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The Ethereum NFT Game Sorare signs a deal with Major League Soccer 

The NFT-based fantasy soccer game aims to enter additional sports and U.S. leagues.

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The fantasy football game on Ethereum Sorare is one of the most well-known sports NFT projects on the market, with over 200 real-world partners. Sorare has secured a contract to incorporate the official Major League Soccer license into the game, which comes amid a rising push in the United States market.

The Major League Soccer Players Association had already inked a non-league deal with Sorare. The contract, which was announced in June 2020, contained all of the players as tradable NFT cards with no official team or league branding.

Now, Major League Soccer has signed a multi-year deal with all 28 of the league’s currently active teams, ensuring that Sorare will wear MLS branding during the game. In addition to launching MLS-branded Sorare NFTs this spring, Sorare and the league plan to work on marketing and activation opportunities.

Sorare’s head of business development, Michael Meltzer, told Decrypt that the addition of Major League Soccer to the game will help the company expand its presence in the United States. Sorare’s current focus is on major soccer teams from Europe and other nations, but the company recently opened an office in the United States to look into other possible NFT opportunities in sports.

“We’re aiming to expand beyond soccer into other sports in the future,” Meltzer said, “so MLS was a really fascinating bridge between the worldwide nature of our offering and the U.S. market.”

The first NFT collectibles were released in May 2021, with four pieces of artwork created by street artists and related to specific matches.

The Sorare partnership, according to Chris Schlosser, MLS Senior Vice President of Emerging Ventures, allows the league to reach out to its young, tech-savvy fanbase with an interactive, NFT-driven game. And, while MLS may be able to assist Sorare in breaking into the American market, he sees Sorare’s accession as echoing the league’s own progressive development into international soccer.

“In American pro sports, we have the youngest fans,” Schlosser added. “By far, our fans are the most likely to have crypto or NFTs and to be on the cutting edge of technology.”

Sorare, everywhere

Players gather digital trade cards of their favorite players from multiple leagues and use them in weekly fantasy lineups in Sorare, which puts an NFT spin on fantasy sports. Users receive points based on their players’ real-world performance each week, just like in traditional fantasy sports games, and in Sorare, those points may be exchanged for free NFTs or bitcoin.

The Ethereum NFT represents each premium Sorare trading card. Whether it’s a sports card, profile photo, or video-based collectible, an NFT works as a transfer of ownership to a digital asset. A single Sorare NFT based on player Erling Haaland sold for over 265 ETH, or over $678,000, in January, setting a new high for the project.

Sorare cards, unlike NBA Top Shot and NFL All-Day NFC artifacts, as well as those from Tom Brady’s Autograph program, have added value as playable goods in a fantasy sports game. And the company has big plans, having funded $680 million at a $4.3 billion value last September in order to grow into new leagues, markets, and sports in the future, including women’s soccer leagues.

Meltzer didn’t go into great detail regarding Sorare’s plans in the United States, but he did say that the company hopes to “also grow into two U.S. leagues” in the coming months.

On that front, Sorare is focusing on Major League Soccer, and Schlosser, the league’s president, is thrilled about the potential for NFTs to bridge the gap between digital fanaticism and in-person MLS match attendance. Despite the fact that sports is currently one of the most active areas for NFTs, he feels there is still plenty of space for growth.

“We think the relationship between the digital and real-world experiences is fascinating,” Schlosser added. “Over a period of time, you can see a plethora of use cases there.” When it comes to blockchain and sports, I believe we’ve only scratched the surface.”

NFT

To Be Sold for $70 Million, with Proceeds Used to Support NFT Purchases at MoMA

The auction of works by Renoir, Picasso, Bacon, and Rousseau will help the museum increase its online presence and maybe buy NFTs.

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This fall, the William S. Paley Foundation will hold an auction featuring works of art valued at at least $70 million in order to increase the digital presence of the Museum of Modern Art (MoMA) in New York and possibly acquire the institution’s first NFTs.

Since the passing of the co-founder of CBS in 1990, William S. Paley’s collection has been maintained by MoMA. Sotheby’s has been hired by Paley’s namesake organization, which includes endowment funds for museums and educational and cultural activities, to auction off 29 of the 81 items in the MoMA collection.

The sale proceeds will go toward growing the museum’s online presence. MoMA’s director Glenn Lowry stated in the Wall Street Journal that the museum had suggested several potential uses for the funds.

MoMA may start its streaming service, organize online exhibitions and video discussions with artists, or work with colleges and training organizations to offer online courses. More importantly for cryptocurrency enthusiasts, MoMA might also buy its first NFTs.

According to Lowry, the museum has a dedicated team monitoring the digital art scene to hunt for suitable artists to collaborate with or buy from.

In the interview, he added of NFTs, “We’re aware that we lend an imprimatur when we acquire things, but that doesn’t mean we should shun the domain.

What’s on offer?
The William S. Paley Foundation and MoMA have an agreement that gives MoMA the final say in how the collection is used. Other humanitarian endeavors championed by the late Paley will receive a tiny share of the proceeds from the autumn auction.

Most of the collection’s most famous works, such as Picasso’s “Boy Leading a Horse” from 1905–06 and Matisse’s “Woman with a Veil,” are not for sale. Rousseau and a Renoir, on the other hand, will be sold at auction, according to Lowry.

According to Sotheby’s, Francis Bacon’s “Three Studies for a Portrait of Henrietta Moraes” will be auctioned for at least $35 million in London in October, and Pablo Picasso’s “Guitar on a Table” will be sold for at least $20 million in New York this November.

It’s anticipated that the collection would bring in between $70 and $100 million.

Despite not yet owning a tokenized work of art on the blockchain, MoMA has already contributed to the development of NFTs. The MoMA gave all of its collection’s information in November of last year to the Unsupervised exhibition and NFT project by AI artist Refik Anadol.

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NFT

How NFT Projects Are Setting Up For Ethereum’s Network Shift to Stay Ahead of the Merge?

This week is finally predicted to see the occurrence of one of the most important occurrences in the history of cryptocurrencies. 

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The blockchain network will completely switch from its existing proof-of-work consensus process to the proof-of-stake model thanks to Ethereum’s significant software upgrade, known as The Merge. Ethereum is anticipated to carry on as usual, except that PoS authentication of cryptocurrency transactions will now be used instead of PoW.

Ethereum.org states that “The Merge signifies the combining of Ethereum’s new proof-of-stake consensus layer, the Beacon Chain, with its existing execution layer (the Mainnet).” It does away with the necessity for energy-intensive mining and instead uses ETH stakes to safeguard the network.

Sustainability, scalability, and security are the three key areas of concern that The Merge seeks to solve. Researchers at the Ethereum Foundation claim that the new architecture not only paves the way for future scaling improvements like sharding but also significantly cuts Ethereum’s energy consumption by more than 99% because miners won’t have a financial incentive to run computers constantly.

Further modifications to the NFT market are anticipated due to the switch from proof-of-work to proof-of-stake. The Merge may improve the tokenomics of the entire market, broaden the range of cryptocurrencies it supports, and potentially raise the price of NFT.

The bulk of NFTs are a part of the Ethereum blockchain, and many people are enthusiastic about the switchover because it is anticipated to use less energy, allowing users to mint and sell NFTs in a more environmentally friendly manner. However, other users worry that, as with every substantial technological change, there may be a chance for fraud, hacking, volatility, and confusion.

Do you have safe NFTs?
Due to duplicate NFTs existing as a result of the ETH proof-of-work chain and other future forks, it may be unclear which assets are “official” or “real.”

There is a chance that there will be two different types of NFTs when the merge is finished because Ethereum is projected to have at least one proof of work (PoW) fork that will continue to exist. Thus, NFT owners can experience a problem known as a “replay attack.” When a transaction is finished on one blockchain and then repeated on another, this occurs.

OpenSea, the largest NFT market, and well-known companies like Yuga Labs, the company behind the Bored Ape Yacht Club, have officially said that they will not accept the identical NFTs that are present on these chains. In a similar vein, Proof, the startup that is in charge of the Moonbirds NFT project, has stated that it will neither acknowledge or support any forks that are made after a merging.

The Merge will quickly establish itself as the dividing point between PoW-era and PoS-era NFTs. One of the first projects to launch during Ethereum’s new phase will be Supercute World’s SELFi3STM NFT collection. The project will be powered by Web3 developer platform, Alchemy, and will showcase the company’s new full stack NFT development capabilities.

Nikil Viswanathan, cofounder and CEO of Alchemy, stated, “Our objective has always been to bring web3 to a billion people, and we see NFTs being a crucial driver of that adoption.” We’ll keep investing in our full-stack NFT development offering and supporting innovative, exciting new projects like Supercute World to help reach that aim.

The first completely inclusive NFT initiative is SELFi3STM by Supercute WorldTM, which offers male, female, and gender-neutral variants so users can develop and represent the greatest versions of themselves online. Without ever changing the rarity score, holders will be able to select the best version of themselves.

The upcoming collection of 7,777 SELFi3S from Supercute World is anticipated to debut in October. Visit the website and follow the project on Twitter to keep up with developments and learn more about Supercute WorldTM.

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‘LG Art Labs,’ a new NFT marketplace, is introduced by LG Electronics

The second major South Korean television manufacturer to do so this year is the electronics giant, which just opened its own NFT marketplace.

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The “LG Art Labs” NFT marketplace has just been released by LG, a South Korean electronics business, and is now accessible to all US LG television owners running webOS 5.0.

From the comfort of their homes, users may purchase, sell, and trade non-fungible tokens (NFTs) through the marketplace, which is available from the LG home screen.

NFTs are non-fungible tokenized blockchain representations of non-fungible assets, making them distinct and irreplaceable. Similar to how antiques and works of art are frequently non-fungible in the real world, NFTs on a blockchain ledger typically represent digital versions of these items.

Wallypto, LG’s in-app cryptocurrency wallet created by the Hedera network last September, manages transactions on LG Art Labs.

Hashgraph, an alternative distributed ledger system (DLS) to blockchain that offers lightning-fast transaction times, highly functional smart contracts, high energy efficiency, and transaction fees that amount to only pennies, is the DLS that Hedera employs.

On August 12 of this year, LG submitted an application to register the Wallypto patent.

The two companies initially collaborated when LG joined other tech giants like Google, IBM, Deutsche Telekom, and Ubisoft on Hedera’s governing board in 2020.

LG Electronics enters the NFT market

LG is not the first Korean TV maker to integrate NFT trading into the viewing experience.

To develop a new NFT marketplace for owners of Samsung TVs, Samsung announced a partnership with NFT marketplace Nifty Gateway in March of this year.

Through a smart TV interface unveiled in January, users may view, purchase, trade, and display NFTs.

The Samsung MICRO LED, Neo QLED, and The Samsung NFT Platform supports the Frame TV models from 2022.

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