This week’s newsletter highlights Yahoo’s plans to get involved in nonfungible tokens (NFTs) and metaverse-based projects. Also, watch manufacturer TAG Heuer is dipping its toes into NFTs, and digital collectible platforms in China have increased in number despite warnings from the government.
On a positive note, a CryptoPunk that was donated to Aid For Ukraine sold for more than $100,000. And don’t forget about this week’s Nifty News roundup featuring the new brand lead for CryptoPunks and a phishing attack on a Solana-based project.
Yahoo is launching metaverse events for Hong Kong residents under restrictions
Online media company Yahoo recently announced its plans to get involved with a series of NFT and metaverse projects in Hong Kong. This includes hosting virtual events and concerts in metaverses within the Asian country.
According to Lorraine Cheung, an executive at Yahoo Hong Kong, activities in the Metaverse are seen by Hong Kong residents as a good alternative to social interaction, as pandemic restrictions are still enforced very strictly and people are required to present a negative COVID-19 test before entering bars or restaurants.
Yahoo will also collaborate with local artists to launch an NFT exhibition titled The Abyss of Kwun Tong.
Swiss luxury watchmaker TAG Heuer introduces NFT-enabled smartwatch
TAG Heuer, a luxury watch manufacturer, has formed partnerships with key NFT community members to create a smartwatch that can display NFTs. The watch will allow users to connect with crypto wallets such as MetaMask and Ledger Live to select which NFTs to display on the smartwatch’s screen.
Watch owners will also be able to resize the images accordingly to fit the display and connect to the blockchain to verify NFT ownership and show a hexagonal version of artworks. The company also said that in addition to supporting images, it will also support GIFs and infinitely loop animations.
NFT platforms in China grow 5x in four months despite government warnings
Despite warnings from the Chinese government about the risks of investing in NFTs, the number of platforms focusing on digital collectibles grew to more than 500, five times more than back in February. Local Chinese reports attribute the growth to the growing hype surrounding NFTs within the country. Tech bigwigs such as Tencent and Alibaba have also shown interest in the NFT space and recently filed their own trademark patents.
Ukraine sells CryptoPunk NFT donation for 90 ETH, worth over $100,000
CryptoPunk #5364, an NFT that was donated to support the Aid For Ukraine campaign, was sold for 90 Ether (ETH), worth $102,640 at the time of the sale. Alex Bornyakov, Ukraine's deputy minister of digital transformation, announced the CryptoPunk’s sale on Monday. The price of the NFT increased from its initial value of 16.19 ETH, or $31,722, which is what it was worth when the donor acquired it.
Nifty News: Christie’s NFT expert to lead CryptoPunks, fake heiress launches NFT collection
NFT specialist Noah Davis announced that he is leaving his position at the British auction house Christie’s. In a tweet, Davis noted that he will be joining Yuga Labs to become the brand lead for the CryptoPunks project. Meanwhile, Solana-based NFT project Duppies was targeted by a phishing scam. Users reported losses online, with one user claiming to have lost 650 SOL, worth $18,850 at the time of the attack.
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 in this actively evolving space.