← Go back Aug 08, 2023
New reports were released that point to a major slowdown in NFT trading. Still, developers continue to deploy millions of smart contracts across EVM-compatible chains, pointing to interest in finding broader use cases for blockchain tokens. Meanwhile, Etihad Airways announced plans to launch a Web3 loyalty program that will let its community of frequent fliers stake NFTs for miles. Plus, the team behind the Ordinals protocol is launching a non-profit to keep its development “clean” from corporate influence. You’re reading The Airdrop , our weekly newsletter where we discuss the biggest stories across Web3. Sign up here to get it in your inbox every Friday. Non-fungible trading woes: It’s been a no-good, very bad month for NFT trading, according to two new reports. High stakes: Etihad Airways, which has been steadily releasing NFTs through its EY-ZERO1 collection, has announced plans to launch a new Web3 loyalty program called "Horizon Club." Holders of its NFTs already have access to a number of perks, including Etihad Guest Silver Tier Status, priority check-in and lounge access. But beginning in September, the loyalty program will allow EY-ZERO1 collectors to stake their NFTs for miles that can be redeemed for flights, upgrades and other perks. Funding for Ordinals: Ordinals, the protocol that allows NFTs to be added to the Bitcoin blockchain, is establishing a non-profit organization to ensure that its developers get compensated for their work in a way that does not compromise their neutrality. Inscriptions on Bitcoin’s mainnet were first introduced by programmer Casey Rodarmor in January and paved the way for Bitcoin NFTs , though the development of the technology was mostly funded privately by Rodarmor and gifted contributions to the core developers. CryptoPunks Who : Larva Labs’ CryptoPunks (now owned by Yuga Labs) What : CryptoPunks, one of the earliest NFT projects on Ethereum and also one of the most popular collections of all time, experienced a number of high-profile trades this week, including one from prolific NFT artist Beeple. His first profile-picture ( PFP ) NFT purchase, the clownish Punk #4953 set the stage for other high-value buys, including Punks #6634 , which sold for 235 ETH (about $432,000) and Punk #3307 , which sold for 500 ETH (about $915,000). How : While the broader NFT market is down, and it's rarer to see big money trades happen as often as they used to, the latest CryptoPunks pump is a positive sign that an NFT renaissance may be in our future. Plus, it boosts morale to see well-known figures like Beeple get involved in particular NFT communities – he even announced plans to host a Punks meetup at his Charleston studio in September. Gucci’s got the goods: Holders of the 2,896 Gucci Vault Material NFTs, released by the luxury house in March, can soon exchange their NFTs for a wallet or bag. Tee time: Web3 golf community LinksDAO has launched a number of new membership options as it renovates its newly-purchased Spey Bay Golf Course in Scotland. King of the jungle: Bored Ape parent company Yuga Labs will acquire metaverse-focused Roar Studios to build out its vision for Otherside. NFT Now – or never: NFT publication NFT Now has laid off staff in response to “over-hiring.” Grand Prix NFT: Crypto exchange Kraken is crowdsourcing NFTs that it plans to put on the back of a British F1 race car during the U.S. Grand Prix this October. Are celeb ads back?: Comedian and actor Adam DeVine is the face of Bitget’s weird new campaign which recalls other ill-fated ads from celebs like Matt Damon. What Does it Mean to Tokenize Real-World Assets? Imagine you want to buy an Andy Warhol artwork. Most of us can’t afford to fork over record-breaking sums like $195 million for a Marilyn painting or even $850,000 for a mere print of Queen Elizabeth. Many people want to buy art either for pleasure or as an investment but are priced out. But what if you could buy “shares” of an artwork like you can buy fractions of a publicly traded company? That’s the idea behind the tokenization of real-world assets. Here’s what you need to know. Edited by Toby Leah Bochan.
Read more: coindesk
