6 min read

NFT Innovation Digest #64

PayPal partners with MetaMask / Magic Eden Santa comes to town / Who is the new Yuga CEO? / NFTs have a high fashion moment
NFT Innovation Digest #64

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!

Magic Eden Santa comes to town

What’s happening?

As the battle for NFT marketplace dominance heats up, Magic Eden is launching a Rewards system. How does it work? For every 1 SOL traded, users will earn five "Magic Points". Users can create a profile that spans multiple wallets, and their total points will land them in 1 of 5 tiers. Each tier has its own benefits, including exclusive creator content, partner discounts, and NFT giveaways airdropped directly to their profile.

Why does it matter?

It's a turbulent road for marketplaces right now, and Magic Eden took a major dip after temporarily introducing an optional royalties model in October. Rewards may well be the new battleground and this latest move is an interesting one, as it rewards engagement in a longer-term manner than, for example, Blur's time-limited token airdrop rewards. In an additional attempt to incentivize the highest-value traders to remain on ME, fees will also switch to a dynamic pricing model that depend on user activity.

Sources: CoinDesk, PR Newswire

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#1 MetaMask 🤝 PayPal

What’s happening?

MetaMask users based in the US can now purchase ETH within their digital wallets using their PayPal funds, thanks to a new integration. PayPal first debuted crypto buy, sell and hold services in 2020 but is now pushing for additional interoperability with key platforms.

Why does it matter?

We talk about onboarding a lot, but this integration is a major step forwards for accessibility and usability, and pushes us towards open rather than closed systems that bring together both web2 and web3 native platforms.

Sources: CoinDesk, TechCrunch

#2 Discord adds Solana support

What’s happening?

Discord has entered into its first blockchain partnership and added additional verification capabilities related to Solana wallets. For example, server admins will be able to create roles and gate channels based on a wallet's metadata, such as NFT holdings, the number of transactions or the age of a wallet. This feature takes place within Linked Roles, part of Discord's recently released Connections area.

Why does it matter?

Solana has had a turbulent time since FTX, to say the least, but this is a prominent partnership that shows faith in their ecosystem. According to Discord, this new feature will help users avoid scams and promote trust and safety. Other users have, however, immediately flagged the potential dangers associated with linking wallets.

Sources: BSC News, Crypto.News

#1 Trump trumps the bear market

What’s happening?

On December 16, Donald Trump released a 45,000 piece $99 NFT collection of "trading cards", displaying the former President as characters from superheroes to cowboys to astronauts. At first, people were unsure if this was a legitimate collection and there have been accusations from copyright infringement to NFTs being minted to incorrect wallets. The collection nonetheless soared to a temporary high of 0.84 ETH and has seen multi-million USD trading figures.

Why does it matter?

The drop of this collection demonstrates the power that celebrities still have to launch highly profitable NFT projects even in this market, as well as the media's love of rinsing NFTs. The collection has already been mocked on popular shows across the US including The Tonight Show, Saturday Night Live and Jimmy Kimmel Live. No doubt, this has only contributed to trading volumes.

Sources: The Drop, Decrypt

#2 Switch-up at Yuga

What’s happening?

Daniel Alegre has been appointed the new CEO of Yuga Labs from gaming leaders Activision Blizzard, where he oversaw titles such as Call of Duty and World of Warcraft.

Why does it matter?

A lot is riding on the development of Yuga Labs' much-hyped Otherside virtual world, which is set to launch in 2023 and openly aims to challenge Meta and Microsoft. The Yuga co-founders said, “When it comes to the metaverse, we’re competing with giants. In order to catapult Otherside and our other ambitious projects to new heights, we’ve known for a long time we wanted to bring in someone with a proven track record of building at the highest possible level.”

Sources: The Financial Times, Business Wire, Tech Crunch

#1 NFTs on the big screen!

What’s happening?

Amazon has released a six-episode TV series NFTMe that explores the disruptive and unique culture of NFT across the world. The show has a broad scope, from how NFTs can revolutionize art, music and branding, to considering how communities in the Democratic Republic of the Congo have a web3 mindset.

Why does it matter?

The media landscape has been overwhelmingly negative when it comes to NFTs, but this show focuses on the positive and innovative aspects of how art, ownership and technology have come together.

Sources: Coin Telegraph, Investing.com, CryptoTimes

#2 NFTs are having a fashion moment

What’s happening?

The non-profit Council of Fashion Designers of America (CFDA) is celebrating its 60th anniversary with its first NFT collection, in collaboration with fashion heavyweights including Coach, Diane von Furstenberg, Michael Kors and Tommy Hilfiger. A digital exhibition and a range of rewards also feature.

Why does it matter?

Besides the high profile nature and credibility of this project, a closer look at the details also offers an insight into the future role of "white glove services" in NFTs, as offered here by MoonPay Concierge. For those who would rather not bid directly, they can contact MoonPay by email and a "dedicated representative" will take over...

Sources: The Drum, Decrypt, Design Rush, NFT Plazas

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