non fungible token

Nifty News: IHOP bamboozles crypto users with ‘NFT,’ Logan Paul’s NFT falls to $10 and more

The YouTube star’s huge loss on his NFT has been bumped up by a measly bid after he shared how much it had dropped in value since his purchase last year.

American restaurant chain International House of Pancakes (IHOP) piqued the curiosity of Twitter users last week when it announced it would be “jumping on the bandwagon” and dropping its own ”NFT.” As it has turned out, its new “NFT” is neither nonfungible nor a token. 

The pancake chain’s initial announcement on Oct. 6, made to sound like it was entering Web3 with a nonfungible token (NFT) drop, was met with a mixed response.

One Web3 supporter said, ”kudos to IHOP for having the courage to be on the leading edge and innovating for the future,” while others threatened to unfollow the restaurant’s Twitter account. 

However, when the food chain finally revealed its “NFT” on Oct. 10, it turned out it was in fact the chain’s “New French Toast” menu item, adding it is “Thick, Fluffy and extremely fungible.“

Twitter users shared a laugh over the chain’s devious ploy to sell more toast, though one Crypto Twitter commented that “they’re missing out on an opportunity to be a part of history” and getting “iHop.eth early.”

Logan Paul’s $600K NFT falls to $10

An NFT purchased for 188 Ether (ETH) at the cost of $623,000 in 2021 by American YouTuber Logan Paul saw a dramatic loss in value to only $10 by the end of September but has since a small price bump after it trended on social media.

Paul’s on-paper loss of over $600,000 on his 0N1 Force K4M-1 #03 NFT has been public knowledge for months, but after the YouTuber shared a post on his Snapchat on Sept. 27 talking about it, several Twitter users picked up the story resulting in more attention for the NFT.

Now, the token has a bid of 1.5 ETH on NFT marketplace OpenSea, around $1,900 at the time of writing.

Paul isn’t the only one feeling the pinch after the crypto market took a sharp fall in May.

NFT trading volume has plunged 98% from the $6.2 billion witnessed around the end of January to $114.4 million today.

Crypto trademark applications rise

Data shared by trademark attorney Mike Kondoudis on Twitter shows so far this year, 4,618 United States trademark applications have been filed with the U.S. Patent and Trademarks Office (USPTO) related to the Metaverse and virtual goods or services, with 367 of those taking place in September.

Crypto related trademark applications by month. Source: Mike Kondoudis

Notable filings for the month include the car brand Ford filing 19 trademarks for all its major models of trucks, cars, and vans to be represented in an NFT as virtual vehicles.

Whiskey manufacturer Jack Daniel’s filed a new trademark application on Sept. 19 for NFT-authenticated media, virtual beverages, barware, clothing and digital collectibles.

Media brand Viacom International filed two trademarks for the Teenage Mutant Ninja Turtles on Sept. 12 to expand the brand into NFT-backed media, crypto collectibles and crypto-collectible transfer software, while Paramount Pictures filed two trademarks for their Mean Girls brand on Sept. 12 for similar applications.

Binance set Guinness World Record for the largest crypto lesson

Crypto exchange Binance teamed up with Mexico-based agency the Talent Network to break a Guinness World Record for the largest cryptocurrency lesson in the world during an Oct. 7 class at Blockchain Land, Nuevo León, Mexico.

While only 289 people attended the 50-minute class held by Binance, it was enough to break the record.

Carolina Carnelli, head of marketing at Binance in Latin America, instructed the attendees on crypto and Web3, how they can contribute to the freedom of money and financial inclusion around the world and the benefits of blockchain.

The lesson also featured a remote presentation from Changpeng Zhao, Binance’s founder and CEO.

The hybrid event combined in-person and online attendees, but online participants did not count toward the total for the record.

The Talent Network has two previous records already, for the world’s largest robotics class in 2018 and the world’s largest software class in 2019.

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Ethereum blockchain-based metaverse projects Decentraland and Sandbox hit back at reports suggesting low daily user activity on their platforms, claiming the data used was based on a “misinformed” metric.

The anonymous creator of decentralized finance (DeFi) project aggregator DefiLlama, 0xngmi, announced on Twitter that their smart contract code for a novel NFT borrowing and lending protocol dubbed LlamaLend is near completion. The protocol aims to solve the problem of NFT holders needing to obtain liquidity when holding their digital collectibles and primarily targets small collections.

‘Grotesquely overpriced’ — Apple’s App Store wants 30% cut on NFT sales

While the commission is standard for Apple, some have expressed their displeasure at the company’s “grotesquely overpriced” cut of sales.

Nonfungible token (NFT) application developers and others have balked at a decision by tech giant Apple to impose a 30% commission on NFTs sold through apps on its marketplace, effectively putting NFT purchases in the same boat as regular in-app purchases.

According to a Friday report from The Information, the smartphone company is now allowing NFTs to be bought and sold through apps listed on its marketplace but imposes its standard commission on in-app purchases of 30% — similar to that imposed by Android’s app store Google Play.

The commission rate has however been slammed by some for being “grotesquely overpriced” — particularly when compared to standard NFT marketplace commissions, which are around 2.5%.

Tech blogger Florian Mueller called Apple’s “app tax” on NFT sales “abusive but consistent,” while Epic Games CEO Tim Sweeney tweeted that Apple is “crushing” another nascent technology that “could rival its grotesquely overpriced in-app payment service.”

The report noted that popular Solana NFT market Magic Eden withdrew its service from the App Store after learning of the policy, even after Apple offered to lower its commission to 15%, though the app continues to be listed on the app store at the time of writing.

Meanwhile, other NFT marketplaces on the App Store have reportedly limited functionality due to the hefty commissions. There is also the added challenge of being forced to conduct transactions in United States dollars rather than cryptocurrency, which could prove risky given the volatility of cryptocurrency markets.

Related: Throw your Bored Apes in the trash

Others have seen the positive side of Apple’s NFT acceptance. Gabriel Leydon, CEO of Web3 game developer Limit Break, said the move “could put an ETH wallet in every single mobile game onboarding 1B+ players!” adding he would “HAPPILY give Apple a 30% cut of a free NFT.”

It’s not the first time companies have battled with Apple regarding its commissions, Epic Games has filed legal proceedings after its flagship game Fortnite was delisted from the App Store in Aug. 2020 after the publisher attempted to sell in-game purchases which skirted Apple’s fees.

NFT marketplace apps on the app store currently include OpenSea, Rarible, Magic Eden and marketplaces in crypto trading apps include Binance, Crypto.com and Coinbase Wallet.

‘Grotesquely overpriced’ — Apple’s App Store wants 30% cut on NFT sales

While the commission is standard for Apple, some have expressed their displeasure at the company’s “grotesquely overpriced” cut of sales.

Non-fungible token (NFT) app developers and others have balked at a decision by tech giant Apple to impose a 30% commission on NFTs sold through apps on its marketplace, effectively putting NFT purchases in the same boat as regular in-app purchases.

According to a Friday report from The Information, the smartphone company is now allowing NFTs to be bought and sold through apps listed on its marketplace but imposes its standard commission on in-app purchases of 30% — similar to that imposed by Android’s app store Google Play.

The commission rate has however been slammed by some for being “grotesquely overpriced” — particularly when compared to standard NFT marketplace commissions, which are around 2.5%.

Tech blogger Florian Mueller called Apple’s “app tax” on NFT sales “abusive but consistent,” while Epic Games CEO Tim Sweeney tweeted that Apple is “crushing” another nascent technology that “could rival its grotesquely overpriced in-app payment service.”

The report noted that popular Solana (SOL) NFT market Magic Eden withdrew its service from the App Store after learning of the policy, even after Apple offered to lower its commission to 15%, though the app continues to be listed on the app store at the time of writing.

Meanwhile, other NFT marketplaces on Apple’s App Store have reportedly limited functionality of their apps due to the hefty commissions, as well as being forced to conduct the transactions in U.S. dollars rather than cryptocurrency, which could prove challenging given the volatility of cryptocurrency markets.

Related: Throw your Bored Apes in the trash

Others have seen the positive side of Apple’s NFT acceptance. Gabriel Leydon CEO of Web3 game developer Limit Break said the move “could put an ETH wallet in every single mobile game onboarding 1B+ players!” adding he would “HAPPILY give Apple a 30% cut of a free NFT.”

It’s not the first time companies have battled with Apple regarding its commissions, Epic Games has filed legal proceedings after its flagship game Fortnite was delisted from the App Store in Aug. 2020 after the publisher attempted to sell in-game purchases which skirted Apple’s fees.

NFT marketplace apps on the app store currently include OpenSea, Rarible, Magic Eden and marketplaces in crypto trading apps include Binance, Crypto.com and Coinbase Wallet.

Ford prepares to enter the Metaverse with virtual automobiles and NFTs

A trademark application covering its future efforts in the Metaverse and NFT space comes only a month after the company announced huge staff cuts.

American car manufacturer Ford Motor Company is the latest car brand prepping its entry into the world of nonfungible tokens (NFTs) and the Metaverse — filing 19 trademark applications across its major car brands. 

United States Patent and Trade Office (USPTO) licensed trademark attorney Mike Kondoudis revealed in a Wednesday tweet that the company had filed a total of 19 trademark applications covering its car brands including Mustang, Bronco, Lincoln, Explorer and F-150 Lightning, among others. 

The trademark applications cover virtual cars, trucks, vans, SUVs and clothing for its brands and also cover a proposed online marketplace for NFTs. 

According to USPTO documents filed by Ford on Sept. 2, the car manufacturer plans to create downloadable artwork, text, audio and video featuring its cars, SUVs, trucks and vans, which will be authenticated by NFTs.

The company also revealed plans for “downloadable virtual goods,” namely “computer programs” featuring vehicle parts and accessories and clothing for use in “online virtual worlds,” including online trade shows conducted in virtual reality and augmented reality.

There are also intentions to create a marketplace to promote the “digital artwork of others” through a website, along with “online retail store services featuring non-fungible tokens (NFTs) and digital collectibles.”

Related: Lamborghini-backed GT racing team to authenticate car parts using NFTs

Ford’s decision to enter into the Web3 space comes less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced massive staff cuts from its global workforce to reduce company expenditure.

Ford is not the first car company to make a move into the Metaverse space.

Automobile companies like Nissan, Toyota, and Hyundai have announced plans to expand into the rapidly growing Metaverse space, while luxury car manufacturers such as Bentley and Lamborghini have already rolled out NFT collections.

Nifty News: NFT and Web3 gaming console to launch in 2024, Chinese firms to check ID for NFT buying, and more

The console’s creators say it will be compatible with eight blockchains and have its own digital wallet, token, and marketplace, with a prototype coming in “a few months.”

Polium, a company that markets itself as “building the products and infrastructure for Web3 gaming,” has said it’s launching a gaming console that will support multiple blockchains and nonfungible tokens (NFTs).

The “Polium One” console announced on July 3 is slated for an initial Q3 2024 release and will support the Ethereum (ETH), Solana (SOL), Polygon (MATIC), BNB Chain (BNB), ImmutableX, Harmony, EOS, and WAX blockchains.

Currently, the only specifications listed for the console are that it will support a 4K Ultra HD resolution at 120 frames per second. Polium says its community will help them build the console’s hardware and software and states it will have a functional prototype in “a few months.”

According to Polium, the console will feature its own multichain cryptocurrency wallet, and the controller will have a wallet button for users to make trades more efficiently. Security and verification of transactions from the console will be enabled via a fingerprint scanner on the controller.

The console’s price is unknown, but Polium does plan to mint a “Polium Pass” NFT, which will allow holders to claim a console on the initial launch day. Pass holders will receive another NFT, which in the future can be staked for a “PLAY” token, the console’s native token for transacting on its marketplace app.

Polium plans on releasing 10,000 consoles to Polium Pass holders and partners on the Q3 2024 initial launch, with more units manufactured for the public in Q3 2025. It has set a goal of selling over 1 million units.

The company has already received criticism for its logo looking similar to another popular console, the Nintendo GameCube. Polium said it didn’t copy the logo and is already creating a new logo “that is original.”

Chinese tech giants to check ID before NFT purchases

China’s NFT industry players and the country’s largest technology firms have signed an agreement to check the identity of users using digital collectible trading platforms, according to a report on July 4 from the South China Morning Post.

A so-called “self-discipline initiative” document was signed by companies with a stake in China’s NFT market, such as JD.com, Tencent Holdings, Baidu, and digital payments platform Ant Group, an affiliate of Alibaba Group.

The document was published on June 30 by the China Cultural Industry Association and, while not legally binding, calls on the firms to “require real-name authentication of those who issue, sell and buy” NFTs, and “only support legal tender as the denomination and settlement currency.”

The initiative also seeks for the companies to promise not to create secondary marketplaces for NFTs to combat trading speculation.

The popularity of NFTs in China is on the rise, and digital collectable platforms have grown 5X in just four months from February to mid-June 2022 despite multiple warnings from the government.

Nike looking to create video game NFTs

A patent filed by Nike Inc. on June 30 with the United States Patent and Trademark Office (USPTO) shows the fitness clothier is interested in a “video game integration” of NFTs.

As per the filing, Nike seeks to patent a method where a “virtual object” will display in games, where that object is a “virtual shoe, article of apparel, headgear, avatar, or pet.” Other language in the filing suggests Nike plans to sell the physical shoes and clothes represented within the NFTs.

Related: NFT hype evidently dead as daily sales in June 2022 dip to one-year lows

The reasoning presented in the filing suggests Nike is concerned with counterfeit digital collectibles and says there “exists a need for a retailer to more directly influence and control the nature and ultimate supply of digital objects within this virtual market.”

It also reasons an opportunity exists for it to capitalize and engage with video game players as most games feature customizable characters, which could make them “more engaged with a brand in the physical world.”

More Nifty News:

The second-largest sale of an Ethereum Name Service (ENS) domain not only in U.S. dollars but also in Ethereum happened on July 3 when the domain “000.eth” sold for 300 ETH, roughly $320,000. The highest sale of an ENS domain was for “paradigm.eth” in October 2021, which fetched 420 ETH, around $1.5 million at the time.

Social media platform Facebook will add support for NFTs, and a “digital collectibles” tab will appear on the pages of selected creators in the U.S., with a feature to cross-post between Instagram and Facebook rolling out eventually.

Nifty News: NFT and Web3 gaming console to launch in 2024, Chinese firms to check ID for NFT buying and more

The console’s creators say it will be compatible with eight blockchains and have its own digital wallet, token, and marketplace, with a prototype coming in “a few months.”

Polium, a company that markets itself as “building the products and infrastructure for Web3 gaming,” has said it’s launching a gaming console that will support multiple blockchains and nonfungible tokens (NFTs).

The “Polium One” console announced on Monday is slated for an initial Q3 2024 release and will support the Ethereum, Solana, Polygon, BNB Chain, ImmutableX, Harmony, EOS and WAX blockchains.

Currently, the only specifications listed for the console are that it will support a 4K Ultra HD resolution at 120 frames per second. Polium says its community will help them build the console’s hardware and software and states it will have a functional prototype in “a few months.”

According to Polium, the console will feature its own multichain cryptocurrency wallet, and the controller will have a wallet button for users to make trades more efficiently. Security and verification of transactions from the console will be enabled via a fingerprint scanner on the controller.

The console’s price is unknown, but Polium does plan to mint a Polium Pass NFT, which will allow holders to claim a console on the initial launch day. Pass holders will receive another NFT, which in the future can be staked for a PLAY token, the console’s native token for transacting on its marketplace app.

Polium plans on releasing 10,000 consoles to Polium Pass holders and partners on the Q3 2024 initial launch, with more units manufactured for the public in Q3 2025. It has set a goal of selling over 1 million units.

The company has already received criticism for its logo looking similar to another popular console, the Nintendo GameCube. Polium said it didn’t copy the logo and is already creating a new logo “that is original.”

Chinese tech giants to check ID before NFT purchases

China’s NFT industry players and the country’s largest technology firms have signed an agreement to check the identity of users using digital collectible trading platforms, according to a report on Monday from the South China Morning Post.

A so-called “self-discipline initiative” document was signed by companies with a stake in China’s NFT market, such as JD.com, Tencent Holdings, Baidu and digital payments platform Ant Group, an affiliate of Alibaba Group.

The document was published on June 30 by the China Cultural Industry Association and, while not legally binding, calls on the firms to “require real-name authentication of those who issue, sell and buy” NFTs, and “only support legal tender as the denomination and settlement currency.”

The initiative also seeks for the companies to promise not to create secondary marketplaces for NFTs to combat trading speculation.

The popularity of NFTs in China is on the rise, and digital collectable platforms have grown 5x in just four months from February to mid-June 2022 despite multiple warnings from the government.

Nike looking to create video game NFTs

A patent filed by Nike Inc. on June 30 with the United States Patent and Trademark Office (USPTO) shows the fitness clothier is interested in a “video game integration” of NFTs.

As per the filing, Nike seeks to patent a method where a “virtual object” will display in games, where that object is a “virtual shoe, article of apparel, headgear, avatar, or pet.” Other language in the filing suggests Nike plans to sell the physical shoes and clothes represented within the NFTs.

Related: NFT hype evidently dead as daily sales in June 2022 dip to one-year lows

The reasoning presented in the filing suggests Nike is concerned with counterfeit digital collectibles and says there “exists a need for a retailer to more directly influence and control the nature and ultimate supply of digital objects within this virtual market.”

It also reasons an opportunity exists for it to capitalize and engage with video game players, as most games feature customizable characters, which could make them “more engaged with a brand in the physical world.”

More Nifty News:

The second-largest sale of an Ethereum Name Service (ENS) domain not only in United States dollars but also in Ethereum happened on Sunday when the domain “000.eth” sold for 300 Ether (ETH), roughly $320,000. The highest sale of an ENS domain was for “paradigm.eth” in October 2021, which fetched 420 ETH, around $1.5 million at the time.

Social media platform Facebook will add support for NFTs, and a “digital collectibles” tab will appear on the pages of selected creators in the U.S., with a feature to cross-post between Instagram and Facebook rolling out eventually.

Barbie-verse: Mattel inks multi-year deal with Cryptoys NFT marketplace

Mattel plans to use its intellectual property featuring brands such as Barbie and Hot Wheels to create playable avatars sold as NFTs in an upcoming metaverse.

Major toy brand Mattel has signed a multi-year partnership with forthcoming toy-focused nonfungible token (NFT) marketplace Cryptoys to exclusively feature its brands on the platform.

Cryptoys is expected to launch in late summer 2022 on the Flow blockchain and is the flagship product of OnChain Studios, which has received funding from crypto-interested venture capital firms such as Andreessen Horowitz (a16z) and Dapper Labs.

OnChain Studios also plans to make a Cryptoys metaverse and other play-to-earn games where Mattel’s intellectual property — including Barbie, Hot Wheels and Masters of the Universe, among many others — will be made into playable avatars.

Mattel president and chief operating officer Richard Dickson said it was the “first toy company to launch NFTs” and that the brand sees “incredible opportunity in the Metaverse for our cherished brands and iconic IP.”

The partnership was teased by Cryptoys on Wednesday with its Twitter account posting a cryptic 17-second video featuring some of Mattel’s retro product advertisements.

Mattel has explored NFTs in the past and partnered with the WAX blockchain in October 2021 to release a collection of Hot Wheels NFTs. January 2022 also saw Mattel auction three one-of-one NFTs in collaboration with French luxury brand Balmain, which netted the brands close to $49,000 for all three.

With the NFT sector expected to move around $800 billion over the next two years, other toy brands have launched NFTs to capitalize on the growing interest and generate new revenue streams for their business.

Mattel’s major competitor Hasbro, which owns brands like Action Man, My Little Pony and G.I. Joe, launched its first NFT collection in October 2021 for its Power Rangers brand in a bid to compete in the NFT space.

Related: Beyond the hype: NFTs can lead the way in transforming business experiences

Pop-culture collectibles giant Funko has created multiple NFT collections, an early one of which featured the Teenage Mutant Ninja Turtles in August 2021, shortly after it acquired NFT display and tracking platform Tokenwave.

Cryptoys itself also plans to sell a collection of original avatar like NFTs with these so-called “digital toys” featuring customization through further NFTs which can change clothing, accessories and attributes for use in a wider “Cryptoyverse” the company plans to build.

Mattel’s NFTs will join other popular projects on the Flow blockchain including NBA’s Top Shot and UFC’s Strike.