NFT Updates | Bank of America Evaluate DeFi and NFTs | Oct Week 2

Bank of America Evaluate DeFi and NFTs

NFT updates october week 2 Every week, there are NFT updates that you can’t miss. Therefore, Altcoin Buzz has compiled the top NFT updates from the second week of October to keep you informed.

The nonfungible tokens (NFTs) space was exciting the previous week with a series of activities. During the week, Animoca urged NFT creators to use digital art in preserving culture. Also, Evolved Apes NFT creator reportedly took off with USD 2.7 million. Let’s take a look at the most critical NFT Updates of this week: 1 – Animoca Urge NFT Creators to Use the Digital Art to Preserve Culture

During the week, a new idea regarding NFTs came to light. Animoca Brands CEO, Yat Siu, wants creators and marketers of the tokenized digital art to look beyond the money craze in the industry but examine how the creations can serve as the store of cultural relics.

Yat Siu urged the present and upcoming NFT users to see beyond the profiteering normal and use nonfungible tokens to redefine culture. Siu, both co-founder and head of the Animoca game brand, thinks NFTs give a new opportunity to reinforce cultural preservation in the virtual sphere. investing in #NFTs is an investment in the culture that the #NFTs of that ecosystem represent eg. art, gaming, fandom, celebs and owners of the #NFT play a major part of developing the culture in +/- ways like with @TheSandboxGame During a session, Siu also posited that the desire to “store culture” has long been with humans and thus predates the current tech powering the NFT creation.

Also, Siu said: “We describe NFTs as stores of culture because they embody a moment in history,”… “What is art? Art stores culture,” “Start with buying your first NFT, not to make money for you but simply with a desire to learn from it,” 2 – Evolved Apes NFT Creator Disappear with USD 2.7 Million

More exciting but more shocking news hit the industry over the past week. Reports claim the creator of ‘Evolved Apes’ absconded with 798 Ether (ETH) valued at over USD 2.7 million.

The allegedly stolen funds are a part of the money obtained from the initial minting process, and the ETH is traded in the OpenSea marketplace. Also, attempts to continue the game’s development are still on while more deliberate ones to apprehend the riper are underway. As you can see in the picture below, its official Twitter account was deleted:

Evolved Apes is a newly launched PFP (an acronym for profile picture) nonfungible token project. Unsuspecting investors in the project are also now tussling with the project’s anonymous developer’s sudden disappearance. The developer has now lived up to his name, “Evil Ape.”

Since its creation, “Evolved Apes” has been one of the most talked-about NFT mints lately. Over 10,000 collections were also reported to have been selling out in 10 minutes, with a massive price rise following the supersonic sale. 3 – Axie Infinity Developer Secures USD 152 Million in Series B Funding

According to reports , investors funded Axie Infinity developer with USD 152 million in its Series B funding project.

NFT gaming studio Sky Mavis also plans to pursue further expansions in the emerging play-to-earn arena. Following the massive success, Sky Mavis, the studio behind the popular Axie Infinity NFT game, announced a new round of funding for the firm. Makers of @AxieInfinity , @SkyMavisHQ , have raised $152M at a nearly $3B valuation. This round, led by @a16z , will be used to help Sky Mavis grow a global team, scale its infrastructure, evaluate future projects and build its own distribution platform. — BITKRAFT Ventures (@BitkraftVC) October 11, 2021 The Series B funding exercise recorded giant-in-the-industry participants like global exchange giant FTX. As well as venture capital fund Andreessen Horowitz and significant others. As said by the firm, the funds are to “create economic and financial freedom for gamers.”

“While we’ve scaled at an astonishing rate, adding institutional investors to our community will enable us to expand our reach, reinforce our legitimacy when it comes to regulatory protection, and will give us the flexibility to scale and hire aggressively without touching our AXS token reserves,” Axie Infinity added. 4 – Bank of America Evaluate the Prospect of DeFi and NFTs

During the week, NFTs and DeFi generally had a long-term evaluation report by the Bank of America (BoA). The central financial institution, during the week, published an investigation report giving a bullish outlook for the future of cryptocurrency.

The Monday […]

source NFT Updates | Bank of America Evaluate DeFi and NFTs | Oct Week 2

Leave a Reply