International NFT Day Roundup – dot.LA

The first International NFT Day celebrates the digital resources sweeping the Internet.

The day is meant to highlight the non-fungible tokens that have quickly gained popularity by bringing together companies such as a16z, Dapper Labs and Metaverse HQ, among many others. The celebration comes in the midst of the latest crypto crash, perhaps putting a slight damper on things. Still, celebrities like Snoop Dogg observe the occasion.

From celebrity gatherings to local startups, here’s an overview of everything to do with NFT.

Investment

Entering the NFT space can be intimidating. Scams abound—Titanium Blockchain CEO Michael Alan Stollery recently pleaded guilty to a crypto-fraud case—and even celebrities like Seth Green aren’t immune to phishing. Here is dot.LA’s guide to safe investing in NFTs. The main takeaways: do your research and be a little paranoid.

Earlier this month, the California Assembly passed a bill that would require crypto companies to have licenses. If Gov. Gavin Newsom signs the bill, it could help regulate the space.

LA is the epicenter of The Latest Crypto Investing Craze: Crypto IRAs

Photo by Viktor Forgacs on Unsplash

Creative’s Go Crypto

Hollywood has gone big on crypto. The talent agency UTA has signed a number of NFT collections and creators to its talent list. A number of NFT films give viewers exclusive access to behind-the-scenes content and control over the characters.

Meanwhile, the Bored Apes — of Bored Ape Yacht Club fame — appear in movies, TV shows and books. Bored Apes recently appeared in “The R3al Metaverse,” an animated series that brings together a variety of NFT characters. The popular animated character has also made his way to Cameo, where people can buy videos of the 3D monkey in action.

Paris Hilton at the 2022 Upfront Summit in downtown Los Angeles.

Image courtesy of Upfront Summit

Celebrities are also betting on crypto. But the fact that Paris Hilton christens herself the “crypto queen” does not mean that she always follows the rules. The socialite was one of many celebrities to receive a letter from the consumer watchdog group Truth in Advertising (TINA). Figures from Justin Bieber to Gwyneth Paltrow were called out for not disclosing financial connections to the NFT collections they promoted.

Intellectual property law is also a point of contention with NFTs. Miramax recently settled its lawsuit against filmmaker Quentin Tarantino over his “Pulp Fiction” NFTs – but many IP-based NFT lawsuits are still up in the air.

NFTs in LA

Across Los Angeles, a number of startups are riding the NFT wave.

NFL legend Tom Brady launched his NFT agency, Autograph, in 2021. The Santa Monica-based company raised $170 million earlier this year. Celebrities such as Tiger Woods and Naomi Osaka have used the platform for their own NFT drops. Brady capitalizes on fans’ apparent affinity for collectibles; most “avid sports fans” are interested in NFTs, according to a survey by the National Research Group.

A number of startups in LA are trying to make NFTs social. TerraZero sells digital land as NFTs for a virtual bar, while Jadu recently launched NFT avatars for its gaming platform. For those looking to make the digital physical, Long Beach’s NFT-themed restaurant accepts crypto payments.