South Korea’s central bank has tested purchasing NFTs with its central bank digital currency.
In this week’s newsletter, read about how trademark applications for nonfungible tokens (NFTs) and the metaverse have grown in the United States. Check out how NFT marketplace OpenSea has launched a tool that can enforce NFT royalties on-chain and how the Chinese city of Wuhan backpedaled on its NFT plans while still pursuing the growth of metaverse economies.
In other news, find out how NFTs can turn passive fans into active community members. And don’t forget this week’s Nifty News featuring South Korea testing purchasing NFTs with it central bank digital currency (CBDC).
Data shared by trademark attorney Mike Kondoudis shows that filings for NFT and metaverse-related trademarks in the United States have grown in 2022.
For NFTs, the data shows that by the end of October 2022, 6,855 trademark applications had been filed. This shows significant growth from 2021. Last year, only 2,142 NFT-related trademark filings were recorded. On the other hand, filings for metaverse trademarks have also increased, with 4,997 trademark applications filed by the end of October. This shows a significant increase in filings, as the total number of applications for the metaverse in 2021 was 1,890.
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NFT marketplace OpenSea has launched a tool that enforces NFT royalties, which applies to new NFT collections. Devin Finzer, CEO of OpenSea, noted that the new tool will let creators have on-chain enforcement of royalties. The tool is a code snippet that lets creators enforce royalties on new and future smart contracts for NFT collections.
In addition, the tool also allows creators to restrict the sales of their NFT collections to marketplaces that support and enforce creator fees. However, while OpenSea said that it will support collections with an on-chain enforcement tool, it wouldn’t force new collections that don’t opt in.
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While the Chinese government has been supportive of metaverse efforts, its stance on NFTs has started to become blurry. With the regulatory uncertainty surrounding Web3 within the country, the city of Wuhan has reportedly put aside its NFT plans.
While NFTs were originally included in the city’s metaverse economy development plan, a new version of the plan has deleted a line about NFTs. Despite this, the city still aims to nurture more than 200 metaverse companies and build at least two metaverse worlds by 2025.
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In an interview with Cointelegraph, Ogden and Miana Lauren, team members of the inBetweeners NFT project, shared how NFTs can turn passive fandoms into more active communities and transform user participation.
The project’s team members shared how Miana started off as a fan of the project and eventually joined the team because of the engagement opportunities provided by the NFTs. She now works as a community manager for the team and believes that NFTs have the power to be many people’s gateway to using more Web3 technologies.
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During Solana’s Breakpoint 2022 conference, Jack Lu, CEO of NFT marketplace Magic Eden, highlighted that NFTs that enforce royalties have the potential to become a new asset class. Meanwhile, South Korea’s central bank has started testing purchasing NFTs with its CBDC.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
