Nifty newsletter 19-25 October 2022
In this week’s newsletter, read about how Apple released its first set of rules for non-fungible tokens (NFTs), including a 30% “tax” and restrictions on how NFTs can be purchased and exchanged. Check out how NFTs have the potential to change museum experiences in the future and how OpenSea revised its NFT rarity ranking protocol following community feedback. In other news, find out how NFTs are being used to democratize scheduled TV programming in the Web3 era. Last but not least, NFT trading volume on Reddit reached an all-time high with nearly 3 million wallet holders.
New Apple rules double down on 30% NFT tax and geo-border exchanges
Big Tech company Apple launched new rules for its App Store around NFTs and cryptocurrency exchanges. This is the first time the company specified rules for NFTs in particular.
These new guidelines dictate many crypto-related activities, including the taxation of NFT purchases, how they can and cannot be used, and rules for when a crypto exchange app can be listed on the app store.
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Will the museums of the future just be giant NFT galleries?
Recent developments in the NFT scene have seen major celebrities, brands and major institutions such as museums reinvent themselves for consumers. Museums in particular have used technology to verify collections and even raise money.
Speaking to Cointelegraph, Hussein Hallak, founder and CEO of Next Decentrum Technologies, helped answer the question of whether museums will become giant NFT galleries in the future and how ownership actually works in such a scenario.
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OpenSea is revising the NFT rarity ranking protocol following community feedback
The Twitter community asked OpenSea to address several issues surrounding OpenRarity, the new rarity ranking protocol implemented in the NFT market. The NFT investor tweeted that including a “rank” in the NFT listing without “rarity” would mislead collectors.
Following the feedback, OpenSea made noticeable changes to the rating system. Now NFT listings show “rarity rank” instead of just the rank. In addition, it also added an attribute count as part of the ranking methodology to categorize NFTs with unique attributes before additional information that could raise the ranking was applied.
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Can NFTs democratize scheduled TV programming in the Web3 era?
The way we watch TV or other scheduled programming is about to become NFT-ized through a new streaming network that focuses on crypto content with NFTs as its backbone. In an interview with Cointelegraph, Greg Cipes, co-creator of NFTV, discussed the fine line between content democratization and being true to an artist’s vision.
When it comes to creative output, many artists have a specific vision for their content, especially those with a trademark style or brand. As NFTs come more into the picture and give community members a voice, Cipes believes this can “absolutely” take away from creators.
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Reddit NFT trading volume has reached an all-time high with wallet holders nearing 3 million
The trading volume of Reddit NFT avatars exceeded $1.5 million in 24 hours on October 24, according to data from Polygon and Dune Analytics. This increase in volume reflects more than a third of the entire $4.1 million trading volume of the collection since launch.
The daily sales volume of Reddit NFTs also hit a new record high of 3,780 digital collectibles. These avatars are created by independent artists and minted on the Polygon blockchain. They can be displayed as profile pictures for users on the platform and purchased through Reddit’s Vault wallet.
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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.
