INNOVATION OF THE WEEK
Charged Particles send FLUF World into Space!
Charged Particles, an innovative protocol that enables users to insert digital assets into NFTs, has pulled off a galactic triumph and sent #7189 from the FLUF World NFT collection into space! It began its journey on June 18th 2022 when it joined the launch of the SpaceX Sarh-I Falcon 4 rocket on her maiden voyage, safely encased in a USB device.
Upon return, a 'proof of space' was nested into the NFT. This is just one example of the unlimited types of credentials that can be (to use Charged Particles' term) energized inside NFTs. Other potential applications include memberships, carbon neutral certifications, proofs of authenticity... The sky is no longer the limit!
FLUF World founder Aaron McDonald reflected that the project was "always going to the moon, just I didn’t realize how close we were."
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NEW PRODUCTS & IDEAS
#1 Institutional Custody for Punks & Apes
SEBA, a crypto-friendly Swiss bank, is now offering custodial services for its NFT-holding clients, meaning they will be responsible for managing private keys. Initially, the service is limited to Ethereum-based NFTs and will be offered to the bank's existing institutional and professional investor base.
According to SEBA, they are launching this service in response to institutional demand and associated concerns about "security and integrity." SEBA will also take on an advisory position and perform due diligence at the client’s request before deciding whether to provide custody for a certain NFT or not.
#2 Twitter Integrates NFTs
Twitter is expanding its "Tweet Tiles" feature to enable users to display and promote NFTs in an improved format, highlighting more information and directly linking to four partner marketplaces: Rarible, Magic Eden, Dapper Labs and Jump.trade. Interestingly, OpenSea is not included at this stage.
The feature will support all blockchains as long as the NFT is listed through one of the approved marketplaces. The integration is currently being tested "with select Twitter users across iOS and web".
#3 Vending Machines Sell Water, Sweets and ... NFTs?
A surprising new product will be gracing the surrounding streets of NFT.London next week: a philanthropic NFT vending machine! Designed by multi-chain marketplace MyNFT, it aims to onboard curious passersby with a simple process: purchase an envelope for £10, scan the QR code inside and complete the sign-up process to access your NFT.
While NFT vending machines have been seen in New York, this will be the first in Europe. The funds raised will be donated to Giveth, an initiative that aids public services and education in developing countries, and Roald Dahl’s Marvellous Children’s Charity, which provides specialist nurses to ill children.
#1: A Big Week 1 for Aptos
Last week, we reported on the uptake of NFTs created on the Cardano blockchain, particularly from traders active in the Solana community. This week, Aptos is the talk of the town. Described as a scalable layer-one blockchain and with $350M in VC funding, Aptos launched its mainnet on October 17th.
Topaz, an Aptos NFT marketplace, provided data to Decrypt that between October 18-26 they saw $5.46M in trading volume, with daily levels coming very close to the main Solana marketplace Magic Eden. According to Nansen's data analytics, Solana NFT trading volume has dropped 33% over the past 30 days. However, some have drawn comparisons with the hype over the launch of Near Protocol, that saw an early rush of trading action but has since sunk dramatically.
#2: Azuki Shatters Records
Azuki broke digital and physical records for the most expensive skateboards ever sold in their recent auction of 9 golden skateboard NFTs. 8 sold during the auction, for a total of $2.5M. Each bore a different emblem drawn from the growing body of Azuki mythology, with the dragon emblem setting the top price of 309 ETH.
From November, the NFT holders can choose to burn the NFT and claim a physical skateboard plated with 24 karat gold. In advance of this, Azuki tweeted a warning to “Please consult your doctor before trying to ride a 45 lb skateboard.”
This is the first example of Azuki implementing PBTs - physical backed tokens - meaning that each skateboard has an embedded cryptographic chip that connects the physical item with its digital token.
#3: LooksRare Fights for Market Share
In a blog post this week, marketplace LooksRare announced it was removing creator royalty fees and would instead pay creators 25% of protocol fees (these are set at 2% of each transaction, meaning creators will earn 0.5%).
Royalties have been headline news for multiple months as marketplaces compete for market share since Sudoswap cut them out entirely. Commenting on this latest development, punk9059 reflected: "The avg royalty paid is around 6%. I wouldn't say that giving artists 0.5% (a 90%+ cut) while keeping your own fee at 1.5% (a 25% cut) is a competitive solution that benefits creators. I do get that everyone is trying to survive in this race-to-the-bottom."
#1 Apple Hardens NFT Stance
This week, Apple published an update to its App Store Guidelines that directly addresses NFTs, following weeks of controversy and confusion over what the tech giant would allow. Given the enormous size of the potential market (1 billion+ App Store users), this is a significant opportunity for onboarding and mass adoption.
According to the new wording, “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.”
This is a blow to one of the major NFT use-cases: token-gated content. However, in an attempt to attract users, Apple will make an exception for NFTs purchased via in-app purchases. These purchases will be subject to a hefty 30% cut and crypto will not be accepted. In a move to ensure their payment services won’t be cut out, developers are also banned from creating “buttons, external links, or other calls to action.”
#2 Relive Fyre Festival, on Ethereum!
In the latest, high-profile development in a growing trend of NFT-gated travel opportunities, Great Exuma island in the Bahamas, famous as the site of the disastrous Fyre Festival, will become a crypto haven. AGIA International announced that 60 “ultra-luxurious” villas (between 1000-6500 sq ft) will soon be available for purchase as Ethereum NFTs, while the rest of the island will be kitted out with a super-yacht marina, restaurants and shops.
According to AGIA: "This is the first time an entire real estate development has been exclusively for sale on the blockchain. There's never been a 100% tokenized resort-style community.” In a further comment on their choice of location, AGIA’s co-founder stated: "We bought this property because we saw its future, not its past.”
- NFT Comic Books: The Promise, the Peril, and What The Future Actually Holds by Jex Exmundo for NFT NOW [Read here]
- A Beginner’s Guide to Ethereum Censorship by Donovan Choy for Bankless [Read here]
- On this episode of the NFT Alpha Podcast, we hear the wild tale of building Nifty Gateway directly from founder Griffin Cock Foster [Listen here]
- The FTX Podcast goes deep with Anand Gomes, co-founder and CEO of Paradigm: the largest & fastest growing liquidity network in crypto. [Listen here]
- When? 3-4 November 2022
- Where? Queen Elizabeth II Centre, Broad Sanctuary, SW1P 3EE, London, UK
- Who? Speakers include Alex Connolly, Chana Kanzen, Cindy Jin, Cynthia Hass, Dr. Emily L. Spratt, Gauthier Zuppinger, Jordan Harry and Miles Leonard. See the full schedule here.
- What else? There are many satellite and community events taking place around the conference. Highlights include the SpottieWifi x WagmiBeer & Yuga Labs Ecosystem Gathering, an exhibition curated by London Women Leading Web3, and parties hosted by World of Women, Avastars, Cyberbrokers and the Mutant Cartel. Check out the full list of events here.