Web3 Market Recap: France's Game-Changing "Sorare Law", Yuga Labs' Community Shift, and Reddit's Scalable Rewards Overhaul...
NFT Weekly News #27 16th Oct- 22nd Oct
NFT News Weekly Update #27
(16/10/2023-22/10/2023)
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!
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Top News 🔝
📌NFT|Yuga Labs CEO Addresses Challenges, Unveils Community Focus Amid NFT Volatility (Oct 18)
Yuga Labs CEO Daniel Alegre, in an open letter, discussed the company's strategic refocus towards community-centric initiatives amidst NFT market challenges. He also hinted at an exclusive 'clubhouse' for Bored Ape Yacht Club holders in a tweet, sparking community speculation and exemplifying a blend of digital and real-world community interaction in a Web3 framework.
📌NFT |France Introduces Pioneering Sorare Law for NFT and Crypto Gaming (Oct 19)
France introduced the "Sorare Law" to differentiate NFT and crypto games from traditional gambling:
Crypto Winnings: Can't be exchanged for fiat money.
Trial Period: Law runs on a 3-year experimental basis with progress checks.
Influencer Restrictions: Severe penalties for promoting these games.
Youth Protection: Players must be over 18; influencers can't promote on youth-centric platforms.
ANJ's Measures: Guidelines introduced to curb gambling addiction and protect minors.
Awaiting Final Nod: The law awaits approval from France's Constitutional Council. If ratified, it might guide U.S. policies.
📌Web3|Reddit Phases Out Blockchain-based Community Points for Scalable Rewards (Oct 18)
Reddit is discontinuing its blockchain-driven Community Points program, which rewarded active users, citing scaling challenges and a desire to focus on more scalable reward systems. Initially utilizing Ethereum, the program later shifted to Arbitrum Nova to reduce transaction costs, yet scaling issues persisted. Reddit's new focus is on initiatives like the Contributor Program, which converts Reddit gold and karma into cash for eligible users, aiming to foster community engagement in a more scalable and understandable manner.
Market Update 📣
To find out more about the notable NFT sales for the week, please click on the link below.
Other News 👀
NFT|CryptoPunks' 10K On-Chain Prints by Yuga Labs & Avant Arte (Oct 19)
Yuga Labs and Avant Arte are releasing 10,000 on-chain prints of CryptoPunks, each with physical and digital authenticity certificates. The $5 million project has sparked concerns among some stakeholders about the commercialization of CryptoPunks IP.
NFT|y00ts Makes Headway in Transition from Polygon to Ethereum (16 Oct)
y00ts began its transition from Polygon to Ethereum, with 4,600 holders migrating assets in the first seven hours. To spur early migration, gas fees are covered for the first 24 hours and 10 NFTs are offered to random wallets switching chains on day one. Despite longer validation times on Ethereum, this move aligns with y00ts' goal to expand across multiple blockchains.
Web3|Azuki Launches Garden Tour with Community-Led Events Across Asia-Pacific (Oct 20)
Azuki launches the Garden Tour with five events in the Asia-Pacific, starting Nov 2 in Hong Kong. Attendees earn stamps in a passport book, linked to their Azuki profile, while others can buy an event NFT for a stamp and support local communities. Stops include Hong Kong, Taipei, Melbourne, Shanghai, and Tokyo.
NFT|Beeple's 'Crypto Winter Wonderland' in Charleston, SC on Dec16 (Oct 19)
Beeple has announced an event called "CRYPTO WINTER WONDERLAND" set to take place on December 16th in Charleston, SC. This event is free for all Beeple collectors and the new Cryptopunk community. It will feature an artist showcase, live activities every day, and more, as a part of a celebratory gesture to welcome the upcoming year in a unique and exciting way.
NFT|Rockwell Museum to Launch Exclusive NFT Art Collection (Oct 19)
The Norman Rockwell Museum and family estate are releasing an NFT collection, “Studio Sessions,” in partnership with Iconic on November 1. This debut showcases unseen sketches and studies from Rockwell's archives, with each NFT sale including a limited-edition print. The art community eagerly anticipates the undisclosed pieces. Proceeds will support the museum's preservation efforts and promote new illustrators.