Let’s fly over – Occasionally, full of colors and light NFTs allowing us to dress in the metaverse, sometimes effervescent, and sometimes, calmer, the weeks follow each other and are not alike in the universe of the NFTs and the metaverse. This was the case this week, despite certain events that caught our attention. From the NFT exchange war, to the game over from Yuga Labs on the Ethereum blockchain, let’s take a look at this meta-week.
So as not to get lost in the Meta-Hebdo
The NFT Marketplace War
Opensea flies away
The Opensea NFT Marketplace decided this week to confirm its success and increase its development. After integrating Solana Blockchain NFTs (SOL) last April, Opensea made a new strategic choice.
Opensea therefore turned to an NFT aggregator : the GEM company. This data aggregator will allow users to have a price comparison with other NFT marketplaces.
The service will however remain independent of Opensea as a standalone brand. The reputation of the platform weakened by a hack a few months ago, forces it to affirm its desire for seriousness and security. Also, after the technical expertise of the project (due diligence) the company preferred to separate from a sulphurous and malicious employee.
Kraken Joins Coinbase and FTX: An Octopus Among NFT Platforms
Coinbase launched the Beta version of its NFT marketplace less than two weeks ago and was just opening this week its access to the general public. Binance had already launched in June, joined by FTX in September 2021.
It’s now the turn of Kraken to extend its tentacles around the NFT phenomenon. For the launch of this platform, more than 8.4 million people registered on the waiting lists. The octopus of the blockchain thus allows some of its users to register on a list in order to use the beta version of the NFT market place.
Still great NFTs!
VanEck: after Bitcoin, NFTs
VanEck, a New York-based investment management company, specializes in exchange-traded funds (ETFs). However, stopped by the SEC in its ETF run on BTC futures. In doing so, the company finally turned to the NFT.
1000 NFTs will be created in the “VanEck Community NFT” collection. This collection launched on the Ethereum blockchain revolves around a caricature of the Founding Father of the United States, Alexander Hamilton.
The purpose of this collection is to provide a community for VanEck investors. These NFTs are also a way to educate cryptocurrency holders. The vision of the co-founder of VanEck, JP Lee on this subject deserves to be underlined:
“Our NFTs will all feature stunning 3D avatars and narrative-style videos that will help create a real sense of history and stimulate discussion, debate and community. Our character “Hammy” will be an exceptional guide for anyone wishing to see the evolution of the past, present and future of finance. »
The management company then proposes in this dynamic, a roadmap, a collection with three levels of rarity which will allow access to events and advantages offered by VanEck.
Ethereum Name Service: NFT like no other
On the blockchain, Ethereum still this week have domain names that get noticed. These Funny Named NFTs Ethereum Name Service are derived from a domain name protocol on the Ethereum blockchain.
In practice, the ENS allows you to link your address Ethereum at a marked address .eth –tatasimone.eth for example. Convenient for both the user and the network, these NFTs are on the rise.
Indeed, 5 years after their creation, more than 1.1 million domain names have been created. The pace has accelerated since November 2021, reaching its peak last April with 162,000 ENS created. The secondary market then becomes a new gold mine. Some NFTs fetch tens or even hundreds of thousands of dollars.
A Regulator in the Metaverse
This week it was Dubai in the United Arab Emirates which confirmed its interest in NFTs allowing The Sandbox to be at the initiative of a historic first.
Indeed, the metaverse game will be the first to offer the presence of a national institution in its virtual space. Vara, a Dubai government agency, is dedicated to providing a secure operating environment in the metaverse and the cryptocurrencies. Realizing that digital assets are an integral part of the future economy, the government of Dubai wants to allow the blockchain industry to settle alongside it.
“VARA’s acquisition of land in the Sandbox is symbolic of our confidence in this sector, and it behooves us as government to be the bridge that allows investors and consumers to safely adopt and scale the collaborative economy. In addition to generating direct economic benefits and accelerated GDP for Dubai, VARA sees this as the first step towards shared learning. »
Helal Saeed Almarri, Managing Director of the Dubai World Trade Center Authority
Dubai then became the future capital of the metaverse. A state-of-the-art technology leader, VARA will enable interoperability, investor adoption and protection against market volatility.
Ethereum and Yuga Labs: the game over of the week
The Otherdeed Fiasco
Yuga Labs, parent company of the NFT Bored Ape Yatch Club monkeys had to repair the broken pots of its first mint this week (launch, creation of NFT). Indeed, the launch of the plots of its metaverse has made explode the ethereum blockchain.
Faced with this fiasco which is in the news this week, Yuga Labs has been forced into this jungle of refund failed transactions during the mint of Otherdeed NFTs. So a total of 90.57 ETH, around $265,000 at the time of writing, was returned to the 640 users.
“We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint (…) The fees were sent back to the wallets used for the initial transaction. »
Statement from Yuga Labs on Twitter
Polygon’s choice to save the game
After this chaotic launch of plots on Ethereum, Yuga Labs decided that its token l‘Ape Coin would do much better on the Polygon network. The sale of the plots of this metaverse allowed Yuga Labs to gain 16.7 million ApeCoin, or $317 million. Congestion during mint launch caused NFT network fees to rise. Expanding on Polygon would make it possible to take advantage of these profits in ApeCoin without incurring ethereum fees.
Elon Musk is also surfing on this news and changes his Twitter profile picture to feature a photo montage of Bored Ape instead. The rumor is spreading that he is a fan, but no, the business manager chooses sarcasm:
Once we have taken a little height, we understand that the week was not as calm as it looks. From Yuga Labs to OpenSea and others such asAxie Infinity, many projects are continuing to develop, despite the occasional pitfalls. We will continue, week after week to follow them, together.
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