NFTs, non-fungible tokens, are now a topic of expansion in every field: from fashion to art, through music, photos and much more.
More and more people and companies are using NFTs, the main advantage of which is that they are unique and non-repeatable tokens.
Specifically, we see some important news related to Rarible and Meta’s use of NFTs, and then we also look at important celebrities, such as Eminem and Seth Green, or companies, such as Balenciaga, that are exploiting the potential of this new technology.
Rare: New features to make your NFT life easier
Rarible, a popular Ethereum-based NFT buying and selling marketplace, upgraded its platform to Rarible 2 on October 20. In accordance with the NFT Marketplace, new theming tools have been launched to highlight NFTs from across the Web3 space.
Therefore, users can now browse and buy Ethereum-based digital assets from Rarible, OpenSea, LooksRare, X2Y2, and Sudoswap.
Specifically, Rarible’s features have been updated so that the platform creates an open environment where users can access the best NFT prices through a unified platform.
According to the Co-Founder and Chief Strategy Officer at Rarible Alexey SalnikovThis rare development comes after a DappRadar report hinted at the impending NFT market wars. In fact, other notable Web3 platforms mentioned in DappRadar’s report include Uniswap and OpenSea, both of which have acquired NFT aggregation platforms this year.
Unlike OpenSea and Uniswap, Rarible has simply converted its services into an indexing model. Based on the report, these acquisitions could lead to direct competition between the platforms.
Rarible has also introduced a mechanism whereby users can lock in RARI, the native token of the marketplace, to earn rewards and incentives for participating in the ecosystem. According to Salnikov, this is a step towards more decentralization of the platform.
The novelty is that users can decide where they go in the next ecosystem and have a say in Rarible’s future, which cannot be obtained from chests or NFTs.
Recently, decentralization in NFT markets is a major topic of discussion within the Web3 community. Indeed, the excessive centralization of market leaders such as OpenSea has drawn criticism from many Twitter users. Also, some have reportedly tweeted that centralized marketplaces, such as MagicEden and OpenSea, need to move away.
Through it all, Rarible has been shielded from possible market abuse by researchers since the beginning of the year.
In fact, researchers at cybersecurity software maker Check Point found a market hole that could have cost nearly 2 million monthly active users NFTs in a single transaction.
Meta: Instagram mints and NFTs
Another important novelty in the NFT world is related to Instagram, which will soon integrate tools for creating and trading NFTs. In fact, the upcoming “one-stop-shop” for NFTs will allow users to create and launch their own NFTs for selling via Instagram.
However, in-app purchases will still be subject to applicable App Store fees, please confirm Half.
Stefan Kasrel, Head of Trading and FinTech at Meta, recently said:
“Soon a small group of creators will be able to create digital collectibles (NFTs) and sell them directly on Instagram.”
At launch, Instagram will use the Polygon blockchain to mint NFTs. The app will also pull NFT metadata from OpenSea so groups’ names and descriptions can be viewed on Instagram.
Before introducing NFT features to a broader audience, Meta will roll out the new NFT features to select artists and content creators.
Creators such as photographer DrifterShoots, visual artist Ilse Valfré, and artist Amber Vittoria are among those selected for early access to Instagram’s new NFT features, the company said in a statement.
This slow deployment strategy is identical to the rest of Meta’s approach to Web3. In fact, in May, Meta announced that it was rolling out a wallet linking feature to select creators to display NFTs on their Instagram and Facebook profiles.
Today, Facebook and Instagram support viewing NFTs on the Ethereum, Polygon, and Flow blockchains, allowing users to link their wallets to their accounts to view NFTs. Also, support for Solana and Phantom wallets will be available soon.
Why the huge pressure on non-fungible tokens?
The fact that the most important companies, prestigious sectors, and most relevant public figures have their roots in NFTs is a factor that only bodes well for a relatively nascent technology like non-fungible tokens.
However, why NFTs in particular? Meta, for example, says it believes in Web3’s vision and wants creators to take advantage of NFTs to better monetize their content.
Kesriel said:
“Our strategy for Web3 technologies, including blockchain, is centered around helping creators make a living. We believe that Web3 technology, like blockchain, will positively enhance the business model for creators by enabling them to create new types of digital assets for monetization.”
However, it must also be emphasized how the crypto space is flooded with complex experiences which prevents mass adoption. In fact, according to Kasriel, the user experience on Meta Instagram should be much simpler and more intuitive.
Therefore, it is easy to understand how far NFT technology can be, and will be, a future source of income for many, if exploited well and ethically.
Eminem and his bored monkey lookalike
In January of this year, famous rapper Eminem bought A Bored Ape at a price 450 thousand dollars.
After purchasing the NFT, the artwork depicting a monkey with white fur, a gray low-cut hat, gold vest and matching chains, the artwork became the profile picture for Eminem’s official Twitter account.
Sources indicate that the artwork is just one of 15 NFTs that Eminem has purchased, with the site listing an OpenSea account with the handle Shady_Holdings.
Eminem He is one of several celebrities to own an NFT distributed by the Bored Ape Yacht Club. In fact, it includes some others Jimmy Fallonbasket ball player Steve Curry and Eminem’s “Up In Smoke” tour companion, Snoop Dogg.
Seth Green and the stolen NFT
The story of “Scooby-Doo” star Seth Green appears to have come to a happy ending after the actor bought his boring, stolen monkey for $100,000 more than he originally paid.
Green appears to have repurchased Bored Ape NFT that was stolen from his crypto wallet after a phishing attack in May 2022.
According to blockchain records, Bored Ape #8398, which Green named as Fred Simian, was transferred to an unnamed wallet believed to be linked to him for 165 ETH (which is around $300,000), according to some sources.
The seller, Mr. Cheese, who uses @DarkWing84 on Twitter, initially claimed he bought the work in good faith, not knowing Green had taken it.
So, in the end, Bored Ape #8398 appears to have been transferred back into the hands of the original owner, according to blockchain records.
Balenciaga’s original designs have been released via NFT drop
Lorenzo Riva, Balenciaga’s artistic director in the early 1980s announced in July the launch of the “Cristóbal Balenciaga: To the Moon” NFT collection. Unfungible icons are inspired by Riva’s collection of 8,300 original and unpublished designs by Cristobal himself.
With the “Balenciaga to the Moon” show, haute couture officially entered the fashion world with an unusual elegance for the glamor of the fifties.
As fashion is undergoing another evolution thanks to Web3, users are invited to buy their own piece of history. In fact, the non-fungible coins for this project were randomly minted through the Mystery Box, which went on sale on July 21, 2022.
NFTs were detected instantly.
In addition, the project partners have doubled the rewards, offering lucky connoisseurs the chance to receive Balenciaga merchandise, gift cards for well-known brands, and even some designs that Cristóbal has been producing for 70 years.