NFT Game Pixelmon Attempts Comeback After $70M ‘Horrible’ Art Reveal
Perhaps no project was a greater sign of the NFT world’s excess and speculative frenzy earlier this year than Pixelmon, a project that raised $70 million by selling NFTs that promised to deliver a Pokémon-esque experience—and then unveiled ragged artwork that was widely panned and yielded memes aplenty.
A Pixelmon founder even called the art reveal a “horrible mistake.”. Several months later, the Ethereum-based game project is staging a comeback. Today, Pixelmon announced a new leadership team and an overhauled roadmap following the recent release of upgraded artwork, which turned the blocky, Minecraft-inspired models into more polished, smoothed-out 3D creatures.
Fidenza, a generative Ethereum non-fungible token (NFT) project from artist Tyler Hobbs, has seen a sudden rise in popularity over the past few days, with one wallet snapping up eight Fidenzas for close to $1 million. A series of back-to-back purchases were flagged by Fidenza Bot, an automated Twitter bot that scans OpenSea.
All of the NFTs were purchased by the same wallet – 808450 – and for much higher than their previous sales, seemingly out of the blue. For example, Fidenza #459 last sold for 0.29 ETH, or about $687, on June 11, 2021. Fidenza #726 last sold on June 14, 2021, for 1.2 wrapped ether (WETH) (approximately $3,098) and Fidenza #18 sold on July 15, 2021, for 8.5 ETH (approximately $16,294). The transactions bumped the project's market cap to 90,609.30 ETH (about $121 million) and helped raise its floor price to 94 ETH (approximately $116,154).
Kenya’s central bank governor admits pressure to convert country’s reserves into Bitcoin
Kenya’s central bank governor Patrick Njoroge has admitted to receiving external pressure from crypto proponents to convert the country’s reserves into Bitcoin (BTC). According to Njoroge, the idea can be equated to ‘craziness,’ noting that converting the reserves into Bitcoin would be a risk considering the digital asset’s volatility. Furthermore, Njoroge noted that the country could only opt to adopt cryptocurrencies if they solve a particular problem. He called for a review of the cryptocurrency sector to move away from what he termed as ‘hype’ around digital assets. Notably, the Central Bank of Kenya has previously issued warnings to citizens regarding dealing with cryptocurrencies citing the risks involved.
European Union to Launch Global Metaverse Regulation Initiative in 2023
The European Union (EU) will present an initiative to address the metaverse and all the activities and interactions happening in it sometime in 2023. The proposal, which was qualified as ”key” in the State of the Union letter of intent authored by Ursula von der Leyen, President of the European Commission.
Many countries of the world are in the process of integrating and adapting their regulatory frameworks and infrastructure to support the activities that are already happening in the metaverse. The European Union bloc is in this process, and has recently announced a union-wide initiative to allow Europe to “thrive in the metaverse.”. The Commission aims to deliver this initiative in 2023.
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European Union plans to combat counterfeiting with NFTs by 2023
As part of its efforts to combat the counterfeiting of real-world goods, the European Union (EU) has revealed that it is developing a strategy that would use blockchain technology and non-fungible tokens (NFTs). The Intellectual Property Office of the European Union will be responsible for designing the system that has been suggested, which is the culmination of almost five years of labor.
The owners of intellectual property (IP) will issue digital tokens, (twin NFTs,) to demonstrate that a set of manufactured goods are genuine. In order to build these items on the tracking blockchain, the holders of these intellectual property rights will first need to be incorporated as authorised signatories. The system will therefore make it possible to trace the supply chain as the items are moved through the various checkpoints, so enabling the owners.