The “Lord of the Rings” film franchise is moving on-chain with the launch of a new Web3 movie experience.

Warner Bros. Home Entertainment, the production company behind the fantasy film series, is releasing a non-fungible token (NFT) collection tied to the original “Lord of the Rings: The Fellowship of the Ring” movie. The interactive experience is currently available to preview and will be open for purchase beginning on Oct. 21.

In partnership with Eluvio, a utility-focused blockchain aimed at enabling the internet for video, the launch will encompass two NFT tiers — the “Premiere Mystery Edition,” which has 10,000 collectibles priced at $30 each, and the “Premier Epic Edition,” which has 999 collectibles priced at $100 each. Each NFT allows collectors to watch an extended version of the film, access special features and discover augmented reality (AR) collectibles.

This is the first drop on the new WB “Movieverse” marketplace and is a part of Warner Bros.’ larger effort to tokenize major motion pictures in its archives.

“This initiative has important implications as a potential new way to handle movie distribution directly to fans; engage those fans through communities and tradable marketplaces; and demonstrate the practical utility of Web3 and NFTs,” Jessica Schell, executive vice president and general manager of Warner Bros. Home Entertainment, told CoinDesk.

While Web3-native entertainment has been on the rise in projects such as Mila Kunis’ “The Gimmicks” or Kevin Smith’s upcoming film on the “Secret Network,” Warner Bros.’ latest initiative may re-engage a community of fans through new Web3 technologies. The entertainment company also recently partnered with pop culture retail brand Funko to offer a physical and digital comic book collectible.

“It’s truly designed for a mass consumer audience, not just Web3 enthusiasts, which is why it should — and does — feel so remarkable and engaging,” said Michelle Munson, CEO and co-founder of Eluvio.

（二）Coinbase Says Reddit’s Success Highlights the Potential for NFTs

The platform’s non-fungible-tokens are booming despite the bear market, the report said.

Reddit non-fungible tokens (NFT) have dominated conversation in cryptocurrency markets this week after they generated $2.5 million in daily trade volume and prompted 3 million people to sign up for NFT wallets on the social media platform, Coinbase (COIN) said in a report Wednesday.

NFTs are digital assets on a blockchain that represent ownership of virtual or physical items and can be sold or traded.

“Facebook, Instagram and Twitter all have NFT integrations, but those initiatives focus on ‘showing off’ NFTs purchased from marketplaces and adding your favorite as a profile picture,” however, Reddit’s NFT marketplace makes it a direct participant, the report said.

Reddit’s strategy also focuses more on its community as it gives extra features to NFT owners and supports creators, the note said. It is airdropping — or giving away — NFTs to the more active users on the platform.

The role of the Polygon blockchain is also key, Coinbase said. As a layer 2 blockchain, it is compatible with Ethereum, while allowing users to transact more quickly and for lower network fees, thereby “addressing two major barriers to crypto adoption.”

Even as NFT sales volumes have plummeted this year, dropping 97% from the January peak, Reddit’s success shows the potential for these tokens, the note said. The company is likely to capitalize during the current slowdown, and has already started teasing its Halloween avatar collection, the note added.

（三）NFT Marketplace LooksRare Switches to Optional Royalties

It joins a growing list of platforms that are choosing to forego royalty requirements as the default, including X2Y2 and Magic Eden.

Non-fungible token (NFT) marketplace LooksRare said in a statement on Thursday that it will no longer require collectors to pay royalties to creators when purchasing digital collectibles.

The platform, which has the fifth-largest trading daily volume among NFT marketplaces according to DappRadar, said that rather than supporting royalties “by default” it will instead distribute 25% of platform fees to creators and collection owners. Buyers can now “opt in” to pay royalties at checkout.

The platform’s “Trading Rewards” distribution ratio has also been updated to favor sellers.

“The growth of zero-royalty marketplaces has eroded the general willingness to pay royalties throughout the NFT space,” the company explained, adding that its new royalty structure is meant to be “a competitive solution that still benefits creators.”

LooksRare’s decision follows a trend of NFT platforms dropping requirements for artist payouts. In August, marketplace X2Y2 ended its royalty requirements, making them optional at the discretion of the buyer. And earlier this month, Solana blockchain-based marketplace Magic Eden followed suit.

While conversations around whether buyers should be obligated to pay royalties to NFT creators for their art, LooksRare specifies that its 25% protocol fee will still support both parties by sharing the burden associated with listing tokens on the platform.

“The industry is trending towards zero royalties, but it’s still our responsibility to support creators in the new landscape,” LooksRare said in the statement.

Italian soccer club AC Milan is diving deeper into crypto with a new collection of NFTs from Solana-based esports franchise MonkeyLeague.

The new non-fungible token (NFT) partnership will let fans mint Rossoneri-branded wearables and give them access to game tournaments, such as football players playtesting the game.

It is not the first time AC Milan issued an NFT. In January 2021, the Italian soccer champion launched an NFT campaign and its AC Milan Fan Token (ACM) on the fan engagement and rewards app Socios.com. One month later, cryptocurrency trading platform Binance also listed the fan token.

Earlier this year, the club started new partnerships to issue official NFT video highlight moments and entered an NFT-based fantasy football game, allowing users to collect, trade and play with digital cards from AC Milan.

AC Milan is the first football club to partner with MonkeyLeague. “We are thrilled to kick off this partnership with MonkeyLeague, a collaboration that allows us to strengthen our positioning in the field of digital innovation,” Casper Stylsvig, chief revenue officer of AC Milan, said in a press release.

（1）Funko Teams Up With Warner Brothers for DC Comics' NFT Release

DC fans who purchase the collectible can connect their crypto wallet and claim the NFT online, which is minted on the WAX blockchain.

Pop culture retail brand Funko is taking another step into the crypto space, teaming up with Warner Brothers to offer a physical and digital comic book collectible exclusively through retail giant Walmart.

The “phygital” bundle includes a comic book cover from DC’s “The Brave and the Bold,” in both printed form and as a non-fungible token (NFT) redeemable online.

Funko’s aim is to “marry the two worlds” of physical and digital collecting, CEO Andrew Perlmutter said in an interview. DC fans who purchase the collectible can connect their crypto wallet and claim the NFT online, minted on the World Asset eXchange blockchain (WAX) – a network that supports 60 million NFTs (including ones issued previously by Funko, Topps, Atari and other mainstream brands) and 30,000 dapps.

Funko has been making strides in releasing NFT components to its flagship “Pop!” action figures for the past year. In August 2021 it kicked off its digital asset extension with its Teenage Mutant Ninja Turtles collection, allowing users to purchase both figurines along with an NFT.

Starting Oct. 7, Funko will begin selling the 30,000-unit “Brave and the Bold” collection at Walmart.

“We think this is a great opportunity to test out what this could look like with retailers, and if we wanted to expand our NFT business to physical retailers as well as digital,” Perlmutter told CoinDesk.

（2）NFT Project Okay Bears Signs Licensing Deal With IMG

IMG has been appointed as the exclusive global licensing representative to launch consumer products and experiences for the Solana-based PFP project.

• Project name: Okay Bears

• Project type: PFP (profile picture)

• Original mint date: April 26, 2022

• Original mint price: 1.5 SOL (approximately $150 at the time).

• Runs on: Solana

Okay Bears, a successful non-fungible token (NFT) project launched on the Solana blockchain, is teaming up with global entertainment leader IMG to launch consumer products and experiences.

The deal places IMG as the exclusive global licensing representative for the community-focused project, which consists of 10,000 well-dressed bears sold in the form of PFP NFTs. The project made $18 million in sales within 24 hours of its April 2022 launch on NFT marketplace Magic Eden - generating more trading volume than any individual Ethereum project. This is significant because many of the most popular NFT projects to date have minted on the Ethereum blockchain.

Co-founded by graphic designer Kais and former engineer Suby, the project has promised merch drops, live events and brand collaborations for its holders, who rally behind the message "We're All Gonna Be Okay." Bruno Maglione, president of licensing at IMG, said that the Okay Bears' "brand message and values" will be reflected in future creative collaborations and products.

IMG has previously worked on licensing deals with youth-focused brands like Fortnite, Lego and Angry Birds. Meanwhile, the NFT project recently collaborated with NBA basketball supplier Wilson and Chicago Bulls point guard Lonzo Ball on a 1-of-1 signed NFT in his likeness.

The “band” didn’t previously have a road map to actually making music. (10:22PM/Universal)

A pair of Grammy award-winning producers tied to hit acts from Beyoncé to Justin Timberlake are helping to create music for a non-fungible token (NFT) band made up of Bored Apes.

James Fauntleroy and Hit-Boy, the producers and songwriters, are creating the discography for Kingship, the BAYC band created last November by Universal Music Group’s crypto culture-focused sublabel 10:22PM.

The addition of Kingship’s first producers could give the band a sound whereas before there was just an image: the non-fungible token (NFT) status symbol of Bored Ape Yacht Club. When UMG signed Kingship in November, the plans for the NFT group to start making music weren’t fully fledged.

Fauntleroy and Hit-boy will develop each Bored Ape band member’s sound. The head of UMG’s crypto sublabel was already constructing an extensive storyline, albums and metaverse concerts for the four-member team. UMG plans to sell access to the band’s output as NFTs, too.

NBA to Develop NFT-Based Fantasy Basketball Game With Sorare

Sorare has become the “Official NFT Fantasy Partner” of the NBA.

NBA (Pixabay)

The National Basketball Association (NBA) is to develop a digital collectibles-based fantasy basketball game with European non-fungible token (NFT) platform Sorare.

The U.S. basketball league and its players’ union, the National Basketball Players Association (NBPA), announced a multi-year partnership with the Paris-based company in a statement on its website. Sorare becomes the “Official NFT Fantasy Partner” of the NBA.

The fantasy game will involve users creating a lineup of NFT-based collectibles representing NBA star players who earn points based on their real-life performances. The game will be released in time for the 2022–23 season in October.

The NBA becomes the latest top sports league to partner with Sorare following Major League Baseball (MLB) in July. Germany’s top-tier soccer league Bundesliga and La Liga, the Spanish equivalent, tapped Sorare’s NFT capabilities last year.

Sorare, which develops NFT-based sports games with licenses from major leagues and teams, claims to have 2 million registered users across 185 countries.

The NBA’s digital asset-related activities are already well established through digital collectibles platform Top Shot, where users purchase highlights from games on the Flow blockchain. Sales on Top Shot eclipsed $1 billion in May.

Facebook Joins Meta’s Instagram in Supporting NFTs

Users can now link their crypto wallets and begin sharing their digital collectibles, parent company Meta Platforms said.

Facebook testing NFTs (Solen Feyissa/Unsplash)

Social media powerhouse Meta Platforms (META) said Monday that it’s now allowing users to post their non-fungible tokens (NFTs) on Facebook.

What started as an Instagram-oriented NFT integration in May is now available on both Meta-owned platforms. According to Meta’s updated May 10 post, users can now connect their crypto wallets to either app and post their digital assets across both social media platforms.

The latest integration could expose vast new audiences to crypto collectibles because Facebook has billions of users worldwide. Whether and how parent company Meta monetizes those eyeballs remains to be seen.

Meta supports NFTs from the Ethereum blockchain, the layer 2 companion blockchain Polygon and Flow, a blockchain best known for NBA Top Shot. Flow’s native token FLOW rallied on the news of the Facebook integration.

“As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both,” the updated blog post said.