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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.

Projects

To accelerate ecosystem growth, Fireblocks introduces Web3 Engine with developer tools

This set of tools is intended for developers working on DeFi, GameFi, and NFT products and services.

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Fireblocks, a digital assets custody platform, announced the debut of their new Web3 Engine to assist encourage the development of the Web3 ecosystem as the world moves closer to a decentralized future.

The dedicated Web3 engine contains a set of tools for developers to create goods and services in decentralized finance (DeFi), GameFi, and nonfungible currencies, the business revealed on Tuesday (NFT). For alternative asset managers and capital market participants, Fireblocks has opened up a world of decentralized programs (DApps), exchanges, NFT markets, and more.

“Web3 is the future,” Fireblocks CEO Michael Shaulov said, adding that “the Internet has already entered a new era.” According to Shaulov, in order for the Web3 ecosystem to continue to grow, the community must address a major issue: security.

Fireblocks’ new Web3 Engine, according to the announcement, makes it simple for developers to build DApps on top of Fireblocks’ tech stack or securely access the entire spectrum of current web3 apps. Web3 companies such as Animoca, Stardust, MoonPay, Xternity Games, Griffin Gaming, Wirex, Celsius, and Utopian Labs use Fireblocks to secure themselves from human mistake and hackers.

Web3 has sparked a lot of interest in the sector, as evidenced by the rise in market capitalization of Web3 coins in recent years. It’s an ecosystem that everyone can access from anywhere at any time, with no restrictions or middlemen. Many large corporations have made considerable investments in Web3’s potential.

Google Cloud has formed an internal team focused to developing services for blockchain developers and Web3-based application operators. With Metaverse involvement and NFT enthusiasm, industry titans like Meta and Amazon have entered the market. Square Enix, the gaming behemoth, recently announced that it would spend heavily in Web3 gaming.

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Is Fender quietly getting ready to enter the NFT market?

In order to preserve or launch its brand in web3, Fender has filed various NFT-related patents and trademark applications in the United States.

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Fender, a well-known guitar manufacturer, has filed three patents related to NFT with the US Patent and Trademark Office.

When it comes to developing, selling, or buying NFTs with the Fender brand name, the patents would suggest a purpose to make or protect its brand.

Fender filed a series of trademark applications linked to its headstock design in possible NFTs, according to GuitarWorld, including NFT collectibles, virtual products, pictures, artwork, video, and audio recordings featuring music and musical instruments.

Mike Kondoudis, a trademark attorney, noticed the application to the US Patent and Trademark Office, which was filed on April 28.

Source: Twitter

Fender isn’t the first guitar company to think about using NFTs. Billboard reported in January that Gibson, the legendary guitar brand and Fender rival, was preparing to join the NFT industry with six trademark applications connected to NFTs and digital goods.

Big brands, from Adidas to Gucci, have been fast to experiment with NFTs and the Metaverse as two new distribution channels. They’re still figuring out where they belong in the virtual worlds.

NFTs are being used by musicians to reinvent fan involvement

NFTs and the Metaverse are being used by many established bands and brands to redefine how they communicate with fans. Additionally, musicians that rely significantly on in-person concerts as a fundamental income source will find the revenue streams and royalties available by the sale of NFTs appealing.

Music producers and platforms such as Audius, DAOrecords, and TokenTraxx are collaborating with musicians to demonstrate the possibilities of Web3 technology and allow fans to be creative using NFTs.

As famous guitarists get involved in the NFT realm, guitar brands are naturally interested. Keith Richards sold one of his beloved guitars with an exclusive 1-of-1 Tezos blockchain NFT produced for $57,600 in January of this year. The guitar, as well as a digital replica in the shape of an NFT and a video of Richards signing the guitar, were all up for auction.

Since the beginning of the year, the number of NFT trademark applications has increased dramatically, with 3,306 applications filed between January and April.

Source: Twiter

Despite the applications, Fender has yet to reveal its plans for NFT.

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According to Music Ally, Spotify has begun testing NFTs on its platform

If a trial deployment goes well, artists may soon be allowed to market their non-fungible tokens (NFTs) on Spotify, according to Music Ally.

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Spotify, the most recent tech business to join the NFT bandwagon, entered the web3 world earlier this month with the introduction of “Spotify Island” on Roblox on May 3. Spotify will now test NFTs on the platform to specifically selected US consumers, starting with a single trial selection of artists, including Steve Aoki and The Wombats.

Users will have to purchase NFTs through an external marketplace, thus they won’t be able to sell them directly. As part of the trial, Spotify has stated that it will not take a portion of the sales.

Simultaneously, customers have stated that Spotify is sending out surveys and even paying some people to talk to team members about their feelings regarding NFTs and web3. Questions concerning sentiment, cryptocurrency purchases, and why people acquired NFTs have been circulated on Twitter. Some poster responded with mockery to the queries.

Since March, when Spotify placed two job offers for working on early-stage web3 projects, rumors have circulated that the firm was interested in entering the web3. The announcement comes only days after Meta revealed that it would begin testing digital collectibles and NFTs on Instagram as well.

By the time of publication, Spotify had not responded to a request for comment from The Block.

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