This week’s newsletter highlights Yahoo’s plans to get involved in nonfungible tokens (NFTs) and metaverse-based projects. Also, watchmaker TAG Heuer is dipping its toes into NFTs, and digital collection platforms in China have increased in number despite warnings from the government.
On a positive note, a CryptoPunk that was donated to Aid For Ukraine sold for more than $ 100,000. And don’t forget about this week’s Nifty News roundup with the new market lead for CryptoPunks and a phishing attack on a Solana-based project.
Yahoo launches metaverse events for Hong Kong residents under restrictions
Online media company Yahoo recently announced its plans to become involved in a series of NFT and metaverse projects in Hong Kong. This includes hosting virtual events and concerts in metavers within the Asian country.
According to Lorraine Cheung, a director at Yahoo Hong Kong, activities in Metaverse are seen by Hong Kong residents as a good alternative to social interaction because pandemic restrictions are still very strictly enforced and people are required to have a negative COVID. 19 test to be presented before entering bars or restaurants.
Yahoo will also be collaborating with local artists to launch an NFT exhibit titled The Abyss of Kwun Tong.
Swiss luxury watchmaker TAG Heuer introduces NFT-enabled smartwatch
TAG Heuer, a manufacturer of luxury watches, has formed partnerships with key NFT community members to create a smartwatch that can display NFTs. The watch lets users connect to cryptocurrencies like MetaMask and Ledger Live to select which NFTs to display on the smartwatch screen.
Watch owners will also be able to resize the images to the display and connect to the blockchain to verify NFT ownership and view a hexagonal version of artwork. The company also said that in addition to supporting images, it will also support GIFs and infinite loop animations.
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 targeting digital collectibles grew to more than 500, five times more than back in February. Local Chinese reports attribute the growth to the growing hype surrounding NFTs in the country. Tech bigwigs like Tencent and Alibaba have also shown interest in the NFT space and have recently filed their own trademark patents.
Related: UAE launches the most expensive modern postage stamp in the world
Ukraine sells CryptoPunk NFT donation for 90 ETH, worth more than $ 100,000
CryptoPunk # 5364, an NFT 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, Deputy Minister of Digital Transformation of Ukraine, announced on Monday the sale of CryptoPunk. The price of the NFT increased from the initial value of 16.19 ETH, or $ 31,722, which was worth it when the donor purchased it.
Nifty News: Christie’s NFT Expert Leads CryptoPunks False Heir Launches NFT Collection
NFT specialist Noah Davis announced he was leaving his position at the British auction house Christie’s. In a tweet, Davis noted that he will be joining Yuga Labs to become the market leader for the CryptoPunks project. Meanwhile, the Solana-based NFT project Duppies was targeted at 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 summary of the most notable developments of the week in the NFT space. Come back next Wednesday for more reports and insights into this actively evolving space.