Web3 Market Recap: $1.1M On-Chain Loan, Discord's Hidden Link Risk, and Google's Shift on NFT Gaming Ads...
NFT Weekly News #21 4th Sep- 10th Sep
NFT News Weekly Update #21
(09/04/2023-09/10/2023)
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!
(Please don't forget to subscribe below and follow Threekeyslab on Twitter for more! )
Top News 🔝
📌NFT|$1.1 Million On-Chain Loan Secured Using NFT of Supreme T-Shirt Collection as Collateral (Sep 4)
In a groundbreaking use of NFTs, a borrower secured a $1.1 million on-chain loan using an NFT that represents ownership of a complete set of Supreme Box logo T-shirts. The physical shirts, appraised by Sotheby's at around $2.5 million, were sent to an escrow service, which then issued an NFT to represent ownership. If the borrower defaults on the loan, the lender can use the NFT to claim the shirts. This showcases the potential for NFTs to serve as proof of ownership and access to global liquidity.
📌Web3 | Discord's New Feature Allows Hidden Links, Raising Security Concerns for Scams (Sep 5)
Discord has rolled out a feature that allows users to hide the destination of links within text messages, making it easier for scammers to disguise malicious links. Users are advised to be extra cautious when clicking on links, even in well-known Discord channels, as these could lead to phishing sites or asset wallet drainers. Always double-check the link destination before clicking, especially given the new feature's ability to mask URLs.
Suggestions:
For delicate cash transactions, consider using a hardware wallet for added security.
Check out Delegate.xyz for secure, one-stop management of your NFTs and ERC20 tokens from your hot wallet.
📌NFT|Google Reverses NFT Gaming Ad Ban But Keeps Restrictions on Gambling Elements (Sep 10)
Google has lifted its previous ban on advertising NFT games across its suite of internet products, effective from September 15. The revised policy will allow developers to promote Web3 games where players can purchase in-game items like virtual apparel or weaponry. However, games featuring gambling elements, where players can stake NFTs to win real-world value, will remain prohibited. This move comes as Google continues to evolve its approach to the rapidly growing NFT gaming sector.
Market Update 📣
To find out more about the notable NFT sales for the week, please click on the link below.
Other News 👀
Web3|Grab turn to Web3 with Crypto Wallet Integration (Sep 8)
Grab, Southeast Asia's leading ride-hailing service, is integrating a crypto wallet, initially launching in Singapore. The wallet will support the Polygon network for faster and more cost-effective transactions. Beyond just enabling cryptocurrency payments, Grab aims to educate its users about non-fungible tokens (NFTs) and blockchain technology. The company is also collaborating with Singapore’s financial regulator to ensure compliance, as it seeks to make digital assets more accessible to its large user base.
NFT|Creator League, Promoted by Mr. Beast, on Hold Amid Controversy (Sep 7)
Sports company eFuse launched the Creator League with influencers like Mr. Beast but paused the project due to controversies over undisclosed blockchain use. The company also laid off 30% of its staff for restructuring. Concerns have been raised about transparency, and the company says it's working on refining the league based on community feedback.
NFT|SuperRare Labs Introduces Rare Protocol, Enabling Crypto Staking on Artists and Collectors (Sep 6)
SuperRare Labs has launched the Rare Protocol on the Ethereum mainnet, allowing users to stake the platform's native RARE tokens on NFT artists, collectors, or curators they believe in. This aims to incentivize discovery and curation in the NFT space. Stakers can earn rewards if their chosen artists or curators succeed, with an additional focus on supporting emerging talent. The protocol also seeks to democratize access for curators, especially those in remote areas. While the system is experimental, it has the potential to revolutionize how we value and support creators and curators in the Web3 space.
NFT| Pudgy Penguins On Track to Hit $10M in Toy Sales Within First 7 Months (Sep 6)
Luca Net has announced that the Pudgy Penguins NFT project is set to reach $10 million in toy sales in its first seven months of operation. The strong sales performance suggests a sustainable and forecastable business model, prompting questions about the project's broader contributions to the NFT and toy space.
NFT| Andreas "Axident" Schuller Tokenizes Streaming Royalties for Bieber's "Company" as NFT (Sep 7)
Music producer Andreas "Axident" Schuller is partnering with AnotherBlock to sell a 1% share of the streaming royalties for Justin Bieber's hit song "Company" via 2,000 Ethereum-based NFTs. Each NFT will give the holder a slice of future streaming revenues from the song, marking another step in the evolving relationship between blockchain technology and the music industry.
NFT | OnChainMonkeys Migrates ETH-Based Collection to Bitcoin, Spending $1M on Fees (Sep 8)
OnChainMonkeys is migrating its ETH-based profile picture (PFP) NFT collection to the Bitcoin network, spending over $1 million in fees for the transition. The move was overwhelmingly supported by 99% of the community. The floor price for their NFTs will shift from 1.07 ETH to approximately 0.068 BTC.
NFT | NounsDAO Facing Treasury Split as 25% of NFT Holders Opt for 'Rage Quit' (Sep 9)
NounsDAO, a leading NFT project, is on the brink of a treasury split due to its holders opting for a 'rage quit.' Holders of 25% of all Nouns NFTs have chosen to split from the main group, taking their share of the project's ether tokens worth about $12.4 million. This comes after the DAO enacted new 'rage quit' rules that allow disaffected investors to split and claim their share if they constitute 20% or more of total holdings. The move reflects larger trends in how DAOs manage dissatisfied factions within their investor base.