known Phantom wallet.

Selected NFT to be pulled from OpenSea

Additionally, metadata for specific non-fungible token collections, including names and descriptions, will be retrieved from the NFT marketplace OpenSea. Support for video digital collectibles will also be introduced.

The blockchain gas fees for buyers will be covered by Meta “at launch,” according to Stephane Kasriel, head of commerce and financial technology at Meta, who did not specify how long the launch timetable would be. Meta will not charge fees to manufacture or sell NFTs until 2024, he added.

According to Kasriel, these deals would still be subject to “app store fees,” which refers to Apple’s 30% royalty on the sales, which has come under fire for being higher than the typical 2.5% charge imposed by marketplaces like OpenSea.

Given that both Apple and Google only permit in-app transactions made using fiat currencies and both restrict buttons, external links, and other actions that provide customers a method to avoid their commissions, buyers apparently won’t be able to buy Instagram NFTs using cryptocurrency through the Instagram app.

It is unknown if Meta will follow the recent moves from marketplaces to migrate to opt-in royalty models because Meta has not disclosed how much of a commission it expects to take from NFT sales or what its creator royalties scheme would look like.

Apple’s NFT Transactions Gain Clarity: App Store Reviews Guidelines

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Recent revisions to Apple’s App Store Review Guidelines have been made public. The same included a section devoted to explaining Non Fungible Tokens, or NFTs.

NFTs are thus permitted to be present in apps on the App Store. They are unable to access any extra features or content, though. The recently announced rules stated,

“Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app.”

Additionally, developers are not allowed to make “buttons, external links, or other calls to action” that direct users to other platforms in order to purchase NFTs instead of the App Store. The App Store prefers that customers buy things inside of apps.

Additionally, it forbids apps from utilizing tools like “QR codes, cryptocurrencies, and cryptocurrency wallets” that might be used to unlock content or functionality within an app.

A request to exempt NFTs from its “Apple Tax” on purchases was also rejected by the American multinational technology company. This indicates that the usual 30% commission charge on NFT purchases will be in effect.

Social media sites often saw a range of community responses. Tim Sweeney, CEO of Epic Games, noted both extreme viewpoints in a tweet:

It’s important to remember that Magic Eden just deleted its service from the App Store due to its rules and excessive commission. The executive voiced his opinion on the subject, saying Apple should be restrained from “killing” another emerging technology.

Here’s How Apple’s New Update Affects Crypto Exchanges

Along with NFTs, the big-tech firm gave clarity regarding crypto exchange apps. The guidelines stated,

“Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange.”

However, Apple did not respond to the comments, according to sources.

SEC takes on NFTs: Yuga Labs under investigation

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Non-Fungible Tokens are now not in the best condition. There has been a noticeable decline in NFT sales on various NFT markets, notably OpenSea, indicating that the enthusiasm surrounding the technology has worn off. However, as evidenced by the SEC’s probe into Yuga Labs, the attention surrounding NFTs doesn’t seem to be abating.

Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), is under investigation by the US Securities and Exchange Commission (SEC), according to Bloomberg. The goal of the investigation is to determine whether the Non-Fungible Tokens collection from the Bored Ape Yacht Club broke any federal laws.

BAYC NFTs categorized as securities?

According to the information provided by the person with knowledge of the situation, the SEC is considering whether any of the NFTs offered by Yuga Labs are comparable to securities and whether they need to adhere to the same regulations.

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BAYC NFTs

The SEC is also investigating the manner in which ApeCoin was given to members of the Bored Ape Yacht Club and related NFTs. The investigation has not yet been made public, and it does not establish any wrongdoing on the part of Yuga Labs.

Yuga Labs stated,

“It’s well-known that policymakers and regulators have sought to learn more about the novel world of web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem.” “As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way.”

The SEC is also investigating the potential that a security-like property exists in ApeCoin. In addition to giving the holders APE, BAYC gave them a say in their DAO.

The regulators are now paying more attention to digital assets, crypto companies, and the overall crypto sector. It is a part of ongoing efforts to make sure that crypto businesses and the entire market abide by the rules.

NFTs that “melt in your mouth”: BAYC partners with M&Ms

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The creators of the Bored Ape Yacht Club (BAYC) have exploited their permissive commercialization rights to incorporate their Ethereum NFT graphics into a variety of products, including toys, clothing, restaurants, and alcohol packaging. However, special edition M&Ms now allow you to consume a few Bored Apes.

Today, the candy company Mars revealed that it has reached an agreement with the label 10:22PM of Universal Music Group (UMG) to produce limited-edition M&Ms based on Kingship, a virtual band made up of the Bored Ape Yacht Club and Mutant Ape Yacht Club avatars.

Jane Hwang, vice president of Mars Wrigley Global, stated,

“Consumers’ expectations for what they want from their favorite brands [have] shifted, and at Mars, we know we need to be more innovative than ever with such a culturally famous brand like M&M’s.”

Jimmy “j1mmy” McNelis, an investor and businessman, founded the “metaverse band” known as Kingship using NFTs. This information was made public last November.

Following the example of the well-known virtual band Gorillaz, the label 10:22PM has developed characters based on the Bored Ape paintings and is writing unique music for the group, which will perform concerts in metaverse realms.

The band has also made available its own NFT “key cards” that grant owners exclusive privileges and access. Owners of NFT devices were granted priority access to the confectionery M&M’s.

As part of the agreement, Mars has produced branded M&M’s chocolate candies in restricted quantities that bear artwork of the Bored Apes and Kingship insignia. Just 10,000 of the candies in gift boxes and gift jars will be sold overall by Mars.

Partnership does not involve Yuga Labs NFT brand

The most well-liked project in the area is perhaps The Bored Ape Yacht Club. According to data from CryptoSlam, the NFT collection of Yuga Labs has produced almost $2.4 billion in secondary trading volume to date. Bored Ape-related NFTs have so far generated more than $5.6 billion in secondary trading when combined with follow-up and spin-off projects.

To be clear, neither Yuga Labs nor the genuine Bored Ape Yacht Club brand are partners in this M&M’s transaction. Instead, Bored Ape NFT owners can utilise their own photographs to make items and projects and, if they so choose, can licence that artwork to brands.

One such licence agreement is the Kingship agreement with UMG’s 10:22PM label, and this new Mars connection adds another layer to it. Additionally, photos of the bored ape have been used on the packaging of alcohol, marijuana, apparel, souvenirs, and more.

Bored Apes have also generated a lot of buzz in the music industry. Along with Kingship, popular producer and musician Timbaland has also created music centered upon his own Bored Ape alter ego. They further established a record label to encourage other musicians to follow suit.

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Snoop Dogg is launching a dessert shop that is styled after one of his apes. The God of Rap, Eminem along with Snoop Dogg has also recorded a music video together that features their apes.

Cardano’s NFT project ups the ante with Snoop Dogg’s son

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Champ Medici, the son of Snoop Dogg, joins Cardano’s NFT project Clay Nation team to help advance the initiative and forge important alliances. Snoop Dogg and Champ Medici were previously interested in the much-hyped Cardano NFT project.

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Source: Twitter

It goes without saying that Medici, real name Cordell Broadus, has a wide range of possibilities when it comes to creating. He created his own Web3 brand instead of going down the route that everyone else had planned for him, and as a result, he is regarded as one of the most important players in the developing sector.

Bored Taco, one of Medici’s most recent Web3 initiatives, debuted this week at ApeFest as part of NFT.NYC. Medici joined the NFT restaurant company Food Fighters Universe (FFU) as a partner in order to realize his concept in two months. Medici’s Bored Ape is a part of the branding for Bored Taco. Medici claimed that FFU’s Bored & Hungry restaurant, which was decorated in the NFT style, was what gave him the idea for Bored Taco.

1 Champ Medici Cordell Broadus and Dr. Bombay Snoop Dogg Cordell Broadus Jr. have joined the Food Fighters Universe the worlds first NFT restaurant group photo by Dah Dah 1024x720 1

According to the Clay Nation team’s official release, the NFT project is intensifying its partnership with Cordell Broadus. Champ Medici will now collaborate with the group to fortify and create a strategic alliance in order to help the initiative reach a bigger audience.

The Clay Nation NFT initiative has long had the support of Snoop Dogg and Champ Medici. Recently, the father-son team also decided to work together on the NFT project. It’s also significant to remember that Medici is one of the few famous people that supported Cardano. In this instance, he and his father even had a meeting in April with Charles Hoskinson, the CEO, and founder of Cardano, to discuss both blockchain-related entertainment concepts and the technology itself.

Cardano Node 1.35.3 update

Charles Hoskinson, the creator of Cardano, recently advised stake pool administrators to upgrade their nodes in one of his tweets. To prepare for the Vasil hard fork upgrade, he instructed the operators to update to version 1.35.3.

LawrenceIO has published Cardano node 1.35.3. According to Cardano Updates, the 1.35.3 update for Cardano Node was released on 11 August 2022.

The hard fork was scheduled to debut on the Cardano network in July. However, the network acknowledged that it was overloaded. It should be noted that Vasil had previously encountered delays. Usually, during such periods, the neighborhood develops suspicion and keeps selling off its belongings. The ADA community, however, seemed pleased with the launch.

Meta’s NFT expansion drives 38% surge in FLOW token

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Following Meta’s (FB) intention to use the blockchain to advance its non-fungible tokens (NFT) effort, the Flow blockchain token (FLOW) saw a gain of over 35%.

The token experienced buying pressure after Meta declared support for NFTs, digital tokens that represent ownership of physical or virtual assets created on the Flow blockchain, and announced the international expansion of its recently tested digital collectibles feature on its photo and video-sharing platform Instagram.

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Source: Twitter

Mark Zuckerberg, the creator, and CEO of Meta, announced the rollout in a Facebook post. After a successful testing period in May, Instagram users in several countries can now display their NFTs. According to a tweet from the social media platform, the network will also include support for Flow Blockchain.

The social media behemoth also declared support for Dapper and Coinbase wallets as being compatible for use as part of its expansion strategy.

The Flow blockchain was developed by Dapper Labs, and NBA Top Shot, one of NFT’s biggest hits, made it famous. To support “games, infrastructure, decentralized finance, content, and artists” in the Flow ecosystem, Dapper Labs revealed a $725 million fund in May.

According to statistics recorded by Coinglass, the price increase in FLOW is supported by a triple-digit increase in futures open interest on important exchanges, including Binance. The quantity of contracts exchanged but not offset by an offsetting position is referred to as open interest.

An increase in open interest confirms the price rally by indicating that more capital is being invested in the FLOW market.

FLOW has above its 100-day simple moving average (SMA), leaving behind ether (ETH) and bitcoin (BTC), which are still trading below the important SMA. As shown in the chart below, the larger decline is still present.

Meta supports content creators through new features

Recent enhancements that Meta believes would expand the potential for money generating, permit creative expression, and improve user engagement were announced for online content creators.

According to reports, in an effort to attract more creators to its platform, the proposed creator’s marketplace would compete with TikTok’s comparable marketplace, which is the video app’s internal influencer marketing tool.

NFTs glitz to yet another collection, YOOMOOTA

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Knock Knock! Who’s there? YOOMOOTA. YOOMOOTA who? YOOMOOTA your latest NFT collection in town!

The brand new NFT collection  YOOMOOTA is launching in collaboration with Rarible, 1inch, and other industry leaders. YOOMOOTA has already partnered with some of the most well-known brands in the world, like Boss Beauties, a global effort driven by women, Sneaky Vampire Syndicate, Doodles, and others.

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GodJira, Cereal Club, and other projects have collaborated on art with the project. YOOMOOTA has already received over 60,000 backers and the attention of Cozomo de’ Medici, the renowned non-fungible tokens celebrity.

The artist used natural physiology to create the collection, revealing the true beauty of a human being. The collection is being observed by top NFT industry influencers and rival collections since each piece of art depict human emotions, feelings, and psychology.

YOOMOOTA comprehends the prevailing terms and regulations of the NFT market and is working diligently on the marketing aspect of the job by consistently partnering with other collections and giving away a few of their pieces to reach prospective backers, even with the innovation in terms of the collection and the mind behind it.

It has already been identified the 18 non-fungible tokens projects with which the collection partnered and made friends. YOOMOOTA thanked its supporters for their help in getting started on its official Twitter account.

Recapping the new NFT in town

For the past two years, the YOOMOOTA universe has been evolving, with the active creative process taking place in the previous six months. After years of self-immersion, the author molded and constructed the YOOMOOTA universe.

It was feasible to turn YOOMOOTA into something actual and introduce the cosmos to the public, thanks to the rapid growth of decentralized technology and enormous digitalization. The entire collection isn’t just another NFT project because the developer plans to turn the YOOMOOTA universe into a global community where anyone may participate as both creators and watchers.

Everything in the cosmos has been humanized since it embodies the feelings, thoughts, and characteristics of people. The collection’s community accepts everything and everyone, and members are encouraged to voice their feelings and opinions. The YOOMOOTA team is betting on the cosmos expanding further and reaching person-to-person growth in the next six months.

Furthermore, it has been announced that YOOMOOTA will be available from 4 May 2022, 2:00 p.m. UTC onwards to all the whitelisted investors. However, for everyone else, it will be available from 5 May 2022, 3:00 p.m. UTC.

NFT ‘Museum of War’ opens in Ukraine

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On Friday, Ukraine began auctioning off a collection of non-fungible tokens (NFTs) as part of a cryptocurrency fundraising campaign that has so far raised more than $65 million for its war effort, according to Kyiv.

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As one might expect, the “museum” is a website rather than a physical structure. Its collection, which was created with the ministry’s help, documents recent events in the Russian-Ukraine conflict, including personal perspectives from Ukrainian and international digital artists.

Each day in the fight is commemorated by a succession of digital pictures, which include silhouettes of jets, screengrabs of news stories, and a cartoon-style representation of an explosion. Three days after Russia launched its assault, Ukraine’s Ministry of Digital Transformation began seeking for donations in digital currencies such as bitcoin and ether, which Moscow refers to as a “special military operation.”

According to a message on the collection’s website,

“The new NFT series was meant to spread truthful information among the digital community in the world and to collect donations for the support of Ukraine,”

Non-fungible tokens are a sort of cryptocurrency that gained a lot of traction last year. They employ bitcoin’s technology to track who owns a digital file, such as an image, video, or piece of writing.

Ukraine’s NFTs cost around $475

Ukraine’s deputy minister of digital transformation, Alex Bornyakov, said that bulletproof vests, helmets, meals, and medicines have all been purchased for Ukraine’s troops with crypto donations thus far.

NFTs are typically purchased with cryptocurrencies like Ethereum (ETH). Ukraine’s NFTs will cost 0.15 ether, or just over $475, at first. According to the website, the funds will be sent directly to Kyiv’s digital crypto wallets. However, many onlookers were perplexed by the rapid increase in NFT sales, wondering why so much money being spent on products that don’t exist.

Nonetheless, in recent months, they have become a popular fundraising tool, with groups of people combining their crypto assets to buy NFTs to promote awareness for a specific cause.

OpenSea switches to smart contracts architecture

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OpenSea, a leading platform for non-fungible token (NFT) trading, has modified its smart contract architecture to accommodate the content of its customers.

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On February 26, 2022, OpenSea, the biggest Ethereum-based decentralized program, stated that its functions have been migrated to the improved smart contract.

The exchange said that all NFT holders who want their tokens to be available on the service can relist their tokens at no expense. According to the post, “Unmigrated” listings have passed their expiration date and will no longer be supported. However, the migration period began on February 18 and ended on February 25 of this year.

OpenSea can now roll out new features such as more descriptive signatures and bulk cancellation after migrating to the upgraded Wyvern smart contract and removing inactive listings. The EIP-712 standard is used in the new Wyvern 2.3 contract, which considerably decreases the chances of phishing frauds.

This takes us back to the largest phishing fraud attempt in the record of the NFT segment that had reportedly targeted OpenSea’s NFT owners.

Seventeen high-profile NFT advocates had their funds stolen by criminals using fraudulent smart contracts. Fraudsters took a number of valuable NFTs from the BAYC and Azuki collections, resulting in net losses of $1.7 billion.

OpenSea disabled features temporarily during migration

OpenSea gave users a week to move their nonfungible token (NFT) listings, which concluded on Friday. Following the deadline, the company announced that due to the relocation, several functions on the site will be temporarily unavailable.

The company released a new smart contract on February 19, 2022, and advised users to begin migrating their NFT listings from the previous contract to the new one.

However, the network reported phishing assaults shortly after the introduction, resulting in some customers losing their NFTs. Following this, the OpenSea team conducted an investigation into what had occurred. OpenSea co-founder Devin Finzer suggested affected parties contact the company’s support team. This issue was resolved by Mintable, another NFT platform.

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Furthermore, the contract conversion was completed on Friday, with the platform notifying users that active listings on the platform may be hidden and that floor prices may fluctuate. The platform, however, stated that this is merely a temporary situation. The company said that until  the transfer was complete, bids and purchases would be temporarily prohibited to protect listings.

OpenSea is the most popular Ethereum-based decentralised application and the largest NFT marketplace. It has over 50,000 daily users, and its trading volume has surpassed $3.7 billion in the last 30 days, despite a significant drop in interest in NFTs.

NFT acclimation in the entertainment industry

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Hello Sunshine, a media company founded by Reese Witherspoon, has partnered with World of Women (WoW), a non-fungible tokens (NFT) community dedicated to breaking down barriers in the misogynistic world of cryptocurrencies while embracing diversity and equality. This barrier-breaking move was announced by World of Women on their Twitter handle on Friday, 18 February 2022.

World of Women began in July 2021 with 10,000 female-created artworks. It is now becoming one of the most valuable and successful non-fungible token providers.

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World of Women NFTs

Hello Sunshine will enhance the World of Women character world and trademark into entertainment products such as feature films, narrative, and reality TV shows as part of the deal. The initiative is yet another indication of non-fungible tokens’ rising appeal and the value they may provide to conventional media organizations on the hunt for intellectual property. Witherspoon stated,

“While the crypto and NFT space is largely dominated by men, there are inspiring leaders like World of Women creating incredible communities for women during this massive shift for media and technology.” 

In cooperation with other various women-led non-fungible tokens initiatives, they would also launch a Hello Sunshine x World of Women live event. The purpose is to inform women about this changing area. The second series of non-fungible tokens from World of Women will be launched in 2022. According to reports, the company’s digital art may now sell for six figures and now have earned over $120 million in trade.

Curio and Universal Music Group have teamed up to create NFT Fan Collections

Curio, the non-fungible tokens forum for entertainment brands and musical artists, and Universal Music Group (UMG), the music-based entertainment company, have announced, on 17 February 2022, that the duo will partner to create non-fungible tokens projects.

Michael Nash, Universal Music Group’s Executive Vice President, Digital Strategy, said,

“With Curio, our labels will have a secure and dedicated platform to host these premium projects and provide new opportunities for collectors and fans from around the world to acquire unique pieces, inspired by their favorite artists and labels.”

Curio released its first non-fungible tokens in February last year, after launching in 2020. Over 75,000 pieces of digital art with media brands have been issued by the organization to date. 

That being said, the firms are collaborating to release the inaugural issue in March, which will feature Capitol Music Group star, Calum Scott.