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The founder of NeoNexus has canceled the popular Metaverse NFT project.

According to estimates, the metaverse initiative earned between $2 and $4 million from its NFT mints, raising 25,000 SOL.

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#neonexus #nft #nfts

NeoNexus, a Solana-based NFT project, has announced that the team would no longer be pursuing the project, citing a decline in Solana (SOL) costs as the reason for the decision.

The project’s founder, Jack Shi, took to the official NeoNexus Twitter account on March 21 at 2 p.m. UTC, announcing that the project’s “healthy development” would no longer be continued and that they would like to pass it over to the community to develop.

According to estimates, the initiative generated roughly 25,000 SOL for its NFT mints, which would be worth $2.2 million at today’s pricing. The initiative may have produced $3.5 to $4.5 million if SOL prices had risen to over $150 around the time of the token minting.

NeoNexus is a Metaverse project with a proposed utility and governance coin. It has sold over 4,000 “property NFTs,” with another 6,000 property NFTs planned in the future, as well as character, vehicle, and accessory tokens. The project’s Discord channel now has over 13,000 users.

Shi stated on the project’s Discord that the team’s decision to suspend development was due to market conditions, with the project’s finances being utilized to pay wages, tech infrastructure, company fees, and taxes.

“It’s been exceedingly challenging to expand and sustain our project in current ecosystem and market environment, where the price of SOL has plummeted and activity, volume, and interest in the entire Solana NFT area have shrunk.”

Market circumstances have been tumultuous in recent months, with the price of SOL plummeting more than 50% in three months, according to CoinGecko data. Late in December, it reached a 90-day high of just over $200, after which it has progressively declined to trade around the $80 mark.

Shi also mentioned that the parent firm, Unlock Defi, had laid off over 20 employees as of the end of March, and questioned if a community takeover was conceivable.

Many commenters have accused the initiative of engaging in a “slow-rug,” i.e., building up the enterprise just to quit months later and pocket the payments.

“zachxbt,” a pseudonymous crypto scam researcher and writer, uploaded screenshots of Shi’s tweets from November, which show him sitting in a Ferrari and boasting about riding in a Lamborghini. These photographs were used by Zachxbt to query how the initiative was able to raise millions of dollars only to run out of money in a matter of months.

In response to the NeoNexus tweet, various NFT projects announced their own offerings in an attempt to mitigate the losses suffered by certain investors as a result of the news. Those who responded with “NEONEXUS” on their own Discord channels were often awarded whitelists for upcoming mints.

Both the NeoNexus project’s and Unlock Defi’s websites were unavailable at the time of publication. Cointelegraph contacted Shi and former workers for comment but did not receive a response right away.

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.

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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.

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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.

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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.

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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.

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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.

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