Louis Vuitton’s Soulbound Luxury NFTs, Apple’s Expensive Vision and more Web3 news
This week, Louis Vuitton announced a new collection of physically supported NFTs linked to exclusive products and experiences. The expensive tokens are soulless and cannot be sold once purchased.
Meanwhile, Apple announced its new Vision Pro headset with a hefty price tag and not a single use of the word metaverse. In addition, NFT lending platforms are on the rise, but who can really benefit from this practice?
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Very good, Louis Vuitton: French luxury fashion house Louis Vuitton will soon launch a new collection of physical-supported NFTs called Via Treasure Trunks, which will be linked to exclusive experiences and products along the way. Consumers based in the US, Canada, France, UK, Germany, Japan and Australia can sign up to get the exclusive treasure chests, which will be made available to select customers on June 16. Each NFT will be priced at €39,000 including tax or $39,000 excluding tax in the US
Flash differently: This week, Apple announced its new Vision Pro mixed reality headset, finally entering the growing arena of immersive digital technology. The new device, which it calls a “spatial computer” rather than an augmented reality headset, will be released next year at a cost of $3,500. The device will introduce VisionOS, a spatial operating system that offers a three-dimensional interface, freeing applications from the limits of traditional screens and bringing them into real spaces.
NFT lending is on trend: Despite weak market conditions, the NFT lending space has gained momentum thanks to major players joining the space. In May, the leading NFT marketplace launched Blur Blend – a peer-to-peer lending platform that allows users to borrow against their NFTs as collateral. The platform quickly took 82% of the entire NFT lending market share within the first three weeks. Other platforms – including Binance NFT Loan, which allows holders to secure ETH loans using their NFTs as collateral, and Astaria, which uses a third party to facilitate its loan market – have popularized the concept of NFTfi in recent weeks.
CEO Brian Armstrong tweeted the link to characterize NFT. The case came a day after the SEC sued Binance.
How: The standalone NFT can be minted through Zora. Any fees associated with the minting process will be donated to controlled organizations through a crypto advocacy round via Gitcoin. NFT has no intended use or value.
Playing the long game: Investments in blockchain games and metaverse projects reached $476 million in May – the highest this year despite volatile market conditions.
Metaverse money: Metaverse giant Animoca Brands released its FY2020 annual report, noting a deferred revenue increase in 2020 from $6.947 million to $27.890 million.
Crypto’s biggest story of the week was the SEC’s move against Binance and Coinbase. The case against Coinbase is relatively straightforward (read about it here), while the 13 charges against Binance.US and its CEO and founder Changpeng “CZ” Zhao are more complicated and have people wondering what the differences are between the US version of Binance and its larger international exchange. We dive into CZ’s background, the two Binance exchanges, and the timeline of events that brought us to this moment in our Binance FAQ.
