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.
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.
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.
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.
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.
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.
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.
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.
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