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Weekly Review of NFTs

Is the NFT craze starting to fade? A few reports claim that the “NFT market bubble has popped.”

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As a result, the idea that NFTs are diminishing was picked up by a number of significant newspapers. Despite this, significant new developments in the area continue to arise. Take a look at some of the most recent additions to the market this week.

Non-Fungible Token News This Week:

The NFT in Olympic Size

Olympic Pin tokens have been created in collaboration with the International Olympic Committee (IOC) and gaming platform nWay. The first pins will be awarded to commemorate the Olympics’ 125-year history. Through its marketplace, nWayPlay, nWay will distribute the pins to the general public.

The Major League Baseball Is Swinging

The MLB is looking for more. After working with Topps for their debut NFT release earlier this year, the world’s largest baseball league announced a new partnership this week. Mike Novogratz, Gary Vaynerchuk, and Fanatics’ Michael Rubin are among the leaders of Candy Digital, a new non-fungible token platform.

Gucci, Gucci, Gucci… An NFT

A freshly issued non-fungible token inspired by the designer fashion label’s Fall/Winter 2021 collection is being auctioned off. Christie’s will be hosting the online auction. The proceeds from the sale will go to UNICEF USA to help people throughout the world get access to COVID-19 vaccines.

Audi-backed Startup Wants You to Put NFTs in Your Car

Audi’s support For shifting consumer perceptions of the in-car experience, Holoride is looking at three primary buckets: blockchain technology, immersive media, and, of course, NFTs. For execution, Holoride will work with blockchain firm Elrond.

FTX Makes a Big Impression

FTX, a cryptocurrency exchange, has been in the news a lot this week, thanks to a branding rights deal with TSM, a leading esports group. An NFT marketplace is also in the mix for the exchange this week. One of the first tokens to hit the market allows for a lunch meeting with FTX CEO Sam Bankman-Fried or a thirty-minute Zoom conversation. With more than a week to go, the bidding has already reached six figures.

A New NFT Use Case: The Sale Of A Football Club

Club Necaxa of Liga MX is creating a non-fungible token that will grant the winning bidder 1% ownership of the franchise. Unless they sell the token, the new part-owner will receive 1% in perpetuity, as well as other privileges such as home and away game tickets and access to club facilities. The listing may be found on OpenSea and will be accessible until June 18th.

NFT

OpenSea and Kakao’s Klaytn collaborate to expand NFT across Asia

Klaytn, a Singapore-based public blockchain platform, and OpenSea, a non-fungible token (NFT) market, established a cooperation on Friday to support the Asian NFT ecosystem.

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  • In order to showcase Asian NFT initiatives to a worldwide audience, the alliance involves conference collaborations and ecosystem awards.
  • The largest NFT marketplace in the world supports four blockchains: Klaytn, Polygon, Solana, and Ethereum.
  • The blockchain subsidiary of South Korean internet behemoth Kakao, Ground X, founded the Klaytn Foundation.
  • On its central bank digital currency (CBDC) pilot project, the Bank of Korea collaborates with Ground X.

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Shopify Expands Online Retailers’ NFT-Gated Options

Brands are able to increase the exclusivity of their shops thanks to the e-commerce platform.

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The future of e-commerce, according to Shopify, is in NFTs.

As a new option for brands wishing to make their stores more exclusive, the online retail behemoth, which enables small businesses to construct customized e-commerce shops, is providing NFT-gated storefronts, Shopify announced on Wednesday.

In the Shopify introduction video, which includes a skating woman who passes through a pastel portal and transforms into a Doodles NFT, a voiceover urges viewers to “invite their communities into a world that acknowledges and rewards devotion.”

The video explains that token holders can access special shopping opportunities by connecting a cryptocurrency wallet, including early access to drops and limited collections as well as one-of-a-kind experiences and other surprises.

Only individuals with existing NFT collections are able to apply for early access to Shopify’s “gm” shop, which is a gated merchandise store and a play on the Crypto Twitter acronym for “good morning.”

However, those that haven’t received approval yet can still integrate NFT token-gating apps like Shopthru or Single into their Shopify sites.

Shopify announced that it has already collaborated with the Adam Bomb Squad, Doodles, World of Women, Invisible Friends, Superplastic, Stapleverse, and Cool Cats NFT collections to develop token-gated shops as part of its token-gated business launch.

Shopify is introducing “IRL” token-gating in brick-and-mortar stores in addition to online token-gating, which restricts access to certain merchandise to authorized NFT holders exclusively.

Why is this important? The future of Web3 commerce will focus on exclusivity, for one thing. NFTs, which are distinctive blockchain tokens that denote ownership over an asset, are increasingly employed as membership cards, tickets to events, and “keys” to open benefits, despite the fact that they are frequently oversimplified as digital art or “jpgs.”

Additionally, this isn’t Shopify’s first venture into NFTs: The business has been involved with Web3 since last year, when it announced the launch of NFT sales on its platform. Brands can mine and sell NFTs on Shopify to clients using the Ethereum, Polygon, Solana, or Flow platforms.

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OpenSea, beware—Uniswap is pushing into NFTs

The NFT aggregation platform Genie is being purchased by Uniswap Labs, the organization that created the Ethereum-based decentralized exchange Uniswap.

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In a Bankless interview on Tuesday, Uniswap founder and CEO Hayden Adams said, “We’re attempting to transfer what we brought to the ERC-20 market to the NFT sector.”

You can buy NFTs—individual blockchain tokens that represent ownership—on a variety of different marketplaces, such as OpenSea, LooksRare, or Coinbase NFT. However, few allow consumers to buy many things at once, and none provide aggregation tools that let traders view listings on competing marketplaces.

According to Uniswap Labs on Twitter, “We see NFTs as another form of value in the burgeoning digital economy, and it’s a no-brainer for us to integrate them.”

The NFT aggregator Gem, which also enables customers to acquire numerous NFTs in a single transaction, was purchased by OpenSea just two months prior to the announcement of its acquisition by Genie. OpenSea intends to incorporate NFT aggregation functions into its primary platform, just like Uniswap.

A new tab dedicated to NFTs will be added to Uniswap’s main website later this year as part of the company’s push into NFTs, according to a statement from the company. Additionally, NFTs will be included in its developers’ APIs and widgets.

Uniswap Labs intends to airdrop an unspecified quantity of the stablecoin USDC to Genie’s early backers as a way to commemorate its acquisition. By April 15th, USDC will be given to everybody who had utilized the platform at least once or owned a Genie Genesis NFT. (The business had earlier tweeted that Genie Gem owners were eligible for the airdrop.)

Uniswap entered the NFT market for the first time in 2019 with Unisocks, an NFT that granted holders access to a real pair of socks.

The largest NFT market, OpenSea, has a floor price for Unisocks of 13 ETH (about $15,300) at the time of writing.

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