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    Home»News»Cryptocurrency»Nifty Newsletter, October 5-11: Damien Hirst burns $10 million worth of art

    Nifty Newsletter, October 5-11: Damien Hirst burns $10 million worth of art

    MatthewBy MatthewOctober 13, 2022No Comments4 Mins Read
    Nifty Newsletter, October 5-11: Damien Hirst burns  million worth of art
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    The Formula 1 racing league is positioning its brand on Web 3.0 by filing trademark applications covering cryptocurrencies and NFTs.

    In this week’s newsletter, read how the Formula 1 racing brand plans to position itself for Web 3.0 and how non-fungible tokens (NFTs) will transform betting on the next sports star. He checks out how GameFi can provide the unemployed with a new means of making a living and find out how the world’s richest British artist burned $10 million worth of artwork to complete his NFT project. And don’t forget this week’s Nifty News, highlighting OpenSea adding Avalanche support and Meta adding feet to their avatars.

    Index hide
    1 Formula 1 registers trademarks related to cryptocurrencies, NFTs and the metaverse
    2 NFTs transform the way fans bet on the next sports stars
    3 GameFi could be the answer to unemployment for many, reveals an Australian game studio
    4 Damien Hirst livestreams the burning of $10 million worth of art for his NFT project
    5 Nifty News: OpenSea adds Avalanche support, Meta has legs, DeGods takes 0% and more…

    Formula 1 registers trademarks related to cryptocurrencies, NFTs and the metaverse

    Formula One presented brands related to NFTs, showing a movement that is positioned within the world of Web 3.0. Trademark attorney Mike Kondoudis recently announced that the league has filed eight trademarks for the abbreviation “F1.”

    Apart from NFTs, the trademark application also covers software for the use of cryptocurrencies, virtual world tokens, digital collectibles and software for digital currency payments. The branding also shows that the racing league also has an interest in blockchain-based financial transactions.

    Keep reading…

    NFTs transform the way fans bet on the next sports stars

    In another attempt to bridge the gap between sport and the world of Web 3.0, a project aims to enable the financing of athletes through NFTs. The project, called FANtium, allows fans to bet on the success of young athletes.

    Through NFTs, fans will be rewarded as their favorite athlete becomes more successful. Aside from this, the platform also allows fans to connect with athletes and earn recurring rewards.

    Keep reading…

    GameFi could be the answer to unemployment for many, reveals an Australian game studio

    Two executives from an Australia-based Web 3.0 game studio argued that GameFi could potentially be the answer to some people’s unemployment. Ninja Syndicate CEO Alex Dunmow and founder John Nguyen told Cointelegraph that in-game ownership can be achieved through NFTs, making gaming a viable means of generating revenue.

    Read:  Koinos to Launch Its Free-to-Use Blockchain Mainnet

    Apart from this, the duo believe there are opportunities in GameFi that provide income, such as play-to-earn and move-to-earn games. With them, the unemployed can have ways to earn a living through Web 3.0.

    Keep reading…

    Damien Hirst livestreams the burning of $10 million worth of art for his NFT project

    As part of his NFT project called “The Currency,” British artist Damien Hirst burned expensive artwork valued at around $10 million in one shot so that copies would only exist in their digital format.

    According to Hirst, although many may see this act as burning millions of dollars worth of artwork, he believes that the burning of the physical copies is a step towards completing the transformation of the artworks into NFTs.

    Keep reading…

    Nifty News: OpenSea adds Avalanche support, Meta has legs, DeGods takes 0% and more…

    NFT marketplace OpenSea has announced that it has added support for the Avalanche network, further expanding its list of supported networks. The integration will allow Avalanche-based NFT projects to gain exposure within the NFT market.

    In other news, social media giant Meta has announced that its metaverse avatars will now have legs. After a period of levitation through virtual space, the avatars will finally touch the ground with their own feet.

    Keep reading…

    Thanks for reading this roundup of the week’s top NFT news. Check back next Wednesday for more news and insights from this ever-evolving space.

    Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

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