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Gutter Cat Gang Demonstrates How NFT Collections Attempt to Remain Relevant

Last month’s “species passes” introduced dogs and pigeons to the once-popular NFT cat collection, which now has a price floor of 5.4 ETH.

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According to a 2015 study article published by Indiana University, cat videos received over 26 billion views on YouTube in 2014. Given these figures, as well as the fact that cats have been dubbed the “unofficial mascots of the internet,” it’s no surprise that the first Gutter Cat Gang NFTs, a collection of 3,000 one-of-a-kind cats, sold out in just ten minutes when they were released in June. CryptoKitties was the first genuinely viral NFT project in 2017, but the word was not generally used in cryptoland at the time.

In July, the Gutter Cat Gang project was expanded to Gutter Rats, and Gutter Dogs and Gutter Pigeons were launched this past weekend. On OpenSea, the dogs now have a floor price of 1.5 ETH ($5,000), while the pigeons have a floor price of 0.9 ETH ($3,000). Compare that to the original Gutter Cats’ current 5.4 ETH floor ($18,000).

While its release didn’t generate quite the same enthusiasm as the Bored Ape Yacht Club’s Mutant Apes in August, the Gutter Cat Gang collection’s journey exemplifies some of the creative efforts that NFT collections have been making recently to stay new and relevant.

Gutter Rats (current floor price: 1.1 ETH) was released in July, and the project was very quiet until September when it released Gutter Species Passes. This NFT ticket allowed customers to visit one of the third and fourth species (which turned out to be dogs and pigeons).

In the first 24 hours, the passes generated $16 million in trade volume—before anyone knew the next species. According to DappRadar, the Gutter Cat Gang has fallen to No. 130 in total NFT collection rankings in the last 30 days, while the Gutter Species Passes have risen to No. 41.

The first 3,000 Gutter Cats have 123 unique properties in nine categories (fur, background, eyes, mouth, shirt, hat, earrings, necklace, bears), and there’s a story: In 2050, humans have abandoned the post-apocalyptic remnants of society on Earth and gone interplanetary, just like most collections these days. Cats have taken over (naturally) since our absence, and The Gutter Cat Gang is a gang of felines who live in a crime-ridden, unremarkable metropolis.

Beyond new drops or other steps prompted by “floor is lava” price pumping, the founders, like other hot NFT initiatives, recognize the need to continue cultivating the community beyond new drops or other steps motivated by “floor is lava” price pumping. (GCG now boasts a Twitter following of 37,000 people, and its Discord channel has a 2,000-strong community.)

To that end, Gutter Cat Gang has announced collaborations with notable NFT artists, limited edition comic book releases, custom framed prints of NFTs, and a $500,000 grant to promote its utility DAO and help develop community-led projects over the last few months.

Gutter Cat Gang has also formed noteworthy cooperation with House of Kibaa, an up-and-coming virtual reality studio. The House of Kibaa metaverse is producing animated 3D avatars for all Gutter species. In addition, the community is eligible for special raffles for free upgrades such as weaponry, wearables, vehicles, pets, and real estate as trap houses and mansions.

In addition, the collection is expanding into the tangible realm.

Gutter Cat Gang staged its first GutterCon, a three-day community event, in Las Vegas on September 17. Throughout the event, community meet-ups blurred the lines between the virtual and actual worlds. Holders of cats, rats, or species passports were also treated to airdrops by JP Downer, aka Pop Wonder, a well-known NFT artist, and illustrator.

Although the cats will constantly be the most popular collection (with a limit of 3,000 NFTs), the different species drops, collabs, and live events are examples of what is increasingly becoming the standard for how NFT collections maintain momentum.

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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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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