Through all the noise, broad NFT market growth continues to show healthy progress throughout 2022. Nonetheless, it was a bit of a quieter week this past week in NFT action, as the space continues to mature a bit and the ‘eye-popping headlines’ slow down a bit.
NFTs In A Nutshell brings you the biggest headlines and things to watch out for around the NFT space every Saturday. This past week, a new protocol entered the fray, EToro announced a new $20M NFT fund, and OpenSea’s support for Solana has gone live. Let’s review all that and more from the past seven days of NFT action.
This Week’s Non-Fungible Token News
DAO Maker Joins In On NFTs
Commonly associated for it’s engagement in the DeFi landscape, DAO Maker is broadening it’s horizons after launching it’s NFT issuance market this week. DAO Maker joins a growing list of altcoins to make a strong push in the NFT space, including the likes of Polygon, Terra, Cardano, Avalanche, and plenty more.
The protocol’s first collection? A collaboration with football legend Maradona. More details on that in tomorrow’s Bitcoinist release of The Sports Slice.
Starbucks Announces NFTs, But Company Issues Still Loom Large
Starbucks is facing a growing internal push for unionization, of which CEO Howard Schultz is not particularly fond of. Momentum is certainly not in Schultz’ favor, either, as now half of U.S. states feature a Starbucks store that has filed for a union election.
This week, Schultz and Starbucks top brass announced their intent to dive into NFTs “sometime this year,” but within just a few hours after the statement, the company fired a top union leader who had been with Starbucks for several years. Many have cited the NFT announcement as a smokescreen to ease the troubling headlines around the company’s challenges with dealing with unionization.
eToro’s New $20M Fund
eToro is shooting it’s shot with with the launch of a new site, ‘eToro.art,’ as a self-described “new patron program to support NFT creators, agencies, and brands.” In a new press release that was made public in recent days, eToro shared that a new $20M fund will be aimed to buy blue-chip NFT projects and seed emerging creators.
In the release, eToro CEO and co-founder Yoni Assia stated that the company “sees huge potential in the metaverse and a range of new digital assets.”
Related Reading | Bitcoin To Power The Future, How Block, Tesla, And Blockstream Will Build Mining Facility
DAO Maker is a name we haven't yet called out in the Nutshell - as the protocol takes it's first dip of toes in the NFT sand this week. | Source: DAO-USDT on TradingView.com
OpenSea’s Solana Support For NFTs Goes Live
It was in just last week’s Nutshell that we heard about OpenSea’s latest update on Solana – that it would be coming sometime in April. Things move quick in the space, as this week, Solana support went live on the largest NFT marketplace in the business.
OpenSea announced on April 7 that they are “currently supporting 165 collections, and adding more every day.”
The UK’s ‘Royal’ NFT
The UK government seemingly isn’t shying away from NFTs, as they are working on NFTs with ‘The Royal Mint,’ a government-owned mint known for unique coin designs. What will it look like? No mock-ups or leaks yet, but it’s been described as an “emblem of the forward-looking approach the UK is determined to take.”
What does that forward-looking approach look like when it comes to crypto, NFTs, and all the rest? From what we’ve heard thus far, the UK government wants to take a relatively pro-crypto stance while still having presence with regulations. The country’s Economic Secretary to the Treasury, John Glen, has stated that the UK government aims to “protect consumers by legislating to bring certain crypto-assets into the scope of financial promotions regulation.”
That sounds great on it’s face, but implementation and execution is certainly a different level of difficulty. Nonetheless, the UK government is making a clear effort, as they have laid out a number of different initiatives that they believe will make crypto more efficient and effective in the country. That includes things like a ‘Cryptoasset Engagement Group,’ a more competitive tax system around crypto, and even a Bank of England-supervised payments network that aims to be a ‘financial market infrastructure sandbox.’
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Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
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