NFT Weekly News #18
14th Aug - 20th Aug, 2023
NFT News Weekly Update #18
(08/14/2023-08/20/2023)
GM
Welcome to NFT Weekly News by Threekeyslab🗝️🗝️🗝️. Here you can find the latest curated news📰in the NFT world. Every week, we aim to provide a selection of the most interesting news and events that are fostering the development of the NFT world.
The NFT field is constantly evolving, and this article will review last week's Top🔝NFT news. Let's take a look👀together!
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Top News 🔝
📌AIGC|OpenAI bought the makers of a Minecraft clone (Aug 17)
OpenAI has acquired New York-based company Global Illumination, known for its digital product expertise. While acquisition terms were not disclosed, the entire team from Global Illumination is joining OpenAI to work on core products like ChatGPT. This team has previously contributed to significant projects at Instagram, Facebook, YouTube, Google, and other major companies. Global Illumination's website briefly showcases a game named "Biomes", an open-source sandbox MMORPG for the web, which visually resembles Minecraft.
📌NFT | OpenSea Adjusts Approach: From Enforced to Optional Creator Fees in Web3 Marketplaces (Aug 17)
OpenSea's Operator Filter was designed to let creators limit sales to specific web3 marketplaces that enforce creator fees. However, due to the absence of a universal opt-in mechanism, changes effective Aug 31 will terminate this filter. Additionally, creator fees will be optional for new collections, and there will be improved visibility for fee settings. Collections existing before Aug 31 with the filter will continue to have enforced fees till Feb 29, '24. The shift emphasizes providing more fee options, recognizing the significance of diverse revenue channels in the web3 space. Notably, Mark Cuban and Yuga Lab have voiced their opposition to OpenSea's move.
📌Web3|Paradigm: Onchain Gaming's Transformative Potential in the Broader Landscape (Aug 16)
Paradigm sees a major shift in gaming with the integration of blockchain, offering benefits like moddable games and open economies. This was inspired by Ethereum's creator's gaming experience. However, there are challenges in technicalities, game design, and financial pressures. The future might lean towards a mix of traditional gaming with onchain elements. The realm is budding but promises a gaming revolution.
Market Update 📣
To find out more about the notable NFT sales for the week, please click on the link below.
Other News 👀
Web3|Consumer Crypto Categories (Aug 9)
Credit to Messari
AI Agents: Onchain AI entities can autonomously interact with various platforms, including owning other NFTs.
Decentralized Social: Creators own their content, not platforms, allowing diverse monetization.
Onchain Gaming & AWs: Games with their logic fully onchain, open for all to develop on a shared world.
NFT Financialization: Post-2021, focus on merging finance with NFTs, like loans against NFT collateral.
Content Co-Creation: NFTs trace content lineage, enabling large-scale collaboration and fair compensation.
Digital & Physical Intersection: Bridging tangible goods with the digital realm for new distribution and engagement methods.
Web3| Vitalik latest thoughts on : The Transformation and Innovation of Twitter X—The Rise of Community Notes (Aug 16)
Over the past two years, Twitter X saw upheavals, especially after Elon Musk's failed $44 billion acquisition bid. Still, Musk influenced major changes in staffing, content moderation, and the business model. A notable innovation is "Community Notes", a decentralized fact-checking feature on tweets. Instead of traditional fact-checking, the community generates and votes on these notes. Though not crypto-related, it mirrors crypto principles by letting anyone partake in content moderation. The system promotes balanced information by scoring notes based on diverse user reviews, showcasing the future potential of decentralized moderation on major platforms.
NFT| Sotheby’s “GRAILS” Collection: A Glimpse into the Digital Art World's Evolution (Aug 18)
Sotheby's Grails IV auction went quietly without the usual excitement. Top sales, like Fidenza 943 and Ringer 59, deviated from our valuation. The Art Blocks market seems to be on a decline but hasn't collapsed. Items that were premium in earlier Grails auctions didn't fetch the same value this time, indicating a lack of auction premium.
NFT| Farmer Machi becomes #2 DeGod holder with 211 NFTs (Aug 15)
Opinions within the Degod community are divided regarding Machi, with members both in favor of and against their stance or actions.
NFT| Nouns Fork cancelled: founders identify potential "draining attack" (Aug 15)
Nouns DAO introduced a "DAO fork" to protect minority stakeholders, but it inadvertently allows a "minority raid", where just 20% ownership can exploit the treasury. This novel web3 challenge exposes the DAO to potential repetitive financial drains by a dishonest minority. Immediate solutions are needed to ensure sustainability.
NFT | Zynga unveils Sugartown as its first Web3 game (Aug 14)
Zynga has launched "Sugartown", its first Web3 game on the Ethereum network. Players use ERC-721 Ora tokens in this immersive environment. Developed under Take-Two Interactive Software and in collaboration with blockchain firm Forte, Zynga aims to pioneer Web3 gaming by blending traditional gameplay with blockchain innovations. The game was promoted via Twitter and Discord to the Web3 community.
NFT | DeGods Faces Turmoil: Co-Founder Exits and NFT Prices Tumble (Aug 18)
Finn DeGods, co-founder of DeLabs, left the company amidst a volatile NFT market. After DeLabs' decisions, such as the y00ts migration from Polygon to Ethereum, both DeGods and y00ts saw a drop in market value. Large sales by trader Jeffrey Huang further depressed DeGods' floor price. The timing of Finn's departure adds to the existing challenges for the DeGods collection.
Web3 | Blur's Token Vesting Raises Conflict of Interest Concerns (Aug 18)
Blur's insiders are set to vest approximately 47 million tokens, equivalent to $14 million, monthly. Meanwhile, the team's decision on the distribution of over 300 million tokens to Season 2 farmers is still pending. This raises potential conflict of interest issues as insiders obtain more tokens before farmers have the chance to sell. Addressing the concerns requires transparency and clarity from Blur's management.
NFT | Coca-Cola's NFT Buzz: High Initial Interest Despite Historical Downtrend (Aug 15)
Coca-Cola recently introduced an NFT collection, attracting a massive $450,000 investment from traders on Coinbase's Base chain, despite the historical underperformance of major brand NFTs. The collection, combining classic and modern art with Coke bottles, saw nearly 60,000 Masterpieces minted within days. Although other brands like Budweiser and TIME Magazine have seen their NFT values plummet post-launch, it remains to be seen if Coca-Cola's NFTs will defy the trend. However, some items have already dropped below their mint price on OpenSea.
NFT | Adidas and BAPE's Exclusive NFT Sneaker Auction (Aug 16)
Adidas Originals and BAPE are launching a special sneaker collaboration, the Triple-White Forum 84 BAPE Low. Only 100 pairs will be auctioned as NFT passes on the Adidas Collect platform. Winners can exchange their NFTs for the physical shoes, each embedded with an NFC chip, linking them to an NFT certificate of authenticity. This marks Adidas' first NFT auction format. Alongside the physical sneakers, winners get a "digital twin" NFT, suggesting potential use in the metaverse. The auction runs from August 22-25, with bidding starting at 0.3 ETH. This release is part of BAPE’s 30th-anniversary celebration.