Welcome to No Standing's Web3 Weekly Recap. In this newsletter, we’ll keep you up to date on the most important news and developments from the world of Web3.
If you missed the news this week we've got you covered. Here are the highlights and latest developments in blockchain technology, new projects, events, and much more. Stay up to date on all things Web3 by subscribing to our newsletter, and let us know if there's anything you'd like to see covered in future issues.
Story 1: FC Barcelona Launches Official Discord Server Attracting Over 47,000 Users in 48hrs
The biggest football club in the world, FC Barcelona, launched their official Discord server on May 30th 2023. FC Barcelona is embracing these new community channels often affiliated with web3 and gaming, to enhance the fan experience and pave the way for innovative sports marketing. The Discord server has already attracted a large number of members, with over 47,000 users joining in the first couple of days after launch. The server is still in its early stages, but it has quickly become a valuable resource for FC Barcelona fans around the world.
https://twitter.com/FCBarcelona/status/1663490017040166914?s=20
The server, which is open to all fans, offers a variety of channels for discussion, including channels for live match-day chats, news and updates, fan-created content and other interactive features. The FC Barcelona Discord server is a great way for fans to connect with each other and with the club. It is also a great way for fans to stay up-to-date on the latest news and information about the club.
The launch of the FC Barcelona Discord server is part of a broader trend among sports teams and leagues to embrace Discord as a way to connect with fans. In recent years, Discord has become increasingly popular among gamers, but it has also attracted a large following among fans of other sports and hobbies. Discord's popularity among young people makes it an attractive platform for sports teams that are looking to reach new audiences.
Story 2: Mercedes-Benz Web3 Collaborates with DAO for NFT Art Collection
Mercedes-Benz's Web3 division, Mercedes-Benz NXT, has partnered with digital arts group Fingerprints DAO to launch a novel Ethereum-based NFT collection named 'Maschine'. The collection, inspired by themes of speed and perception, comprises 1000 distinct pieces of generative art and seeks to foster a bridge between traditional and digital art.
https://twitter.com/MercedesBenzNXT/status/1661399942135414784?s=20
Mercedes-Benz NXT was recently established by the German automaker to work on digital collectives and virtual experiences. This move into the NFT space aligns with its goal of bringing the collectible value of Mercedes-Benz cars and memorabilia into the digital realm.
The 'Maschine' collection was conceptualised and created in collaboration with Dutch artist Harm van den Dorpel. The artist praised the automaker's focus on innovation and aesthetics and noted the unique benefits of blockchain for art preservation and ownership.
Luiz Ramalho, the founder of Fingerprints DAO, believes that collaborations like this one with Mercedes-Benz NXT could help raise public awareness about the Web3 space and validate digital art in the traditional art world.
Mercedes-Benz NXT plans to release two additional collections and is devoted to long-term efforts to build a unique presence in the Web3 community. This collaboration is a stepping stone to their sustained digital involvement.
Story 3: Ninjalerts v3 Unveils New NFT Trading App
Ninjalerts, the innovative app that monitors NFT trading activities, has launched its most robust update, Ninjalerts v3. The upgraded version allows users to explore comprehensive Profit & Loss statements for each tracked wallet and to identify the top 1,000 profitable wallets weekly, monthly, and quarterly.
https://twitter.com/ninjalerts/status/1654216561845063681?s=20
The app was created by co-founders Trevor Owens, Max Savin, and Sihoon Kim with a vision to simplify NFT trading and empower users with real-time insights. It delivers push notifications whenever a tracked wallet engages in NFT activities such as buying, minting, or selling.
While the app secured venture capital funding from Artesian and SOSV, most of its financial support comes from internal revenue and the commitment of its founders. This dedication is evident in the app's growth, which boasts a 60,000-user Discord community, has sent over 23.5 million alerts to more than 12,900 connected devices, and maintains a remarkable monthly retention rate of over 90%.
Ninjalerts v3 also ensures transparency and security with its 'wash trading' detection feature that uses popular algorithms and manual inspection. The app's directory includes wallets of influential figures in the NFT market and renowned social media influencers. It also offers a consolidated platform for users to track multiple wallets and receive real-time automatic alerts, enabling swift responses to market volatility and opportunities.
Story 4: Kellogg’s Considers Metaverse Entry Filing 12 NFT-Related Trademarks
Cereal giant, Kellogg's has filed twelve separate trademarks for its brands with the US Patent and Trademark Office, revealing possible plans to create NFTs using its intellectual property. The brands include Froot Loops, Special K, Pop-Tarts, Cheez-It, Rice Krispies, Krave, Eggo, Mini Wheats, Bear Naked, Frosted Flakes, Pringles, and Kellogg's brand.
The filings indicate that Kellogg's may bring its various cereals, breakfast bars, and snacks into 'online virtual worlds' as NFTs. However, the submitted trademarks do not guarantee that Kellogg's will launch NFT or metaverse-related assets featuring their food products. They primarily establish the company's potential to use its intellectual property within the Web3 realm in the future.
The move follows similar actions by other companies exploring the metaverse and NFTs. Mercedes Benz filed five metaverse and NFT-related trademarks with the USPTO in December 2022, while Fidelity filed three patent applications for offering investment services and financial planning across 'virtual worlds.' Currently, Kellogg's has not provided specific details on potential NFT drops.
Kellogg's exploration of NFTs and the metaverse demonstrates a growing trend of traditional companies recognising the potential of blockchain technology, NFTs, and the virtual economy.
Story 5: ERC-6651 Introduces a New Standard for NFT
ERC-6651, a revolutionary standard for NFT token development, is set to reshape the NFT landscape by introducing enhanced functionality, security, and interoperability. It introduces the concept of token-bound accounts (TBAs) that can own tokens and other NFTs, interact with smart contracts, and dynamically respond to external factors or user inputs.
ERC-6651 seeks to overcome the limitations of current standards like ERC-20 and ERC-721 by offering a more comprehensive approach to the emerging complexities of the NFT ecosystem. The new standard's innovative features and improvements position it as a game-changer for NFT token standards.
One significant innovation of ERC-6651 is its enhancement of NFTs by giving them smart contract capabilities. These tokens function as smart contract wallets, holding tokens and other NFTs similar to a regular smart contract wallet. Furthermore, these TBAs are created and managed through a permissionless registry compatible with existing ERC-721 NFTs.
However, the adoption of this standard faces challenges, with not all existing NFT projects and platforms willing to support it. Despite these obstacles, ERC-6651 has the potential to revolutionise the world of NFTs, making them more dynamic, interactive, and valuable than ever before.
Story 6: New Token Standard Bridges Ethereum-Bitcoin NFT Transfer
The introduction of a new token standard, BRC-721E, provides an innovative method for transferring Ethereum-based NFTs to Bitcoin. The new standard enables users to transform ERC-721 NFTs into Bitcoin Ordinals through a bridging contract and a unique burning process. Once an NFT is transferred to a burn address, it becomes unusable on Ethereum but can be inscribed as valid BRC-721E data on Bitcoin.
https://twitter.com/kiwi_dream/status/1663266009841811457?s=20
This novel process involves Ethereum transaction data being parsed to find and record any 'uninscribed burns'. Following a successful burn and inscription, the transferred NFT appears on the Ordinals Market collection page with its original metadata.
BRC-721E does not currently store metadata directly on the Bitcoin network. However, the creators anticipate the capacity for this to evolve over time. As the provenance of NFTs is critical, several strategies are being proposed to preserve essential data during the migration, such as storing a low-resolution image directly on the blockchain and providing a link to the original Ethereum token.
The BRC-721E launch follows the earlier introduction of the Ordinal Inscriptions protocol, which brought digital art use cases to the Bitcoin network for the first time. The protocol’s adoption has been successful, with the Bitcoin network recently processing a record number of transactions in a single day due to Ordinals.
Story 7: Reddit's NFTs Attract 10M Holders Surpassing $32M in Sales
Since its launch in July 2022, Reddit's non-fungible tokens (NFTs) have experienced phenomenal success, reaching $32 million in sales and attracting over 10 million holders. Stored on the Polygon (MATIC) blockchain, these digital collectibles offer unique, affordable, and secure assets for the platform's extensive user base.
https://twitter.com/Mani_NFTz/status/1663148564254695424?s=20
The unprecedented success of Reddit's NFTs in their inaugural year is primarily credited to popular collections like The Senses, Poieeeyee, and Foustlings. These collections have all surpassed the $1 million sales milestone. According to blockchain data analytics firm DuneAnalytics, the enthusiasm and demand for NFTs within the Reddit community are palpable.
Adding to the platform's NFT offerings, Reddit collaborated with prominent video game publisher Ubisoft to release the Rabbids NFT collection to commemorate their one-year milestone in Web3. This new collection showcases the beloved alien rabbit characters from the early 2000s, marking another successful venture into digital collectibles.
With a massive active monthly user base, Reddit's thriving NFT marketplace has revolutionised the digital collecting experience. It provides many unique designs, some created in collaboration with independent artists. These digital assets have transformed Reddit’s digital space and significantly influenced the broader digital marketplace. Reddit's success story underlines the transformative potential of blockchain technology in creating an inclusive and exhilarating NFT journey for all.
Story 8: Monaco Grand Prix Introduces Blockchain-Based NFT Tickets for Fans
The Monaco Grand Prix recently leapt into the digital space by introducing Formula 1 NFT tickets. This innovative move was made possible through a collaboration between Elemint, a blockchain infrastructure company, and Bary, a Web3 agency. The two worked together to create, mint, and offer these NFT tickets to fans, minting them on the Ethereum sidechain Polygon.
These NFT tickets provided holders with direct access to the race and brought a range of unique features, including transparency, traceability, personalisation, and the convenience of digital ticketing. Beyond the immediate access to the race, NFT ticket holders were entitled to exclusive perks, such as hospitality benefits and future race discounts, aiming to nurture brand loyalty among fans.
Jacques-Henri Eyraud, CEO of Elemint, emphasised how Web3 technologies enable more secure and personalised ticketing solutions, enhancing fans’ overall experience across all types of sports competitions.
This move marks an increasing trend in adopting NFTs within the ticketing industry, following similar initiatives by brands like Sports Illustrated. Given the unique advantages offered by blockchain technology, this transition to digital ticketing signals a vibrant future for event ticketing, with NFTs leading this revolution. As such, the Monaco Grand Prix exemplified the fresh perspective NFTs can bring to the fan experience
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