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Hong Kong and Singapore will get new art and fashion NFT platforms

Welcome to the most recent crypto runway. Vogue Singapore’s publisher and a Hong Kong exchange have announced plans to heat up Asia’s NFT market.

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Creator: https://pixy.org

Non-fungible tokens (NFTs) are the new craze in the digital asset market, which is sweeping the globe. In Asia, the NFT craze is likely to heat up even further.

In the last 24 hours, two separate NFT projects in Hong Kong and Singapore have been revealed. In the third quarter of this year, Hong Kong Digital Asset Exchange (HKD.com) plans to introduce a one-stop NFT trading platform for artists.

The second is a new collaboration between Media Publishers — Singapore’s publishers of Vogue, Esquire, Robb Report, and Buro — and blockchain-powered advertiser VIDY to launch an NFT network for the fashion, arts, and music industries in the third quarter of this year. VIDY is a digital advertisement platform that pays viewers in VIDYCOIN, a native cryptocurrency.

An NFT one-stop-shop for artists

The Hong Kong Digital Asset Exchange announced on April 8 that it plans to be one of the first digital asset exchanges in Hong Kong to offer an NFT trading platform.

The soon-to-be-launched NFT trading platform will offer artists an online platform for publishing, marketing, trading, and payment of their artworks in a variety of product categories, including digital art and encrypted collections of animation, music, and movies.

Users will be able to make offers and bids on NFTs, as well as trade and exchange tokens, using the trading platform of the Hong Kong Digital Asset Exchange. Artists will also be able to use the site to publish their own digital artworks. Hong Kong Digital Asset Exchange also plans to offer physical store exhibition facilities for artists in order to act as a one-stop-shop.

The lack of a robust trading platform for NFTs in Hong Kong’s current market is cited by Kelvin Yeung, founder, and CEO of HKD.com, as the reason for his company’s launch.

The platform, according to Yeung, will not only help local artists earn more money from their talents, but will also help the region’s art market develop.

Fashion shows, virtual Oscars, and the Met Gala

Separately, Media Publishers and VIDY announced the NFT website, which would focus on the fashion and luxury industries. The platform aims to create a virtual world that can be navigated in 360 degrees to showcase digital fashion, art, music, and architecture.

The platform’s core features, according to their official announcement today, will include the ability to mint, trade, and auction NFTs via a tokenized system, as well as the ability to host social interactions.

“Since 2020, the NFT market has grown by over 229 percent to over US$500 million. However, it is still in the early stages of growth and has a long way to go in terms of infrastructure,” said Matthew Lim, a Singaporean tech entrepreneur and co-founder of Vidy, in a press release. “People will be able to live in a parallel virtual universe where they can own a digital identity and buy products not only as a digital file but as any specific asset in their virtual land, close to their physical world, thanks to the metaverse and the emergence of digital models.”

The VIDY-Media Publishares NFT platform aims to appeal to a digitally savvy audience seeking luxury goods with low environmental impact, as well as engage creators interested in developing a virtual identity for their work and exploring new revenue streams.

“What we see is a modern artistic renaissance,” said Michael von Schlippe, president of Media Publishers. “By building an NFT platform, which basically serves as a virtual marketplace between creatives and users, we are able to provide a one-of-a-kind shoppable platform as well as community content in the forms of education, engagement, and entertainment.”

Von Schlippe described in greater detail how the platform would be used.

“We’ll be concentrating on three verticals in particular. Giving users the opportunity to build on the web is one of them. And you can build. You don’t have to be an expert to exchange, purchase, sell, mint, and tokenize your digital products — be it fashion, art, beauty, music design, or anything else,” he explained. “Then there will be a vertical that will be a more curated space where we want to establish authenticity and provide restricted access, so it becomes a scarcity and a sign of quality you can trust. And this curated space where our Vogue editors in Singapore will be able to host such events — say, a monthly digital fashion show — that will be curated by them.”

“We would add a third vertical later on,” von Schlippe said, “which would certainly add the entertainment aspect to it.” “You can make something digital, tokenize it, and show it if you’re a developer. You want to express your enthusiasm. You want to be noticed and to be seen by others. You may be able to attend a virtual Academy Awards or Met Gala.”

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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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