This week’s newsletter highlights Yahoo’s plans to get involved in non-fungible tokens (NFTs) and metaverse-based projects. Additionally, watchmaker TAG Heuer is dipping its toes into NFTs, and digital collectibles platforms in China have grown in number despite government warnings.
On a positive note, a CryptoPunk that was donated to Aid For Ukraine sold for over $100,000. And don’t forget this week’s Nifty News roundup with the new brand manager for CryptoPunks and a phishing attack on a Solana-based project.
Yahoo launches metaverse events for restricted Hong Kong residents
Online media company Yahoo recently announced plans to get involved in a series of NFT and metaverse projects in Hong Kong. This includes hosting virtual events and concerts in metaverses in the Asian country.
According to Lorraine Cheung, an executive at Yahoo Hong Kong, activities in the Metaverse are seen by Hong Kong residents as a good alternative to social interaction, as pandemic restrictions are still being enforced very strictly and people are required to present a negative COVID-19 test. before entering a bar or restaurant.
Yahoo will also collaborate with local artists to launch an NFT exhibit titled The Abyss of Kwun Tong.
Swiss luxury watchmaker TAG Heuer presents an NFT-enabled smartwatch
TAG Heuer, a luxury watch manufacturer, has formed partnerships with key members of the NFT community to create a smartwatch capable of displaying NFTs. The watch will allow users to connect to crypto wallets such as MetaMask and Ledger Live to select NFTs to display on the smartwatch screen.
Watch owners will also be able to resize images accordingly to fit the display and connect to the blockchain to verify ownership of NFTs and view a hex version of the artwork. The company also said that in addition to supporting images, it will also support GIFs and infinite looping animations.
China’s NFT Platforms Surge 5x in Four Months Despite Government Warnings
Despite warnings from the Chinese government about the risks of investing in NFTs, the number of platforms focused on digital collectibles rose to more than 500, five times more than in February. Local Chinese reports attribute the growth to growing hype surrounding NFTs in the country. Tech bigwigs such as Tencent and Alibaba have also shown interest in the NFT space and have recently filed their own trademark patents.
Related: UAE launches world’s most expensive modern postage stamp
Ukraine sells CryptoPunk NFT donation for 90 ETH, worth over $100,000
CryptoPunk #5364, an NFT that was donated to support the Aid For Ukraine campaign, was sold for 90 Ether (ETH), worth $102,640 at the time of the sale. Alex Bornyakov, Ukrainian Deputy Minister of Digital Transformation, announced the sale of CryptoPunk on Monday. The price of the NFT has increased from its initial value of 16.19 ETH, or $31,722, which is what it was worth when the donor acquired it.
Nifty News: Christie’s NFT Expert Leads CryptoPunks, Fake Heiress Launches NFT Collection
NFT specialist Noah Davis has announced that he is leaving his post at British auction house Christie’s. In a tweet, Davis noted that he would be joining Yuga Labs to become the leader of the CryptoPunks project. Meanwhile, Solana-based NFT project Duppies has been targeted by a phishing scam. Users reported losses online, with one user claiming to have lost 650 SOL, worth $18,850 at the time of the attack.
Thanks for reading this roundup of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights from this evolving space.