Tag: NFT

Lido Unveils Plans to Facilitate NFT Unstaking Using ETH Withdrawal Requests

Leading DeFi protocol Lido revealed that its NFT unstaking scheme would come full circle after the Ethereum Shanghai upgrade.  Prominent decentralized finance (DeFi) protocol Lido has announced plans to incorporate non-fungible tokens (NFTs) into its unstaking process. Yesterday, the largest DeFi protocol by total value locked intimated on the plans during its Node Operator Community Call #5. According to Lido, users will receive a transferable NFT that represents their request withdrawal for their staked Ether (ETH). These withdrawals, which are part of the process of users unstaking their ETH, will…

UK Government Suspends Plans to Launch State-Owned NFT

In a statement about reasons for the halt of NFT plans, Chair of the Treasury Select Committee Harriet Baldwin cited the uncertainty across the cryptocurrency sector. The UK Treasury Department has revealed it will no longer be going forward with its initial plans of launching a non-fungible token. According to an April 2022 proposal, which was put forward by then Chancellor of the Exchequer and current prime minister Rishi Sunak, the plans were part of a broader effort to make the UK a global crypto hub. At the time, Coinspeaker…

UK Treasury drops plans for Royal Mint NFT

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The United Kingdom has shelved plans to launch a government-backed “NFT for Britain,” which was initially proposed by crypto-friendly Prime Minister Rishi Sunak. While serving as chancellor of the Exchequer, the equivalent of a chief financial minister, Sunak asked the Royal Mint in April 2022 to create an “NFT for Britain” as part of the government’s “ambition to make the UK a global hub for crypto-asset technology and investment.” Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer. This decision shows the the forward-looking…

UK Treasury Cancels Plans for Government-Backed NFT

“We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money,” said Chair of the Treasury Select Committee Harriet Baldwin. “So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury.” Source

Gucci Partners with Yuga Labs for NFT Fashion Line

Gucci has alwasy capitalized on new changes within the industry and disruptions within society. Gucci is gradually shifting its focus to the Web3 space with the announcement of a multi-year collaboration with Yuga Labs, a Web3 firm heading several famous NFT collections like Bored Ape Yacht Club. Cryptopunks, Mebits, and Narrative NFT Project 10KTF. It is also the owner of Otherside, a bored app-themed digital world and game. The deal is set to raise engagement between both the company’s communities by traversing the convergence of the Fashion and Entertainment industries…

Sony eyes NFT transfers across multiple game platforms, reveals patent

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Sony Interactive Entertainment, the video game goliath running the PlayStation brand, filed a patent for a framework allowing users to transfer and utilize nonfungible tokens (NFTs) across multiple game platforms.  Over several years, Sony’s interest in crypto has been evidenced by numerous partnerships and trademark registrations. Adding to this list, Sony filed a patent titled “NFT framework for transferring and using digital assets between game platforms.” Snippet of Sony’s NFT framework patent filing. Source: patentscope.wipo.int Sony’s NFT framework aims to integrate NFTs into gameplay, wherein the technology can represent skins and…

NFT investor accidentally burns $135k CryptoPunk trying to borrow money

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A nonfungible token (NFT) from the CryptoPunks collection worth 77 Ether (ETH) was sent to a burn address to be permanently destroyed. However, the collector’s intent was just to borrow some money against it to buy another NFT. NFT collector Brandon Riley added CryptoPunk #685 to his collection on March 13 by paying 77 ETH, hoping to hold it for the long term. Now feels like an appropriate time to introduce #BAYC 586 to #Punk 685 (acquired a week ago). Hope to hold both for a decade… LGF! pic.twitter.com/SLb68rY6MR —…