ICYMI - Last week in crypto: Soulbound tokens and Nigeria's new Crypto bill
Metaverse fashion is kicking it🔥💃🏽
Last week, Metamask announced a partnership with Cobo and Gnosis DAO to launch soulbound tokens, Warner Music group invested heavily into the metaverse with a partnership with DressX and OneFootball released a comic book-style NFT collection with World Cup stars. Former US President, Donald Trump’s NFT collection sold out in 24 hours, while Nigeria works on a bill to recognize crypto as an investment capital.
MetaMask partners with Cobo and Gnosis DAO to build Soulbound token project
Cobo, MetaMask Institutional, and Gnosis Safe formed an alliance to launch a new soulbound NFT project that offers users new nonfungible exclusivity and proof of identity.
For users and projects to define themselves in virtual reality, soulbound tokens (SBTs) are establishing themselves as a mainstay in the Web3 space.
A new SBT project that brings together titans of the cryptocurrency industry to support users' developing digital identities was announced on December 13 by Cobo, a digital asset custodian and developer of blockchain technology.
"Evolution," an SBT project by Cobo, MetaMask Institutional, and Gnosis DAO, is a tool that enables users to define themselves in virtual reality and keep up with market trends.
SBTs cannot be purchased on the open market, according to a Cobo spokesperson, but this helps build a bridge between Web2 and Web3 in terms of user identity:
“This provides assurance to the token provider and allows them to give exclusive access and benefits to their targeted users by giving them an identity.”
SBTs may be the newest way to identify one's digital persona, but they cannot take the place of nonfungible tokens (NFTs) and the benefits that come with trading in tradable assets.
“Although the tokens can be used to identify and reward certain users, they can also be used to limit and exclude users from certain projects or benefits.”
The Cobo spokesperson claims that SBTs may be used more frequently to add a level of exclusivity that is not possible with a typical NFT. Holders of the Evolution collection, for instance, will get an exclusive quarterly analysis of the decentralized finance market that isn't available to anyone outside the SBT community:
SBTs may "dissuade users from changing wallets or rotating keys for security purposes," according to a brand- or wallet-related viewpoint, the representative from Cobo explained.
The introduction of SBTs and the development of major Web3 players have caused a shift in the market.
Now, it's being considered that these new digital assets could be the key to the metaverse of the future, where users' digital identities include citizenship.
The financial behemoth Sumitomo Mitsui recently disclosed in Japan that it is experimenting with SBTs to help address regional social needs.
Web3 game DOGAMÍ secures $14M in funding
According to a Dec. 12 press release, DOGAM, an augmented reality mobile game involving nonfungible token (NFT) pet companions, has finished a $14 million seed funding round. After initially securing $6 million from key players in the sector in January 2022, the Web3 mobile gaming company raised $7 million under the leadership of VC firm XAnge.
Through a partnership with omnichannel clothing retailer GAP, DOGAM, which has community members in more than 80 countries, reported that it has already sold 12,000 NFTs of dog avatars and 12,000 NFTs of canine accessories.
Additionally, the business has released its first mobile application, called "DOGA House," which enables users to interact with their "NFT puppies" in the "DOGAM universe" and learn more about them while also earning DOGA cryptocurrency.
Following the seed funding, Max Stöckl, Co-founder and CEO of DOGAMÍ, said, “With DOGAMÍ, we aspire to lead the industry in developing a scalable entertainment experience that transcends the Web3 space. We believe that our approach of combining an engaged community, compelling storytelling and true digital ownership is a crucial pillar of our early successes and we continue to capitalize on that. We are particularly happy to receive support from highly legitimate European investors like XAnge and Bpifrance which is an important signal for the Web3 gaming space as a whole.”
Web3 and blockchain-based games continue to receive funding for their projects despite the ongoing bear market. Despite FTX's abrupt demise and its detrimental ripple effects on the Web3 ecosystem, the analytical service DappRadar reported that "blockchain games raised over $320 million in November."
Warner Music Group Enters the Metaverse, Invest in DressX
Warner Music Group, an American entertainment and record label conglomerate, has recently partnered with and invested in DressX, a digital fashion retailer, demonstrating how it is advancing its metaverse strategy.
According to the agreement, Warner Music artists will have the opportunity to work directly with DressX to design and introduce 3D and AR virtual clothing that fans can collect and access on a variety of social media platforms, including Instagram, Snapchat, and other platform partners.
In addition, the partnership will enable artists to tap into new revenue streams while also opening up new opportunities for fans to express their fandom across various digital realms, according to the official blog post.
In a statement, Oana Ruxandra, WMG’s Chief Digital Officer & EVP of Business Development, said;
“The representation of our future digital selves will be as important and, if you’re measuring by the sheer volume of interactions, maybe more important than how we represent ourselves physically. As our digital identities become exponentially more robust and impactful, we are focused on building partnerships that will enable WMG and our artists.”
However, the sum that Warner Music Group committed to DressX as part of the agreement has not been made public.
DressX had partnered with Meta (formerly Facebook) earlier this summer and started selling clothes in the Mark Zuckerberg-led company's Avatar Store. This was the first time a fashion brand that was born digitally had the chance to attend an event hosted by the social media mogul alongside prestigious luxury brands like Prada, Balenciaga, and Thom Browne.
The music and entertainment conglomerate collaborated with The Sandbox of Animoca Brands to introduce a virtual world with a musical theme in January of this year. Warner Music Group's first foray into the Web3 market included the acquisition of "ESTATE."
To set the scene, it was mentioned that the "ESTATE" will serve as a portal for Warner's artists to appear in the metaverse. It is a cross between a musical theme park and a concert venue.
A month later, Warner, a record label, entered the blockchain gaming market by teaming up with Splinterlands, a developer. The goal of the agreement was to create mobile-friendly, accessible games by shifting toward arcade-style gaming in order to boost community building more effectively than with traditional play-to-earn (P2E) games.
Onefootball, Animoca Brands and Dapper Labs Release New Comic Book-Style NFT Collection With World Cup Stars
Before the World Cup Final, OneFootball released its newest NFT project on Thursday, Footballer's Journey, which is now live on the OneFootball marketplace.
Footballer's Journey was created in collaboration with industry pioneers Dapper Labs and Animoca Brands. It is a series of comic-style books that follow the lives of seven elite players from their early years to their rise to fame.
The collection includes players who have dominated the competition, such as Raphael Varane of France and Brazilian stalwart Vincius Jnior.
After a pre-sale that sold out, Chapter 1 panels are now offered for purchase and trade on the OneFootball marketplace. Packs of four panels cost $29 each. With 155 of the 20,195 NFTs in the first drop being rare, collectors have the opportunity to own a truly one-of-a-kind piece of the players' illustrious careers.
The chance to meet these footballing heroes in person is one of the exclusive rewards made possible by OneFootball's special relationship with the player line-up. A chapter can be completed by piecing together the significant turning points in a player's journey.
The seven players will distribute the free books on their social media channels so that fans can begin collecting Chapter 1 panels, with additional chapters scheduled.
The seven-star players include: Vinícius Júnior (Brazil / Real Madrid), Sadio Mané (Senegal / Bayern Munich), João Félix (Portugal / Atlético Madrid), Alphonso Davies (Canada / Bayern Munich), Raphaël Varane (France / Manchester United), Serge Gnabry (Germany / Bayern Munich), Minjae Kim (South Korea / SSC Napoli).
Jean-Charles Gaudechon, CEO OneFootball Labs, said:
“With the world gripped by football fever, we’re excited to be bringing a whole new NFT format to collectors and fans. Through our partnerships and access to some of the biggest players in football, it’s a major step towards our goal of giving people accessible, affordable, and unique Web3 experiences that encourage widespread adoption of blockchain technology in football. We can’t wait to bring fans even more in the future.”
The Flow blockchain, a decentralized network with low inflation, is used by the Footballer's Journey collection.
The purpose of OneFootball is to promote football as a global obsession. OneFootball, which reaches 100 million football fans monthly worldwide, is the most well-liked football media outlet for the younger generation of football fans. OneFootball announced in 2022 the formation of a new joint venture, OneFootball Labs, with Web3 champion Animoca Brands and Liberty City Ventures, one of the industry's forerunners in the blockchain space.
Clubs, leagues, federations, and players will be able to release high-end digital assets and fan-centric experiences on the sports industry's leading Flow blockchain thanks to OneFootball Labs, allowing fans to access their favorite moments through the user-friendly and secure Dapper wallet. OneFootball aims to be at the forefront of the Web3 era, assisting clubs, leagues, federations, and players in forging new digital experiences and fostering closer connections with supporters. The marketplace for OneFootball will carry all digital collectibles.
Jesse Lingard to Launch His JLINGZ Esports Brand Into the Metaverse
Jesse Lingard, a Premier League football player and England international, has announced a partnership with the video game metaverse Virtua that will allow him to take his esports brand into the metaverse.
Jesse Lingard, affectionately referred to by his global fan base as JLINGZ, will have the chance to expand into Web3 by working with Virtua. This collaboration will cover video games, access to exclusives, digital collectibles, metaverse esports, and virtual worlds.
The first 1,000 people to sign up will receive free Jesse Lingard VFLECT digital collectible avatars as a thank you for the announcement. More information is available on the JLINGZ Virtua website.
Fans will be able to support metaverse esports teams and participate in NFT/casual games in the Virtua Island sports zone, which will feature the JLINGZ Esports partnership as its centerpiece. Other celebrity and brand partnerships will be incorporated into the sports zone, expanding the opportunities for merchandise and digital ownership.
Through collaborations with well-known companies and celebrities, such as Williams Racing, Legendary Entertainment, The Hero ISL, Shelby America, and Kevin Hart, Virtua has successfully launched its games metaverse.
Jesse Lingard, JLINGZ Esports:
“I’m always looking for interesting and exciting ways to engage with fans that are passionate about football, fashion and esports, that’s what the JLINGZ Esports brand is all about. Virtua is the perfect partner to explore the opportunities in the metaverse and meet fans in this exciting new space.”
Jawad Ashraf, CEO and co-founder of Virtua, added:
“Jesse is a Web3 enthusiast, global sports personality and owner of a vibrant esports team, his brand transcends many different fan bases. His profile is perfect the Web3 audience, he’s a natural fit for the Virtua metaverse and we are delighted to be working with him to bring the JLINGZ Esports brand into the space.”
For more than ten years, Jesse has competed at the highest levels of European football for clubs like Manchester United, West Ham United, and Nottingham Forest. Additionally, he has made 32 appearances for England and has scored six goals, including one against Panama at the 2018 FIFA World Cup.
Jesse embodies the modern footballer and interacts with the younger generation of football fans on the social media platforms they prefer. Particularly with young fans, his distinctive style and enigmatic celebrations have forged strong bonds. Over 10 million people follow him on Instagram and TikTok at the moment.
Donald Trump’s NFT Collection Sold Out in One Day
Former U.S. President Donald Trump's recently launched set of digital "baseball cards" sold out within 24 hours of their release, despite his apparent lack of market timing.
Given that Trump has previously called cryptocurrency a "scam," the crypto community has responded with amusement.
Trump's NFTs, or "cards," as they were revealed last Thursday, feature illustrations of scenes from his life and career. The collectibles showed him in a variety of settings and attire, such as a racecar driver, an astronaut, and a cowboy.
“Trump Digital Trading Cards (NFTs) are intended as collectible items for individual enjoyment only, not for investment vehicles,” clarified the investment page.
The collection included 2,533 NFTs in total, which were sold for $99 each, raising more than $250,000 from the sale. With every NFT purchase, consumers were entered into a raffle for a chance to win a number of prizes, such as a 20-minute meeting with Trump, a zoom call, a round of golf, or an autograph from the famous person.
In the meantime, purchasers of 45 different NFTs received a guaranteed invitation to a gala dinner with the former president for 2000 people. Each NFT could outperform purchases made in cash, ETH, or WETH.
Exactly one year ago, Melania Trump unveiled her own NFT collection based in Solana. The earnings were put toward funding the education of foster children.
Trump has criticized Bitcoin and other cryptocurrencies in the past, calling them "scams" that are unsupported and a threat to the dominance of the US dollar. He did, however, support his wife's NFT venture last year.
At the time, he told FOX Business, "I don't want to have all these other (cryptocurrencies). The likes of which we have never witnessed could occur in an explosion someday. It will make the recent big tech explosion seem like child's play. I believe it to be extremely dangerous.
Since Trump announced his NFTs on Thursday, Crypto Twitter has been unable to help but appreciate the contradiction. Crypto podcast host Scott Melker expressed his hope that the collection would eventually reach zero so that the industry could "start again" in complete disbelief.
That hasn't occurred thus far. Trump's NFTs are actually trading at a premium to their initial sale price on OpenSea, with a floor price of 0.27 ETH, or $320 at the time of writing.
Report: Nigeria set to Recognize Crypto as Investment Capital
Following a Sunday report by the local news outlet The Punch, a new bill that is being worked on in Nigeria might allow local regulators to acknowledge cryptocurrencies as capital for investment.
According to Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Market and Institutions, the proposed Investments and Securities Act, 2007 (Amendment) Bill will, if passed, define the supervisory responsibilities of the Central Bank of Nigeria and the nation's Securities and Exchange Commission (SEC) with regard to digital currencies.
Ibrahim omitted to mention a deadline for the bill's passage, though.
"It is not that they are illegal but we don’t have regulation for them. So, these are some of the reasons why we need to review the Act and put some regulations for most of the activities – derivatives, commodity exchanges, digital currencies and so many other things," Ibrahim told Punch.
Nigeria currently ranks in the Top 5 countries in terms of crypto usage. However, crypto enthusiasts in this region will have to wait to see if this bill will signal a lift on the ban on crypto-fiat transactions.