This week’s newsletter highlights Yahoo’s plans to participate in the non-fungible token (NFT) sector and metaverse-based projects. Also, watchmaker TAG Heuer is dipping into NFTs, and digital collecting platforms in China have increased 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 featuring CryptoPunks’ new leading brand and a phishing attack on a Solana-based project.
Yahoo launches metaverse events for restricted Hong Kong residents
Online media company Yahoo has recently announced its plans to participate in a series of NFT and metaverse projects in Hong Kong. This includes holding virtual events and concerts in metaverses within 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 for social interaction, as the pandemic restrictions are still very strictly enforced and people who present a negative COVID-19 test before entering bars or restaurants.
Yahoo will also collaborate with local artists to launch an NFT exhibition titled The Abyss of Kwun Tong.
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Swiss luxury watchmaker TAG Heuer unveils smartwatch with NFT
Luxury watchmaker TAG Heuer has teamed up with key members of the NFT community to create a smartwatch that can display NFTs. The watch will allow users to connect with cryptocurrency wallets like MetaMask and Ledger Live to select the NFTs to be displayed on the smartwatch screen.
Watch owners will also be able to resize images to fit the screen and connect to the blockchain to verify ownership of NFTs and display a hexagonal version of the artwork. The company also said that in addition to supporting images, it will also support GIFs and infinite loop animations.
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NFT Platforms in China Grow 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 grew to more than 500, five times more than in February. Chinese local reports attribute this growth to the growing anticipation of NFTs in the country. Big tech companies like Tencent and Alibaba have also shown interest in the NFT space and have recently filed their own trademark patents.
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Ukraine Sells a Donated CryptoPunk 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 sale. Alex Bornyakov, Ukraine’s deputy minister for digital transformation, announced the sale of CryptoPunk on Monday. The price of the NFTs increased from its initial value of 16.19 ETH, or $31,722, which is what it was worth when the donor acquired it.
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Nifty News: Christie’s NFT Expert to Lead CryptoPunks, Fake Heiress Launches NFT Collection
NFT specialist Noah Davis has announced that he is leaving his position at UK auction house Christie’s. In a tweet, Davis noted that he will be joining Yuga Labs to become the brand lead for the CryptoPunks project. Meanwhile, the Solana-based NFT project Duppies was the target of 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.
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Thanks for reading this roundup of the week’s highlights in the NFT space. Check back next Wednesday for more reports and insights into this evolving space.
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