In this week’s newsletter, you can read about how Binance started its NFT ticketing service by partnering with a sports club. Check out the NFT Exchange Traded Fund (ETF) released by trading platform KuCoin and how Google AI was able to mine BAYC inspired NFTs.
In other news, learn how much the NFT community spent minting NFTs in the first half of 2022, and check out the upcoming NFT album by UK rock band Muse. And don’t forget this week’s Nifty News roundup featuring Dr DisRespect’s NFT play and FC Barcelona’s NFT release.
Binance jumps into NFT tickets after UEFA League fiasco
Crypto exchange Binance partnered with Società Sportiva Lazio to launch its NFT ticketing solution. With this, all the sports team’s home matches will have NFT tickets. The collaboration applies to the 2022 to 2023 season.
According to Binance, NFT tickets will solve problems such as fake tickets and scalping highlighted by the recent UEFA league fiasco. In addition to event access, the NFT tickets will also have an added value, such as store and match discounts and token gifts.
KuCoin crypto exchange debuts USDT-dominated NFT ETF
Seychelles-based crypto platform KuCoin has created an ETF linked to NFTs such as the Bored Ape Yacht Club (BAYC) collection. Launched on July 29, the exchange’s NFT ETF trading zone allows traders to trade ERC-20 tokens representing NFT assets.
BAYC is one of the five NFT ETFs launched by the exchange. BAYC’s ETF trades under the symbol hiBAYC, which represents BAYC assets. Apart from BAYC, an ETF for CryptoPunks will also be available under the ticker hiPUNKS.
Google AI turns all 10,000 BAYC NFTs into machine-made art
A project called Artsy Monke used artificial intelligence (AI) to transform 10,000 Bored Ape Yacht Club NFTs into various forms of abstract art similar to the BAYC collection. To make the pieces, AI BAYC got the NFTs as references to make the art.
Crypto Grims, the AI artist, said that after providing the references, their team taught the AI how to paint in different art styles. They ran servers for weeks to get the desired results. After creating the collection, the team put it up for sale on the NFT marketplace OpenSea, and it sold out shortly after listing.
Crypto users spent $2.7 billion minting NFTs in first half of 2022: Report
New research from data firm Nansen showed that the NFT community spent nearly 1 million Ether (ETH), around $2.7 billion, to mint NFTs on the Ethereum network in the first half of 2022. Most of the minting was done on NFT- the OpenSea marketplace.
According to Nansen, around 1 million unique wallet addresses on Ethereum were involved in coining. The report also compared the number to other popular chains such as the BNB chain, where $107 million worth of NFTs were minted and Avalanche which had $77 million.
Upcoming Muse NFT album will be the first new format added to the charts in years
British rock band Muse will release an NFT album called Will of the people on Serenade, a Web3 marketplace. The album will be the first new chart-eligible format since 2015. Serenade CEO Max Shand told Cointelegraph that this concept will innovate the music industry, inserting NFTs into existing workflows and creative processes.
The digital press format presented by Serenade implements a new way of managing royalties. According to the firm, it will add Web3’s properties to music assets, enabling accurate accumulation of royalties and verifiable ownership.
Nifty News: Dr DisRespect reveals NFT game to mixed reaction, FC Barcelona’s first NFT sells for $700K and more
Gaming streamer Dr DisRespect previewed his NFT game called Deaddrop on Saturday. Fans have mixed reactions to the NFT game, with some criticizing the game and others defending it, as it is still in the early stages of development.
Meanwhile, an NFT artwork released by soccer team FC Barcelona was sold for $693,000 on July 29. NFT is an audiovisual piece showing Cruyff’s goal against Atletico Madrid in 1973.
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.