The founder of Bored Ape Yacht Club (BAYC) has weighed in on the ongoing non-fungible token (NFT) creator royalties debate and shared a potential path forward that they believe best deals with the issue. A Nov. 8 blog post from BAYC co-founder Wylie Aronow — co-signed by co-founders Greg Solano and Kerem Atalay — shared that they regard creator royalties as “the single most important factor that brought them [creators and artists] into the ecosystem.” The post was in response to OpenSea’s Nov. 6 announcement that it would follow other NFT marketplaces on royalty enforcement which Aronow said shows its …

While many nonfungible token (NFT) projects continue to suffer losses due to the bear market, a number of organizations have begun using NFTs to solve real-world problems. In particular, NFTs for subscription/membership-based models, or loyalty programs, are gaining traction. This point was highlighted in Forrester’s 2023 NFT and metaverse predications report, which notes: “Brands will pivot from ‘cool’ non-fungible tokens (NFTs) towards loyalty. In 2023, brands will shift their focus to NFTs linked to loyalty, brand experience, and deepening customer relationships.” Indeed, NFT use cases such as these are being implemented today. For example, Starbucks recently announced an NFT-based loyalty …

Nonfungible tokens (NFTs) are giving Web3 communities the tools to transform user participation. The Web3 world has been watching NFTs grow up. These digital assets have evolved from hype-centered digital art collections to utility-focused tools building the next generation of the internet. One of the most important utilities of NFTs is that they are increasingly used as the key to communities of the future - both digital and physical. This is also true when it comes to existing communities, be it fan clubs in sports and music or legacy brands. These incentivized digital assets can take passive fandoms and turn …

Royalty enforcing NFTs to be a ‘new asset class’: Magic Eden CEO Jack Lu, the CEO of Solana-based nonfungible token (NFT) marketplace Magic Eden has floated the idea of NFTs designed to enforce royalties. Lu said in an address at Solana’s Breakpoint 2022 conference on Nov. 5 that these NFTs could “give rise to a new asset class” as the space grapples with the debate around opt-in royalties. He added that “creators need a sustained revenue model” and while royalties were one of those models there is “no way” to enforce them with the “current design” but added there are …

GameFi's constantly evolving model could make "today's AAA game companies look like peanuts", said Jack O’Holleran, CEO of Skale a multichain Ethereum native network that powers Web3 games. In fact, blockchain-based games and metaverse projects are showing resilience amid a winter that has dragged down many players in the crypto industry, with $1.3 billion raised in the last quarter, as reported by DappRadar. Finding a sustainable GameFi model, however, remains a challenge. User experience ranks amid the top struggles in the industry, mainly because of gas fees and the complexity of buying, owning and trading NFTs. "Charging users fees every …

The number of companies filing trademarks for nonfungible tokens (NFTs), metaverse-related virtual goods and services, and cryptocurrencies has grown rapidly in 2022. According to data compiled by licensed trademark attorney Mike Kondoudis, the number of trademark applications filed for digital currencies, as well as their related goods and services, has reached 4,708 as of the end of October 2022 — surpassing the total number filed in 2021 (3,547). Thru October, 4708 US trademark apps have been filed for digital/cryptocurrencies + related goods/services Jan: 481 Feb: 541 Mar: 612 Apr: 589 May: 561 June: 461 July: 416 Aug: 345 Sep: 378 …

Thinking back fondly about certain moments in the crypto and blockchain industry’s wild past? Folks will soon be able to own history via Cointelegraph article digital collectibles, immortalizing those moments while also allowing a type of ownership, but purchasers might have to wait a tad longer. Originally planned for release at the start of November 2022, Cointelegraph’s Historical NFT collection will slightly delay its start in an effort to provide a fairer launch, due to overwhelming demand. As things stand, the product’s waitlist includes over 460,000 users. Digital collectibles took the world by storm in 2021, providing a method of …

The Chinese city of Wuhan had reportedly shelved its aspirational nonfungible tokens (NFTs) plans amid growing regulatory uncertainty around the crypto and Web3 technologies in the country. Wuhan first announced its plans to support metaverse and NFTs in the aftermath of the coronavirus breakout as a measure to boost its economy ruined by the pandemic. The city was the epicenter of the COVID-19 breakout. The Wuhan government’s draft industrial plan for the city’s metaverse economy development included a line about NFTs. However, that part has now been omitted from the latest version, according to a report by South China Morning …

Nonfungible (NFT) marketplace OpenSea appears to have taken a position in the NFT royalties debate — launching a new "on-chain" tool helping creators enforce royalties. The NFT marketplace, which according to CoinGecko commands 66% of the market share in NFT marketplaces been relatively silent on the issue of royalties and enforcement while others in the space have been implementing their own strategies over the last few months. In a Nov. 6 blog post, OpenSea CEO Devin Finzer noted that in marketplaces where fees are optional, they’ve “watched the voluntary creator fee payment rate dwindle to less than 20%”, while in …

What are the common crypto whale tracking tools? Whale tracking tools like Whale Watchers, Whale Bot Alerts and others can help investors spot whale action and make quick and timely decisions. Whale tracking tools come with different capabilities, some can be just a simple window on top of a blockchain, while others have analytics and charting capabilities across multiple blockchains. Some only cover crypto whale tracking, while others offer NFT whale tracking too. Various analytics tools offer just simple analytics and notifications on whale activities, while others provide users with more comprehensive learning opportunities on charts and analytics. Some just …

Early in 2021, markets for nonfungible tokens (NFTs) started to gain some notoriety, and by the end of March 2021, this new market for digital assets had a total lifetime traded volume of about $550 million. Any digital asset can be an NFT including collectibles, artwork, video game characters, virtual world objects and digitized sports. A blockchain, often one on the Ethereum network, is where an NFT’s ownership is recorded. However, the sale of this digital asset will result in ownership transfers and the blockchain recording of the crypto payment received. This isn’t to say that NFTs and cryptocurrencies are …

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The first week of November proved to be the institutionalization of DeFi markets as major international banks and financial institutions executed and completed their first DeFi transaction. The global financial giant JP Morgan completed its first-ever cross-border transaction using DeFi on a public blockchain with the help of the Monetary Authority of Singapore’s (MAS) Project Guardian. DBS Bank started a trading test of foreign exchange (FX) and government securities using permissioned DeFi liquidity pools. …