Connect with us

Projects

Serena Williams and Jay-Z Invest $19 Million in Bitski, a New NFT Platform

Published

on

With Jay-Z and Serena Williams investing in Bitski, an NFT marketplace that aims to make creating, purchasing, and selling non-fungible tokens easier, sports, hip-hop, and digital art have collided. Bitski, which bills itself as the “Shopify for NFTs,” recently raised $19 million in a Series A round led by Andreesen Horowitz. The NFT market fancies a kind of digital gold rush for producers in the hip hop and sports industries alike, with revenues up 55 percent from $250 million to $389 million since 2020.

The Breakdown You Need To Know:

Bitski offers a free trial, until you publish an NFT and three tiers of plans after that, which range from $99 to $1,499 per month.

This year, digital collectibles have become big business in the music industry, with the selling of these collectible digital products bringing in tens of millions of dollars. The $6 billion hip hop industry is betting big on the NFT game. Quavo, Lil Baby, 2 Chainz, and Jack Harlow, for example, collaborated with Bleacher Report to release an NFT collection during this year’s NBA All-Star Weekend. “Four custom-designed basketballs that fuse music, culture, and sport with creativity” were part of the set. They each got their own gold NFTs, which sold for more than $591,000, with 2 Chainz’s No. 1 of 10 selling for 38 Ethereum ($68,030) at the top.

New Wave Art Collectors:

In 2020, NFTs exploded, but some fear that a bubble is emerging and about to burst, particularly in the market for NFT art. For the first time in history, blockchain NFT trading has made the world of art collecting a transparent, democratized, and diverse market. According to Cointelegraph, NFT revenues totaled $300 million in the first two months of the year. Artists are now using blockchain systems to register the copyright data of digital art works, establish proof of ownership, and be paid each time the artwork is digitally traded.

Historically, art trading was a mostly white and exclusive field of investment. Due to the emphasis on galleries, black art was underrepresented, making it difficult for these artists to make a living from their work. NFTs, on the other hand, are shifting this through waves that continue to surprise economists and turn the tide in terms of digital artist equity and profitability. They can sell digital artwork with fractional ownership thanks to blockchain, which allows them to create as many “fractions” as they want and sell to buyers who only want a portion of the item. Fractional ownership raises the likelihood of a positive return on investment.

What’s Next:

Bitski stated that this round of funding would help the company achieve its goal of “making the NFT economy more open for designers, brands, and businesses.” Collectors and artists alike believe that the benefits of blockchain in terms of credibility, equity, and return on investment will ensure its long-term viability.

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.

Published

on

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.

Continue Reading

NFT

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.

Published

on

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.

Continue Reading

Projects

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.

Published

on

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.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 16,990.20 0.20%
ethereum
Ethereum (ETH) $ 1,286.53 0.43%
tether
Tether (USDT) $ 1.00 0.35%
chiliz
Chiliz (CHZ) $ 0.170974 5.05%
enjincoin
Enjin Coin (ENJ) $ 0.311669 0.65%
decentraland
Decentraland (MANA) $ 0.422760 3.77%
flow
Flow (FLOW) $ 1.11 0.71%
the-sandbox
The Sandbox (SAND) $ 0.604341 2.91%
wax
WAX (WAXP) $ 0.061878 1.22%
ecomi
ECOMI (OMI) $ 0.000940 1.21%