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NFTs that NBA Top Shot will auction Off grant Five Years of VIP All-Star Game Access

Starting with the NBA All-Star Game in 2023, the 30 NFTs will come with real-world benefits. Dapper is also giving away another NFT.

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#nft #nfthours #nba #topshot #dapperlabs #allstar #tickets

The 30 NFT collectibles will come with real-world rewards for holders throughout the next five NBA All-Star Games and related events, according to Dapper Labs’ NBA Top Shot platform, which will open its first auctions this month.

Each one-of-a-kind NFT—one for each NBA team—will offer the highest bidder entrance to the following five annual NBA All-Star activities, beginning with the event in Salt Lake City in 2023, as well as other perks.

The VIP package for the 2023 All-Star Game includes two lower-bowl seats and passes to the State Farm All-Star Saturday Night Events and the Clorox Rising Stars Game. It also includes incentives like an exclusive arena tour, a shootaround on the All-Star court with an undisclosed “NBA legend,” a merchandise bag with an All-Star jersey, and access to other physical and virtual events related to the experience.

On February 23, NBA Top Shot will start releasing auctions at a rate of one new NFT every day, with each auction accepting bids for seven days. In addition, owners will be able to resell these All-Star NFTs on the Dapper Labs marketplace later this spring, as well as gift them to others if the recipient’s identity has been verified on the platform, according to a Dapper Labs official.

Over the next five years of events, Dapper and the NBA will hold a raffle for an extra single-edition NFT that represents the league (rather than any one team) and comes with the same set of All-Star Game benefits.

During TNT’s broadcast of the Philadelphia 76ers vs. Milwaukee Bucks game, the NBA will display a QR code that, when scanned, will earn an entry into the giveaway. On February 20, a QR code that offers scanners five entries into the sweepstakes will be displayed during the 2022 All-Star Game.

In addition, anyone who purchases NFTs from NBA Top Shot between now and 12 p.m. ET on February 21 will receive five more entries into the drawing. To join the contest through any method, you’ll need an NBA Top Shot account, and the winner will be chosen on March 8.

NBA Top Shot exploded in popularity in early 2021, and it’s been credited with being a key driver of early adoption during last year’s NFT craze. The NBA Top Shot marketplace on Dapper’s Flow blockchain functions as a deed of ownership to a unique digital item—in this case, video-based collectibles that behave like digital trading cards, which can be resold via the NFT.

Even though the trading volume on the platform plummeted after the initial frenzy last spring, January 2022 was Top Shot’s greatest month since April 2021, thanks in part to the debut of a marketing campaign starring Kevin Durant. According to data from CryptoSlam, NBA Top Shot has produced over $900 million in secondary market trade volume to date.

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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