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Prepare for a Surge of NFTs from College Athletes

A fresh crop of NFTs has sprung up as a result of the NCAA’s new rules permitting college players to sign business deals. Could this help to resurrect the NFT market?

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NFTs are supposedly dead, according to most of the media.

Protos, Gizmodo, Hypebeast, the New York Post, and Quartz all reported in the first week of June that the NFT market was a bubble that burst in May, citing statistics from NonFungible.com. Other tracking sites’ data suggests that the price-volume peaked much earlier, in April. According to DappRadar, the total pricing volume on NBA Top Shot, one of the most popular NFT markets, has decreased by 33% in the last week, and the total number of traders has decreased by 14%. The figures back up the notion that blockchain-based collectibles are just a transitory craze.

However, we believe that the demise of NFTs has been unduly exaggerated.

When we talk about NFTs, we tend to bundle them all together under one big umbrella, combining different sorts with varying levels of popularity and stickiness, such as music, art, gaming, and sports. However, there are examples of both fascinating and shrug-worthy items in each area.

We think we’ll see some amazing applications for NFTs that we haven’t seen before in the long run. A new influx of collegiate athlete NFTs could bring money and attention to space shortly.

The AP Men’s College Basketball Player of the Year, University of Iowa senior Luka Garza, sold his own NFT one week after Iowa lost in the NCAA tournament three months ago. Garza had to wait until the end of his final college season due to NCAA “amateurism” restrictions prohibiting athletes from forming business arrangements.

Everything has changed since then. The NCAA has allowed athletes to earn from their own name, image, and likeness as of July 1st (NIL). It’s a major shift in collegiate sports that many predicted would never happen.

On the first day, the floodgates opened at midnight. University of Wisconsin quarterback Graham Mertz and University of Oklahoma quarterback Spencer Rattler tweeted their new personal brand logos. At the same time, Hanna and Haley Cavinder, twin basketball players at Fresno State University, had 3.3 million TikTok followers, signed with Boost Mobile.

McKenzie Milton of Florida State University and D’Eric King of the University of Miami co-founded an NFT firm.

Of course, not all of the NFTs we’ll see from college athletes will be beneficial applications of the technology.

There will be money grabs from collegiate stars hoping to cash in on their short-lived celebrity on the court or field. And that’s perfectly fine. There may also be meaningful and conscientious efforts from athletes who are genuinely interested in connecting with their fans.

Spencer Dinwiddie, an early proponent of cryptocurrency, aims to recruit collegiate athletes for his crypto-powered influencer platform Calaxy, which recently acquired $7.5 million in funding.

He does, however, have some advice for sportsmen who sign hasty endorsement deals. “Obviously, it’s a gold rush right now,” Dinwiddie said in an interview this week. “People are rushing to sign everything they can, make whatever money they can. There will be a reversion to the mean, and people will become more strategic in how they evaluate and value their brands, as well as which companies they partner with.”

Dinwiddie expects to see a lot more athlete NFTs in the future, both in college and in the pros. As a result, the major leagues will be forced to embrace cryptocurrency.

“You’ll see the NFL make more of a push with NFL athletes doing their NFTs,” Dinwiddie adds. “No league wants to be in a scenario where they feel like the players are going to rush off and front-run something they can’t control. It’s inevitable that the NFL will become involved in the game.”

With Top Shot, the NBA is already in the game, while MLB Crypto Collectibles has been in the game since 2018. (that one fell flat).

NIL guidelines will encourage many more college athletes (and possibly even the NCAA) to participate in the NFT game, thus reigniting an industry that many have pronounced dead.

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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