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Instagram: The Latest NFT Marketplace
In a major update, Instagram announced that users will be able to mint and sell NFTs on the platform. They have chosen to work with the Polygon blockchain, also the chain of choice for Reddit's successful NFT avatar drop earlier this year. For storage, Instagram will use the decentralized protocol Arweave - news that sent their token up over 50%.
This news was contextualized by many media outlets as an attempt by Instagram's owner Meta to develop new income streams in light of its plummeting income and share price. Artists have celebrated regardless, praising the growing avenues for reaching collectors and onboarding mainstream audiences.
#1 Next Level NFT Gaming
A new Ethereum NFT-driven web-based game was announced this week by Square Enix, the developers of game franchises such as Final Fantasy. Symbiogenesis is described not just as a game, but a “digital collectible art experience” in which players will participate as NFT-based characters and interact with NFTs throughout the narrative-driven format. The official launch is set for Spring 2023.
This news in fact disappointed some gamers who had noticed the registration of Square Enix's new Symbiogenesis trademark. The term coincidentally links to plot elements in the popular game Parasite Eve - leading fans to believe a revival was in the works.
#2 World-First Conference Launches
Alongside NFT.London (watch out for our special report dropping next week exclusively for NFTID subscribers), the world's first Metaverse Economic Forum (MEF) takes place on Friday 4th November. MEF brings together founders, investors and builders dedicated to developing financial infrastructure around NFTs.
For a structured breakdown of the current NFT Finance landscape, CADLabs has created this handy guide:
#1: Immersive NFTs Take Over London
The first ever Digital Art Week launched in London on November 3rd and runs until the 10th, with free events, exhibitions and talks taking place throughout. Their mission is to make art more accessible through engaging and immersive experiences and to promote education around digital art and NFTs.
The featured artists include Beeple, Trevor Jones and X-Copy, coordinated with 33NFT and The Medici Collection. DAW already has plans in motion for events in Paris, Lisbon, New York, Miami, Seoul and Tokyo - so watch this space!
#2: UK NFT Inquiry Announced
The UK is launching an official inquiry into NFTs, prompted by parliamentary concern over a "bubble" and investor risk, although committee chair Julian Knight also commented that it would "help Parliament understand the opportunities presented by an exciting new technology which could democratise how assets are bought and sold.”
The inquiry will run until January 2023 and also look into other aspects of blockchain technology with a view to developing potential future regulations.
#1 ASICS x Solana
ASICS are releasing a limited-edition physical shoe collection that will be available for $200 using USDC via Solana Pay. Buyers will receive an ASICS NFT that unlocks future perks and experiences, and have a chance of winning an additional NFT from project partner STEPN.
According to ASICS' Director of Web3 & Digital Goods Joe Pace: "We see a place for us to help in Web3 and bring products that inspire people to be physically active. For us, it's just a different way of telling stories about our products and getting specific communities excited about them."
#2 Formula 1 x OpenSea
Formula 1 team Haas has announced a partnership with OpenSea. The key elements of the agreement are that the OpenSea logo will appear on Haas' physical race cars and they will work together to develop branded NFT collections that can help Haas increase fan engagement and revenue.
The economic scale of the partnership has not been publicly declared, although Haas' financial issues have been widely documented, including on the popular reality show Drive to Survive.