NFT Review 84 - Quick Profits vs. Value

Sony eyes cross-platform NFT transfers, Gucci partners with Bored Ape creator, Ticketmaster launches NFT-gated tickets, and more.

NFT Review is a weekly newsletter covering NFTs in the Web3 ecosystem on Polkadot’s side of the woods. The newsletter is put together by Bruno Škvorc and gbaci.

For a more general overview of the Web3 ecosystem, consider subscribing to Dot Leap.

Looking for a primer on NFTs? This should be the last introduction you’ll ever need.

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Dear NFT enthusiast,

This week, we delve into a compelling perspective shared by Neal Stephenson, the visionary author who first introduced the concept of the 'Metaverse' in his 1992 novel, 'Snow Crash.' Stephenson pointed out that many NFT projects and metaverse initiatives are too focused on making a quick buck, sometimes at the expense of creating a stable economy based on unique and engaging experiences.

It's worth noting that short-term financial gain is not inherently a problem, as projects need funding to become self-sustainable. The challenge lies in striking the right balance between securing necessary funding and maintaining a focus on long-term value creation through meaningful experiences and a robust ecosystem.

As we explore the latest news and trends in the NFT space, let's remember Stephenson's insight and consider the long-term implications of our actions within this rapidly evolving ecosystem. The metaverse and NFTs have the potential to revolutionize the way we interact with digital assets, but to unlock their true potential, we must foster an environment that emphasizes sustainability and value over short-term financial gains.

We encourage you to reflect on your own involvement in the NFT and metaverse space, and to support projects that prioritize long-term value creation and stability. Together, we can shape the future of this exciting new frontier.

Thank you for reading and have a great week.

— NFT Review

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📬 NFT News from Kusama & Polkadot

• Bookm.art won the RMRK bounty at the recently concluded zkSync hackathon.

• ZooDAO (a Pool Together-like app where any NFT is your ticket) to integrate RMRK tech for tracking user level-ups and reputation.

• RMRK published a new and more detailed video recap of its second day at ETHDenver. 

• Singular (RMRK’s advanced NFT marketplace) published an analysis of the trading activity of Kanaria Genesis items.

• Bit.Country (parachain for metaverses on Polkadot) announced that the Estate Staking module is approaching the final stage of testing. It also announced that governance is live on Pioneer (its Kusama parachain).

• Moonsama (NFT-focused Polkadot parachain) hosted a Twitter Space on The Next Steps for Moonsama.

• Evrloot (RPG powered by RMRK) hosted an AMA Twitter Space with Talisman (Polkadot wallet).

• Efinity (NFT-focused Polkadot parachain) published a breakdown of its Marketplace Pallet feature.

• Veil of Time (RPG powered by RMRK) announced the end of its sale phase and the launch of the game next week.

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🗞 NFT News from Ethereum and Beyond

• New data reveals that the previous estimates of creator royalty losses, which were around $35 million, may be much higher.

• Polygon to help fight NFT scams with Web3 infra protocol partnership.

• Freeport clears SEC Reg A review for tokenized art offerings.

• UK Treasury drops plans for Royal Mint NFT.

• Sony eyes NFT transfers across multiple game platforms, reveals patent.

• NFT collector accidentally burns $135K CryptoPunk trying to borrow money.

• Magic Eden launches marketplace for Bitcoin Ordinals.

• IRS calls for public feedback on taxing NFTs as collectibles.

• NFT wash trading increases by 126% in February: Data.

• Candy Digital pushes forward with new MLB NFTs after Fanatics divestment.

• Pussy Riot protest art NFT triggers Russian criminal charges.

• At least $37M worth of y00ts NFTs migrate to Polygon from Solana in one day.

• Art Blocks debuts NFT marketplace with enforced creator royalties.

• Metaverse Fashion Week 2023 goes multi-platform in push for interoperability.

• Gucci reveals metaverse tie-up with Bored Ape creator Yuga Labs.

• Ticketmaster debuts NFT-gated ticket sales, starting with Avenged Sevenfold.

• Sotheby’s pauses NFT auction after glitch artist withdraws over lack of female artists.

• Tarzan swings into the Metaverse with official NFT drop.

• Nouns DAO is getting private DAO voting via Aztec x Aragon.

• Reddit confirmed it’s building a Reddit Avatar Marketplace.

• Pudgy Penguins filed new trademark applications.

• Sound unveiled a new mobile navigation UI and sound player. 

• app.axie now supports offers for Axies and Axie Land.

• Aavegotchi is set to launch Gotchichain, a dedicated gaming blockchain powered by Polygon Supernets, in early Q3 2023

• CCP Games secured $40M in financing led by Andreessen Horowitz to develop a new AAA game using NFT tech within the EVE Universe.

• Arcade facilitated the first-ever Bitcoin NFT-backed loan.

• Coinbase on how to use its Creator Hub.

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That’s all for this week, see you in the next edition! Got some links to share with us, artists to feature, NFTs to sell, jobs to promote, or events to popularize? Get in touch with Bruno or gbaci!