The use of cryptocurrency has been on the rise for some time now. But with prices struggling to find footing and most other coins seeing volatility too, it’s still not surprising that Ethereum would be getting more attention than ever before- its most popular application being nonfungible tokens or NFTs.
The launch of Otherside, a metaverse created by Yuga Labs and Bored Apes fame to be interoperable with other popular NFT collections was met with much anticipation. When it dropped on May 1st Ethereum saw $619 million in sales volume that day alone.
NFT marketplaces have seen a significant drop in sales for the month of May, but continue to be well above 2021 levels. Monthly NFT’s still beat out Ethereum-based Farms by selling more than they had possession of on Tuesday when Solana got its own version of Mutant Ape Yacht Club.
While the idea of NFTs has been around for some time now, it’s only recently that they have started to be used in a way that is really taking off. One such example can easily be seen at this year’s conference season- with many companies beginning their fall routes and others getting ready all over again after summer vacations end -as people start looking forward to events near them or farther away than ever before. With these new methods come opportunities; one such chance comes through owning “NFT tickets”. These types don’t just offer cool artwork, they also provide perks not found anywhere else.
Hotel Rooms NFT on PinkTada
The Wall Street Journal ran an interesting article on Tuesday about how some resort owners are using NFTs (non-fungible tokens) to avoid getting stuck with excess inventory when guests cancel at the last minute.
“It involves converting room nights for sale into nonfungible tokens, or NFTs, that can be bought or sold by hotel guests, similar to the StubHub market for concert and sporting event tickets,” writes WSJ’s Peter Grant.
The Wall Street Journal reports that Grant, a new booking platform for hotels and travelers has been experimenting with Ethereum-based payments. This means you can be sure your revenue is guaranteed whether or not the room is used because it’s final from both perspectives.
“By using this system, guests can book a room at a discount to what the hotel would charge for a refundable reservation… If travelers change plans, they can use the tokens for other Pinktada hotels or sell them to another traveler in the Pinktada network.”
The idea of re-selling a hotel room can be lucrative. But if you try and sell it on RoomerTravel, the site will only transfer your booking to another customer – not give either party full payment for their stay as intended by travel agents or hotels themselves when they list rooms up online. This has gotten many poor reviews from customers who thought there would always be some sort of collaboration between parties involved in such transactions but instead found themselves disappointedly denied any kind of resolution after making plans based around this service.
When you book your hotel stay as an NFT, it’s like owning a piece of property. You can sell or buy back the same room at market price when needed – if prices are rising then this might be profitable for someone; however they may also lose money if costs go down in relation to value received (e..g., due too much supply). PinkTada has already launched services across Dominican Republic and Hawaii with plans on expanding soon into San Francisco Bay Area plus other destinations around Mexico.
Conferenced & Concerts Gift Passes
NFT VIP Passholders have access to Permissionless without waiting in line. They can enjoy private Discord rooms and happy hours, plus exclusive items for their collection! Plus you get a free subscription to Blockworks Research after purchasing this pass.
The Permissionless NFTs- represented by unique digital art called “Permies” – were trading on OpenSea even after they sold out…and still are today for about $0.20-$1 dollars each (depending upon how popular it becomes). Future conference-goers can pick up their lifetime VIP Pass which includes entry into all future events.
It’s like Coachella Keys Collection (on Solana). In February, the festival made $1.5 million within one week with these tokens and they continue their success into this year’s event.
An Entirely NFT-Based Festival
This month, developers and Web3 builders gathered in the beach town of Šibenik, Croatia to attend BlockDown festival. The event was NFT-centric with an emphasis on crypto-collectibles such as tickets for $565 or more worth Ethereum that all sold out quickly at YellowHeart prices.
The ticketing industry is a competitive one, and it can be tough to keep up with all of the changes. One new company that has been making waves in this space; Yellowheart. They offer an innovative solution: buy your tickets through them as NFTs on Polygon (MATIC-USD) blockchain–only 5% goes towards secondary takes while 95% goes to the artist.
The programmable smart contract behind the NFT can be designed to limit ticket sales, stop scalpers from buying up all available inventory and keep prices reasonable.
The future of ticketing is blockchain.! It’s a more convenient way to buy and sell tickets without having them printed at the venue. If you see an ad that says “paperless,” don’t fall for it because this will only lead to trouble – always make sure there are no physical goods being offered beforehand by checking with your favorite search engine or marketplace website beforehand; NFT (non-fungible token) technology has made proving authenticity easier than ever.
Truth in Advertising Sends Harsh Letters to Celebrities Who Promote NFTs.
TINA has notified 17 celebrities who promote NFTs and digital art of their legal obligation to disclose any material connection to NFT companies. Any undisclosed endorsements from NFTs that these celebrities promote through their social media accounts must be made public.
The letters referred to FTC rules on the “Use of Endorsements and Testimonials in Advertising.” Celebrities endorsing products must disclose any relationships they have with the NFT projects they are endorsing.
A-listers who received notifications included Snoop Dogg, Eva Longoria, Floyd Mayweather, Tom Brady, DJ Khaled, Gwyneth Paltrow, and others. Some of the projects mentioned in the letters include Bored Ape Yacht Club, Tom Brady’s Autograph, and World of Women.
These letters are in addition to those sent to Justin Beiber and Reese Witherspoon about two NFT projects they regularly support, InBetweeners and World of Women.
The NFT industry is thriving. We continue to see new applications for NFTs, and a recent US Government report predicted that the NFT market could reach $130 billion by 2030.
As a result, it’s no surprise that so many people are venturing into space. We see another celebrity jump on the NFT bandwagon almost every day. Many of them, however, are not adhering to the FTC’s statutory and regulatory framework, which includes a personal relationship as one of its disclosure requirements.
This means that some celebrities promoting NFTs are not disclosing their financial ties to the NFT collections they are promoting.
Furthermore, some celebrities promote NFT projects in which they have a personal stake without disclosing the speculative nature of investing in digital assets and the potential monetary losses. Many vulnerable consumers have discovered the grave financial risks associated with the hype surrounding NFTs to their detriment.
According to a TINA consumer alert, “NFT investment decisions should not be based solely on celebrity endorsements.” Before purchasing these risky digital assets, consumers should always conduct their own research.”
Justin Beiber was chastised for promoting NFTs.
On June 10th, Justin Beiber’s legal team received a letter stating that he has been promoting an NFT company, InBetweeners, without disclosing his connections to the company.
TINA mentions in the letter that Beiber is listed as a partner on the InBetweeners website’s about us page. They then refer the legal team to tweets from Bieber promoting the NFTs that make no mention of his relationship with the NFT company.
In response, Beiber’s legal team denied any wrongdoing but added that Justin would “update his post concerning InBetweeners in order to further underscore his widely publicized connection with the company,” according to the article.
The posts were not altered by Beiber or his team.
Many NFT buyers see these promotions and interpret them as investment advice, placing their trust in their idles. Consumers have a right to know whether or not their favorite celebrities have a financial stake in the NFT collections they promote.
Finally, all connections should be clearly and conspicuously disclosed to the public when promoting products, according to long-standing FTC law. We both agree. Transparency benefits everyone involved. Especially for celebrities who are afraid of negative publicity. It will be interesting to see how everything turns out.
Read More NFT News Here
This Week’s Top 5 NFT Projects
Despite all that is going on around the globe economically, NFT projects continue to gain more popularity and value. The amount of NFTs that have been brought to market from the onset of 2022 has doubled the number of projects created in 2021. The NFT space’s growth has been nothing short of amazing. As we engage and research this digital investment opportunity we can start to appreciate the dominance of certain collections, as they continually appear on our aggregation of Top 5 NFT projects. We’ll give you a rundown on the hottest and most prolific platforms of this week. We’ll familiarize you with the prices of pieces from these collections and allow you to view a unique item from each platform as well.
Capturing 5th place in this week’s Top 5 NFT projects is Moonbirds. Moonbirds is no stranger to the bright lights and has captured a place in the Top 5 often. This week the Moonbirds NFT project accumulated a total sales Volume of ETH 3091.98 ($5,869,196.436). There are 10,000 unique items belonging to the Moonbirds collection. Those 10,000 items are held among 6580 owners. The floor price for this stalwart collection of digital masterpieces is ETH 13.88 ($26,373.9432).
One piece from the Moonbirds collection that allows you to marvel at creativity being digitally displayed is Moonbirds #703.
Moonbirds #703 sold for WETH 36.69 ($69,609.3687) about three months ago. This particular piece was minted 4 months ago and is now being re offered at the bargain basement price of ETH 44.69 ($84,793.0184).
Holding down fourth place in this week’s Top 5 NFT projects is the 8liens NFT collection. For interdimensional travel, the Ethereals created 8liens. The primary goal of these missions is to seek out new information. There are no sex differences among the six recognized subspecies. Furthermore, their vibes and characteristics are distinct from one another. The distinguishable characteristics of the individual pieces belonging to this 8lian subspecies are yet to be revealed. The sale ends February 2023. There are 10,001 individually unique items in this collection. These items are held between 3,290 owners. The floor price where you can be a part of the digital universe of 8liens is ETH 0.53 ($1,007.4664). This new subspecies of the 8lian nation garnered a sales Volume of ETH 3,131 ($5702.16) this week.
Here is a sneak peek at the newest edition to the 8lian NFT project 8liens – Unrevealed.
This piece is available to be purchased for ETH 99 ($186,987.24).
The NFT Project holding third place in the middle of the pack is another newcomer to the Top 5, The Webaverse Genesis Pass. Your metaverse toolbox is the Webaverse Genesis Pass. You can take part in Webaverse’s collaborative MMO The Upstreet with the pass. Each pass will come with its own lore, relics, future airdrops from the Webaverse team, and the ability to claim a plot of land in The Upstreet in the near future. Webaverse Genesis Pass amassed a sales volume this week of ETH 3,246 ($6,160,388.64) the project contains 18,907 unique items. These items are held amongst 4,013 owners. The floor price for this collection is ETH 0.43 ($816.1443).
Here’s a glimpse of the Webaverse Genesis Pass. Your eyes can feast on its ingenuity and creative dynamism. Webaverse Genesis Pass #3627.
Webaverse Genesis Pass #3627 can be purchased for ETH 10 ($18,887.60).
Coming under the checkered flag in second place is the Rare Apepe YC NFT project. The Rare Apepe YC collection accumulated a sales volume this week of ETH 4,100.27 ($7,748,280.219). The collection holds 10,000 unique items. These items are held within a group of 3,079 owners. The floor price for this collection is ETH 0.86 ($1626.7244).
An unrivaled piece from the collection is Rare Apepe #6447.
Rare Apepe #6447 can be purchased for ETH 420.69 ($795,667.82). This piece last traded 12 days ago at ETH 0.175 ($331.863). The best bid for this piece at the time of this writing is WETH 2.4449 ($4,624.14).
Clinching the top spot in our Top 5 NFT projects this week is CryptoPunks. CryptoPunks succeeded in generating the highest total of sales Volume for the week ETH 4480.03 ($8,506,770.5646). The floor price for this collection was not available at the time of this writing. All the owners are holding on for dear life (HODL) in case the project exceeds all expectations and becomes priceless. There are 9,999 unique items in this collection. There are 3,566 owners in total claiming ownership to the various items belonging to this collection.
One piece that is a true work of digital creative genius is CryptoPunk #6642.
CryptoPunk # 6642 last traded two years ago at ETH 3.61 ($6865.8229). It’s uncertain where the next trade will take place within this project , although owners that claimed unique items from this collection in its early stages may be well positioned for some hair raising trading levels. Time will give us the ultimate answer.
With The FTX Partnership, Reddit Continues Web3 Efforts.
FTX made the announcement on Tuesday that it will be rolling out the tokenized Community Points program in conjunction with its global relationship with the social media network Reddit. By utilizing the FTX Pay option, FTX is functioning in the capacity of a third-party service provider.
FTX mentioned this in its statement,
“We are pleased to assist bring Reddit’s vision to reality and help communities break free of walled gardens and take responsibility of their existence online. This is a big deal for us.” We look forward to having you explore Community Points!
The initiative, which was launched in 2020 as an innovative approach to give Redditors more control, has at long last made its beta version available to the public. After the New Feature Token Avatar has been implemented, the Community Points feature will enable users to “own a piece of their community” by adding a unique token to their subreddit. Additionally, it enables users to earn incentives, produce higher-quality content, and unlock additional features, all of which can be done more easily.
The regulated cryptocurrency payment service known as FTX Pay is operated by FTX. Because FTX Pay is a partner of Reddit, its capability has been incorporated into the Reddit Vault wallet app so that users can top off their accounts if they have insufficient funds. Even though Community Points cannot be purchased, they can be given as gifts; and FTX Pay makes it possible to buy additional ETH in an easy way in order to pay the “gas fees” required by the Ethereum network in order to collect airdrops. If the app determines that the user does not have adequate funds, it will instantly prompt them to reroute to FTX so that they can purchase ETH with a credit or debit card after they have authenticated themselves.
The project is being implemented in stages, and the r/CryptoCurrency and r/FortnightBR subreddits will be the first ones to try it out. Because it is currently very much an opt-in function, other subreddit moderators who are interested in participating in the project can sign up on a waitlist to do so.
Once utilized, these Community Points, which are tokens based on the ERC-20 standard and stored on the Arbitrum Nova blockchain, are destroyed and removed from circulation. Points, in contrast to the vast majority of other tokens, cannot be purchased; rather, they must be earned through contributions such as the creation of content and the moderation of subreddits.
“The Internet wouldn’t be what it is today without its communities. On the other hand, in the Internet of today, they do not have control over their own destinies. Instead, they are under the authority of the huge platforms that hold the sway over everything that happens online. It is time for a different approach. The introduction of Community Points marks the beginning of an alternative path forward for online communities. Because they are stored on the blockchain, these tokens can rightfully be said to belong to the community as a whole. Your community will eventually reap the benefits of an even higher degree of authority and independence — both on and off of Reddit.
In addition, individual communities on Reddit have the ability to alter the Community Points tool in order to generate tokens with unique names, symbols, distribution rules, and purposes. Additionally, they can be utilized by subreddits for the sake of community governance and moderation, in addition to the unlocking of premium services.
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