In this week’s newsletter, read about how two Bored Ape nonfungible tokens (NFTs) sold for almost $1 million during the bear market and how the word “metaverse” made it into the top three finalists for Oxford Word of the Year. Check out how the metaverse can generate passive income through royalties and how NFT marketplace OpenSea has integrated BNB Chain into its platform. And, don’t forget this week’s Nifty News featuring COVID-19 protests in China being converted into a Polygon-based NFT collection.
‘Metaverse’ a top 3 contender for Oxford’s Word of the Year
The word “metaverse” has made it through to the top 3 finalists for the Oxford Word of the Year (WOTY) competition. The word will go against other contenders, including “IStandWith” and “Goblin Mode.”
In a video pitch, the Oxford University Press (OUP), the publisher of the popular Oxford English Dictionary, described the metaverse as “a hypothetical virtual reality environment in which users interact with one another’s avatars and their surroundings in an immersive way.”
OpenSea’s Seaport Protocol onboards creators and NFT holders on BNB Chain
OpenSea has announced its plans to integrate BNB Chain into its NFT marketplace by the end of 2022. The integration will enable the platform’s users to buy and sell NFTs based on BNB Chain. According to the announcement, the integration will allow creators within the BNB Chain to have multiple payouts, real-time payouts and collection management.
An executive at BNB Chain said that their aim is to provide better experiences to both platforms’ users, suggesting that the integration will bring creators into a wider system and empower NFT initiatives within the BNB Chain ecosystem.
ApeCoin geo-blocks US stakers, two Apes sell for $1M each, marketplace launched
While the rest of the crypto community weathers the effects of the bear market, some collectors are continuously beefing up their NFT collections. BAYC #232 was bought by the anonymous NFT collector Keungz for 800 Ether (ETH), which was around $950,000 at the time of purchase.
On the other hand, BAYC #1268 was transferred in a transaction between two unknown wallets. The NFT piece was sold for 780 ETH, which is estimated to be around $940,000 at the time of the transaction.
The metaverse is a new frontier for earning passive income
In an article, Cointelegraph dived deep into the metaverse as a means of generating passive income. In an interview, a metaverse app executive John Burris told Cointelegraph that the metaverse is full of opportunities to earn money.
According to Burris, blockchain and NFTs unlocked true ownership and created a new royalty model that allows funds to continue to flow back to the original creator, providing a “well-deserved passive income” as items get traded.
Nifty News: China’s lockdown protest NFTs emerge, Candy Digital cuts staff and more
Meanwhile, images showing COVID-19 protests in China have been uploaded to OpenSea as NFTs. A collection based on Polygon called Silent Speech featured 135 NFTs that show pictures of protesters, signs, graffiti and screenshots that relate to the ongoing protests against China’s zero-tolerance policy for COVID-19. On the other hand, NFT firm Candy Digital has laid off a significant portion of its employees as NFT trading volumes went down in 2022.
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 into this actively evolving space.