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King James’ NFT slam dunk could break NBA Top Shot records

Three Legendary NBA Top Shot NFTs will be auctioned off in the near future, including one that holds the record for the most expensive Top Shot moment ever sold.

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Three “Legendary” NBA Top Shot nonfungible tokens depicting slam dunks from renowned professional basketball player LeBron James will be auctioned off by NFT studio House of Kibaa.

The sale, which will be held in collaboration with Heritage Auctions, will take place from May 6 to May 20. The three NFTs will be sold together in a single auction. Each token was released during the first season of NBA Top Shot, and they are all Legendary rarity — the most valuable tokens available to NBA Top Shot collectors.

Since its closed beta launch in June 2020 and subsequent transition to open beta three months later, NBA Top Shot has exploded in popularity.

NBA Top Shot had gross revenue of more than $230 million by March 2021. NBA Top Shot’s secondary peer-to-peer marketplace, according to Cryptoslam, sees more than $1.8 million worth of trades per day, based on a 30-day rolling average, with Legendary tokens fetching six-figure rates in recent months.

T.C. Lau, a representative for House of Kibaa, called the auction “the biggest auction sale in NBA Top Shot history,” adding that each of the tokenized moments has a serial number that “holds great significance to the late Los Angeles Lakers star, Kobe Bryant.” The serial numbers #26, #41, and #42 appear on the tokens that will be auctioned.

https://houseofkibaa.com/

On Feb. 6, James performed the same “break away, reverse windmill, two-handed slam dunk” popularized by Bryant approximately 19 years prior in the same arena, as depicted on the #26 token.

The #26 serial number also refers to Bryant’s death date, which is January 26, 2020. The #26 serial number will never be used again for a Kobe Tribute NBA Top Shot moment, according to the announcement.

After being auctioned for $387,600 on April 16, a #3 serial Legendary token depicting the same tribute dunk from the same series set a new record for the most expensive NBA Top Shot moment sold.

In the 2020 NBA championship finals, the #42 NFT portrays James leading the Lakers to their 17th championship. The Lakers won their first championship in nearly a decade, after Bryant won his fifth and final NBA title with the franchise, with James promising to deliver the victory in recognition of Bryant’s legacy. Bryant would have been 42 years old at the time, giving the NFT’s serial number added importance.

The last token up for auction has a serial number of #41 and was the first Legendary LeBron James NFT created by NBA Top Shot. The NFT shows James slamming a dunk two days before he and Bryant were pictured together at the Lakers’ next game. At the time of the dunk, Bryant was 41 years old.

The auction will be ongoing during the May 15 ceremony for Bryant’s posthumous induction into the Naismith Basketball Hall of Fame.

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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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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