NFT Archives - Gizmochina

Bored Ape Yacht Club NFTs Creator, Yuga Labs Hosts the First “ApeFest” in Hong Kong

Anubhav — Mon, 06 Nov 2023 15:02:15 +0000

Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) NFTs, chose Hong Kong for their first ApeFest outside of New York. The event, a convergence of over 2,500 NFT aficionados, not only marks a significant push into Asia’s burgeoning Web3 landscape but also highlights Hong Kong’s rising profile as a virtual asset hub.

There were participants from over 60 countries present

The three-day extravaganza drew participants from 60 countries, signifying the widespread appeal of the Bored Apes. Yuga Labs’ CEO, Daniel Alegre, underscored the importance of their Asian community, hinting at the strategic shift towards markets with strong NFT engagement.

In collaboration with BMW, the fest offered a unique experience where attendees could capture moments with a car donning their own NFTs. This not only points towards the mainstreaming of NFTs but also showcases the innovative ways in which they can be leveraged for real-world interactions.

This event comes at a crucial time for Hong Kong, which has recently witnessed a drain of cryptocurrency talent due to more favorable regulations elsewhere. Yuga Labs’ decision, supported by local government initiatives and partnerships with firms like Animoca Brands, signals a potential reversal of this trend.

Despite the challenges facing the NFT market, such as falling sales and regulatory scrutiny in the U.S., Yuga Labs’ commitment remains steadfast. Their confidence is mirrored by the enthusiasm of Bored Ape enthusiasts, some of whom traveled internationally for the first time to be part of the community gathering.

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Lawmakers Question Apple’s Stance on Blockchain and NFT Apps

Anubhav — Thu, 03 Aug 2023 01:33:20 +0000

A bipartisan group of US lawmakers, led by Republican Gus Bilirakis and Democrat Jan Schakowsky, is pressing Apple‘s CEO, Tim Cook, for clarification regarding the tech giant’s restrictive policies towards blockchain and NFT (Non-Fungible Tokens) applications on its App Store. In a quest for transparency, the Subcommittee on Innovation, Data, and Commerce sought explanations for the alleged obstruction of NFT and blockchain-related technologies.

Apple has previously insisted on the removal of NFT components of applications

According to the lawmakers, Apple’s App Store guidelines appear designed to bolster its profits while limiting the proliferation of apps featuring blockchain, NFT, and related technologies. The implications of these restrictions have compelled several companies to devise “lite” versions of their apps to meet the App Store’s rules on NFTs.

A case in point is Axie Infinity, a renowned company in the NFT space, which after a two-year negotiation period with Apple, was forced to launch a lite version of its app. Despite the lengthy discussion, Apple insisted on the removal of the NFT component of Axie’s app before allowing its appearance on the App Store.

The lawmakers’ letter underscored the concern that Apple’s strict App Store policies serve not only as a profit-enhancement strategy but also as a weapon against potential competitors. Critics argue that this approach stifles innovation and competition, threatening the healthy growth of emerging sectors such as blockchain and NFTs.

Apple’s response to these allegations will determine if the tech giant’s stance will evolve or continue to be a roadblock to blockchain and NFT app developers seeking to utilize its platform.

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Meta is Ending NFT Support for Facebook & Instagram

Anubhav — Tue, 14 Mar 2023 05:25:58 +0000

Meta, formerly known as Facebook, has decided to wind down support for NFTs on its platforms, Facebook and Instagram. The move comes less than a year after the company started pushing for the adoption of digital collectibles on its platforms. Meta’s Head of Commerce and Financial Technologies, Stephane Kasriel, announced the decision on Twitter and stated that the company had learned a lot from the initiative that could be applied to products that support creators, people, and businesses on its apps, both now and in the metaverse. Kasriel did not provide a reason for the decision but said the company would focus on monetization opportunities for Reels and messaging payments across Meta.

NFTs, or non-fungible tokens, are unique digital assets that use blockchain technology to verify ownership and authenticity. They can represent a wide range of digital content, such as art, music, videos, and tweets. NFTs have gained popularity as a way for creators to monetize their digital works and for collectors to own unique and rare digital items.

Mark Zuckerberg had previously announced Instagram’s work on NFT support at SXSW in March 2021, and the feature was launched in May of the same year. The company announced its expansion in November 2021, allowing creators to mint and sell collectibles directly on Instagram. Zuckerberg had suggested that NFTs could play a role in Meta’s metaverse plans, stating that he hoped users could mint their avatar’s clothing as NFTs and take it between different places in the metaverse.

Meta has been in a period of restructuring, and many initiatives have been shut down. The company has laid off thousands of workers and shut down numerous projects in what Zuckerberg has described as the company’s “year of efficiency.” Meta’s crypto wallet, Novi, was sacked last year, and rumours that it would have NFT support on its roadmap have not materialized. The company has also cut back on projects with its metaverse division, Reality Labs, and its program that paid bonuses to Reels creators.

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Instagram will soon add NFTs: Mark Zuckerberg

Sean — Wed, 16 Mar 2022 06:39:32 +0000

The CEO of Meta, Mark Zuckerberg, has just announced that non fungible tokens or popularly known as NFTs, will soon be made available on one of its social media platforms, which is Instagram.

According to a BusinessInsider report, the senior official at Meta was addressing one of the sessions at the South By Southwest event earlier this week. There, he stated that “over the next several months, the ability to bring some of your NFTs in, hopefully over time be able to mint things within that environment.” The Meta CEO further added that “a bunch of technical things that need to get worked out before that’ll really be seamless to happen. We’re working on bringing NFTs to Instagram in the near term.”

Similarly, Instagram Head, Adam Mosseri, also said that recently the company is “actively exploring NFTs” but did not divulge any other details regarding this matter. Additionally, Zuckerberf said that it is placing an emphasis on India and its creators and developer community as well. This news also arrives as the tech giant is shifting its focus on AR (augmented reality) driven Metaverse experiences for billions across the world.

Zuckerberg also spoke at the company’s Fuel for India’ event, where he said that Indian will play a crucial role in the building of Metaverse and its future. The Metaverse is basically being heralded as the successor to the mobile internet, with Twitter also introducing a new feature that lets users set an NFT as their own profile picture.

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India proposes 30% tax on virtual assets like crypto & NFT

Sean — Tue, 01 Feb 2022 14:33:59 +0000

Earlier this week, India had announced its plans for a digital currency that will launch next year. It even proposed taxing virtual assets like cryptocurrency and NFT, as it prepares to recognize digital currencies as a legal tender.

According to finance minister Nirmala Sitharaman (Via TechCrunch), the Indian government is proposing a 30 percent tax on income from the transfer of virtual assets. She further added that 1 percent tax should be deducted at source on payments made to purchase digital assets. Sitharaman said that “No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of digital asset cannot be set off against any other income. Gift of virtual digital asset is also proposed to be taxed at the hand of the recipient.”

The news arrives as the nation paves the way for cryptocurrencies and NFTs, although, government regulations on these assets are still uncertain. Notably, India’s central bank is planning on a new digital currency that is set to be released sometime next year. Its already began testing, which will go on for several months as the nation analyses its impact on the banking and monetary systems. Apart from just offering some clarity over taxing on digital assets, this news also showcases a rather progressive outlook from the Indian government since it is legalizing cryptoassets.

Samsung wants you to brag about NFTs, adds official support for TVs

Sean — Mon, 03 Jan 2022 12:35:57 +0000

With the start of a new year, Samsung Electronics is gearing up to include a brand new feature for its 2022 TV lineup. So what is this cutting edge feature that it believes will help its TVs gain an edge in the market? Well, it’s something revolutionary called NFT support.

According to an official press release “With demand for NFTs on the rise, the need for a solution to today’s fragmented viewing and purchasing landscape has never been greater. In 2022, Samsung is introducing the world’s first TV screen based NFT explorer and marketplace aggregator, a groundbreaking platform that lets you browse, purchase, and display your favorite art — all in one place.” So, it is not just a way for your to brag about your pricey NFT purchase on your TV during house parties, it’s offering you an entire marketplace platform.

The company believes that this new feature will also allow creators to “share their art with the world” and other prospective buyers. This is made possible with added NFT support that lets users preview an NFT before buying. Notably, the brand is even taking this chance to inform users about NFT’s history and blockchain metadata as well. Furthermore, the support doesn’t just let you view and browse NFTs, it also takes the creator’s efforts in mind and adjusts the image being displayed as per the original preset values. In other words, we’re getting color accurate treatment for NFTs now.

Apart from just being able to preview and buy those Bored Apes, Samsung also intends to flesh out the platform as a full fledged marketplace. Meaning, one can even trade NFTs from this platform. It is clear that the brand wants to jump on the NFT hype train. But, it will be the first to step into this segment, so we can expect to see other companies soon rush to bring support for NFTs as well, or possibly even a new rival marketplace.

‘Astro Boy’ anime NFT sold for a whopping 56 million yen(~$487,528) in Japan

Pranav Sawant — Tue, 28 Dec 2021 11:23:18 +0000

NFTs are trending lately as they possess a sole value of a digital product, item, game, or artwork and they cannot be interchanged with any other NFT. A single NFT is only one and it cannot be exchanged like crypto coins such as Bitcoin and Etherium.

That said, the NFTs have seen huge demand, so much so that even a small artwork is getting sold for millions of dollars. Similarly, in Japan, an NFT work of the famous anime Astro Boy was put forth for auction and it was sold for a whopping 56 million yen(~$487,528).

The Astro Boy NFT is on the anime’s main character. It has several small drawings of the events in the anime. Reportedly, it has over 840 original color drawings of the illustrator, Osamu Tezuka. It has a black and white original drawing of the main character created into mosaic artwork.

Earlier, the starting price of the Astro Boy NFT was only 10 Ether but the final price reached 120 Ether. At the time of writing this story, 120 Ether is somewhere above ~$470,000.

In related news, Twitter’s former CEO, Jack Dorsey recently put up his autographed tweet for sale as an NFT. American digital artist, Mike Winkelmann sold his artwork called Beeple for a whopping $69 million. Filmmakers are also moving towards creating and selling a film on the NFT market. Several blockchain companies are also reportedly reaching out to famous celebrities to create their own personal NFT, which would mutually benefit both the celeb and the blockchain company.