China to launch state-run NFT blockchain

The infrastructure will be entirely separate from cryptocurrencies

The Chinese state-backed blockchain deployment infrastructure platform Blockchain Services Network (BSN) is moving closer to supporting NFTS — under the condition that the NFTs aren’t connected to cryptocurrency or public blockchains.

According to the South China Morning Post, the BSN will offer Chinese companies and individuals the infrastructure to implement NFTs into personal user interfaces such as apps in exchange for Chinese yuan. This infrastructure will be called the BSN Distributed Digital Certificate, or BSN-DDC, and is expected to roll out by the end of January 2022.

Because of the regulatory restrictions on public networks within China, so the BSN is using “open permissioned blockchains” instead. Permissioned blockchains put governance in the hands of selected groups and actors.

NFT sales almost equalled all global art sales in 2021

Digital asset sales totaled nearly $41 billion, compared to around $50 billion for the global art world

Nearly a year ago, in February 2021, the NFT (Non Fungible Token) market was gaining momentum after having already tripled in value the year prior, notching ~$250 million in sales, per a report from NonFungible.com.

In 2021? Almost $41 billion worth of Ethereum-based NFTs were sold, according to Chainalysis research cited by the Financial Times. In 2021, the global art market was worth ~$50 billion, per UBS. The vast majority (75%) of NFT transactions were sales under $10,000, but the wealthiest 9% of NFT wallets held ~80% of the market’s value.

NFTs, and crypto more broadly, are quickly working their way into new corners of business and society. Platforms like Arcade—which raised $15 million in late December—have popped up to allow NFT holders to take out loans against their digital assets. Earlier, we mentioned Samsung’s new NFT-enabled TV. Brands are embracing them.

https://www.morningbrew.com/

Top NFT marketplace OpenSea’s valuation soars 800% to $13.3 billion

OpenSea just completed a $300 million Series C funding round

The largest and NFT marketplace, OpenSea, announced it just closed a $300 million Series C fundraising round headlined by Paradigm and Coatue as well as new investors, valuing the the peer-to-peer NFT auction platform at $13.3 billion.

Just six months ago, Andreessen Horowitz’s crypto arm handed the firm a valuation of $1.5 billion in a funding round at that time. In the last month alone, OpenSea has recorded $2.4 billion in transaction volume, and CEO Devin Finzer said volume has increased “over 600x in 2021.”

In a press release, OpenSea said its goals following the new fundiing round include accelerating product development, improving customer support and safety, investing in the wider Web3 community, and growing the team.

https://finance.yahoo.com/

Adidas Joins Rival Nike in Metaverse with New NFT Collection

Into the Metaverse

Adidas Originals will officially enter the metaverse with the release of its first NFT (Non-Fungible Token) collection on Friday, just a few days after Nike announced a big deal in the space.

Called “Into the Metaverse,” the collection was created with NFT pioneers Bored Ape Yacht Club, gmoney and the team behind the PUNKS Comic. Owners of the NFTs – on sale Nov. 17 – will receive exclusive access to Adidas Originals experiences and product including virtual wearables for blockchain-based gaming world The Sandbox and other platforms, and exclusive physical product to match— a hoodie, a tracksuit and gmoney’s iconic orange beanie.

Adidas Originals purchased a Bored Ape Yacht Club NFT, named “Indigo Herz,” joining one of the most fervent communities in the NFT space. Adidas also said that it has acquired a plot of virtual land inside The Sandbox, which it is working to fill with exclusive content and experiences. The brand’s digital assets will be secured in partnership with Coinbase, a leading crypto-exchange.

https://sports.yahoo.com/

Miramax sues Quentin Tarantino over Pulp Fiction NFTs

 Blockchain tokens associated with high-resolution scans from original handwritten screenplay of Pulp Fiction

Production company Miramax has sued director Quentin Tarantino over his non-fungible token or NFT collection based on Pulp FictionThe lawsuit, filed yesterday in California court and noted online by attorney Mark Jaffe, says NFTs don’t fall under Tarantino’s reserved rights for the film. Miramax accuses him of violating the company’s copyright and trademark, and it’s demanding a halt to the upcoming sale.

Tarantino’s NFT collection is supposed to include blockchain tokens associated with high-resolution scans from his original handwritten screenplay of Pulp Fiction, plus a drawing inspired by some element of the scene. But Miramax alleges that Tarantino’s limited contractual rights for Pulp Fiction — including interactive games, live performances, and other ancillary media — don’t cover NFTs linked with the film’s screenplay.

https://www.theverge.com/

NFTs and the metaverse will make you an owner – not just a renter – on the internet

NFTs are the digital key to unlocking the metaverse

Headlines about the metaverse, blockchain, and NFTs are dominating the news, and you might be wondering how they’re all connected. What is the metaverse? Think of your physical world, the things around you, what and who you interact with. Now think of that physical world being digital. That’s it. That’s the metaverse. Cathy Hackl, who has earned the title of godmother of the metaverse, put it like this to Vogue in an interview in September: “It’s about the internet breaking free from the rectangles in our hands, desks and walls and being all around us.”

It’s like that Sims game so many grew up with, but better. Platforms like Decentraland and Cryptovoxels are already the social media of the metaverse in a way, said Andrew Steinwold, who hosts the crypto podcast Zima Red. There, “you can build a gallery; you can put photos of yourself, just like regular social media. You can get creative, scratch that itch. You can be social. You can go talk to your neighbors, go attend events.”

NFTs are the digital key to unlocking the metaverse, Shreyansh Singh, the head of Polygon’s NFT and gaming arm, wrote in a Decrypt article. An NFT, or a nonfungible token, is a unique digital asset stored on a blockchain, the same technology that underpins cryptocurrencies like bitcoin. The tokens give users ownership in the digital world.

“That was kind of the missing piece of the puzzle,” said Steinwold, who’s also a managing partner of NFT-focused firm Sfermion. “Now that that’s enabled, the metaverse is actually coming to fruition.”

https://markets.businessinsider.com/

NFTs drive sales of contemporary art to record $2.7bn

 Hong Kong emerges to challenge New York

Contemporary art auctions rebounded to an all-time high of $2.7bn over the past year, boosted by online sales and the arrival of digital art in the form of “NFTs”, according to an annual report by Artprice. Having seen sales collapse by a third in the previous year because of the initial crisis caused by the pandemic, sales soared between June 2020 and June 2021 as auctioneers quickly adopted a more online approach.

“Photography and prints have been particularly successful in this new online environment and in 2021, we have seen the sensational arrival of completely dematerialised artworks, the famous NFTs,” said the Artprice CEO, Thierry Ehrmann, in a foreword to the report.

NFTs, or “non-fungible tokens”, allow people to buy the rights to online art, including images, animation or even tweets. In March, the US artist Beeple sold an NFT of his digital artwork Everydays: The First 5,000 Days for $69.3m (£51m) to an Indian blockchain entrepreneur – the third-highest price achieved by a living artist. Christie’s said 22 million people, nearly 60% under the age of 40, logged in to the sale, the first public auction of an NFT.

NFTs accounted for a third of online sales, and 2% of the overall art market.

https://www.theguardian.com/

Lil Nas X, Bella Poarch, Grimes, and more are releasing TikTok NFTs

TikTok Top Moment released as a collection of non-fungible tokens (NFT)

Because no peace can be found in the age of man, TikTok has decided to partner with select creators, celebrities, and online entities like Lil Nas X, Bella Poarch, and Grimes to release a collection of non-fungible tokens. These TikTok Top Moments, as the company is calling them, are inspired by six “culturally significant” TikTok videos in the form of one-of-one NFTs. TikTok plans to auction them alongside a selection of limited edition NFTs it’ll sell weekly throughout October.

The partnerships, creators, and new material being tokenized and put up for auction vary. Musician Lil Nas X is up first on October 6th with a collaboration with artist Rudy Willingham, while Grimes is collaborating with Brittany Broski (“Kombucha Girl”), and separately with Bella Poarch. TikTok’s full list of collaborations goes into more detail about these selections and more, but is oddly missing details on how creators will actually get paid.

https://www.theverge.com/

The web’s source code is being auctioned as an NFT by inventor Tim Berners-Lee

NFT (Non Fungible Token) is a type of digital asset designed to show that someone has ownership of a unique virtual item

British computer scientist and inventor Tim Berners-Lee is auctioning the original code for the World Wide Web as a nonfungible token.The auction for the World Wide Web NFT — titled “This Changed Everything” — will be run by Sotheby’s in London from June 23-30, with bidding starting at $1,000. The proceeds of the auction will benefit initiatives that Berners-Lee and his wife support, Sotheby’s said.

NFTs are a type of digital asset designed to show that someone has ownership of a unique virtual item, such as online pictures and videos, or even sports trading cards.

The NFT includes original time-stamped files containing the source code written by Berners-Lee, an animated visualization of the code, a letter written by Berners-Lee on the code and its creation, and a digital “poster” of the full code. They will all be digitally signed by Berners-Lee. It will be the first time Berners-Lee has been able to capitalize financially on what is widely viewed as one of the greatest inventions of our time.

https://www.cnbc.com/

NFT art: the bizarre world where burning a Banksy can make it more valuable

The blockchain art

A blockchain company has bought a piece of Banksy artwork and burnt it. But instead of destroying the value of the art, they claim to have made it more valuable, because it was sold as a piece of blockchain art.

The company behind the stunt, called Injective Protocol, bought the screen print from a New York gallery. They then live-streamed its burning on the Twitter account BurntBanksy.

But why would anyone buy a piece of art just to burn it? Understanding the answer requires us to delve into the tricky world of blockchain or “NFT” art.

It blends the niche subculture of cryptocurrencies with long running philosophical questions about the nature of art. No wonder people have difficulty explaining it all.

https://theconversation.com/

Billionaire bitcoin advocate Jack Dorsey is auctioning the very first tweet in history as an NFT

What is an NFT?

Twitter CEO Jack Dorsey is offering to sell his very first tweet by auctioning it as a special digital asset class known as a non-fungible token.

Dorsey shared a link Friday afternoon to a website called Valuables, which allows selling tweets as NFTs. The billionaire listed his very first tweet “just setting up my twttr” for bids even though it exists on Twitter and is free to view.

As a long-time cryptocurrency advocate, jumping into the NFT craze is not a surprising move by Dorsey.  Crypto boss Justin Sun upped his bid twice, ultimately offering $2 million for Dorsey’s tweet. But the highest bid for the piece of Twitter history is from Sina Estavi, CEO of the Bridge Oracle platform, according to the Valuable’s website.

https://markets.businessinsider.com/