NFT Investor Accidentally Burns CryptoPunk: Nifty Newsletter, 22-28 March
In this week’s newsletter, read about Sony filing a patent for a nonfungible token (NFT) framework for gaming, and how executives believe Grand Theft Auto (GTA) and Minecraft developers could change the mind of blockchain technology. Learn how an NFT collector accidentally burned $135,000 worth of CryptoPunk while trying to borrow money, and find out about Disney reportedly firing its metaverse department. In other news, His Majesty’s Treasury in the UK has dropped the Royal Mint NFT project.
Sony is looking at NFT transfers across multiple gaming platforms, patent reveals
Sony has recently applied for a patent for a cross-platform NFT transfer framework. This new addition to Sony’s preparations to enter crypto integrates NFTs into gameplay. With this, NFTs can become skins or other in-game features and items.
The patent showed that NFT ownership could be transferred to other end users across different platforms, allowing PlayStation 5 users to use NFTs in games once implemented.
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Minecraft, GTA may yet change the tune of the blockchain: GameFi leaders
In November 2022, GTA developers Rockstar Games announced that fan servers for GTA V would no longer be able to use NFTs. Despite this, many leaders in the Web3 space are hopeful that game developers will change their minds about blockchain technology.
Grant Haseley, an executive at Web3 game development firm Wagyu Games, told Cointelegraph that the AAA studios would change their minds when there is a success story. “It only takes one Web3 game to explode before the others fly,” he said.
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NFT Investor Accidentally Burns $135K CryptoPunk Trying To Borrow Money
One investor tried to go through the intricate process of NFT wrapping and ended up burning a CryptoPunk worth about $135,000. According to NFT collector Brandon Riley, he wrapped the NFT to potentially borrow liquidity from it. However, things did not go as planned.
While following the wrapping process, the NFT investor came across an address and sent NFT to it, believing it was part of the steps he needed to take. However, the collector later discovered that the address was a burn address, and permanently removed CryptoPunken from circulation.
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Disney is reportedly scrapping its metaverse division
Disney has reportedly said goodbye to its metaverse division as part of its restructuring plans, which include laying off 7,000 employees and cutting spending by $5.5 billion. According to a report in The Wall Street Journal, the firm’s metaverse division members will not receive a new employment contract.
The division was created in February 2022 in an attempt by the entertainment giant to find new ways to engage with audiences through different stories. Aside from this, the firm also delved into trying to integrate metaverse technology into games. However, there is no reported progress yet.
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UK Treasury drops plans for Royal Mint NFT
The UK’s Economic Secretary to the Chancellor of the Exchequer has shelved his plans to launch Royal Mint NFTs – an attempt to create government-backed NFTs to push the UK as a global hub for crypto-asset technology.
The project was originally planned to start in 2022, but failed to meet the expected deadline. Although the project was shelved, Finance Minister Andrew Griffith pointed out that the proposal will remain under consideration.
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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.
