NFTs in a nutshell: a weekly review

NFTs in a nutshell: a weekly review


Are NFTs finally infiltrating the AAA gaming space? Meanwhile, Solana’s market leader Magic Eden is dealing with societal discord and the biggest name in coffee is starting a new NFT rewards program.

They are just a few of the biggest stories that we collect and present to you in a cute little bite-sized fashion every weekend.

This week’s news is a non-fungible icon

The Temple of Kings in Magic Eden is a cause for debate

The proposal for a new ownership structure at Magic Eden, Solana’s largest NFT marketplace, has brought the SOL NFT community into heated debate. The new structure, called “MetaShield,” targets NFT buyers who avoid creator royalties when purchasing NFTs.

The tool allows content creators to adjust royalty towards watermarks, which can be removed once the collector has paid the respective royalty. However, some users have claimed that royalties are not the issue – and that MagicEden is.

Epic Games Launcher supports the first NFT-based game

Very few major game developers and publishers have shown willingness to deal with NFTs or blockchains in general. But that’s not the case for Epic Games last week. CEO Tim Sweeney has shown Epic Games an open door to interacting with space, stating that any developers that interact with them must be fair game. Sweeney’s sentiments so far have been somewhat emblematic of the idea that if developers wanted to build around NFTs, Epic wouldn’t constrain it.

From Sweeney’s mouth to the Epic Games Store last week, apparently, the store now supports NFT-based Blankos Block Party, the first title of its kind to be supported on the Epic Games Store.

Polygon (MATIC) will be the blockchain of choice for Starbucks' upcoming reward program with NFTs. For Polygon, it's another premier partner in a growing list of brands. | Source: MATIC-USD on TradingView.com

Newer Yoga Labs than NFT’s Rumor Mill

Are the makers of the Bored Ape Yacht Club at Yuga Labs planning their next release? A speculative report over the past week outlined “Mecha Apes,” an alleged upcoming release rumored to be the latest Yuga-derived project.

The project was reportedly intended to hit the market before the end of the year with a goal of raising $50 million. Yuga co-founder Garga quickly denied the report, simply tweeting “fake news” in a quote tweeting the story.

Doodle finishes a major fundraising round

Reddit co-founder and longtime Doodle owner Alexis Ohanian led the latest equity funding round for the NFT project, and Doodles concluded with a $54 million raise led by Ohanian-led company Seven Seven Six. Ohanian isn’t shy about sharing his bullish sentiment on NFTs and that’s on display here, as Doodles’ surge secures it at over $700 million. Many members of the NFT community were surprised to see the project garnered such a high rating, especially given criticism in the past surrounding Doodle’s quiet movement in the marketplace.

The 10,000 mint project currently has a floor around 8 ETH, which is a modest number compared to the project’s peak of 35+ ETH. Just three months ago.

NFTs as Rewards: A Look at Starbucks’ New Partnership with Polygon

Starbucks is integrating a new reward mechanism that uses NFTs, a project that’s been in the works for a long time but apparently is finally finding some legs. We first heard about the program about 6 months ago from former CEO (and three times) Howard Schultz, and although Schultz has left since the program was announced, it looks like new CEO Laxman Narasimhan will see the project through its launch.

Last week, the next step in the launch of the NFT rewards program took place, as Starbucks announced its latest partnership with the Polygon blockchain. Starbucks calls the program “Odyssey,” and it is expected to complement the existing rewards program and also include a marketplace for NFT.

How would that look? There’s still a lot to discover, but as our team at Bitcoinist has covered our in-depth report, users are expected to be able to earn the digital asset, dubbed “journey stamps,” and Starbucks’ CMO Brady Brewer mentioned that the company has a desire to be The program is “very easy and accessible”.

Featured image from Pexels, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice. This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.



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