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NFT Innovation Digest #39

Mastercard brings its payment network to Web3 / Solana backs South Korea with new $100M gaming, DeFi and NFT investment fund
NFT Innovation Digest #39

Cover: Memories of Qilin by Emily Xie

Most innovative (author's pick)

Image: NFT News Today

Law firm Holland & Knight has become the first legal institution to serve a defendant using an NFT, a new method of serving legal documents that has been approved by the New York Supreme Court.

More:

  • The crime committed was the theft of almost $8M from the Liechtenstein-based crypto exchange LCX. After the anonymous hacker's wallet was traced, they were airdropped a restraining order via NFT, dubbed a 'service NFT';
  • This new method "was approved by the New York Supreme Court and is an example of how innovation can provide legitimacy and transparency to a market that some believe is ungovernable," said LCX.

Most discussed

Image: Nickelodeon

The popular children’s TV channel Nickelodeon announced their first NFT collection, dropping summer 2022. Their promo videos suggest that the NFTs will center on classic Nickelodeon shows like Rugrats and Hey Arnold!

More:

  • The collection is being developed in partnership with Polygon-based Recur, who announced a deal with Nickelodeon’s parent company Viacom CBS in October;
  • According to the official launch website: “We searched the depths of your childhood basements, attics, and thrift stores to gather all the 90's Nick nostalgia we forgot we needed—until now. Nickelodeon NFTs are coming soon so stay tooned.”

Image: Seaport

OpenSea has migrated to the open-source Seaport Protocol, estimating that the new contract will save $460m+ in total fees annually.

More:

  • According to OpenSea, the perks will include lower gas fees that will save users up to 35% on transactions, the ability to make offers on entire collections, the removal of new account initialization fees and more user-friendly signature options;
  • Although OpenSea created the first version of Seaport, it says the protocol is open source and meant to be used by all builders, creators and collectors of NFTs.

Mainstream adoption

Image: Mastercard

Mastercard is bringing its payment network to Web3 and NFTs. Mastercard aims to make the industry easier and safer by enabling users to make NFT purchases directly with their cards on partner platforms.

More:

  • Mastercard promises to reinforce customer safety and protect user data for people purchasing NFTs;
  • The list of initial partners includes Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway and MoonPay;
  • Mastercard conducted a survey of over 35,000 people across 40 countries and found that 45% had already purchased an NFT or would consider doing so, and roughly half sought more flexibility — being able to pay with crypto for everyday purchases or using a debit or credit card to buy NFTs.

Image: Kraft

US food manufacturing giant Kraft Foods Group has filed NFT and Metaverse patents for many of its popular brands.

More:

  • The trademarks cover a wide range of services and products, including a virtual restaurant where users can earn rewards and virtual assets, virtual food and drinks, NFTs and NFT-backed media and marketplaces.

Image: movienftz

Movienftz launches with the aim of creating an industry-standard NFT movie poster distribution channel. The first offering was released this week: a limited edition of 200 Resident Evil: Welcome to Raccoon City NFTs licensed by Constantin Film and Constantin Music.

More:

  • We are excited about providing audiences with an innovative way to engage with cinema specifically through owning licensed poster NFTs... I saw a print of the Taxi Driver poster recently sell through Sotheby’s for over $3,000,— imagine if this was of a fixed limited supply, wouldn’t fade over time, included a section of the movie’s soundtrack through being an NFT MP4 and was fully licensed,” said Founder and CEO Ryan Matthews.

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New products and ideas

Image: SOLANA

Solana Ventures & The Solana Foundation create an $100M investment and grant fund for South Korean Web3 startups. The fund is backed by capital from the Solana community treasury in addition to the venture arm’s pool of capital and will focus on gaming studios, GameFi, NFTs and DeFi in South Korea.

More:

  • South Korea is expected to be a major hub of NFT and Metaverse development this decade as its government has allocated $187 million towards building its Metaverse ecosystem;
  • “Korea is at the forefront of web3 game design and development and we are focused on helping even more builders in Korea bring their ideas to reality.” said Johnny Lee, General Manager of Games at Solana Labs.

Image: SporesDAO

SporesDAO have developed a new NFT music platform, where songs are introduced each week and can be remixed on-chain. Recordings enter the Spore Remix Archive for anyone to listen to, and collectors can choose which to mint as an official Spore Remix.

More:

  • The Spore Ecosystem intends to support all parties that engage with it by splitting profits between SporesDAO, the Spore Remix creator and the original recording artist.

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NFT space in numbers

The values below are from the 18th - 24th June. Source: DappRadar.

Top Marketplaces

Marketplace Blockchain Volume Traders
OpenSea ETH, POL $100.37M
-123.16%
129,329
-19.63%
LooksRare ETH $29.59M
-41.33%
4,278
-23.5%
Magic Eden SOL $22.3M
-38.36%
97,649
-13.49%
CryptoPunks ETH $8.27M
168.78%
142
215.56%
NBA Top Shot FLOW $1.83M
-26.2%
16,689
-28.59%

Top Sales

NFT Collection Price
Bored Ape Yacht Club #7537 Bored Ape Yacht Club $1.2M
1.02k ETH
CryptoPunk #8620 CryptoPunks $338.27k
275 ETH
CryptoPunk #5690 CryptoPunks $300.81k
275 ETH
Bored Ape Yacht Club #208 Bored Ape Yacht Club $281.05k
178.8 ETH
Bored Ape Yacht Club #7818 Bored Ape Yacht Club $208.7k
120 ETH

Top Collections

Invisible Society XYZ
Collection Volume Traders Sales
Terraforms* $13.05M
-29.58%
102
112.5%
117
129.41%
Bored Ape Yacht Club $12.73M
33.94%
180
133.77%
103
114.58%
CryptoPunks $8.29M
194.36%
140
241.46%
111
258.06%
Otherdeed for Otherside $7.06M
25.07%
1,603
97.41%
1,492
147.02%
Mutant Ape Yacht Club $6.42M
33.02%
489
117.33%
298
127.48%
goblintownNFT $5.11M
-70.13%
1,054
-35.69%
963
-39.51%
Clone X $4.46M
186.46%
481
-54.32%
329
398.48%
Moonbirds $3.3M
114.17%
229
222.54%
138
272.97%
CATGIRL ACADEMIA $3.04M
-62.41%
30
30.43%
52
52.94%
$2.99M
-48.19%
17
-48.48%
44
-62.07%

*Most of the sales in the collection occurred on the LooksRare marketplace and may be the subject of wash trading.


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