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Despite a questionable history in the crypto world, Floyd Mayweather has launched a new NFT project

Over the years, the boxer has been accused of supporting unsuccessful crypto companies such as Bored Bunny, EthereumMax, and others.

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Floyd Mayweather, a retired professional boxer, will unveil Mayweverse, a new non-fungible token (NFT) initiative on April 13 that will offer crypto aficionados a collection of 5,000 NFTs for 0.3 Ethereum (ETH) apiece.

Following the news, however, several users expressed their reservations, primarily because of Mayweather’s undoubtedly shady track record in the NFT industry. Given the number of NFT rug pulls the boxer is believed to have been involved in, a pseudonymous on-chain detective known as “Zachbxt” on CryptoTwitter believes it would be illogical for anyone to invest in the project.

Mayweather’s flopped initiatives and advertisements

Previously, the boxer had launched a number of NFT projects that many users regarded as slow rug pulls. Floyds World NFT, which debuted in August 2021, was the first. The developers made nearly 1,000 ETH from the minting of the 11,111 tokens, which were sold for 0.15 ETH each.

Mayweather was also a key marketer of Bored Bunny NFTs, which turned out to be a massive rip-off, with investors losing more than $20 million.

Aside from NFTs, Mayweather has a shady track record when it comes to promoting cryptocurrency initiatives in general. For example, during his exhibition battle with Logan Paul in 2021, he was one of numerous celebrities that promoted a relatively unknown coin EthereumMax by wearing boxing shorts with its name.

Other celebrities, including Kim Kardashian and Paul Pierce, pushed the token, helping to balloon its price to an all-time high before it crashed. A class-action complaint has been filed against the aforementioned three, as well as the EthereumMax developers, alleging that they were involved in a pump-and-dump operation.

Mayweather was also paid $100,000 to promote Centra Tech’s initial coin offering in 2017, for which he was eventually charged by the Securities and Exchange Commission alongside DJ Khaled (SEC). The project’s initial coin offering raised 113,934 ETH, which was nearly $25 million at the time.

The SEC sued Mayweather for failing to report that compensation as a result of his engagement, and he eventually settled the matter by paying over $600,000 and agreeing not to advertise any securities for three years.

If you’ve been bitten once, you’ve been bitten twice

Given Mayweather’s history of alleged rug pulls and pump-and-dump operations, many have called for regulators to target him in order to protect retail investors.

This time, though, the boxer argues that Mayweverse is a serious enterprise. Mayweather asked for Zachbxt’s negative post to be removed in a direct message, claiming that he’s “in the NFT space to stay.”

Mayweather has stated that his new endeavor “would be followed by a Metaverse,” but only time will tell if this leopard can change its spots.

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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Projects

The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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