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Decentraland Foundation executive director Yemel Jardis believes as people become more educated about NFTs, the focus will shift from speculative trading to genuine utility. A steep collapse in the price of nonfungible tokens (NFTs) shouldn’t be seen as a sign of distress but rather a signal the technology is maturing, according to Web3 executives. “I wouldn’t say the NFT market has regressed,“ Decentraland Foundation executive director Yemel Jardi told Cointelegraph. “Rather, it’s maturing ." Jardi’s comments come after a September report from dappGambl that analyzed over 73,000 NFT collections and concluded that as much as 95% of the NFTs studied had no value, as prices, sales volume and transactions have slid over the past year. Jardi stressed that markets are cyclic and it is natural for there to be periods of adjustment. He attributed sliding NFT floor prices partly to “speculative trading” and said the value of NFTs should instead be anchored to their utility. “As people b...

An on-chain tile-sliding game has been causing a massive spike in daily transactions on the Sui Network. In this week’s newsletter, Google Play has officially allowed nonfungible token (NFT) games on its store — with some limitations. NFT company Dapper Labs has completed its third round of layoffs, and a blockchain gaming startup has enabled an automated refund feature for NFT purchases. In other news, check out the blockchain-based game that has started to spike daily transaction volumes on the Sui Network, and don’t forget this week’s Nifty News, featuring the Bank of America training employees inside the metaverse.  Google Play Store officially allows NFT games, but not gambling ones The Google Play Store recently published new blockchain-based content policies, including allowing NFT games . The company stated that the new policies are designed to “open new ways to transact blockchain-based digital content” within applications and games . Despite being open to NFTs and blockch...

The announcement said that the sales will be commencing 28 days after Feb. 22, when the notice went out. Nonfungible tokens (NFTs) belonging to the bankrupt Hedge Fund Three Arrows Capital (3AC) will be sold by its liquidators Teneo, according to a recent announcement.  In a notice dated Feb. 22, Joint Liquidator Christopher Farmer announced that the liquidators are intending to begin the sales of NFTs that belong to 3AC. The announcement highlighted that the sale will be done to “realize the value of the NFTs for the purposes of the liquidation.” According to the announcement, the sales will begin 28 days after the notice. Within the announcement, the liquidators clarified that it will not include the list of NFTs that are informally dubbed as the “Starry Night Portfolio.” On Oct. 5, 300 NFTs from 3AC subsidiary Starry Night Capital were moved as part of 3AC's bankruptcy proceedings. The liquidators highlighted that these NFTs are currently subject to an application before the...

Offering low fees and fast transaction finality, Polygon has emerged as the primary blockchain platform for various NFT marketplaces. While cryptocurrencies have been quite the rage over the past couple of years, nonfungible tokens (NFTs) have risen as an alternate asset class within the cryptocurrency ecosystem. This ecosystem is revolutionizing the world of art and gaming, among a host of other industries. Serving as a digital certificate that proves a collectible’s authenticity, NFTs also provide investors with proof of ownership and utmost security, aspects that have been instrumental in their proliferation as the future of representing real-world objects in the virtual world. As a result, NFTs are gaining increasing popularity among crypto investors looking to invest in metaverse platforms, with many purchasing these unique digital assets on blockchain protocols like Polygon using cryptocurrencies. A layer-2 Ethereum protocol, Polygon has emerged as the preferred platform for man...

A Yuga Labs spokesperson has played down the significance of the opposition notice and suggested that the RR/BAYC co-founder is just trying to cause trouble. One of the founders of the Bored Ape Yacht Club copycat NFT collection RR/BAYC has filed an opposition notice against 10 trademark applications from Yuga Labs. The move marks another strange twist in the ongoing intellectual property dispute between BAYC creators Yuga Labs and RR/BAYC founders Ryder Ripps and Jeremy Cahen. Cahen filed the opposition notice to the US Patent and Trademark Office’s (USPTO’s) Trademark Trial and Appeal Board on Feb. 9. The opposition status on all of the trademark filings currently read “pending” at the time of writing. Yuga Labs’ trademark applications were mostly submitted in the latter half of 2021, and cover a bunch of BAYC logos, artwork and branding for potential use across digital products such as NFT-based art, trading cards and Metaverse wearables. The filings also list the potential fo...

A Hard Working Man digital collectibles represent the latest evolution in NFT utility as music, art and technology collide. In 2021, the world witnessed nonfungible tokens (NFTs) as a possible short-term investment opportunity and a way to make a quick buck. Paired with a burgeoning bull market and an investor cohort keen on the technology sector, the blockchain and its derivative assets, like NFTs, became an investment hotspot, attracting billions of dollars. Fortunes were made and lost in the NFT frenzy; CryptoPunk #9998, an NFT which sold for 124,457.0675 Ether (ETH) — worth over $533 million in October 2021, exemplifies the incredible valuation spurts of NFT projects at that time. Despite the lavish sums, critics questioned the true value of these digital collectibles. Yes, of course, the technology has exciting implications for verifiable ownership of digital items on the blockchain, but could one truly justify a half-billion-dollar valuation on a piece of digital art? As a resul...

A new survey from CoinWire revealed that the majority of users believe the metaverse will reshape their social life and interactions. Last year the crypto and Web3 saw a dichotomy between extremely turbulent markets, yet high prospects for the future of the space. Both users and investors alike have continued to pile into the industry, especially in areas concerned with the metaverse. A new survey from CoinWire, which surveyed over 10,000 investors in the crypto space in December 2022, found that user sentiment towards the metaverse has digital reality poised to influence all areas of social life. 69% of respondents have placed their bet on the metaverse to reshape social lifestyle with a new approach to entertainment , while 65% believed in metaverse 's new approach to social activities. Sentiments on how it will affect finances, business and education were also high at 61.2%, 49.6% and 45%, respectively. Over the last five years, Microsoft secured 158 metaverse-related pa...

Screen actors and sports stars copped most of the backlash for 2022’s crypto endorsements, while soccer legends appear to have gotten away with it. Celebrities had a shaky year promoting crypto firms and projects throughout 2022.  Many found themselves named in lawsuits over their alleged promotion of since-failed projects, while others have been relentlessly mocked on social media for their involvement in the first place. From movie stars to television actors, sports stars to musicians, many celebrities may be regretting their endorsement deals last year, though that’s not to say that there haven’t been exceptions. Who got burned? In February last year, American comedian Larry David, who co-created the television series Seinfeld, appeared in a Super Bowl commercial for now-defunct crypto exchange FTX that encouraged users not to “miss out on the next big thing.” David has since been named in a class-action lawsuit that alleges that he, along with other celebrities, had promoted FTX t...