Trait Sniper Weekly News 12 (15.08 - 21.08.2022)
Since the Chinese government began to exert pressure, the crypto and NFT markets in this country have not been thriving, and there is a constant stream of negative news. And last week, Tencent closed its NFT marketplace. Borrowing from the marketplace to buy NFT (a function of BendDAO) puts hundreds of BAYCs in danger. At the same time, the NFT market continued to attract new members. Investors and artists have begun focusing on the creation of more actual value through NFT and the Metaverse. Let's also have Trait Sniper examine some fascinating news!
Blockchain Market
Tencent Stops NFT Sales, Allows Refunds on Its Huanhe Platform
“Based on the company’s consideration to focus on its core strategy, Huanhe is making adjustments to its business,” Tencent said in a statement, according to Reuters.
This decision seems predictable following a series of steps to prevent the growth of crypto and NFT in China since last year. Last month, Chinese media first hinted at the possible suspension of the Tencent NFT platform. However, the company did not identify Huanhe's future in its statement.
China's relationship with crypto and NFTs is erratic, and the country has already issued its own controlled digital currency. However, because of the country's crypto restrictions, Chinese technology businesses have been careful with their NFT platforms. In order to evade regulatory attention, most platforms refer to NFTs as "digital collectibles.”
Many Bored Ape NFTs Are Recently Entered The “Danger Zone” of Liquidation
BendDAO, a peer-to-peer lending service that allows users to borrow ether (ETH) against their NFTs, is struggling. Customers may often get a loan equivalent to 30 to 40 percent of the NFT collection's floor price, or the minimum amount required to acquire one on the open market, using the NFT as collateral.
Several tens of thousands of Bored Ape Yacht Club non-fungible tokens (NFT) acquired with borrowed funds are dangerously close to being forced liquidated, and there is concern that this might lead to even more liquidations. 45 of the 272 Bored Apes with BendDAO debts attached are currently in the platform's "danger zone," which is defined as when an NFT used as collateral is close to being auctioned off. In other words, Bored Apes NFTs valued at $5,300,000 is in danger of being liquidated.
A big liquidation event might have an impact on other NFT loan firms, which have gained importance over the last year as the NFT sector has exploded in popularity. Additionally, the Bored Apes are one of the most iconic NFT collections, if not the most significant, thus cascade liquidations in that sector might have far-reaching effects that extend beyond the Bored Apes.
”The short-term fluctuations in NFT floor price are normal,” BendDAO said in a statement. ”Consensus on blue chip NFTs wasn’t built in a day, and it will not be collapsed in a short period of time.”
NFT Market
Gordon Ramsay’s Hell’s Kitchen Is Coming To The Sandbox Metaverse
The Michelin-starred chef and TV star Gordon Ramsay has just revealed that Hell’s Kitchen is coming to the metaverse. Gordon Ramsay announced his collaboration with The Sandbox via Twitter.
The Sandbox dropped a video that gives Hell’s Kitchen fans a taste of what the experience will look like in the game. According to the official Sandbox page: “Only the greatest chefs can survive Hell’s Kitchen. Are you up to the task? Create outstanding new dishes, win competitions, collect recipes and compete for your chance to make it to Head Chef. It’ll be a delicious experience!”
Gordon Ramsay is the most recent celebrity chef to create a metaverse venture. This year, celebrity chef Christian Petroni debuted Petroni's Pizza NFTs, while celebrity chef Vikas Khanna announced a "Sacred Foods of India" NFT book project. Celebrity chefs are clearly not waiting too long when it comes to combining cooking and web3!
Steve Aoki and Seth Green Empower Fans With Their Animated NFT TV Series
The GRAMMY-nominated music producer Steve Aoki has just announced the first community-driven animated NFT TV series in collaboration with Seth Green.
Replicant X is the most recent episode in the tale of Steve Aoki's mascot, Character X. It is a continuation of "Dominion X," Aoki's 2021 stop-motion NFT project that sold out in seven seconds. This most recent version stands out from the crowd since it is very interactive. In reality, members of the community have the ability to influence the character's path as the plot develops.
This mintage of Replicant X will sponsor the first episodes of the animated NFT television series "Dominion X." Based on Aoki's Character X, this series is directed by Eric Towner and produced by Stoopid Buddy Stoodios. The figure debuted in the DJ's first NFT release, "Dream Catcher," and is now his personal mascot. The 2021 launch of the pilot project on Nifty Gateway brought a new method of connecting with the media.
STEPN Partners With WhaleFin & Atlético de Madrid For NFTs
STEPN is entering into a partnership with Atlético de Madrid and WhaleFine for an exciting NFT sneaker collection. The announcement by Amber Group, a leading digital asset platform, confirms this venture, which consists of 1,001 digitally hand-drawn Atlético de Madrid sneakers.
The Atlético de Madrid NFT shoes, created in collaboration with WhaleFin and STEPN, will enable supporters of the famous Spanish football club to engage with their team in an entirely new way. In addition to bridging the gap between the digital and physical worlds, holders of NFTs will have access to exclusive privileges.
Íñigo Aznar, Chief Commercial Officer at Atlético de Madrid, said, “This strategic alliance with WhaleFin opens a new world of possibilities for the club and our fans worldwide. Exploring new ways to connect with our fan base and with communities like STEPN allows us to discover innovative possibilities offered by Web3.”
Final Thoughts
In recent years, it has been clearly obvious that the governments of several nations have started to interfere significantly with the administration of blockchain and NFT. However, since each nation has a distinct method of obtaining it, traders from each country must also understand the legislation thoroughly before engaging in a transaction. Additionally, a feature like BendDAO causes a large number of conflicting ideas, and it may require additional time to alter the rules to avoid negative market consequences. Now, not only profile images, but NFT and the metaverse have evolved and offer a great deal of value for users to experience in reality.