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NFTs In A Nutshell: A Weekly Review

NFTs In A Nutshell: A Weekly Review

NFTs are like the market in general: there are usually a few ups and downs over a week. Over the past week, the Metamask drama has caused many NFT and cryptocurrency consumers to look for other options, a central NFT marketplace has added support for an underdog, and a traditional toy company is doubling down on its blockchain behavior. Every weekend we publish our weekly report with the most significant stories around NFT. Let’s look at the activity over the past week.

This Week’s Non-Fungible Token News

The IP Collection of Metamask Leads to More Decentralized Discussion

Suppose the saga behind FTX has yet to be enough to buy you five minutes. In that case, the latest talk behind ConsenSys from Metamask and the underlying Infura API, which collects IP addresses when transactions are recorded, could be oil for that fire. The engine’s positioning served as the de facto standard NFT wallet for many users, especially collectors of Ethereum-based NFTs. for further discussion of decentralized alternatives regarding wallets.

Magic Eden Announces Polygon Support

Magic Eden has long been a staple of Solana. However, the NFT market has bigger dreams than being a big fish in a pond; Magic Eden wants to play in several ponds. After expanding support for Solana exclusively to Ethereum earlier this year, Magic Eden is back for more, announcing support for Polygon earlier in the week. The move comes when Solana faces significant challenges due to concerns about its exposure to FTX, Alameda Research, and related companies. Meanwhile, Layer 2 chain Polygon was on the attack, finding new traditional brand partners, new avenues to invest in games, and even profits in the defi sector: securing a top five defi TVL, according to DeFiLlama data.

However, Solana continues to dominate creator-driven NFTs and more of a D2C style, making Magic Eden’s move a win-win; The market will still be critical to Solana’s growth if it can weather the other side of the current headwinds.

Mattel Launches Dedicated NFT Platform

Old toy company Mattel oversees the intellectual property and manufacturing of famous toy companies like Hot Wheels and Barbie. You may have heard of NFTs for these toys before, specifically Hot Wheels, who have had notable success releasing NFTs on WAX. According to a new announcement from Mattel last week, all of that is changing. The company is building a dedicated NFT platform as part of its more giant non-traditional toy company arm, Mattel Creates. Mattel will also move from WAX to the flow blockchain on this platform.

NFTs on FTX: Is There Any Hope?

FTX not only loses tokens but there are also NFTs. So far, little is known about the chances of asset recovery. While more liquid assets like traditional tokens are expected to inflict significant losses on consumers, there is even more uncertainty about the future of NFT assets from the platform. That puts some partners in a difficult position, including the legendary Coachella music festival, which partnered with FTX earlier this year and released 10 Coachella. 

 Keys’ lifetime passes to the festival are now… inaccessible to the holders who stored them on the FTX platform. Coachella innovation leader Sam Schoonover told Billboard, “We are actively working on solutions and are confident that we will be able to protect the interests of Coachella NFT holders.” The “contagion” will find more traditional partners encompassing all possible industries.

GTA Turns Down NFTs

The most talked about video gaming topics in crypto can often be boiled down to one title: Grand Theft Auto. The iconic series is now home to massive RPG servers that fuel audiences on platforms like YouTube and Twitch. The title is often rumored to be considering or discussing a lever of blockchain technology. To date, however, little has gotten past the rumour mill. Last year’s speculation focused on possible in-game payouts, and this year’s speculation has centered on crypto rewards in the upcoming GTA title. A recent update to the Rockstar Games Creators Terms has contradicted some earlier rumors, explicitly stating that any game mods involving NFTs or cryptocurrencies fall under the title’s “Commercial Use” violations.

The move ended rapper Lil Durk’s roleplaying server for GTA5 after Rockstar parent company Take-Two Interactive contacted the server operators.

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