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First limited-edition NFT release from AFL sells out in less than 12 hours

After selling out in the initial drop, the limited edition digital packs had a retail price of 34.39 USDC each, raising almost $130,000.

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The inaugural limited-edition release of nonfungible tokens (NFTs) from the Australian Football League (AFL) received a fervent response on Wednesday, selling out in just under 12 hours.

The football league released Ripper Skipper 2022 on Wednesday through its AFL Mint program, enabling anyone who signed up for the “allowlist” to buy one of the 3,800 packs set aside for the drop.

The project is said to have raised over $130,000 in USDC thanks to the packets, which had a retail price of 34.39 USDC each.

78 noteworthy events and highlights from the 2021 Season are featured in The Ripper Skipper 2022 NFTs using both audio and video. Three “moments” in three separate rarity tiers—common, deluxe, and ovation—are included in each bundle.

There is also limited-edition digital content available, and anybody who took part in the initial drop has a 10% chance of receiving an AFL Mint Genesis Ball.

The general public will be able to purchase another drop on August 24 after the initial mint ran out in a matter of hours.

AFL shares plans for the Metaverse
AFL Mint has plans to build on the idea and offer game day events, tickets, and the ability to meet players in the Metaverse. NFTs are digital certificates stored on the blockchain that prove ownership of a digital or physical item, frequently an artwork.

According to Kylie Rogers, executive general manager of customer and commercial at the AFL, they seek to improve fan experiences through technology.

Through our AFL Mint brand, we will introduce thrilling new moments in both our men’s and women’s tournaments, as well as honor former greats and produce additional products that will bring a novel fan experience we haven’t seen before.

In April, the AFL revealed they had inked a five-year collaboration with Be Media, a Perth-based division of Hong Kong’s largest NFT gaming company, Animoca Brands, for their NFT marketplace, AFL Mint.

When the market opens in 2023, fans and collectors will be able to buy, sell, and trade moments.

taking the initiative
The AFL has joined other international sporting codes who have ventured into the Web3 space by launching their Ripper Skipper 2022 NFTs.

While the UFC created UFC Strike in February of this year, the NBA launched NBA Top Shot in 2020 to positive reviews.

Cricket Australia (CA) and the Australian Cricketers Association (ACA) struck a multi-year licensing agreement with Singapore-based collectibles platform Rario and NFT trading startup BlockTrust in April. Other Australian sporting codes have since followed suit.

On the Flow Blockchain, the Queensland Rugby League released 10,000 NFT under the name The Ultimate Queenslander NFT.

ART & COLLECTABLES

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

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Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

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ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

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Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

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ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

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In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

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