In this week’s newsletter, read about how the racing brand Formula One is planning to position itself in Web3 and how nonfungible tokens (NFTs) will transform betting on upcoming athletes. Check out how GameFi can provide the unemployed with a new means to earn and find out how the wealthiest British artist alive burned $10 million in artworks to complete his NFT project. And, don’t forget this week’s Nifty News featuring OpenSea adding Avalanche support and Meta adding feet to its avatars.
Formula One files ‘F1’ trademarks covering crypto, NFTs and Metaverse
Racing brand Formula One filed NFT-related trademarks showing a move that positions itself within the Web3 world. Trademark lawyer Mike Kondoudis recently announced that the league filed eight trademarks for the “F1” abbreviation.
Apart from NFTs, the trademark application also covers software for crypto use, meta tokens, digital collectibles and software for digital currency payments. The trademark also shows that the racing league also has an interest in blockchain-based financial transactions.
NFTs transform how fans bet on upcoming sports stars
In another attempt to bridge sports and the Web3 world, a project claims to enable athlete financing through NFTs. The project called FANtium allows fans to bet on the success of upcoming young athletes.
Through NFTs, fans will be rewarded as their favorite athlete becomes more successful. Apart from this, the platform also allows fans to connect with athletes and gain recurring rewards.
GameFi could be the answer to unemployment for some: Aussie game studio
Two executives from a Web3 game studio based in Australia argued that GameFi could potentially be the answer to some people’s unemployment. Ninja Syndicate’s CEO Alex Dunmow and founder John Nguyen told Cointelegraph that through NFTs, in-game ownership can be achieved, making games a viable income-generating medium.
Apart from this, the duo believes that there are opportunities in GameFi that provide income, such as play-to-earn and move-to-earn games. With these, those who are unemployed can have ways to earn a living through Web3.
Damien Hirst livestreams the burning of $10M in art for NFT project
As part of his NFT project called The Currency, British artist Damien Hirst burned expensive artworks worth around $10 million in a livestream to ensure that the copies only exist in their digital format.
According to Hirst, while many may see this act as burning millions of dollars worth of art, he believes that burning the physical copies is a step toward completing the transformation of the artworks into NFTs.
Nifty News: OpenSea adds Avalanche, Meta has legs, DeGods takes 0% and more
NFT marketplace OpenSea has announced that it has added support for the Avalanche blockchain, further expanding its list of supported networks. The integration will allow Avalanche-based NFT projects to have exposure within the NFT marketplace.
In other news, social media giant Meta has announced that avatars within its metaverse will now have legs. After a period of levitating around the virtual space, the avatars will finally touch the ground with their feet.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.