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Your Guide to the NFT MetaVerse 🚀 FOLLOW US For Daily 💎 Educational Content 👇🏻 LEARN ALL YOU NEED TO KNOW ABOUT NFTS @NFTs_Metaverse_Coins Contact: @The_NFT_dude
💰 Shiba inu’s Shibarium layer 2 blockchain to launch SHIB Metaverse
The much-anticipated SHIB The Metaverse has been announced to be launched on Shiba Inu’s Ethereum Layer 2 (L2) blockchain, Shibarium as part of its effort to transition from a meme community to a more technologically oriented movement. The new development is said to enable users to build businesses, structures, Decentralized Finance (Defi) platforms, etc in the metaverse.
The metaverse landscape is said to have multiple worlds that are spread across and isolated from each other. For this reason, SHIB The Metaverse, with Shibarium as its backbone has been designed to unify the landscape. In addition to its plan of empowering everyday users to embark on their usual activities in the space, there are plans to extend the next-generation capabilities to gaming. As part of this effort, the team has invited studios worldwide to the metaverse, to make use of the Shibarium blockchain to get users to create, play and engage in new games. According to Shytoshi Kusama, a lead developer of Shiba Inu, the well-adopted native token of the Shiba ecosystem.
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🟠 Unlock Free NFT Trading On Binance With Zero Fees And Gas Rebates
As demand for NFTs continues to soar, Binance NFT Marketplace has announced a new promotion that is sure to excite members of its community. From March 21st at 11:00 UTC to April 10th at 23:59 UTC, users will enjoy zero trading fees and gas fee rebates when trading NFTs on the Ethereum and Polygon networks.
All Ethereum and Polygon NFT collections available on the Binance NFT Marketplace during the promotion period can be traded with zero fees. Users looking to purchase third-party platform NFTs will also be eligible for a 100% gas fee rebate on their first three purchases from any Ethereum NFT collection on the platform. The gas fee rebates will come in the form of a USDT token voucher, which will be distributed to eligible users within three weeks of the promotion ending. Users must complete identity verification to list and trade NFTs on the Binance NFT Marketplace to participate in the promotion.
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⚡️ ParaSpace To Restart Before March 25, Repay Functionality Is Now Live
The NFT lending platform ParaSpace said that the auditing and testing of security fixes to guarantee the protection of user assets when the agreement is reopened on the mainnet has now been completed. To maintain the platform’s safety and security, the ParaSpace team, in collaboration with the BlockSec team and 12 other top security experts and auditors assembled by Secure3, decided to reopen the protocol in stages.
The team anticipates that all platform functionalities will be available by March 25. The first step of the platform’s repayment function has been implemented, with the goal of allowing users to settle their debts while liquidation is still halted. Once the agreement goes live, ParaSpace will begin manually claiming and compounding APE staking rewards in the APE pool for users. During the gradual reopening, users who simply possess APE in the APE pool will be able to reap the advantages of automatic compounding. At an AMA tomorrow at 7:00 PM EDT, the team will also discuss their incentive scheme for customers impacted by the protocol pause and phased rollout.
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📣 Dogetti NFTs to Chase Down Solana and PancakeSwap As Project Nears Launch
The NFT race resumed late in 2022, with several projects launching their respective NFT events to weather the bearish storms. Now, the NFT collection launches are becoming even more rampant and new memecoin project Dogetti (DETI) looks to join the competition by challenging Solana (SOL) and PancakeSwap (CAKE) for the most popular NFT marketplaces after its launch.
Solana (SOL) has established itself as a top token in the NFT sector with its extensive marketplaces and their progress in the past year. The token launched in 2018 and introduced a new protocol system to the DeFi space, bringing elevated scalability and flexibility to meet users’ demands. Solana (SOL) runs on a hybrid protocol consisting of a proof of stake and a proof of history protocol. The combination is instrumental to the characteristic cheap gas fees Solana charges per transaction and attracts users to the network. The hybrid protocol also influences the network speed.
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🖼 NFT Marketplaces Should Promote 'Underrepresented Artists and Art Forms'
Since its inception, Web3 has promised us a rainbow. But when it comes to non-fungible tokens (NFT), we’re still in the monochrome days. Too many artists from diverse cultures find themselves underrepresented and unseen in Web3. Isn’t it time to make inclusivity and accessibility as much of a priority for NFT marketplaces like OpenSea or Blur.
Take a tour of the major NFT marketplaces and you’ll see a steady stream of copycat generative art projects. Many of these are wickedly fun and provide value to both creators and collectors, but it’s time to unlock the door and let in the millions of artists from six continents who are still sitting on the sidelines. Overwhelmingly, these creatives tell us they see the current NFT landscape as largely a playground for Western, Euro- and American-centric visual artists – a reflection of the traditional art world, with a strong technological patina slathered on top.
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🔫 Hello Pets Now Acquires 10 BAYC In $6M NFT Expansion, Sets Sights On Metaverse
Hello Pets, a blockchain-based entertainment company, has recently made a significant investment in the NFT space. The firm announced that it had acquired 10 Bored Ape Yacht Club (BAYC) NFTs as the first step of its newly established $6M funds to develop and strengthen its Metaverse ecosystem.
The purchased NFTs will be incorporated into Hello Pets’ various products, including movies, metaverse, games, AR/VR applications, Lego-like toys, fashion, and many more. Hello Pets believes that this approach will result in richer and more captivating content in its products, appealing to a broader audience. The company plans to keep buying more Blue Chip NFTs, as well as excellent content creating teams, to strengthen its ecosystem further. As part of the $6M fund, Hello Pets also plans to invest in and acquire high-quality Metaverse and game teams to build the ecosystem together and synergize with all its products.
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🖼 After leaving Ledger, former chief of staff aims to raise $25 million fund for NFT art
Former Ledger exec Jean-Michel Pailhon is raising an NFT art fund, hoping to secure up to $25 million from outside investors. An almost six-year veteran of the crypto wallet maker, Pailhon landed the chief of staff position to Ledger CEO Pascal Gauthier in November 2021 before departing last month, as reported by The Block.
Currently, most NFT investment vehicles feature heavy backing from those who already know their Meebits from their Miladys. Pailhon is aiming to reach past these web3 entrepreneurs to also attract private bankers, family offices, high-net-worth individuals and financial institutions. "Our mission is to bring new collectors and new long-term institutional investors into the nascent digital art asset class," said Pailhon, who has been in the NFT game for the last three years and has 460 NFTs to his name, according to his OpenSea account.
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📣 Meta Cuts 10,000 More Workers After Scrapping NFT Plans
Meta’s workforce ballooned in recent years as the Facebook parent company signaled its ambitions for the metaverse—but recent moves suggest that it is feeling the sting of changing tech trends and rough market conditions. The company today announced another round of layoffs, one day after saying that it was “winding down” support for NFTs.
Co-founder and CEO Mark Zuckerberg wrote in a post today that Meta will shed about 10,000 further employees in the months ahead across multiple waves, as well as close about 5,000 current listings for open positions. The moves will affect its recruiting department this week, its tech groups in April, and business groups in May. Meta previously laid off about 11,000 employees in November, representing about 13% of its workforce at the time, per CNBC. As of December 31, 2022, Meta reported having a headcount of 86,482 people across all divisions —a 20% jump from the year prior.
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🖼 Meta Suddenly Stopping NFT Support On Facebook And Instagram
In the context of constantly suffering losses from Metaverse development policies, the parent company of Facebook and Instagram suddenly announced that it would stop supporting NFT after half a year of providing this feature. Specifically, as revealed by Mr. Stephane Kasriel, Director of Commerce and Financial Services of Meta, the company has decided to stop pursuing NTF.
The company said it would continue to invest in the fintech tools that people and businesses will need in the future. Billionaire Mark Zuckerberg’s company is also streamlining payments with Meta Pay, making payments and payouts easier, and investing in Meta messaging payments. Meta has been testing the integration of NFT into its social networks since early 2022, mimicking Twitter’s move. By the end of the third quarter and the beginning of the fourth quarter, billionaire Mark Zuckerberg’s company gradually expanded the ability to share NFT and set it as a profile picture on Facebook and Instagram through a partnership with Polygon.
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📣 iMetaWear launches haptics shirt for VR and the metaverse
The Industrial Technology Research Institute (ITRI) in Taiwan has developed a haptics shirt that can enhance VR and metaverse sports and fitness experiences with sensory feedback over the body. Called iMetaWear, it is designed to provide the user with more immersive gameplay as a result of bodily sensations.However, the shirt could have value in other industries and use cases too, such as physical therapy.
Fitted with ten haptic points and four sets of electrodes, when combined they provide 24 combinations of force and speed. Image recognition technology recognises motion and generates electrical currents within the shirt to create the sensation of impact where the virtual version was applied. According to the government-funded research centre, dry, washable, fabric-based electrodes are “screen printed into somatosensory garments”, eliminating the need for adhesive electrodes. A clip-on box, which attaches at waist level and includes a rechargable battery as a power source, magnetically attaches to the connection points on the shirt.
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🖼 CryptoPunk NFT bid funded with 527,000 once worthless testnet ether tokens
An NFT buyer swapped testnet ether tokens — that are supposed to be worthless — for ETH, which was then used to buy a CryptoPunk NFT. CryptoPunk #9682 was bought for 72.72 ETH ($111,600) earlier Thursday. On-chain data show the buyer swapped 527,281 goerli ether for ETH to fund the purchase.
Goerli is an Ethereum test network, or testnet. Developers use testnets to run tests on their smart contracts or applications before deploying them on the main network. Tokens on a testnet are supposed to be free because they typically don't have market value. Goerli ETH, like other testnet tokens, should come from faucets, websites that provide small number of tokens to users for free. The emergence of a monetized testnet market has led Ethereum developers to state that they will gradually sunset goerli. For now, 1 goerli ETH is worth $0.23 and has traded as high as $1.69.
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💰 Aptos And Wormhole Bridge The NFT Gap With Cross-Chain Collaboration
Aptos public chain project has announced a new partnership with the Cross-chain Bridge Wormhole that will allow for NFT cross-chain bridging. This means that users can now send NFT assets from any supported blockchain network to Aptos via the Portal cross-chain bridge without going through the tedious process of dual asset packaging.
NFTs have become increasingly popular in recent years, and they are now used for a wide range of purposes, from digital art to online gaming. However, one of the biggest challenges facing the NFT market is the lack of interoperability between different blockchain networks. This has made it difficult for users to move their NFT assets from one network to another, which has hindered the growth of the market. The partnership with the Cross-chain Bridge Wormhole is seen as a major step forward for Aptos, as it will help to increase its accessibility and make it more user-friendly.
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🖼 AI Artist Claire Silver to Show NFT Collection at Louvre
Claire Silver, an artist who utilizes artificial intelligence across her non-fungible token (NFT) projects, is set to debut her new collection at the Louvre Museum in Paris later this month. Her new collection, titled "can i tell you a secret," is an "autobiographical series of 100 post-photography pieces created with AI," Variety first reported.
The Louvre exhibition begins on March 21 and will be facilitated by Superchief Gallery, a physical gallery space in New York and Los Angeles that exhibits NFTs. In addition to her new collection debut, a one-of-one NFT artwork titled “Love in the 4th Turning” will exhibit at the Louvre. According to the piece's description, its concept was based on the Strauss-Howe generational theory, which posits that "there is a recurring generational cycle of archetypes throughout history." The piece is available on OpenSea, and at the time of writing, the top bid stands at 44.44 wrapped ether, or $68,677.
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🤟 Jimmy Fallon asks to be excused from testifying in Bored Ape trademark case
Lawyers for Jimmy Fallon, star of NBC’s long-running comedy and variety series “The Tonight Show,” have asked that the late-night host be excused from testifying in a Yuga Labs trademark dispute. In a Monday court filing, Fallon’s lawyers requested that a subpoena requiring the comedian to testify in connection with the Yuga Labs Inc.
Yuga Labs, the creator of the highly successful NFT collection Bored Ape Yacht Club (BAYC), is suing Ryder Ripps and Jeremy Cahen for issuing a “copycat” NFT collection that resulted in “trademark infringement, false advertising, and unfair competition," the document said. While Fallon “acquired” a BAYC NFT and talked about the collection on his show, he has nothing to do with the Yuga Labs and Ripps case, his lawyers allege in the petition. Fallon's lawyers said the television star “has no connection” to the dispute, is “not a party to the Ripps Litigation and has never met or interacted with Ripps and Cahen.”.
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🖼 Amazon Set To Shake Up NFT Market With New Marketplace Launch On April 24
E-commerce giant Amazon is reportedly set to launch its very own NFT (non-fungible tokens) marketplace next month, according to sources. With 15 NFT collections already available from the launch date, it plans to launch the “Amazon Digital Marketplace” on April 24. Its entry could legitimize NFTs and drive mainstream adoption.
The upcoming launch is a strategic move for Amazon to enter the crypto space, following in the footsteps of other major companies, such as Visa and PayPal, who have already incorporated cryptocurrencies into their operations. With its massive customer base and global reach, the move could legitimize NFTs and drive further mainstream adoption. While details of Amazon’s NFT marketplace are still scarce, sources suggest that the platform will initially offer a select range of digital items, such as music and art, with plans to expand into other categories in the future.
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🖼 Top Korean Singer GD Will Launch The New NFT Collection With 13,444 Pieces
G-Dragon, better known as GD, one of the most prominent Korean artists, has recently released a new NFT (Non-Fungible Token) collection. This collection contains numerous digital materials from GD’s original painting. The collection is titled |ARCHIVE 2016’|, and it embodies the identity of PEACEMINUSONE (PMO, GD’s brand), as well as private elements from G-life Dragon’s.
NFTs are one-of-a-kind digital tokens that are kept on a blockchain, enabling a safe and transparent means to verify asset ownership and validity. NFTs have grown in popularity in recent years, with many artists and producers embracing this new form of digital ownership and income. GD’s new NFT collection marks a watershed moment in the history of K-pop and NFTs, engaging a worldwide audience and demonstrating the potential of digital art and innovation. GD’s NFT collection includes a wide range of one-of-a-kind digital materials, such as never-before-seen photographs, films, and music files.
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🇨🇳 China Will Become a Metaverse Tech Leader During 2023
A report issued by Globaldata, a global consulting and data analysis company, predicts that China will become a leading country in metaverse tech during 2023. The firm believes that the development of other technologies like artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G will allow China to configure itself as a metaverse hub.
While the interest in the metaverse seems to be waning at a worldwide level, China is still pushing to become a leader in the industry. According to a recent report prepared by Globaldata, a consulting firm, China is positioning itself to surpass the West when it comes to metaverse tech, as the country will keep investing in technologies related to this field. Furthermore, Globaldata believes that there are signs that indicate that China will continue to invest in virtual reality and artificial intelligence with the objective of promoting the economic development of the nation.
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📣 Decoding the Enigma of Bitcoin NFT Ordinals
With the advent of blockchain technology, the revolution in the space of financial transactions has been phenomenal. From decentralized banking to trading cryptocurrencies, we have witnessed spectacular advancements. Another recent breakthrough was the emergence of non-fungible tokens (NFTs), which have been capitalized on by a large number of people.
Bitcoin has evolved from being a lending and borrowing mechanism to becoming a host to a range of DeFi protocols in recent years with the advent of Stacks (STX), Wrapped Bitcoin, etc. It has now found another use case in enabling people to create and store digital artwork like images, audio, text, or videos on the Bitcoin blockchain network. This has become possible because of the Ordinals protocol. As thrilling as it sounds, this new evolution has become highly popular among the bitcoin community, and more than 100,000 ordinals have already been created.
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💰 Polygon Partners With Salesforce for NFT-Based Loyalty Program
Customer relationship management (CRM) software company, Salesforce, has partnered with layer 2 blockchain platform Polygon for an NFT-based loyalty program, said Ryan Wyatt, president at Polygon Labs. Salesforce will help their clients onboard to Polygon with its management platform to help its clients create token-based loyalty programs.
The news comes after the enterprise software giant said on March 15 that it is expanding its client services to include management of non-fungible token (NFT) loyalty programs. Loyalty programs can be profitable for businesses. Repeat customers can generate roughly 40% of a business’ revenue, according to data from Smile.io, a rewards program provider. blockchain technologies have increasingly been used to boostengagement with customers and offer loyalty rewards. BlockFi and Gemini, for example, announced they would offer credit cards offering bitcoin rewards. In 2022, Mastercard supported Upstart, a NFT-based loyalty program, through its startup engagement program.
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📣 Solana-based NFT website Formfunction to shut down on March 29
Formfunction, an NFT marketplace platform on Solana, will shut down its website on March 29, about a year after the project raised $4.7 million in a seed funding round. Creators on the platform have been advised to delist their items before March 29. Formfunction launched in February 2022 to support “one of one” NFT creators on Solana.
Formfunction said it has supported more than 4,000 creators on its platform and that 60% of them had made at least one sale, with over 600 earning at least $1,000. The website added that 70 creators had earned more than $10,000 each during its run. Despite these successes and the $4.7 million fundraising, Formfunction is shutting down. The March 15 announcement did not give reasons for ending the project, but called the decision “extremely difficult.” Formfunction CEO Katherine Liu thanked team members for their efforts in a statement issued on Wednesday.
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📣 LIVING PROOF PARTNERS WITH BYONDXR ON FIRST FORAY INTO METAVERSE
Haircare company Living Proof has entered the Metaverse via a partnership with experiential e-commerce creator ByondXR, launching its first virtual reality storefront. The store will allow consumers to browse products via a digital, immersive and interactive shopping experience. There are four virtual rooms and experiences such as a AI Hair Quiz in a 3D.
The shiny, new toy of 2022, cosmetics and personal care companies such as Clinique and Givenchy flocked to the metaverse last year. And this year looks to be no different, with beauty behemoth L’Oréal announcing its first venture capital investment in the space in January 2023. Zach Rieken, Living Proof Chief Executive Officer, said, “This new digital experience is the perfect vehicle to further immerse Living Proof’s community in our brand and to learn more about how our innovations are continuing to push the boundaries of hair care.”.
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💰 SHIB The Metaverse To Launch On Shibarium Layer 2 Blockchain, Setting New Standard for Web3 Experiences
Shiba Inu, one of the world’s most popular cryptocurrencies renowned for its passionate community, the strong #ShibArmy, is continuing its evolution from meme to movement. It has announced that SHIB The Metaverse will be built on top of Shibarium, Shiba Inu’s highly anticipated Ethereum Layer 2 (L2) blockchain.
Sherri Cuono, Metaverse Advisor, adds, "By leveraging advanced cryptographic techniques, off-chain computation and storage, and other innovative solutions, Shibarium can provide a wide range of technical benefits, including increased throughput, reduced latency, lower fees, improved privacy and security, and greater flexibility and interoperability. These benefits can help to drive the next wave of blockchain and SHIB The Metaverse innovation, unlocking new possibilities for decentralized transactions, gaming, social media, and other emerging use cases.”. Meanwhile, excitement is building for the SXSW exclusive Alpha preview version which will give viewers a glimpse.
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📣 Alpha Metaverse Lands Major Enterprise Contract and Its First AI Revenue
Alpha Metaverse Technologies Inc. (“Alpha” or the “Company”) a technology company that focuses on metaverse, gaming and generative AI, is pleased to announce that it has been awarded a contract to build a metaverse experience for a multinational category leading brand (the “Brand”).
The contract is a major milestone for Alpha and reflects the growing demand for metaverse solutions and artificial intelligence in today's digital landscape. The Company's expertise in developing virtual worlds and immersive experiences is being recognized by category leading brands and organizations around the world. In addition to this exciting news, Alpha is also pleased to report that its revenue for the first quarter in 2023 projected to be the highest in the company's history. The company has seen remarkable growth of over 400% over the previous quarter.
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⚡️ Lego enters metaverse with Epic Games partnership
Lego has teamed up with Fortnite creator Epic Games to enter the metaverse market. The Danish toy company has set out plans to develop a virtual world with the help of Epic Games so that its products can be accessed in digital form within the metaverse. Tim Sweeney, CEO of Epic Games, said: “We’re thrilled to be partnering with Lego to bring the joy of building and creativity to a wider audience.
The Lego metaverse will be built using Epic Games’ Unreal Engine, which powers some of the world’s most popular video games. Lego invested $2bn (£1.7bn) in Epic Games in April 2021, with the objective of developing a metaverse platform that would provide secure and safe digital spaces for children to interact with the brand. The company, which is famous for its plastic brick-based toys, has not neglected the digital sector, with a successful range of Lego computer games for PC and consoles. In 2022, Lego saw a surge in sales as consumers purchased larger and more intricate sets, posting a revenue of £7.7bn in 2022, an increase of 17% compared to the previous year.
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📣 Hexa raises $US20 million to advance 3D modelling in the Metaverse
Hexa, a 3D modelling company, has raised $20.5 million to take real-life objects into the Metaverse, enabling businesses to upload their inventory in 3D into the immerseive virtual space. Hexa to expand its workforce and improve its workflow, ensuring that it can continue to deliver high-quality services to its growing customer base.
Hexa is already working with well-known brands such as Macy's and Logitech, and its unique approach to 3D modelling is attracting increasing interest from businesses seeking to bring their products into the metaverse. The company uses a combination of AI algorithms and skilled engineers to transform 2D images into highly detailed 3D assets that can be used in a wide range of applications. Hexa’s Series A funding round was backed by investors including Point72 Ventures, Samurai Incubate, Sarona Partners, and HTC. converting it to 3D, inspecting it, and deploying it is a tremendous undertaking.
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💰 Binance NFT Marketplace Takes The Next Step with Polygon Support & Voting
Binance NFT Market has expanded its offerings by adding Polygon Network to its list of supported chains. The platform offers a wide range of NFTs, including digital art, music, sports collectibles and more. The platform also offers a range of features, including automatic royalty payments, instant trading, and the ability to create and sell NFTs.
The announcement means that users can now buy, deposit, withdraw and mint NFT from Polygon Network on Binance NFT Market. Polygon Network, previously known as Matic Network, is a Layer 2 scaling solution for Ethereum that aims to offer faster, cheaper and more efficient transactions. The decision to add Polygon Network to the list of supported chains is part of Binance’s ongoing efforts to expand its NFT trading platform. Binance NFT Marketplace is currently compatible with the BNB Smart Chain (BSC), the Ethereum network (ETH), and the Polygon network (MATIC).
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💰 Yuga Labs Co-Founder Says First Bitcoin NFT Auction Doesn’t Open Door to Scammers
Greg Solano, co-founder of Yuga Labs, doesn’t think the company’s most recent auction – its first-ever on the Bitcoin blockchain – is opening the door to scammers. “This only works because Yuga [Labs] is a trusted party and we could be depended on in this way,” Solano told CoinDesk TV’s “First Mover” on Tuesday. “It’s not something I would recommend to others.”
On Monday, the parent company of popular non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC) closed its 24-hour TwelveFold auction in which it generated $16.5 million and awarded 288 NFTs to its top bidders. Miami-based Yuga Labs, however, is now facing pushback after users criticized the company’s tailored bidding process. Some argued that because Yuga Labs held bidders’ bitcoin, it is now setting a bad precedent for future projects. Via the Ordinals protocol, the Bitcoin-enabled NFT collection required that its bidders have a self-custody wallet.
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🖼 Getty Images to release first NFTs from archives with Candy Digital
Photography giant Getty Images is making rare photos available to individual collectors in NFT form for the first time. Photographs from its 1970s music and culture collection will be part of the offering via a partnership with NFT platform Candy Digital, according to a company release.
Works by Don Paulsen, David Redfern, Fin Costello, Richard Creamer, Steve Morley and Peter Keegan, depicting Bruce Springsteen, Elvis, David Bowie, Stevie Nicks, The Rolling Stones, Jimi Hendrix, AC/DC, Gladys Knight, James Brown and John Lennon will be available in open-edition mints. The collection will be available on March 21 on Candy's website, with prices ranging from $25 to $200. It will be released to buyers in the United States (and territories), Australia, Canada, France, Germany, Hong Kong, Japan, Portugal, Spain and the UK. The partnership comes as life appears to be returning to the NFT market.
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📣 Deloitte helps brands deliver metaverse experiences
Global audit and advisory firm Deloitte has launched an immersive experience platform in partnership with technology provider Vatom. The two companies have created a tangible experience to enable brands (and other businesses) to build virtual spaces for their customers, partners and employees. In essence, they have made the Metaverse accessible.
The first instance of this solution is Deloitte's "Mirror World," an immersive experience created for Mobile World Congress 2023. With "Mirror World," Deloitte booth visitors, as well as those not attending the event, will be able to speak with Deloitte subject matter specialists and learn more about AI-meets-metaverse use cases including a holistic, exclusive experience for luxury watch connoisseurs, containing digital collectables. a demonstration of how data digital twins of machines can be fed real time data to analyse the current state of a manufacturing operation and immersive soft skills learning for managers.
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🇮🇱 Israel Tax Authority Charges Western Wall NFT Authors With $2 Million Tax Evasion
Israel’s tax authority on Friday said it was investigating tax evasion by two Western Wall NFT creators. The agency alleges that the two suspects sold 1,700 works since 2021 and obtained 620 Ethereum payments of approximately US$2.18 million. Some of the funds received by the suspects were even transferred between digital wallets.
According to The Jerusalem Post, a Friday notice from the Israeli tax authority said the agency is investigating tax evasion by two NFT creators. The duo Avraham Cohen and Antony Polak own the website Holyrocknft.com., through which they both sold their NFTs. According to tax authorities, the two NFTs sold were generated based on 3D scans of the Western Wall rock through the website but did not report accurate taxes. The investigation revealed that since 2021, the suspect sold 1,700 works and received a payment of 620 ETH, or about NIS 8 million (about US$2.18 million) at the time of the transaction.
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