Museums, individuals and metaverse initiatives have used nonfungible tokens (NFTs) as a new means for reinventing themselves before their fans. The family of Frida Kahlo unveiled never-before-seen art and personal artifacts of the artist at an exclusive event in Decentraland for its art week in August. In Belgium, the Royal Museum of Fine Arts Antwerp became the first European museum to tokenize a classic art masterpiece worth millions of euros. The Kharkiv Art Museum in Ukraine launched a new NFT collection with Binance to preserve their cultural heritage and raise funds amid the ongoing regional conflict. However, as everything becomes …

What are the future possibilities with CC0 NFTs? The world of NFTs is in its infancy. As artists and creators explore ways to create and monetize their content, products and platforms are emerging to offer frameworks for creators to operate and build their brands, and monetize them. It is still the early days for the nonfungible token world. The last couple of years have seen an economic model emerge for artists and creators. With every new business model, there needs to be new distribution strategies that emerge. NFTs have shown how brands can be monetized. However, relying on a small …

As the Web3 space expands, nonfungible token (NFT) use cases continue to develop past the hyped days of stagnant digital art collections. However, even within the art realm, NFT utility is being reinvented, as is the case with a Ukrainian art museum. The Kharkiv Art Museum announced on Oct. 13 its “Art without Borders” NFT collection is now available on the Binance NFT marketplace. It includes 15 pieces of art from the museum’s collection, with proceeds going back to finance the museum and “save the cultural heritage of Ukraine,” as stated by the official announcement. The museum is one of …

Artificial intelligence (AI) is a mainstay in many Web3 activities. From nonfungible token (NFT) creation to fraud detection, it is integral to the roots of what makes up decentralized technology. Mona, a Miami-based 3D metaverse development and Web3 social platform, unveiled an AI-powered 3D generator for material design. The tool allows designers and creators on the platform the ability to input words into the AI mechanism in order to create materials for their personalized digital spaces. The MonaAI Material Generator is similar to the AI image and design generator DALL-E. However, it focuses specifically on “seamless” and realistic textures to …

In this week’s newsletter, read about how the racing brand Formula One is planning to position itself in Web3 and how nonfungible tokens (NFTs) will transform betting on upcoming athletes. Check out how GameFi can provide the unemployed with a new means to earn and find out how the wealthiest British artist alive burned $10 million in artworks to complete his NFT project. And, don’t forget this week’s Nifty News featuring OpenSea adding Avalanche support and Meta adding feet to its avatars. Formula One files ‘F1’ trademarks covering crypto, NFTs and Metaverse Racing brand Formula One filed NFT-related trademarks showing …

Britain’s wealthiest living artist, Damien Hirst, has started setting fire to millions of dollars worth of his own artworks as part of his nonfungible token (NFT) project called “The Currency.” During an Oct. 11 live stream of his London gallery at 12:30pm local time, Hirst burned hundreds of his own “The Currency” artworks, ensuring that they exist only in the form of an NFT moving forward. “The Currency” is the name given to Hirst’s first NFT collection which dropped last year — made up of 10,000 NFTs each tied to a physical oil painting. The project has been part of …

While public interest in the Metaverse has not been completely lost, brands are trying to make the most of its popularity. Many luxury brands have already jumped on the gamification bandwagon, selling branded skins and buying land in the Metaverse. We have already visited Decentraland Fashion Week, played the Balenciaga game and regularly watched digital collections move from the mass market to luxury markets. In addition, in Web3, there is a serious beef between the Hermès brand and artist Mason Rothchild, the man behind the nonfungible token (NFT) MetaBirkins furry bags. This event has attracted public attention to the fact …

Paris Fashion Week 2022 consisted of 64 shows and 42 presentations, many of which demonstrated the future of fashion. From the sprayed-on dress worn by supermodel Bella Hadid at the Coperni show to upcycled fresh looks consisting of recycled garments, Paris Fashion Week brilliantly highlighted trends for upcoming seasons. While the majority of Fashion Week attendees and designers celebrated physical elements — such as in-person fashion shows and tangible designs — a handful of creators incorporated Web3 features to demonstrate fashion’s enormous digital potential. Web3 democratizes fashion Shedding light on this, Victor Weinsanto, a French designer who launched his brand …

The use cases of nonfungible tokens (NFTs) have evolved from pixelated punks and apes to real-world applications like real estate contracts and music royalties. Another use case is surfacing as the Monuverse uses NFTs to preserve cultural heritage around the world. Through a combination of blockchain technology, 3D imaging, generative art and local collaboration, the Monuverse is using NFTs to take important global monuments into digital reality where they will be infinitely preserved. The first NFT project of this caliber from the Monuverse highlights the Arco della Pace, or the Arc of Peace, in Milan Italy. Ready for a groundbreaking …

This year’s 64th Latin Grammy Awards will have its first-ever nonfungible token (NFT) collection after the Latin Recording Academy signed a three-year contract for award show-related NFTs. The aforementioned partnership is between the Latin Recording Academy, which is behind the Latin Grammys, and OneOf, a Web3 music platform. Each collection, which will lead up to that year’s award show, will include drops highlighting Latin music. According to Manuel Abud, the CEO of the Latin Recording Academy, this is a new form of musical innovation and a way for fans to “own a piece of the Latin GRAMMYs." “The Latin Recording …

Non fungible token (NFT) artist Mike "Beeple" Winkelmann has found himself the target of phishing scammers yet again, warning users that the URL link to his official Discord server was “hacked” — sending unaware new members to a wallet draining Discord channel if they follow the link. In an Oct. 3 post UTC, the NFT artist called out Discord for “being garbage,” warning users not to go into the Discord and verify as it will “drain your wallet.” it appears our discord URLs were hacked to point to a fraudulent discord. DO NOT go into that discord and do not …

As one of the oldest entertainment industries in existence, the music business has experienced many technological advances that enhanced widespread adoption. The digitalization of music meant that artists could reach any audience across the world, and digital distribution gifted people with unlimited access to music. With these advances in distribution came some drawbacks in music monetization. The way musicians make money in a digital format has reduced margins from media or video revenue. Artists have been pushed back to generating revenue from offline endeavors like concerts and selling merchandise as the online landscape has been filled with intermediaries that take …