Visa’s splash into the NFT market was driven by an evaluation of the underlying technology and its ability to serve as a “promising medium for fan engagement,” according to a recent whitepaper published by the global payments giant.
The Aug. 23 publication described nonfungible tokens as an important innovation during the pandemic, where strict shelter-in-place orders limited live sports, entertainment and music festivals. At the same time, NFTs are emerging at a time when fans are eager to join digital communities centered around their favorite artists or sports teams.
Professional sports were hit especially hard by the pandemic, with an estimated $18 billion in lost revenue across major leagues worldwide. According to Visa, this further drives the “need to diversify revenue and focus on technology to reposition businesses for growth opportunities and to capture the attention of fans.”
In this sense, “NFTs appeal to collectors, fans, teams, leagues, and talent,” the report said. In particular, NFTs can become primary sources of fan engagement, customer relationship management and newer revenue streams. The main NFT use cases identified were collectibles, art and gaming.
The whitepaper was released alongside an announcement from Visa that it had purchased its first NFT — CryptoPunk 7610 — for $150,000. CryptoPunks is a collection of 10,000 unique NFTs with proof of ownership stored on the Ethereum network. A total of 2,519 CryptoPunk collectibles were sold in the past 30 days, netting a combined $467.4 million, according to industry sources. Over that period, the highest-grossing sale was CryptoPunk 7252, which sold for 1,600 ETH, or $4.5 million.
Beyond the CryptoPunk craze, NFTs in other niches are also growing in popularity. As Cointelegraph recently reported, total NFT sales are likely to exceed $900 million in August alone, marking a new record for the industry. The previous record was set in May when total sales volume for NFTs reached $255 million. May was when crypto markets reached new all-time highs before experiencing a multi-month correction.
Visa’s foray into NFTs is hardly surprising, given the payment company’s growing focus on digital assets. The company recently entered into an agreement with digital asset platform Zipmex, providing further crypto payment integration in the Asia-Pacific region. In January of this year, Visa reaffirmed its commitment to building cryptocurrency payment and fiat on-ramps in a bid to support the digital asset class.
Snoop Dogg Partners With Metaverse Sandbox
- Snoop Dogg partnered with the Sandbox.
- Snoop Dogg creates, shares and monetizes NFTs on Ethereum (ETH).
The crypto world’s presence continues to be felt in and outside the crypto space. This time, the famous rapper Snoop Dogg partnered with the Sandbox. In detail, the Sandbox is a non-fungible token (NFT) project of Metaverse. Through this gaming ecosystem, Snoop Dogg can easily create, share and monetize NFTs and gaming experiences on Ethereum (ETH).
The Sandbox gaming ecosystem will also allow the rapper to build his own mansion where fans can participate. For instance, Snoop Dogg can create his own palace or mansion of his liking where the player can join Snoop at his parties and concerts.
Snoop Dogg further explained:
I’m always on the look-out for new ways of connecting with fans and what we’ve created in The Sandbox is the future of virtual hangouts, NFT drops and exclusive concerts.
Snoop added that NFT brings online adventure to the next level. he said,
We’ll have a fresh set of Dogg style NFTs that players can integrate into the game experiences to take this online experience to the next level for sure, he said.
On the other hand, the NFT space continues to make noise that can be heard everywhere. Today, NFT is not limited to arts. It has also entered the world of play-to-earn games such as Cryptozoon and My DeFi Pet, to name a few. Through this, we can say that the crypto world is one step closer to dominating the digital and financial system of the world.
Ethereum’s NFTs Can Now Be Moved to Solana: Here’s How
Wormhole bridge for digital collectibles goes live to bridge Solana and Ethereum: details
Wormhole, the development team behind the world’s first-ever bridge between Ethereum (ETH) and Solana (SOL) smart contracts platforms, now boasts NFT functionality.
Ethereum, Solana now have common NFT ecosystem powered by Wormhole
According to the official announcement shared by Wormhole cross-chain bridge vendor, Ethereum and Solana users can now send NFTs between two blockchains.
Starting from today, Sept. 22, 2021, holders of digital collectibles on Ethereum (including iconic Crypto Punks, Degen Ape Academy and so on) can now seamlessly move them to Solana (SOL).
In its inaugural releases, the product will support only the most popular standards of digital collectibles: ERC-721 and SPL tokens. More standards, including ERC-1155, will be added soon.
To send NFTs between the two chains, users should only connect wallets (Metamask, Sollet and so on), customize the chain and target account and choose NFTs to transfer and authorize the transaction.
Cross-network bridges are on fire
This release is part of Wormhole’s second iteration (Version v2). As covered by U.Today previously, Wormhole is going to integrate more chains like BSC and Terra (LUNA) in this version.
As DeFi and NFT adoption gains steam, the usage of cross-network bridges is rocketing. Ethereum-Polygon bridges are the most popular in the Web3 universe.
Also, USD Coin (USDC) stablecoin by Circle has surpassed Ether as the top asset of cross-chain bridges.
Taker Protocol Secures $3M to Build New Financial Primitives Into the NFTs Market
- Taker Protocol announced it has raised $3 million from well-known investors.
- It secured the fund to build new financial primitives into the NFTs market.
Taker Protocol announced it has raised $3 million from well-known investors. The crypto liquidity protocol for the non-fungible token (NFT) said it secured the fund to build new financial primitives into the NFTs market.
According to Taker Protocol, the round was led by Electric Capital, with DCG, Ascentive Assets, Dragonfly Capital, Spartan Group, The LAO, Sfermion, and Morningstar Ventures.
Taker Co-Founder Angel Xu commented, expressing his excitement about the investment fund.
We are absolutely thrilled to welcome so many well-established investment funds to the team. Their participation heralds an exciting new phase for the protocol as we seek to address persistent problems in the NFT lending market for the benefit of end-users. This investment will enable us to further optimize the liquidation of NFT assets across multiple blockchains, removing the barriers to entry that prevent new players from entering the market.
Furthermore, Xu adds that they are using an innovative approach to solve the biggest problem in the NFT space. “With Taker, we are one step closer to the world where anyone anywhere can use their NFT assets to take out a loan.” (Maria Shen, Partner at Electric Capital),” she says.
Taker Protocol is a multi-strategy, cross-chain lending protocol for lenders and borrowers to sell and rent digital assets. More so, the platform provides liquidity via its lenderDao support and extensions that integrate into NFT marketplaces.
In addition, the blockchain platform strives to solve liquidity issues that the NFT industry faces. To specify, the firm said it would allow lenders and borrowers to liquidate and rent assets like NFTs, financial papers, synthetic assets, and much more. The team also added that they would create new liquidity streams and possibilities.
As per the team, the funds raised will help the firm launch the complete version of the protocol across multiple chains. This includes Ethereum, Polygon, Solana, Binance Smart Chain (BSC), and Near Protocol.
Note that Taker’s DAO includes many Curator DAOs. Even more, the team said that each sub-DAO will manage its whitelist and a price for any NFT on its whitelist if the borrower defaults on the loan. Highlighting the interest of the DAOs with that of the lenders, Taker said it would lessen the risk exposure for the lenders. Aside from this, the team will also optimize the profits for the DAOs.
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