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Latest NFT News: Weekly Cheat Sheet for the Metaverse

Jeff Pratt recaps the latest NFT news and notes from the past week.

Let’s talk about NFTs.

The world is expanding, and DraftKings is expanding along with it. A while ago, we launched DraftKings Marketplace, where users can purchase NFTs through Drops (where DraftKings lists new NFTs on the Marketplace) and from other users on the secondary market. As the industry continues to grow, a specific hub for the latest news would be useful. Well, that’s the entire point of this article. It doesn’t matter if you’re new to the game or an NFT veteran, this page will help you track the industry movement and stay informed.

In case you are new to the industry, check out my quick breakdown on what NFTs are and how they work. Now, let’s get into this week’s recap:

Digital... Beer?

Budweiser has jumped into the NFT business, releasing a collection of 1,936 digital beer cans. The collection, which sold out in less than two hours for over $1 million USD worth of Ethereum, celebrated the year America’s No. 1 brewer started packaging its beer in cans. Each can gives its owner exclusive access to the Budverse, which provides special benefits and rewards. Further signifying an impending digital revolution among large-scale companies, Budweiser also purchased the domain name “beer.eth” for 30 ETH ($124, 580.96), which cost the company ~$95,047.20 since Ethereum was valued at $3,168.24 at the time of purchase,

Adidas Joins the Metaverse

Adidas Originals has purchased Bored Ape Yacht Club #8,774 and elected to use the NFT as its new PFP on Twitter, as the major company teases its partnership with Bored Apes, Punks Comic and GmoneyNFT. In a tweet on Thursday, the company announced the partnership and stated “It’s time to enter a world of limitless possibilities.” Adidas is just the latest major corporation to expand into the Metaverse.

Speaking of Bored Apes, the company recently launched a BAYC X MAYC mobile game. Check out the tweet below for more info:

FTX Launches NFT Site

FTX continues to make huge moves. As you may know, the cryptocurrency exchange company partnered with the Miami Heat back in February to change the name of American Airlines Arena to FTX Arena. Now, the expansion continues, as FTX has launched its own NFT Marketplace. Users can buy, sell and display both Ethereum and Solana NFTs on the new platform.

P2E Explosion

What exactly is a P2E game? Well, for starters, it means play-to-earn, and it has completely taken over the NFT industry. These games rely on blockchain technology as the foundation for value creation. It’s all part of the decentralization process in gaming. Instead of earning cash, users can be rewarded with digital assets like NFTs.

If you keep an eye on the industry, you may know what Wolf Game is. This P2E creates NFTs in the form of sheep and wolves, drawing in players with an emphasis on risk in decision-making. As a result, other P2E franchises have imitated Wolf Game in an attempt to recreate its success. While longevity may be in question, P2Es are incredibly hot right now.

The Movie Industry Hits the Market

The Matrix and Star Trek have officially ventured into the NFT industry. The Matrix did so by creating 100,000 avatars with a variety of rarities. Each collectible was priced at $50, and the collection quickly sold out on the WAX blockchain. On December 16, Avatar owners will be asked to choose a pill as a part of The Matrix’s upcoming Missions program.

As for Star Trek, the iconic franchise released a collection of Digital Funko Pops on the WAX blockchain. These Pops will eventually be redeemable for merchandise from Funko. Diving into the NFT industry is a great way for franchises to expand their audience and connect with fans, as it allows them to own the rights to a specific character or moment.

Major Projects Sell Out

Multiple major projects sold out this week, so let’s highlight a few that stood out. After a massive traffic overload on their website, RTKFT delayed minting the remaining CloneX and eventually sold the rest at a fixed price of 2 ETH.

Speaking of traffic, a 10,021-edition collection called mfers by artist @sartoshi_nft sold out in less than 15 minutes on Tuesday. Finally, an intriguing project called X-Consoles was a hit on Wednesday. The developer communicates strictly in Morse code, and the 1,000 NFTs featuring retro game console art sold out quickly.

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