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NFT Innovation Digest #45

🔥🖼️ 4851 artworks will be burned as collectors keep Damien Hirst's The Currency NFTs / New CY-B3LLA NFT collection enables access to Bella Hadid / MetaMask's security update / Japan's no.2 bank moves into Web3
NFT Innovation Digest #45

Cover: Pandora's Box by  Camila Nogueira

Most innovative (author's pick)

Image: Fortune

Solana Spaces launches in New York City: a physical store in Hudson Yards aiming to educate and onboard visitors, particularly blockchain beginners. It claims to be “the world’s first retail and educational space dedicated to Web3.”

More:

  • The store's features include a seed phrase booth where visitors can create a Solana Phantom wallet, and interactive art installations. There will also be NFTs and physical merchandise available for sale, as well as USDC participation rewards.
  • Solana is heavily investing in the physical as well as the digital realm, having also launched a smartphone product last month.  

Most discussed

Image: HENI (The Currency)

Damien Hirst's year-long project The Currency comes to an end, with a nearly 50/50 split between collectors who opted to keep their NFT vs receive a physical painting - 5149 physical vs 4851 NFTs. For each NFT kept, the corresponding artwork will now be burned - some publicly at Hirst's Newport Street Gallery in London.

More:

  • Starting on September 9th, the paintings will be burned - culminating during Frieze Art Fair in October, the most important period in the UK's traditional art calendar.
  • In a social media statement, Hirst said "I decided I have to keep all my 1000 currency as NFTs otherwise it wouldn’t carry on being a proper adventure for me and so I decided I need to show my 100 percent support and confidence in the NFT world (even though it means I will have to destroy the corresponding 1000 physical artworks)."

Image: MetaMask

A new MetaMask update has been released that flags more clearly to users when a transaction wants to 'Set Approval for All'. Many NFT buyers have fallen victim to malicious actors draining the content of their wallets in this way.

More:

  • Scams that begin by hacking prominent NFT projects' or influencers' social media accounts and encourage their followers to connect their wallets for surprise mints or drops and then steal their contents have been on the rise.
  • MetaMask Software Engineer Alex Donesky identified “there is some urgency to get something out there since this method is so commonly used" but also that "the timeline is compressed" and therefore this update, while necessary, is far from the ideal solution.

Mainstream adoption

Image: Architectural Digest (Wynwood Walls, Miami)

The city of Miami announced plans to release NFTs designed by 56 local Miami artists, a number chosen as it corresponds to the city's 56 square mile area. NFT holders will have access to perks and experiences across the city.

More:

  • The project is a collaboration between the city of Miami, TIME magazine publisher Time USA, Mastercard, and Salesforce. The NFTs will be purchased through Salesforce's upcoming NFT Cloud platform.
  • The launch of the 5,000 Ethereum NFTs will take place in December.

Image: SMBC

Japan's second largest bank, The Sumitomo Mitsui Banking Corporation (SMBC), announces its first move into Web3 and NFTs by partnering with Hashport, a tokenization and listing services firm. The joint venture will create a token business lab and aims to build “commercialization support and consulting services to customers considering the token business, including the issuance of NFTs.”

More:

  • According to SMBC's press release: "We aim to build an ecosystem involving many players in the NFT domain. We believe that these efforts will contribute to the promotion of Web3 in Japan."

Image: CY-B3LLA

Bella Hadid has opened buyer registrations for "CY-B3LLA": a collection of 11,111 NFTs based on 3D scans of her face and body. The NFTs will have utility related to Hadid: unlocking rewards for holders and enabling access, for example, to real events attended by the celebrity.

More:

  • CY-B3LLA was created by Hadid with minting platform reBASE.
  • The NFTs will be released in batches between now and September, each inspired by a different country and created with input from local artists. The first? Japan.

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New products and ideas

Image: Uniswap

In advance of launching its own NFT platform, UniSwap is integrating decentralized NFT marketplace Sudoswap. This will enable users to access on-chain liquidity via the sudoAMM, Sudoswap's automated market maker that launched on July 8th.

More:

  • Sudoswap will soon be adding support for ERC-1155 tokens and ERC-20 token routing.
  • Uniswap is expected to launch its own NFT market aggregation product in Autumn 2022. Last month it also acquired Genie, an NFT aggregator.

Image: S. S. Lazio

Binance trials an NFT ticketing solution with football club Società Sportiva Lazio. NFT tickets will be available for all home matches and provide additional benefits for holders, such as discounts, token giveaways and club experiences.

More:

  • This move notably comes after traditional ticketing methods (and the widespread sale of fake tickets) were criticised for causing chaos at the UEFA Champions League final in Paris.
  • Binance executive Zoe Wei highlighted this project as a significant use case for Web3 technology and predicted that NFT ticketing would not be limited to sports but become integrated into the wider entertainment industry.

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Get Metaverse Educated (and Certified!) with Metaverse 360

The NFT Innovation Digest Team are excited to announce the launch of Metaverse 360! This new course covers the technical principles, history and many applications of NFTs - sports, music, gaming, collectibles, art, utility NFTs and more, as well as the essential Metaverses you should know.

More:

  • It is aimed at both newcomers and seasoned travelers. If you’re already a Web3 professional, you can use it to brush up on NFT fundamentals and boost your employability.
  • Team plans are also available for employers who want to upskill their teams! The first Web3 employers, such as NFTfi.com and CADLabs.org, have already added the course as a part of their standard team onboarding.

NFT space in numbers

The values below are from the 23-29th July. Source: DappRadar.

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