Category: NFTs

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Apple Blocks Coinbase NFT Transfers Over In-App Purchase Dispute

Leading cryptocurrency exchange, Coinbase said it’s been forced to remove non-fungible token (NFT) transactions from the iOS version of its wallet app, following Apple’s decision to apply its ‘Apple tax’ to these transactions.

Coinbase said the NFT feature had been disabled to get around a block on its latest app release due to Apple’s transaction fees policy.

Apple’s policy doesn’t straight-up ban NFT transfers, but it does require that 30 percent of the gas fees — the blockchain network fees paid by users to process the transactions — are paid directly to Apple. 

Complying is Impossible: Coinbase Boss

Coinbase’s official Twitter account posted a thread on Thursday explaining why the NFT functionality had been removed from its iOS wallet app. Coinbase pointed out that it was not possible for it to comply with Apple’s policy as Apple’s in-app purchase system doesn’t currently support crypto.

The thread also likened Apple’s policy to “trying to take a cut of fees for every email that gets sent over open internet protocols.”

Coinbase CEO, Brian Armstrong, tweeted that conversations with Apple had recently started to become “absurd” as Coinbase struggled to navigate what they consider nonsensical policies imposed by Apple.

Cryptosphere Reacts

On Twitter, many users have expressed their frustration with what they perceive as excessive greed interfering with the growth of crypto.

Others pointed to Solana’s soon-to-be-released Saga phone as a potential way around Apple’s policies.

Apple announced in October that NFT in-app transactions would be subject to the same 30 percent fee as all other types of in-app transactions. Apple’s insistence on applying their tax to NFT transactions has meant that NFT marketplaces and other crypto-centric functionality has remained largely absent from its App Store. 

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Binance Football NFTs Sports

Cristiano Ronaldo Partners with Binance to Launch NFT Collection

Cristian Ronaldo, widely considered one of the greatest soccer players to ever lace up the boots, has partnered with cryptocurrency exchange Binance, to launch an NFT collection as part of an exclusive multi-year deal with the exchange. 

The collection will reportedly include seven animated statue NFTs depicting various pivotal moments in Ronaldo’s life and career, ranging from important events in his childhood in Portugal through to his most iconic footballing feats.

Collection to Introduce Fans to Web3

Binance Co-Founder He Yi said collaborations with high-profile figures like Ronaldo would help bring more people into Web3:

“We believe the metaverse and blockchain are the future of the internet…We are honored to collaborate with Cristiano to help more people understand blockchain and showcase how we are building Web3 infrastructure for the sports and entertainment industry.” 

He Yi, Binance

Since it launched in mid-2021, Binance’s NFT marketplace has sought to feature high-profile creators, with some of its earliest collections from popular musician Lewis Capaldi, and professional football stars Michael Owen and Alphonso Davies.

From Ronaldo’s perspective the collection is more about rewarding his loyal fans and thanking them for their years of support:

“It was important to me that we created something memorable and unique for my fans as they are such a big part of my success…With Binance, I was able to make something that not only captures the passion of the game but rewards fans for all the years of support.” 

Cristiano Ronaldo
Source: Binance

NFTs Include Additional Perks

The collection will include NFTs of four different rarity levels, from super super rare (SSR), through to normal (N). Depending on the rarity level of the NFT, buyers may receive additional perks such as:

  • A personal message from Ronaldo
  • Merchandise autographed by Ronaldo
  • Guaranteed access to future Ronaldo NFT collections
  • Complimentary mystery boxes for future Ronaldo NFT collections
  • Entry into giveaways for signed merchandise and other prizes

Ronaldo’s first NFT collection will launch at 9am UTC on November 18 and will be available only to Binance users. Subsequent Ronaldo NFT collections are planned to launch through Binance starting in 2023.

Engaging sports fans has been a popular application of NFTs, with collections released by the US National Basketball Association (NBA) and Australia’s AFL code this year.

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Fashion Gaming NFTs Polygon Sport and Leisure

Nike Launches Web3 Platform .SWOOSH to House NFTs

Global footwear giant, Nike, has announced the launch of its new NFT platform which is touted to become the centrepiece of the brand’s push into Web3.

The platform, known as .Swoosh, will feature Nike’s virtual apparel and footwear creations, which will be able to be purchased, traded and used in a range of yet to be announced Web3 games and “other immersive experiences”. 

.Swoosh, which runs on the Polygon blockchain, will also provide future opportunities for select co-creators to partner with Nike to make NFTs on the platform and earn royalties. 

.Swoosh Nike’s Latest Push Into Web 3

Nike has slowly been increasing its adoption of Web 3 tech over the past few years — in 2019 the brand filed a patent for Web3 enabled sneakers known as ‘Cryptokicks’ and in 2020 Nike acquired fashion NFT startup RTFKT Studios.

The launch of .Swoosh however, suggests a more strategic approach and deeper commitment to Web 3 from Nike. In the release announcing the launch of .Swoosh, Nike spelled out its ambitious hopes for the new platform saying its purpose is to “expand the definition of sport” by “democratising the web3 experience so that everyone can collect, create and own a piece of this new digital world.”

Speaking on the launch of the new platform, Ron Faris, General Manager of Nike Virtual Studios further explained:

“We are shaping a marketplace of the future with an accessible platform for the web3-curious…In this new space, the .SWOOSH community and Nike can create, share, and benefit together.” 

Ron Faris, General Manager of Nike Virtual Studios

.Swoosh will remain in invite-only beta for the rest of 2022, with the first collection planned to be launched sometime in 2023. 

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Blockchain Crypto News NFTs Polygon Social media

Meta Announces NFT Marketplace on Instagram

Instagram will soon have a built-in NFT marketplace according to a November 1 announcement by Meta, the company behind social media apps Facebook and Instagram.

According to a statement from Meta, the marketplace will function as an ‘end-to-end’ NFT toolkit, allowing users to create, showcase and sell their NFT from within the Instagram app. Creators will be able to sell their NFTs — or digital collectibles as Meta calls them — both on Instagram and on other platforms.

The new marketplace will initially be tested with a small group of hand-picked US-based creators, including Amber Victoria, Dave Krugman and Isaac ‘Drift’ Wright, with plans to eventually expand access to creators throughout the world.

Marketplace Designed to Support Creators

Meta’s Head of Commerce and Fintech, Stephane Kasriel says the purpose of the new NFT marketplace is primarily to support creators and make it easier for them to monetise their work.

In a Medium post published the day after Instagram’s new NFT marketplace was announced, Kasriel made the case for blockchain and other Web3 technologies that solves many of the issues creators face, such as segmented audiences across multiple platforms and difficulty monetising their digital creations. 

“[Blockchain] makes it possible for creators to build more direct and profitable relationships with their audiences because it gives them more ownership over their work with blockchain-based assets that can be monetized, like NFTs. Blockchain also gives creators the ability to take their content and fans with them to different platforms.” 

Stephane Kasriel, Head of Commerce and Fintech, Meta

Marketplace to Run on Polygon, No Gas Fees

The new marketplace will use the Polygon blockchain, which is an Ethereum layer-2 scaling solution, and will initially be entirely fee-less — Meta says for now it won’t charge fees to use the marketplace and will also cover any Ethereum gas fees. According to Kasriel Meta doesn’t plan to start charging fees until 2024. 

All transactions made through the Instagram marketplace will however still be subject to the 30 percent ‘Apple Tax’ which applies to all apps on Apple’s AppStore.

The marketplace will also support video-based NFTs. Support for Solana and Phantom wallets are to be added at some stage in the future.

Meta has demonstrated it sees a bright future in Web3 technology, having previously launched its own blockchain-based system known as Diem. In May of this year, Instagram added a feature allowing users to display their Ethereum and Polygon-based NFTs. The launch of this new marketplace shows a significant deepening of Meta’s interest in leveraging Web3 technologies.

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Crypto News Gaming Immutable X NFTs

GameStop Launches NFT Marketplace on ImmutableX

US-based video game retailer GameStop officially launched its NFT marketplace on October 31 in partnership with the Australian-based Ethereum layer-2 blockchain, ImmutableX.

GameStop’s partnership with ImmutableX was first announced in February of this year, with the NFT marketplace having been in open beta since July.

The crypto market’s reaction to the official launch of the marketplace has been subdued, with data from CoinGecko showing ImmutableX’s price was up just 0.2 percent on the day, at the time of writing.

Web3 Gaming & Carbon Neutral NFTs

GameStop’s new NFT marketplace will allow users to play Web3 games currently being developed on ImmutableX, such as Illuvium, Gods Unchained and Ember Swords. Users of the marketplace will also be able to trade additional NFT collectibles and in-game assets.

In a statement released Monday, GameStop explained that the new marketplace ‘…unlocks access to web3 games and millions of world-class, NFT gaming assets to tens of millions of GameStop players and GameStop Powerup Pro loyalty customers across the United States.’

According to GameStop, the new marketplace will also allow fee-free and carbon-neutral NFT minting:

“The integration between GameStop and ImmutableX will unlock some of the biggest web3 games, which are currently being built on ImmutableX. In addition, the partnership will allow for 100 percent gas-free and carbon-neutral minting and trading on the Company’s NFT marketplace.” 

GameStop Statement

GameStop Embraces Blockchain Technology

GameStop has been a leader among mainstream retailers in adopting blockchain technology. 

In addition to partnering with ImmutableX, in May of this year, the video game retailer launched its own non-custodial crypto wallet. In July it partnered with Loopring to process transactions on its NFT marketplace and just yesterday the Sam Bankman-Fried owned crypto exchange FTX teased an upcoming partnership with GameStop.

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Crypto Art Crypto News NFTs Social media

Twitter Will Allow Users to Buy and Sell NFTs Through Tweets

NFTs are set to become an even more prominent part of the Twittersphere, with Twitter sharing news today that it’s making it possible for NFT images and details to appear in tweets for the first time.   

Twitter’s development team announced that tweeting links to some NFTs —from select NFT marketplaces— will now show a larger picture and useful details like the artwork name and its creator. 

Potential Boom For NFT Sales

Not only will Twitter users be able to visually showcase their NFTs more easily, the new feature includes a link to marketplace listings, which could significantly boost sales and the value of the NFT market more broadly. 

NFT marketplaces included in the test include Rarible, Magic Eden, Dapper Labs, and Jump.trade.

Twitter is a popular playground for crypto and web3 enthusiasts, with Twitter’s own trends report released in March 2022 showing a huge jump in tweeted conversations on topics including NFTs, DeFi, DApps, and DAOs.

Twitter Developing for Dynamic Experiences 

Twitter began testing its customisable tweet formatting feature called Tweet Tiles in August this year with the accounts of major news outlets The New York Times, Wall Street Journal and The Guardian. In introducing Tile Tweets, Twitter said: “These formats are designed to easily engage with content and make your timeline more dynamic and visual.” 

This latest move to include embedded NFTs in Tweet Tiles expands the social media platform’s support for NFTs following its work earlier this year to allow users to use NFTs from their collections as their Twitter profile picture.

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Crypto News Gaming NFTs Payments

Apple Bans NFT Utility  – Continues 30% NFT Commission

The news isn’t great for NFTs following tech giant Apple’s updated App Store review guidelines released Monday October 24 — the rules allow for displaying in-app NFTs but ban the use of NFTs to unlock additional content or features within apps.

In addition to restrictions on NFT usage, the guidelines also state that apps must use Apple’s ‘in-app’ purchase functionality exclusively for any payments required to mint, list or transfer NFTs. The use of any other external payment method, including crypto, is not allowed. 

Apple forces apps to use its ‘in-app’ purchase functionality because it allows the company to collect what’s colloquially known as the ‘Apple Tax’ — a 30 percent surcharge applied to every payment made using ‘in-app’ purchases.

For context, NFT marketplaces like OpenSea and Magic Eden charge a 2.5 percent commission on sales.

No Token-locked Content on App Store

Apple’s updated guidelines seem to intentionally limit the functionality of NFTs by preventing some of their most interesting use cases. For example, the guidelines specifically state that NFTs cannot be used to unlock token-locked functionality within the app:

“Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app.” 

Apple’s App Store review guidelines

Banning the use of NFTs in this way will substantially restrict their utility in apps available on Apple’s App Store and may even impact NFT prices.

No External Payments, Including Crypto

The guidelines also specifically ban the use of external links to non-Apple payment methods:

“Apps may allow users to browse NFT collections owned by others, provided that the apps may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”

Apple’s App Store review guidelines

While banning external forms of payment is standard practice for Apple — enabling them to collect a 30 percent surcharge on transactions— it seems to make less sense in the context of NFTs since they’re a form of crypto and are most often traded using other cryptocurrencies, not fiat currencies.

The new guidelines also updated some language around crypto exchange apps intended to ensure they’re compliant with local regulations:

“Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange.”

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SEC Investigates Bored Ape Creator Yuga Labs 

bored apes

Yuga Labs Inc., the company behind the wildly successful non-fungible token (NFT) collections Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) is being investigated by the US Security and Exchange Commission (SEC), according to a report from Bloomberg. 

Speaking to Bloomberg, an anonymous source claims that the SEC is looking into whether Yuga Labs’ NFTs should be regulated like stocks and should therefore comply with disclosure laws applicable to traditional securities. 

The SEC will apparently also be examining Yuga Labs’ governance and utility token, Ape Coin (APE), which has been distributed to holders of their NFTs.

Case to Clarify Status of NFTs

The main issue of law that the SEC is seeking to clarify in this case is whether or not NFTs should be regulated as securities. 

An earlier report from Bloomberg published in March of this year had previously revealed the regulator had started looking closely at the NFT market generally, so an investigation specifically into Yuga Labs, one of the most prominent market participants, is not entirely surprising.

Yuga Labs One of the Largest Players in NFT Space

Since launching in 2021, Yuga Labs has grown to become one of the largest and most successful players in the burgeoning NFT collectibles space. The company’s Bored Ape Yacht Club (BAYC) NFT collection, which depicts cartoonish apes, soared in value following their release, hitting a record sale price of a whopping US$3.4 million dollars in October of 2021.

To support Yuga Labs’ growing NFT ecosystem, the Ethereum-based Ape Coin governance token was released and distributed to NFT holders earlier this year through a separate body known as the Ape Foundation. Ape Coin was released by this foundation rather than by Yuga Labs due to regulatory concerns. 

Around 62 percent of Ape Coin was distributed to community members, with 15 percent going to NFT holders. A sizeable percentage also went to Yuga Labs and the founders of BAYC. 

At the time of writing, data from Coin Gecko showed Ape Coin was down around four percent on the news of the investigation.

Yuga Labs “Happy to Cooperate“

Yuga Labs claims it’s happy to cooperate with the SEC’s investigation and understands the regulator is keen to learn more about the booming crypto industry:

“It’s well-known that policymakers and regulators have sought to learn more about the novel world of Web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem. As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way.”

Yuga Labs Spokesperson, speaking to Bloomberg

The SEC hasn’t spoken publicly about this case, but based on other cases it’s clear the regulator believes virtually all crypto assets should be viewed as securities and adhere to relevant securities law. 

SEC Chair, Gary Gensler, has repeatedly stated that he believes many forms of crypto could pass the Howey Test — the standard under US law used to determine if an asset is a security, which centres around an investor pledging money to an enterprise with the intention of making profits from its efforts. 

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Sydney Cafe Owner Aims to Turn Remote Island into Crypto City

The owner of a busy Sydney café, Denys Troyak, recently closed up shop, packed his bags and jetted off to help build what he hopes will become a crypto utopia in the Pacific island nation of Vanuatu. 

According to a report from the ABC, Mr Troyak is now running operations for the supposed crypto-paradise-in-the-making, a private city to be known as Satoshi Island. Named after the pseudonymous founder of Bitcoin, the island is touted as the place to be for crypto industry professionals and crypto-enthusiasts.

ABC’s report indicates supporters of the idea having already invested in plots of land on the island valued at between $900 and $11,000.

NFT-Based Land Deeds in Crypto-Centric Paradise

One of Satoshi Island’s key investor selling points is its promise to allow people to own land on the island and have their ownership represented in the form of non-fungible tokens (NFTs) rather than traditional paper deeds. 

The team behind Satoshi Island claim these NFTs can be bought and sold much more easily than traditional real estate, allowing investors to easily trade their NFTs on secondary markets if and when they decide they want to take profits.

In addition, Satoshi Island plans to release citizenship NFTs which will verify a holder’s right to live and work on the island and entitle them to additional perks such as access to airdrops and early mints. Notably, however, Satoshi Island isn’t a country in its own right: it’s a part of Vanuatu and these NFTs will not grant holders citizenship of Vanuatu.

Image source: Satoshi Island website

Haven’t We Seen This Before?

You may be thinking this all seems a bit far fetched, and indeed there have been several previous attempts to establish crypto-utopias on tropical islands that have failed for various reasons.

Perhaps because of the poor track record of these kind of projects, Satoshi Island has attracted its fair share of critics. One of the key concerns these critics have raised is that under Vanuatu law the NFT buyers can’t actually own the land they’re being sold. 

Speaking to the ABC, Mr Troyak himself said, “one cannot own land in Vanuatu…NFT holders have exclusive rights to the blocks of land on Satoshi Island” — how this squares with claims on the Satoshi Island website that investors can “own a real piece of the island” is not clear.

Image source: Satoshi Island website

Another issue facing the team behind Satoshi Island is that in January the Vanuatu Financial Services Commission (VFSC) issued a notice warning investors the project could be a scam. This notice has since been removed after Satoshi Island took legal action against the VFSC claiming it was harming their business. But doubts still remain and the Vanuatu Government continues to evaluate the project.

In related news, Boracay, an island off the west coast of The Phillipines has been labelled ‘Bitcoin Island’, on the back of growing support for crypto as a form of payment among local businesses driven largely by promotional activity by the crypto wallet app Pouch.

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Industry Giants Announce Big Moves into Blockchain Gaming

gamer with hands in the air

The world of blockchain gaming continues to boom, with prominent gaming industry figures, including Sega, Epic Games and PUBG creator Brian Greene, all announcing new blockchain-based projects within the past fortnight.

Blockchain games have generally been poorly received by seasoned gamers, as they’re often brimming with micro-transactions, gambling and/or NFT collectibles. Despite this, blockchain gaming has expanded rapidly over the past few years, growing over 2000% in 2021 alone.

The enthusiasm shown for blockchain projects from reputable industry figures in the past few weeks perhaps marks the start of a transition to higher quality and more positively received games. 

PUBG Jumps Into The Metaverse

The first big announcement came from PUBG creator, Brian Greene on September 28, when he announced his next project, known as Artemis, will be a blockchain-based metaverse game featuring NFTs. According to Greene, Artemis will be an open-world game that will allow players to make anything they can imagine.

In an interview with the HitPoints Substack, Greene was keen to point out the game will not be a cash grab, an accusation levelled at some other blockchain-based games:

“The only way this exists is if it’s made for everyone, and it’s not made for money.” 

Brian Green, PUBG Creator

However, Greene also says players will be able to make money in the game by selling their creations to other players. 

Greene is aware of the pushback against blockchain from the gaming community, but insists he’s committed to using the technology in Artemis, saying “I’m just going to do what I’m going to do…but it doesn’t matter if it’s called the metaverse. I don’t care what people want to call it.”

Epic Games Launches Playable Demo Of Solana-based Star Atlas

The next piece of news came from Epic Games, who released a playable demo of the Solana-based game Star Atlas. The demo, which is a pre-alpha release built using Epic’s Unreal Engine 5, allows players to explore a virtual 3D showroom and inspect ships and other vehicles which they’ve purchased as NFTs. 

Access to the Star Atlas demo is currently limited to holders of Star Atlas NFTs, although access codes will eventually be given to some select non-NFT owners. 

The developer of Star Atlas, ATMTA, says they’ll gradually add more features to the playable demo over the coming months, including the ability for players to take their ships out for a test flight. The date for the full release of Star Atlas hasn’t been specified, but it’s expected to still be several years away.

In addition to releasing the demo, ATMTA also released a developer toolkit designed to ease the development process for others looking to create Unreal Engine 5-powered games leveraging Solana.

Sega Announces Plans To Launch First Blockchain Game

Finally, gaming icon Sega, has announced it’ll be launching its first blockchain-based game in collaboration with developer Double Jump Tokyo. 

The game will be based on Sega’s Sangokushi Taisen arcade franchise and will leverage the Japanese Oasys network, which is designed specifically for blockchain gaming and integrates with Ethereum, Astar Network, and potentially other blockchains.

Sega and Double Jump Tokyo haven’t clarified exactly how blockchain will be incorporated into the game and haven’t specified a release date.