Nifty Newsletter, December 28-3 January
In this week’s newsletter, you can read about how non-fungible tokens (NFTs) on the Magic Eden market showed “unsavory pictures”. Read about Final Fantasy developer Square Enix’s aggressive investments in blockchain games and how play-to-earn (P2E) will transition from the growth phase to maturity. In other news, check out metaverse developments through 2022. And don’t forget this week’s Nifty News showing Solana NFT’s increase in trading volume.
‘WHAT did I witness?’ Magic Eden shows porn after hosting service is hacked
Solana-based NFT marketplace Magic Eden had recently assured its users that their NFTs are safe after pornographic images were discovered on the trading platform on January 3. The marketplace told users it was not hacked. Instead, the third-party service provider that hosted images on the platform was “compromised.”
Tweets posted by Magic Eden users pointed out to the platform that sometimes pornographic images were loaded onto a collection’s page instead of the NFT thumbnails. Other users reported seeing images from the TV series The Big Bang theory instead of the correct NFT images.
Final Fantasy creator reveals ‘aggressive investment’ in blockchain games
Square Enix, the creators of the popular Final Fantasy game series, said that blockchain games would be one of the main strategies going forward. In a letter summarizing the company’s 2022 milestones, the firm’s president, Yosuke Matsuda, explained that plans for 2023 included blockchain games.
According to Matsuda, his team will focus on blockchain entertainment. Matsuda also noted that new technologies may confuse people at first, but that they will eventually become a normal part of people’s lives.
Crypto Unicorns founder: P2E gaming is in a long ‘maturing phase’
In Cointelegraph’s NFT Steez podcast, Crypto Unicorns founder Aron Beierschmitt highlighted that P2E games are still moving from growth to maturation phase.
Beierschmitt told Cointelegraph that Web3 participants have shown that games need to be more fun and less about finances. The executive also highlighted that the change from P2E to play-and-earn suggests that these games still need to figure things out.
An overview of the metaverse in 2022
While Metaverse adoption slowed in 2022, investors are still interested in its development. According to a report by the consulting firm McKinsey, over 120 billion dollars were invested in the space in the first half of 2022.
Through 2022, there were significant partnerships within the space, with various firms adopting new technologies despite opposing decentralization.
Nifty News: Solana NFT trading volume, Nike RTFKT COO hacked and more
Solana-based NFTs witnessed an increase in trading volume, according to NFT data website CryptoSlam. The blockchain showed more than 800,000 transactions in the last 30 days. Meanwhile, the wallet address of RTFKT’s operations manager was hacked through a phishing scam.
Check out Cointelegraph’s NFT Steez podcast
Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.