Category: Metaverse

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Airdrop Metaverse NFTs Tokens

Controversial Pudgy Penguins NFT Collection Sold for 750 ETH

The Pudgy Penguins NFT collection has sold for 750 ETH (US$2.6 million), separating its inherent cuteness from its controversial roots. LA-based entrepreneur Luca Netz, of Netz Capital, is now leading the project and plans to use it to “spread love across the Meta”:  

Pudgy Penguins Eye the Future

Netz has purchased full control of the collection – totalling 8,888 Pudgy Penguins – from the four original co-founders, alongside future royalties. Full ownership of the project means that Pudgy Penguins can now release its own token, $PENGU, and investigate the option of potential airdrops to existing penguin holders:

This follows the ousting of the founders via a January Discord vote over their failure to meet project goals. Co-founder ColeThereum had promised a game, an educational book, and a token, all of which the project failed to deliver. With turmoil behind the scenes and threats issued regarding the project, controversy had been rife within the community.

The sale of Pudgy Penguins will offer a fresh start for the collection. While the originators will no longer be a part of the project, they acknowledge that Netz has the connections and experience to level up the collection in the future.

NFT Controversies and Acquisitions

Pudgy Penguins isn’t the only collection with a controversial history. In February, YouTube ‘Internet Detective’ CoffeeZilla helped to expose a US$20 million crypto scam. Thanks to the joint efforts of CoffeeZilla and the NFT community, the ‘Squiggles’ project was foiled before it came to pass.

In other big acquisition news, last month the creators behind Bored Ape Yacht Club (BAYC) purchased CryptoPunks – another highly successful NFT collection. Yuga Labs now owns the IP and commercial rights to BAYC, and the company’s first move after doing so was to give full commercial rights to NFT holders.

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Blockchain Crypto News Crypto Wallets Gaming Metaverse Opera

Opera Browser Adds BTC, SOL and MATIC Wallets for its 350 Million Users

Popular web browser Opera has this week announced support for at least eight more base networks and various layer-2 protocols in what seems to be a push for a major Web3 browsing experience.

As per a blog post from the Oslo-based company, Opera plans to onboard millions of users to enjoy a “seamless Web3 experience” through built-in wallet support for leading blockchain ecosystems and layer-2s including Bitcoin, Ethereum, Solana, Polygon (MATIC), Cosmos-based IXO, Ronin, Celo, and StarkEx:

Seamless Access to Web3

Opera users will be able to access dApps (decentralised applications) from popular ecosystems such as Polygon or Solana and benefit from lower gas fees and faster transactions.

By connecting several layer-1 and layer-2 ecosystems, Opera will remain “chain agnostic” – allowing its 300+ million users to seamlessly access Web3. Users from the popular P2E (Play-to-Earn) title Axie Infinity will also be able to interact with the recently hacked Ronin ecosystem.

The integration of multiple blockchains and notably Layer 2s is a key strategy in Opera’s mission to remain chain agnostic and seamlessly onboard millions of users to Web3 and do so in an environmentally-conscious way.

Opera blog post

Opera Sings Praises of its Browser

Opera has been working on crypto-related products since 2018 when it launched its first web browser with an integrated Ethereum wallet and Web3 support, even before most browsers started integrating different levels of support for blockchains.

It wasn’t until January of this year that Opera unveiled the beta version of its Crypto Browser Project, a fully dedicated Web3 browser with built-in integrations and support for seamless access to dApps, games, and metaverse platforms.

Ever since we started in the Web3 space in 2018, we’ve been sealing partnerships with the most popular and cutting-edge blockchains and Web3 domain name providers in order to accelerate crypto’s evolution from proof-of-concept towards mass adoption.

Jorgen Arnesen, EVP Mobile and Web3, Opera

On February 25, Opera integrated DeversiFi, a decentralised exchange powered by StarkWare, a scaling solution for Ethereum that uses ZK rollup technology.

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Blockchain BNB Crypto News GameFi Gaming Metaverse

BNB Chain to Launch Application-Specific Sidechains to Reduce Network Strain 

BNB Chain is on the move to add application-specific sidechains to the blockchain to help with scalability and streamline data-heavy applications like gaming and the metaverse.

BNB Chain, formerly known as Binance Smart Chain (BSC), the Layer 1 solution developed by Binance, will start including sidechains to improve its scalability. Similar to Polkadot’s (DOT) parachains, these BNB Chain Application Sidechains (BAS) aim to cut costs and increase the speed of transactions for resource-intense applications such as gaming, SocialFi, and the metaverse.

Binance Labs – the core development team of BNB Chain – has yet to reveal all the technical details. However, the possibility has been ruled out that these sidechains become equal layer 1 blockchains, which is the case with parachains.

A BNB Chain spokesperson told The Block:

The BAS is an infrastructure introduced to help developers and node operators build and run their own blockchain as their internal value system for a massive number of users while still maintaining a close connection with BNB Chain.

BNB spokesperson

It’s All About the Use Case

The point of application-specific sidechains is to allow each chain to focus on a specific use case. According to the BNB spokesperson, the sidechains will host BNB-compatible dApps and will be able to operate independently of the mainnet – allowing teams to customise for their own security needs, instead of relying on the mainnet.

Sidechains to Open Doors for Large-Scale Applications

A valid comparison to BAS is Ronin, a sidechain on Ethereum dedicated solely to Axie Infinity’s play-to-earn game. Similarly, the very first BAS testnet will focus on GameFi, according to the BNB spokesperson.

BNB Chain ecosystem coordinator Samy Karim has mentioned previously that “BNB Chain will embrace large-scale applications, including GameFi, SocialFi and the Metaverse. In particular, scaling from one chain to multi-chain, improving scaling solutions and expanding the validator set of BSC from 21 to 41 (with 20 validators functioning as candidate block producers).”

Binance has been making various moves as of late, from acquiring traditional businesses and bringing them into the crypto space to now adding sidechains to facilitate specific use cases. The centralised giant may still have a big role to play in the crypto space.

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Australia Crypto News Decentraland Metaverse

Indigenous Australians Making an Embassy in the Metaverse

Indigenous Australians are consolidating their presence in the digital landscape by establishing the First Nations Cultural Embassy in the metaverse.

Oldest Culture Explores Emerging Technologies

Last month, the Sovereign Yidindji Nation from the rainforest region of far north Queensland launched its own digital currency, making it the first indigenous enclave in Australia to enter the cryptosphere.

Now, Dr Vanessa Lee-Ah Met and Bibi Barba – representatives of the Yupungathi Meriam Nation and the Darumbal and Yuin Nations, respectively – have issued a discussion paper seeking support to run the first operations of this pilot project, which aims to position the first peoples of Australia in the metaverse.

Dr Vanessa Lee-Ah Mat, Australian scholar from the Yupungathiand Meriam Nation. Source: Griffiths University

Crypto Can Help to Avoid Past Mistakes

One of the reasons to create a cultural embassy in the metaverse is to impart a sense of sovereignty to indigenous people. So far, Australia is the only Western country that abides by the term Terra Nullius, a legal concept that means “land of no one”, and used by the erstwhile British Empire to colonise Aboriginal lands without treaty or payment.

Blockchain is about transparency and trust […] With no recognition of cultural significance, land or indigenous culture, there is a risk of repeating the mistakes of the past.

Dr Vanessa Lee-Ah Mat

“Crypto allows us to be part of the conversation again by adopting the newest digital tech,” added Dr Lee-Ah Mat.

The First Nations Cultural Embassy is now in the design phase. It plans to expand across numerous metaverse platforms, such as Decentraland and Sandbox, and the project has already received offers to donate plots of land.

Using Blockchain to Preserve Australian Indigenous Art

Indigenous Australians are not only using crypto to make their voices heard; it’s also about preserving their art and culture with blockchain. This week, Crypto News Australia reported that artists from the Yolngu nation are digitising their work as non-fungible tokens (NFTs) in an attempt to create a new source of revenue and also preserve their art for future generations.

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Banking Industries Metaverse Sports The Sandbox

$3 Trillion Financial Services Giant HSBC Enters the Metaverse with Sandbox

One of the world’s largest banking and financial services organisations – with assets worth US$2,958 billion as at December 31, 2021 – has bought space in the metaverse. HSBC aims to take sports engagements to the next level by buying plots of LAND in The Sandbox (SAND) and dedicating it to esports and gaming enthusiasts.

According to a blog post from Sandbox, the banking giant will be purchasing a considerable amount of LAND in the metaverse to create a space where esports and gaming enthusiasts can connect.

HSBC plot of LAND. Source: Medium

Sandbox hopes this will open the doors for other institutions to join the metaverse as a new platform to reach out and create better-gamified offerings. HSBC joins over 200 existing partnerships including Gucci, Warner Music Group, Ubisoft, The Walking Dead, Snoop Dogg and Adidas, among some other big names.

Through our partnership with The Sandbox we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive and accessible.

Suresh Balaji, chief marketing officer, Asia-Pacific, HSBC

With the metaverse market forecast to grow from US$45.4 billion in 2019 to a staggering US$1.5 trillion in 2030, according to PWC, other institutions are trying to find their niche in the metaverse.

SAND Token Spikes After News

The native SAND token from the Sandbox project saw a spike up from the US$2.80 zone where it has been ranging for the past few days. At the time of writing the coin had gone up to US$3.21, a near 15 per cent increase. However, the coin is still 65 per cent down from its all-time high in November.

SAND/USDT price. Source: CoinMarketCap

HSBC Bans Binance Crypto Purchases

To some extent, HSBC still has its reservations toward crypto. Since August 2021, the bank has suspended payments to Binance and has also barred its clients from investing in stocks of companies that hold bitcoin, such as Microstrategy or Block:

In early 2021 the bank said it had “no plans to launch a cryptocurrency trading desk” or offer cryptocurrencies as investments to customers, Reuters reported.

As the adoption of crypto steadily increases, more and more large institutions are opting to embrace it. In November 2021, ING, the Dutch financial service giant – with US$1 trillion under management – started looking into DeFi, while Australia’s CBA is also supporting crypto purchases, making it the first bank down under to do so.

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Facebook Metaverse NFTs

Zuckerberg Confirms Instagram Will Soon Feature NFTs

Mark Zuckerberg, founder and CEO of Meta, has confirmed that non-fungible tokens (NFTs) will soon be coming to Instagram.  

The plan was revealed in an interview with Shark Tank’s Daymond John at an SXSW convention in Austin, Texas, US. The goal is for Instagram to become compatible with NFTs in “the near future” – over the next several months.

This appears to be another stepping stone in Meta’s path to the metaverse. It’s unclear at this point how the facility may look on the platform, though Zuckerberg did detail that Instagram users will have the option to mint their own NFTs.

NFTs on Facebook as Well

Instagram CEO Adam Mosseri admitted in December 2021 that the social media giant was considering integrating NFTs, saying that at the time the company was “actively exploring” the possibility. January 2022 saw Meta begin experimentation with how an NFT marketplace might work on the platform. Meta wanted to offer users the option to create and display NFTs on their Facebook and Instagram pages, intentions that are now being acted on.

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Bored Ape Yacht Club Metaverse NFTs Tokens

Bored Ape Start-up Plans Metaverse Project Including Virtual Land NFTs and APECoin Token

Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), has announced its intentions to sell a large quantity of virtual land. The goal of the sales is to broaden the community and raise approximately US$178 million toward the progress of Yuga’s gaming-focused metaverse project, MetaRPG:

Big Plans for Bored Apes

Yuga Labs is predicted to generate net revenues of US$455 million in 2022, with the profits from virtual land sales likely to form a large part of this sum. In phase one of its metaverse initiative, Yuga intends to sell 200,000 plots over two sales, to take place this month and in August.

Moving into the metaverse will help Yuga Labs diversify its revenue streams and move away from BAYC NFTs. Yet not everyone in the Twitter community is convinced:

Despite the scepticism of its plans, Yuga has supplied onlookers with a name for the metaverse initiative alongside some basic information. The project is called MetaRPG and will be gaming-focused and compatible with a range of NFTs. An in-game app store will allow players to create characters via NFTs and use them in games.

It’s also worth noting that APECoin is the proposed token for Yuga Labs’ metaverse. The currency will be usable in the in-game store and will encourage bartering and trading among players.

At this very early stage, there are little to no details of how exactly users may be able to participate in Yuga Labs’ latest venture.

Bored Apes: Rights and Partnerships

The Bored Ape Yacht Club has always been a notable presence within the NFT and crypto community. However, the creative minds behind BAYC have been busy over the past year expanding its horizons. In late 2021, the project announced a partnership with Adidas to enter the metaverse after the sports apparel brand paid US$156,000 for a single Ape.

More recently, Yuga Labs acquired the rights to two other hit NFT collections – CryptoPunks and Meebits. The company purchased both the commercial rights and intellectual property rights and has plans to award full commercial rights to NFT holders.

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Banking Crypto News Metaverse NFTs Payments

American Express Ventures into NFTs and the Metaverse

American Express has followed the lead of payments peers Visa and Mastercard in exploring Web3 applications and planting its digital footprint in the metaverse.

The world’s second-largest payments processor has filed seven trademark applications with the US Patent and Trademark Office, each linking its distinctive Centurion logo to virtual services.

Included in the filings are requests by American Express to:

  • secure trademarks on software for credit cards, travel and concierge services;
  • create a virtual environment for recreation and entertainment;
  • establish an NFT marketplace;
  • offer wallet services for digital and blockchain assets;
  • set up a virtual currency exchange, and
  • provide digitised and utility token trading services.

American Express is also considering providing card payments, ATM services, other banking services and a fraud detection system to customers in the metaverse. “[We’re] always monitoring emerging technologies to see how they could benefit our customers, and the metaverse is a space we’re following closely,” an AmEx spokesperson told Business Insider this week.

Metaverse Could Generate ‘Up To $8 Trillion’

The metaverse holds a deep attraction for major financial firms, with Wall Street predicting it could be worth trillions of dollars – up to US$8 trillion, according to Goldman Sachs strategists, though JPMorgan more conservatively estimates it could generate up to US$1 trillion in annual revenue.

While some major banks have been hesitant when it comes to cryptocurrency, others – including Australia’s Commonwealth Bank – have engaged with blockchain-based technologies.

Last year, American Express began dabbling in NFTs, offering card members a limited series of 14 non-fungible tokens featuring the recording artist SZA, each costing US$100.

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Crypto News Decentraland Fashion Metaverse NFTs

Decentraland to Host World’s First Metaverse Fashion Week

Fashionistas and crypto enthusiasts are coming together to celebrate Decentraland’s first World Metaverse Fashion Week, with the participation of elite brands in the industry including Paco Rabanne, Dolce & Gabbana, Tommy Hilfiger, and more.

The event takes place from March 24-27 on property owned by Tokens.com’s subsidiary, Metaverse Group, with Decentraland as host.

Fashion is a key driver of interest in the Metaverse and we are pleased to have such a high calibre of brands participating in the first-ever Metaverse Fashion Week. The event provides brands the opportunity to showcase NFTs and virtual products while expanding their consumer reach to a new demographic.

Andrew Kiguel, Tokens.com CEO and co-founder (Business Wire)

Crypto Fashion is Here to Stay

The rise of the Metaverse and non-fungible tokens (NFTs) has called the attention of not only hungry investors and financial institutions, but also several fashion brands.

A glimpse of how the future of style might unfold was provided almost exactly a year ago by Crypto Fashion Week, a celebration of on-chain digital fashion that brought together designers, artists and brands to showcase their products.

A number of brands have since committed to investing in the future of digital fashion. One of them is Ordre, a global online wholesale company based in Byron Bay, Australia, that raised US$9 million in Series B funding to expand its fashion services and accelerate the development of its blockchain-based platform and NFT technology.

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Blockchain Crypto News Gaming Metaverse

Minecraft Goes Web3 with Polygon-Based ‘NFT Worlds’

Microsoft’s hugely popular Sandbox game, Minecraft, is going Web3. ‘NFT Worlds’ is a blockchain layer that will be added to third-party Minecraft servers accompanied by a Polygon-based overlay, with the Ethereum sidechain set to offer gas-free transactions.  

Minecraft Adds a Blockchain Layer

Minecraft seems to be the answer Web3 builders have been searching for, and the announcement of NFT Worlds is generating a lot of hype on social media. The 2011 smash-hit video game has remained widely relevant since its release, and the announcement of the move to Web3 will only heighten interest:

NFT Worlds will permit players to experience the metaverse within an existing game. The NFTs Minecraft is set to add will come in the form of land, similarly to metaverse-specific games like The Sandbox. Users who purchase an NFT will be given a world seed – a unique code that generates a specific landscape. Essentially, this will enable users to purchase their own server.

Beyond this, NFT Worlds will provide players with other Web3 features, including an online shop selling items to enhance gameplay. The current floor price for a Minecraft seed is US$45,000 and the $WRLD token will be used for any in-game purchases.

Microsoft Embraces Crypto and the Metaverse

Mid-2021 saw Microsoft introduce NFTs to Minecraft with the backing of an Enjin wallet. The project permits players to collect in-game digital assets granting players access to a range of special quests and benefits. This venture was followed by Microsoft’s move to purchase prominent gaming company Activision Blizzard. The US$69 million acquisition is a continuation of Microsoft’s metaverse plans.

By Lauren Claxton, Crypto News Guest Author