Read in this week’s newsletter how Binance started its nonfungible token (NFT) ticketing service by partnering with a sports club. Check out the NFT exchange-traded fund (ETF), which was released by trading platform KuCoin, and how Google AI was able to paint BAYC-inspired NFTs.
In other news, find out how much the NFT community spent in the first half of 2022 making NFTs and check out British rock band Muse’s upcoming NFT album. And don’t forget this week’s Nifty News roundup featuring Dr. DisRespect and FC Barcelona’s NFT Release.
Binance Jumps Into NFT Ticketing After UEFA League Fiasco
Crypto exchange Binance partnered with Società Sportiva Lazio to launch its NFT ticketing solution. This will give all home games of the sports club NFT tickets. The partnership is valid for the 2022 to 2023 season.
According to Binance, NFT tickets solve problems such as fake tickets and scalping that were highlighted by the recent UEFA competition fiasco. In addition to entry to the event, the NFT tickets will also have added value such as shopping and competition discounts and token giveaways.
KuCoin Crypto Exchange Debuts USDT-Dominated NFT ETF
Seychelles-based crypto platform KuCoin has created an ETF linked to NFTs such as the Bored Ape Yacht Club (BAYC) collection. The exchange’s NFT ETF trading zone was launched on July 29, allowing traders to trade ERC-20 tokens representing NFT assets.
BAYC is one of five NFT ETFs launched by the exchange. BAYC’s ETF trades under the symbol hiBAYC, which represents BAYC assets. In addition to BAYC, an ETF for CryptoPunks will also be available under the ticker hiPUNKS.
Google AI turns all 10,000 BAYC NFTs into machine-made art
A project called Artsy Monke used artificial intelligence (AI) to transform 10,000 Bored Ape Yacht Club NFTs into various forms of abstract art similar to the BAYC collection. To create the pieces, the AI was given the BAYC NFTs as references to create the art.
Crypto Grims, the AI artist, said that after giving the credentials, their team taught the AI to paint in different art styles. They ran servers for weeks to get the desired results. After the collection was created, the team put it up for sale on the NFT marketplace OpenSea and sold out shortly after the listing.
Crypto Users Spent $2.7 Billion Mining NFTs in H1 2022: Report
New research by data firm Nansen showed that in the first half of 2022, the NFT community spent nearly 1 million Ether (ETH), about $2.7 billion, minting NFTs on the Ethereum network. Most of the minting was done in the NFT marketplace OpenSea.
According to Nansen, about 1 million unique wallet addresses on Ethereum were involved in the minting. The report also compared the number to other popular chains such as the BNB Chain, which minted $107 million in NFTs and Avalanche with $77 million.
Upcoming Muse NFT Album Will Be The First New Format To Be Added To The Charts In Years
British rock band Muse will release an NFT album called Will of the People on Serenade, a Web3 marketplace. The album will be the first new format to qualify for charts since 2015. Serenade CEO Max Shand told TBEN that this concept will innovate the music industry and embed NFTs into existing workflows and creative processes.
The digital press format presented by Serenade implements a new way of managing royalties. According to the company, it will add Web3’s features to music assets, enabling the accurate accumulation of royalties and verifiable ownership.
Helpful news: Dr. DisRespect Unveils NFT Game With Mixed Reactions, FC Barcelona’s First NFT Sells For $700K & More
Gaming streamer Dr. DisRespect previewed its NFT game called Deaddrop on Saturday. Fans have mixed reactions about the NFT game, as it is still in its early stages of development.
Meanwhile, on July 29, an NFT artwork released by football team FC Barcelona sold for $693,000. The NFT is an audiovisual piece showing Cruijff’s goal against Atletico Madrid in 1973.
Thanks for reading this summary of the week’s most notable developments in NFT. Check back next Wednesday for more reports and insights into this actively evolving space.