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NFT Updates | Bank of America Evaluate DeFi and NFTs | Oct Week 2


www.altcoinbuzz.io 12 October 2021 13:44, UTC
Reading time: ~5 m

Every week, there are NFT updates that you can’t miss. Therefore, Altcoin Buzz has compiled the top NFT updates from the second week of October to keep you informed.

The nonfungible tokens (NFTs) space was exciting the previous week with a series of activities. During the week, Animoca urged NFT creators to use digital art in preserving culture. Also, Evolved Apes NFT creator reportedly took off with USD 2.7 million. Let’s take a look at the most critical NFT Updates of this week:

1 – Animoca Urge NFT Creators to Use the Digital Art to Preserve Culture

During the week, a new idea regarding NFTs came to light. Animoca Brands CEO, Yat Siu,  wants creators and marketers of the tokenized digital art to look beyond the money craze in the industry but examine how the creations can serve as the store of cultural relics.

Yat Siu urged the present and upcoming NFT users to see beyond the profiteering normal and use nonfungible tokens to redefine culture. Siu, both co-founder and head of the Animoca game brand, thinks NFTs give a new opportunity to reinforce cultural preservation in the virtual sphere.

investing in #NFTs is an investment in the culture that the #NFTs of that ecosystem represent eg. art, gaming, fandom, celebs and owners of the #NFT play a major part of developing the culture in +/- ways like with @TheSandboxGame https://t.co/JcGJyA0bsI

— Yat Siu (@ysiu) April 22, 2021

During a session, Siu also posited that the desire to “store culture” has long been with humans and thus predates the current tech powering the NFT creation.

Also, Siu said: “We describe NFTs as stores of culture because they embody a moment in history,”… “What is art? Art stores culture,” “Start with buying your first NFT, not to make money for you but simply with a desire to learn from it,”

2 – Evolved Apes NFT Creator Disappear with USD 2.7 Million

More exciting but more shocking news hit the industry over the past week. Reports claim the creator of ‘Evolved Apes’ absconded with 798 Ether (ETH) valued at over USD 2.7 million.

The allegedly stolen funds are a part of the money obtained from the initial minting process, and the ETH is traded in the OpenSea marketplace. Also, attempts to continue the game’s development are still on while more deliberate ones to apprehend the riper are underway. As you can see in the picture below, its official Twitter account was deleted:

Source: Twitter

Evolved Apes is a newly launched PFP (an acronym for profile picture) nonfungible token project. Unsuspecting investors in the project are also now tussling with the project’s anonymous developer’s sudden disappearance. The developer has now lived up to his name, “Evil Ape.”

Since its creation, “Evolved Apes” has been one of the most talked-about NFT mints lately. Over 10,000 collections were also reported to have been selling out in 10 minutes, with a massive price rise following the supersonic sale.

3 – Axie Infinity Developer Secures USD 152 Million in Series B Funding

According to reports, investors funded Axie Infinity developer with USD 152 million in its Series B funding project.

NFT gaming studio Sky Mavis also plans to pursue further expansions in the emerging play-to-earn arena. Following the massive success, Sky Mavis, the studio behind the popular Axie Infinity NFT game, announced a new round of funding for the firm.

Makers of @AxieInfinity, @SkyMavisHQ, have raised $152M at a nearly $3B valuation. This round, led by @a16z, will be used to help Sky Mavis grow a global team, scale its infrastructure, evaluate future projects and build its own distribution platform. https://t.co/0mqSQ9IA3N

— BITKRAFT Ventures (@BitkraftVC) October 11, 2021

The Series B funding exercise recorded giant-in-the-industry participants like global exchange giant FTX. As well as venture capital fund Andreessen Horowitz and significant others. As said by the firm, the funds are to “create economic and financial freedom for gamers.”

“While we’ve scaled at an astonishing rate, adding institutional investors to our community will enable us to expand our reach, reinforce our legitimacy when it comes to regulatory protection, and will give us the flexibility to scale and hire aggressively without touching our AXS token reserves,” Axie Infinity added.

4 – Bank of America Evaluate the Prospect of DeFi and NFTs

During the week, NFTs and DeFi generally had a long-term evaluation report by the Bank of America (BoA). The central financial institution, during the week, published an investigation report giving a bullish outlook for the future of cryptocurrency.

The Monday report also highlights the assessment of innovation within the decentralized finance (DeFi) and nonfungible token (NFT) industry. According to BoA: “[Crypto] is a trend that has barely started — money is the easiest application, and the Bitcoin use case started there.”

Source: Bank of America

Besides, the findings greatly affirm that the decentralized economy has transformed to incorporate ‘so much more than just Bitcoin (BTC),’ which kickstarted its popularity. It also claims the cryptocurrency sector with a USD 2.15 trillion market capitalization is now too big to be put aside.

“Tokens that act like operating systems, decentralized applications (DApps) without middlemen, stablecoins pegged to fiat currencies, central bank digital currencies (CBDCs) to replace national currencies, and nonfungible tokens (NFTs) enabling connections between creators and fans,” the report summarised.

5 – Sorare Extends Major European League Partnership with New Bundesliga NFT Inclusion

According to reports, Sorare, a popular blockchain-based fantasy football game, announced a new partnership deal with a notable football league in Europe. The latest deal was struck with Bundesliga, German football’s most important league. However, the agreement extends to the lower leagues in the country.

The latest Bundesliga inclusion is the second major football league deal Sorare has landed in less than a month. Last month, the company earned an agreement with the Spanish outfit, Laliga.

We are honoured to announce that the @Bundesliga_DE is joining the Global Fantasy Football game! 🌍

Where each match day is a festival and the moments are everlasting. 🔥

Own your moments #OwnYourGame ⚽ pic.twitter.com/95skuu4pRb

— Sorare (@SorareHQ) October 6, 2021

As part of the latest deal, Sorare will also offer video moments for the league matches as NFTs. Before now, the company focus has weighed in more on fantasy football with more than 200 team corporations.

In explaining the Bundesliga choice, Sorare’s CEO Nicolas Julia said: “Germany usually attracts the highest average attendance in football stadiums.”

Julia believes the league is the best in Europe and inarguably the world, and thus “very proud to partner with them to launch our first NFT Moments – we are building the future of fandom together.”

We hope you’ve enjoyed the latest NFT Updates.


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