6 min read

NFT Innovation Digest #63

Is Starbucks the next Reddit?! / China updates legal stance on NFTs / KAWS launches tap-to-own / New Ledger device lands
NFT Innovation Digest #63

Your #1 weekly guide to the people, products and events defining the NFT space. Brought to you by @s0f1a.eth. For exclusive discounts and opportunities, join our Telegram!

New Ledger lands

What’s happening?

Hardware wallet industry leaders Ledger announced the release of a new product: Stax. Unlike previous devices, Stax has a touchscreen and is the most customizable to date, including personal touches like the ability to name it and create NFT screensavers. It is designed to be handheld and enable users to clearly read and sign transactions.

Image: Ledger

Why does it matter?

Improving security solutions is one of the most crucial issues facing the NFT and crypto industries today, so this move towards making devices more accessible and interactive while not compromising on the security itself is a positive development. According to Ledger, Stax "has been battle-tested against side-channel, fault, glitch and software attacks." The product design is also innovative in itself, as it boasts the world's first curved E Ink touchscreen.

Sources: NFT Culture, Twitter, Ledger

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Collectors can queue up on Evaluate and immediately match with another collector where they can sort through their collection and propose trades. To give collectors a way to communicate with each other during the trading process, Evaluate has built-in a chat function that notifies users of changes made to the trade.

Swap NFTs at evaluate.xyz!

China: NFTs are protected property

What’s happening?

A Chinese court based in Hangzhou has decreed that NFTs belong to the category of virtual property and should be legally protected as such, acknowledging that to date the legal position had been murky. It came to this decision due to NFTs' characteristics of 'value, scarcity, controllability, and readability'.

Why does it matter?

While China has seriously cracked down on crypto, this legal decision marks an important step in the de-tangling of crypto and NFTs. It also indicates how future cases may be resolved, and for the moment places NFT transactions in the broader category of e-commerce.

Sources: CoinTelegraph, CryptoNews, TechStory

Watch out Apes 👀

What’s happening?

Watchmaker Timex is making its first entry into web3 via a partnership and new product launch with the Bored Ape Yacht Club. There will be 500 watches created, each linked to the design of a particular BAYC or MAYC owner's NFT. The Apes will be printed onto the dial and the case can also be engraved with the Ape or its token number.

Why does it matter?

This is the latest development in a growing trend of luxury brands entering the NFT space via collaborations with existing projects. At a 1.5 Eth mint price, it is significantly cheaper than the Tiffany x CryptoPunks' NFTiff release, but many have still complained at the cost.

Sources: Decrypt, NFT Plazas,

Tap-to-own! (a KAWS artwork)

What’s happening?

KAWS is bringing the web2 and web3 worlds closer by launching a series of physical artworks that contain a chip tying the physical to a digital token, in collaboration with AllRightsReserved. The collection drops at 10pm EST on December 14th.

Why does it matter?

KAWS is an incredibly popular web2 artist, meaning many IRL collectors will be exposed to this technology and be able to experience the benefits of blockchain traceability, indirectly entering the world of ERC721 tokens.

Sources: DDTStore, The Drop

Is Starbucks the next Reddit?

What’s happening?

We reported on Starbucks' long-planned NFT-driven Odyssey rewards program several months ago, and it has now officially opened to select beta testers ahead of a full launch in 2023. It is built on Polygon and so far Starbucks have described the demand as 'unprecedented' and 'overwhelming'. There will be a marketplace powered by Nifty Gateway for users to buy and sell Stamps collected in the Odyssey.

Why does it matter?

The web3 world is waiting for the next mega-onboarding event after the huge success of Reddit's digital collectible avatars, hoping to shake the bear with new blood and encourage broader adoption. So far, web2 companies have met with incredibly varied rates of adoption but there is reason to believe this may be a winner, as it builds on Starbucks' already successful points system, with additional utilities and rewards thrown in.

Sources: Decrypt, Starbucks, RTIH

Let's buy The Constitution: Take 2

What’s happening?

ConstitutionDAO's failed attempt to buy an original copy of the US Constitution made major headlines last year, losing out to Ken Griffin who paid $43.2. And now? Sotheby's is auctioning the only other original printing of the Constitution in private ownership, so of course ConstitutionDAO2 has formed and hopes to secure it.

Why does it matter?

This is a fascinating example of how DAOs can mobilise collective action and fundraising / investment - whether or not it works. If it does, it will be one of the highest profile events in the history of DAOs and undoubtedly make waves.

Sources: Decrypt, CoinDesk

Read

➡ Catch up on the latest twist in the endless royalties debate, with Decrypt’s piece on OpenSea’s policy pivot [Read here]

➡ Check out a deep dive from Coin Telegraph on the role of NFTs in countering diamond fraud [Read here]

Listen

➡ A cross-chain NFT Twitter space brought together major players from Ethereum, Algorand and VeChain for a candid 5-hour discussion [Listen here]

➡ The NFT Alpha Podcast gets into the NFT data landscape with NFTStatistics.eth [Listen here]

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