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K8IROS “crypto sneaker” NFT Linked to SUKU’s Distributed Ledger

With all sales going to the Dinwiddie Family Foundation to benefit at-risk minority youngsters, the K8IROS drop will be the first NFT verifiably attached to a tangible item using SUKU’s digital ledger-enabled NFT tagging mechanism…

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NBA Spencer Dinwiddie, a Brooklyn Nets basketball player, and Calaxy Co-Founder, announced a collaboration with SUKU’s carbon-neutral INFINITE NFT Marketplace to launch the first non-fungible token attached to a physically redeemable item.

Dinwiddie has released his signature, game-worn K8IROS crypto sneakers with SUKU’s digital ledger-enabled tag. The SUKU ledger confirms and ensures the validity of this one-of-a-kind NFT drop, which will go up for auction on July 22nd, 2021.

The Dinwiddie Family Foundation, which supports poor and at-risk adolescents through fitness, literacy, and educational activities, will receive 100% of the proceeds from the drop.

Summary of the Drop

  • The NFT of the K8IROS “crypto sneaker” will be auctioned off as a 1:1 exchangeable for the actual item.
  • The signed production K8IROS sneaker NFTs will be auctioned as a raffle, with the winners receiving one of the signature sneakers.
  • The Dinwiddie Family Foundation will get 100% of the revenues from the drop.

“I’m incredibly pleased to see this NFT drop come to fruition because it’s been in the works for a long time. This has the potential to revolutionize the game for businesses, sportsmen, and influencers by allowing NFTs to be verified as real items. As mediated by SUKU and Hedera, this whole new approach of bringing physical treasures into the digital environment puts us up to revolutionize the creator economy as we know it. I believe that by donating all proceeds to my foundation, I can help level the playing field for children and allow them to achieve their full potential,” says Dinwiddie.

SUKU + K8IROS

The introduction of SUKU INFINITE physical tags and NFTs is a step toward addressing the $450 billion counterfeit sneaker market by utilizing immutably logged IDs that can be traced on the Hedera Hashgraph distributed ledger.

SUKU protects suppliers and merchants from fraud and theft utilizing Hedera’s innovative technologies, while also providing provenance for entrepreneurs, artists, and other creators using NFTs to market their physical items.

“As an athlete and futurist, Spencer Dinwiddie is using his platform to raise awareness about the true potential of NFTs, and we’re ecstatic to be collaborating with him on his K8IROS crypto sneaker NFT launch. Spencer is showing the globe how companies and influencers can bring physical artifacts and items to the digital realm while saving the earth by leveraging SUKU’s carbon-negative INFINITE Marketplace.” – Yonathan Lapchik, CEO of SUKU

SUKU uses its Smartrac NFC tags in conjunction with Avery Dennison to enable convenient product tracking through the use of long-range, dual-frequency transponders for product identification and management.

Avery Dennison’s tags are long-lasting, unobtrusive, and tamper-proof. If a tag is attempted to be removed from a product, the tag’s circuitry will fail, ensuring that marked objects can always be authenticated using the connected digital NFT. Furthermore, all NFT mints on INFINITE are carbon-negative, supporting climate-certified programs that cut carbon emissions in the battle against climate change.

The Dinwiddie Family Foundation will receive 100% of the proceeds from the K8IROS sale, which will be used to create programming for disadvantaged youngsters. The Dinwiddie Scholars program, which grants educational scholarships in cooperation with the United Negro College Fund (UNCF), America’s largest and most effective minority education organization, aspires to create the next generation of diverse leaders.

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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