NFT: Rarible and Meta, latest news
NFTs, non-fungible tokens, are now subject to expansion in all domains: from fashion to art, including music and images and much more.
An increasing number of people and companies are using NFTs, whose main characteristic is that they are unique and unique tokens.
Specifically, let’s take a look at some important new features regarding the use of NFTs by Rarible and Meta, and then also take a look at important celebrities, such as Eminem and Seth Green, or companies, such as Balenciaga, that exploit the potential of this new technology.
Rarible: new features to make the NFT experience easier
Rarible, a well-known Ethereum-based NFT buying and selling marketplace, upgraded its platform to Rarible 2 on October 20. According to the NFT market, new attribute tools have been launched to highlight NFTs from across the Web3 space.
Users can now browse and buy Ethereum-based digital assets from Rarible, OpenSea, LooksRare, X2Y2 and Sudoswap.
Specifically, Rarible’s functionality has been updated so that the platform creates an open environment where users can access the best NFT prices through a unified platform.
According to Rarible co-founder and Chief Strategy Officer Alex Salnikov, this development by Rarible follows a DappRadar report that hinted at impending NFT market wars. In fact, other major Web3 platforms mentioned in DappRadar’s report include Uniswap and OpenSea, both of which acquired NFT aggregation platforms this year.
Unlike OpenSea and Uniswap, Rarible simply converted its services to an indexing model. Based on the report, such acquisitions could result in direct competition between the platforms.
Rarible has also introduced a mechanism where users can lock in RARI, the marketplace’s native token, to earn rewards and incentives for the purpose of participating in the ecosystem. According to Salnikov, this is a step towards further decentralization of the platform.
What is new is that users can decide where the ecosystem should go next and have an opinion on the future of Rarible, which cannot be obtained from funds or NFTs.
Recently, the decentralization of NFT markets has been an important topic of debate in the Web3 community. In fact, the over-centralization of market leaders such as OpenSea has drawn criticism from many Twitter users. Additionally, it appears that some have tweeted that centralized marketplaces, such as MagicEden and OpenSea, should go away.
In all this, Rarible has been protected from potential market breaches by researchers since the beginning of the year.
In fact, researchers from cybersecurity software maker Check Point discovered a market vulnerability that could have cost nearly two million active monthly users their NFTs in a single transaction.
Meta: Instagram and NFT embossing tools
Another important development in the NFT world involves Instagram, which will soon have built-in NFT creation and trading tools. In fact, the upcoming “end-to-end toolkit” for NFTs will allow users to create and launch their own NFTs for sale via Instagram.
However, in-app purchases will still be subject to applicable app store fees, Meta confirmed.
Stephane Kasriel, Head of Commerce and Fintech at Metarecently said:
“A small group of creators will soon be able to create digital collectibles (NFTs) and sell them directly on Instagram.”
At launch, Instagram will use the Polygon blockchain for NFT development. The app will also extract NFT metadata from OpenSea so collection names and descriptions can be displayed on Instagram.
Before Meta offers the NFT features to a wider audience, Meta will launch the new NFT features to a select group of artists and content creators.
The company said in a statement that creators such as photographer DrifterShoots, visual artist Ilse Valfré and artist Amber Vittoria are among those selected for early access to Instagram’s new NFT features.
This slow implementation strategy matches the rest of Meta’s approach to Web3. In fact, in May Meta announced that they were implementing a wallet connection feature for select creators to display their NFTs on their respective Instagram and Facebook profiles.
Today, Facebook and Instagram support viewing NFTs on Ethereum, Polygon and Flow blockchains, allowing users to link their wallets to their accounts to view NFTs. Additionally, support for Solana and Phantom wallets is coming soon.
Why the massive push against NFTs?
The fact that the most prominent companies, the most prestigious industries and the most relevant public figures are rooting for NFTs is a factor that only bodes well for a relatively emerging technology like non-fungible tokens.
Still, why NFTs in particular? For example, Meta says it believes in Web3’s vision and wants creators to leverage NFTs to better monetize their content.
Kasriel stated:
“Our strategy for Web3 technologies, including blockchain, is about helping creators make a living. We believe that Web3 technology, like blockchain, will positively improve the business model for creators by giving them the ability to create new types of digital assets to monetize them.”
However, he also emphasizes how flooded the crypto space is with complex experiences that inhibit mass adoption. In fact, according to Kasriel, in Meta’s Instagram, the experience for the user must be much easier and more intuitive.
This makes it easy to see how NFT technology can be, and will be, a future income stream for many, if utilized well and ethically.
Eminem and the Bored Ape NFT that looks like him
In January this year, famous rapper Eminem bought a Bored Ape NFT for the sum of $450,000.
After purchasing NFT, the artwork depicting a monkey with white fur, a low gray hat, a gold jacket and matching chains, the artwork became the profile picture for Eminem’s official Twitter account.
It appears from some sources that the artwork is just one of 15 NFTs that Eminem has purchased, with the website noting an OpenSea account with the handle @Shady_Holdings.
Eminem is one of several celebrities who own an NFT distributed by the Bored Ape Yacht Club. In fact, others include Jimmy Fallonbasketball player Steph Curry and Eminem’s “Up In Smoke” tour partner Snoop Dogg.
Seth Green and the stolen NFT
The story of “Scooby-Doo” star Seth Green appears to have a happy ending after the actor bought back his pesky monkey, stolen for $100,000 more than he originally paid for it.
Green appears to have bought back an NFT Boring monkey which was stolen from his crypto wallet after a phishing attack in May 2022.
According to blockchain records, Bored Ape #8398, whom Green had charmingly nicknamed Fred Simian, was transferred to an unnamed wallet believed to be associated with him in exchange for 165 ETH (equivalent to around $300,000), according to some sources.
The seller, a certain Mr. Cheese, who goes by @DarkWing84 on Twitter, initially claimed he bought the work in good faith, not knowing it was taken by Green.
So finally, Bored Ape #8398 appears to have been transferred back to its original owner, according to blockchain records.
Original Balenciaga designs released via NFT drop
Lorenzo Riva, Balenciaga’s artistic director in the early 1980s, announced in July the release of the NFT collection “Cristóbal Balenciaga: To the Moon.” The NFTs are inspired by Riva’s collection of 8,300 original and never-before-seen designs by Cristóbal himself.
With “Balenciaga to the Moon,” haute couture has officially entered the metaverse with the extraordinary elegance of 1950s glamour.
As fashion undergoes a new evolution thanks to Web3, users are invited to buy their own piece of history. In fact, the NFTs in this project were randomly minted through the Mystery Box, whose sale began on July 21, 2022.
The NFTs were revealed immediately.
In addition, the project partners doubled the rewards, giving selected lucky coiners the chance to receive Balenciaga merchandise, gift cards to famous designer brands, and even some designs produced by Cristóbal as many as 70 years ago.
