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Macy’s Introduces a Thanksgiving Day Parade-Inspired Ethereum NFT Collection

Macy’s is now investing in NFTs, which isn’t the “World Class New Age” embrace of crypto that a shareholder petition requested.

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#nft #macy's #parade #thanksgiving

The NFT market has certainly been labeled as a bubble. But now Macy’s has joined the celebration with balloons, adding to the slew of major brands issuing NFTs.

The department store behind the eponymous Thanksgiving Day Parade in New York gives away 9,500 Ethereum NFTs to celebrate its 95th year of presenting the event. Ten “ultra-rare” versions of the NFTs are being auctioned and have already generated $41,700 in bids.

According to Macy’s, the free NFTs will begin distributed on Thursday, Nov. 25, at 10 a.m. EST.

NFTs are digital assets such as image or music files that represent ownership rights. For example, every secondary market sale of Macy’s NFTs, Ethereum-based tokens on the Polygon network, donates 10% to the Make-A-Wish Foundation. It’s the same thing that happens when artists set up their NFTs to send them a commission every time their work sells again. Meanwhile, the organization will receive 100% of the earnings from the ultra-rare collection.

Compared to what stockholder NuOrion Advisors wanted earlier this month, the NFT collection is a minor compromise. Guy Phillips, the firm’s managing partner, wrote to the shop in a letter that the company needed to establish itself as a “World-Class New Age retailer.”

“Macy’s should also declare immediately that they are cooperating with several Crypto platforms to facilitate digital payments,” he writes. Macy’s, like Starbucks and Whole Foods, might be one of the first major businesses to take cryptocurrency.”

Macy’s NFT debut comes after many other brands have experimented with digital collectibles to boost engagement. The majority of NFTs are set up to donate a part of sales to a charity automatically. And they’ve all had varying degrees of success.

Pizza Hut’s NFT last traded for 7 ETH after launching its 1 Byte Pizza at around $0.18–to match the price of a single slice of pizza. Since then, it’s been listed for roughly ten times that amount, at 75 ETH, or $325,000 at today’s exchange rate.

Meanwhile, despite launching last December, a handful of the NFT dolls produced by MGA Entertainment’s Bratz brand have never been sold. In addition, the Charmin NFT(P) collectibles, which combine damaged images of toilet paper with the poop emoji and the bear family from the brand’s ads, have also gotten a bad rap.

However, there has been at least one notable victory in the category. CryptoPunk #7610 was added to Visa’s “collection of historic commerce artifacts” for 50 ETH (about $165,000 at the time). Following the purchase, the lowest price paid for NFTs in the collection has been around 100 ETH ($400,000), and several of them have sold for millions of dollars.

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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