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Metaverse August 7, 2022

The Kodaz is a new NFT project

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The Kodaz NFT project was constructed on the basis of a very particular ideology, which centered on the production of a more upbeat environment. They intend to accomplish this by regaining the value of pfp projects and providing a collection of 10,000 3D NFTs as their contribution.

The narrative of the project revolves around the Kodaz, a previously unknown community of spirits with the ability to bestow blessings on humans

The project features an art style that has never been seen before and is expertly crafted. Holders are able to connect with a community of people who share their perspective on the future of the world and the blockchain in general when they purchase one of these signature pieces and add it to their collection.

Kodaz is all about being proud of something and being able to flaunt it without feeling any sense of embarrassment or concern about its value or significance. Unquestionable reverence ought to be paid to outstanding works of art, and this is precisely the goal of the initiative.

Kodaz is all about restoring value back to the very fundamentals, and providing the very next high-value pfp project in the process. No more overpromising, no more under delivering. Value reduced to its simplest form.

“The Kodaz introduces the value of the fundamentals into the Metaverse and empowers the community with project utilities. We have launched our own Game and are giving away prizes in the form of both cash and non-fungible tokens. To propel us even further forward, we are working together with other projects that are both outstanding and successful. A piece of item will be provided to each and every bearer of an NFT in exchange for a discounted price.”

Twitter: twitter.com/KodazNFT

Discord: discord.com/invite/thekodaz

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Image credits: Shutterstock, CC images, Midjourney, Unsplash.

Cryptocurrencies

The Sandbox Unites with Ledger to Boost Metaverse Security

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The Sandbox Unites with Ledger to Boost Metaverse Security

The Sandbox, one of the most patronized decentralized virtual worlds, recently announced that it has teamed up with Ledger Enterprise, a company whose infrastructure solutions safeguard businesses’ crypto assets. As part of the deal, Ledger will provide security integration to all of The Sandbox’s enterprise brand partners. 

An ongoing collaboration

The alliance will enable brands to easily and simply secure their LAND, virtual parcels digital real estate within The Sandbox metaverse. LAND allows game designers create digital experiences such as dioramas or games and populate them with assets.

What’s more, enterprise brands will be able to secure wallets that house their Sandbox NFT collections. To be more specific, brands can add The Sandbox as a decentralized application (dApp) on Ledger Enterprise.

Additionally, users of Ledger’s live desktop application will see the integration of a widget for the Sandbox. The Sandbox will recommend Ledger Enterprise to clients, while Ledger returns the favor by recommending The Sandbox to those interested in breaking into the possibilities of the metaverse.

Lastly, with crypto hacks soaring by 15% from 2021 ($3.3 billion) to $3.8 billion in 2022, the alliance with enable clients to migrate all Sandbox NFT collections to a secure Ledger Enterprise wallet that benefits from additional security. 

The latest collaboration between The Sandbox and Ledger comes seven months after the two firms partnered to develop “Ledgerverse” in August 2022. 

Ledgerverse was created to educate people about the need for crypto security education, with detailed content on how users of the entire DeFi sector can protect their wallets from cybercriminals. 

Tommy Hilfiger partners with the Sandbox 

On March 28, Tommy Hilfiger announced via its verified Twitter handle that it has teamed up with several metaverse-related firms including Roblox and The Sandbox. According to the post, this will bring the brand’s lifestyle into multiple digital communities.

The Sandbox remains one of the most sought-after digital collections in the market. As of 09:30 UTC on March 29, the project’s highest seven-day sales ranged from $2,000 to $5,000 despite a sharp decline in the total number of sales, data from Nonfungible.com showed.

Sandbox token up over 60% this year 

Unlike other metaverse tokens that have seen mild gains in 2023, SAND is one of the cryptocurrencies that has brought multiple percentage returns to its holders. 

Following the market rebound earlier in the year, SAND soared by 114% to a yearly high price of $0.9365 on February 8 after opening the first day with a trading price of $0.3831 amid a substantial rise in investor demand. 

As of 09:30 UTC on March 29, SAND was exchanging hands for $0.6455. Overall, this brings the SAND gains year-to-date (YTD) to 68%, data from crypto price tracker CoinMarketCap showed. 

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Economy

Government-Backed NFT Scrapped By UK Treasury

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Government-Backed NFT Scrapped By UK Treasury

Government-backed non-fungible tokens (NFTs) were in the news last April, after the UK made a bold move to create digital collectibles to foster the country’s commitment to tech. While this was seen as a positive one year ago, a statement released on March 27 has thrown the once-innovative idea into complete disarray. 

The Treasury of the UK has nixed the idea of releasing a government-backed NFT which would have placed the country ahead of other crypto-friendly nations as a leading global crypto hub. 

Economic uncertainty across the entire decentralized finance (DeFi) sector due to a muddied regulatory picture was cited as one of the main concerns leading to the scrapping of the token. That’s according to statements made by Harriet Baldwin, Chair of the Treasury Select Committee, to the BBC. 

Current British PM proposed idea last year 

Last April, John Glen, the minister and economic secretary to the Treasury, told an audience at the Innovative Finance Global Summit that then-Chancellor Rishi Sunak, the current Prime Minister, petitioned Royal Mint to make an NFT before the end of summer 2022. 

According to Glen, the whole idea was part of the UK’s forward-looking approach towards utilizing the latest technology in the country’s development. 

While a government-backed “NFT for Britain” now appears off the table, economic secretary Andrew Griffith has made it known that the proposal will remain under review.

Shadow city minister Tulip Siddiq was quick to put the boot in, saying: “I’m glad the Royal Mint has finally made the Conservatives see sense, but we’ve been calling on the chancellor to drop this crypto gimmick for months.”

Global NFT market soars past $50bn in  sales 

Despite the negative market sentiment occasioned by the UK Treasury’s decision, the digital collectibles market remains the most profitable in the crypto-economy after the deepening of bearishness in the second half of 2022 due to the collapse of Terra and FTX. 

Global NFT sales in the past 24 hours stood at $41 million from the activities of 74,786 users involved in more than 180,000 transactions. Lifetime sales volume, meanwhile, has surpassed $50 billion.

Popular NFT project CryptoPunks holds the record for the four highest-selling individual NFTs, Axie Infinity remains the number one NFT collection by all-time sales volume with $4.2 billion, and Vitalik Buterin’s Ethereum remains the biggest NFT blockchain by all-time sales volume of about $38 billion

NFT users are spread throughout the globe, with the majority hailing from the United States, Thailand, Brazil, China, Vietnam, India, Canada, Indonesia, Germany, and South Africa

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Cryptocurrencies

Disney Dismisses Metaverse Division, Polygon Feels the Heat

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Disney Dismisses Metaverse Division, Polygon Feels the Heat

Disney has announced that it is abandoning plans to explore the metaverse, and the news has vibrated through many parts of the Web3 industry including cryptocurrencies. 

The animator, together with major fashion brands (Gucci, Louis Vuitton, Rolex, Yves Saint Laurent and Nike), automotive companies Mercedes-Benz and BMW, and fellow media company Warner Brothers, are the pioneer companies that have filed for NFT and metaverse trademarks with the United States Postal and Trademark Office (USPTO). 

According to the Wall Street Journal, around 50 employees in Disney’s metaverse division have been dismissed. The layoff in the AR and VR-powered division represents a modest fraction of the company’s downsizing that will see about 7,000 lose their jobs. 

While the mass media, multinational, and entertainment conglomerate has been experimenting with several technologies under the metaverse banner, including producing AR films, creating virtual stores, and integrating blockchain technology, the slow adoption of the virtual world has made the sector largely unprofitable for Disney and other firms. 

The latest development has not just affected Disney employees. Stakeholders of the crypto economy, particularly Polygon (MATIC) holders, have also seen a substantial reduction in their portfolios amid the layoffs.

Polygon (MATIC) is down by 12% in March 

In July 2022, Polygon was selected along with Red 6, Obsess, Lockerverse, Inworld, and Flickplay as the six participants for Disney’s Accelerator Program

The Program came with a vision of building the future of immersive experiences with a primary focus on artificial intelligence (AI) characters, NFTs, and ARs. 

As an integral part of the NFT industry, Polygon ranks 5th on the log of blockchains by all-time NFT sales volume with approximately $764 million from 1.05 million buyers involved in over 6 million transactions.

Disney’s association with Polygon at the time led to a 94% spike in the price of MATIC after opening and closing the month with trading prices of $0.4781 and $0.9283 respectively. 

Disney Dismisses Metaverse Division, Polygon Feels the Heat

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The opposite reaction has been felt in MATIC’s price due to the layoffs. MATIC is down by 12% in March after opening the month strongly at $1.1952 and declining to $1.0470, as of 09:30 UTC on March 28.

Disney Dismisses Metaverse Division, Polygon Feels the Heat

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NFT and metaverse trademarks continue to be filed 

According to USPTO data shared by licensed attorney Mike Kondoudis, a large number of companies have filed NFT and metaverse trademarks.

At a glance, these include Wynn Resorts, Seattle Mariners, Houston Astros, Boston Red Sox, FUJITSU, Nissan, Fallout, Lucasfilm, Samsung, Shutterstock AI, Grammarly, Amazon, Lacoste, and General Motors (GM).

Other firms to have explored opportunities via trademarks are Walmart, Sports Illustrated, Death Row Records, American Music Awards, and Disney. The latter’s latest application is for the new Marvel television TV show.

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