This week’s newsletter highlights Mattel’s multi-year partnership with the NFT marketplace, Mastercard’s program to allow cardholders to purchase NFTs directly with their cards, and the ability for NFT holders to earn digital cash from the intellectual property of their NFTs. One million U.S. dollars.
Those investing in NFTs can also learn more about the drop in floor prices on famous series like Bored Ape Yacht Club (BAYC) and CryptoPunks, while this week’s Nifty News roundup features Kraft Foods’ patent filing and Seth Green’s partnership with him. The BAYC NFT reunion is featured.
Barbie-verse: Mattel signs multi-year deal with Cryptoys NFT marketplace
Famous toy brand Mattel has partnered with NFT marketplace Cryptoys to use its brands such as Barbie and Hot Wheels as playable NFTs in virtual worlds. Richard Dickson, president of the toy company, sees an opportunity for the brand in the Metaverse. The toys will appear in the Cryptoys virtual world created by OnChain Studios, as well as other games developed by the company.
In the summer of 2022, the studio will launch the Cryptoys NFT marketplace on top of Flow’s blockchain. Mattel has also dabbled in the NFT space in the past, launching a partnership with the Wax blockchain in 2021 to release the Hot Wheels NFT series.
Mastercard allows 2.9B cardholders to buy NFTs directly
To buy NFTs, fiat holders first need to convert their money into cryptocurrency. Financial services firm Mastercard aims to change that by letting its 2.9 billion cardholders buy NFTs directly, without first buying cryptocurrencies.
The financial giant has partnered with various leading NFT marketplaces such as Immutable X, Candy Digital, The Sandbox, Mintable, Spring, and NFT Gateway to integrate a payment method that lets users buy NFTs directly. In addition to the marketplace, Mastercard has also partnered with MoonPay, a cryptocurrency import and export service provider.
Apocalyptic Apes founder says NFT holders can earn millions from intellectual property
Cointelegraph interviewed Bill Starkov, founder of Apocalyptic Apes and BAYC member. According to Starkov, aside from flipping, there is a way to generate revenue using NFTs other than by licensing the NFT’s intellectual property.
Starkov explained that BAYC holders are able to make a profit by “licensing their apes for commercial use.” Likewise, Apocalyptic Apes executives noted that other series could do the same. Before that, Stakov said that people must first hold and wait for the project behind their NFT to mature.
Related: NFT volume surges amid plummeting market and floor prices
Reserve prices of popular NFT collectibles plummet due to bear market
In the current bear market, the reserve prices of well-known NFT collectibles BAYC and CryptoPunks have plummeted. BAYC has risen from an all-time high bottom price of 153.7 ether (ETH) to 74 ETH. On the other hand, the ATH floor price of CryptoPunks has also dropped from 123 ETH to 48 ETH, as shown by the tracking site NFT Price Floor.
The drop in NFT prices comes amid a massive sell-off in the broader crypto market. Before the price drop, Yuga Labs co-founder Gordon Goner also warned of an imminent attack on the company’s social media accounts.
Good news: Kraft Foods files for NFT and metaverse patents, Seth Green gets his ape back, and more
Manufacturing giant Kraft Foods Group recently applied for NFT and Metaverse patents. The company has filed trademark applications for its Kraft, Jell-O, Kool-Aid and other brands. Meanwhile, actor Seth Green received his BAYC NFT, which was stolen and sold to another person. Actors pay 165 ETH to buy back the NFT.
Thank you for reading this week’s roundup of the most notable developments in the NFT space. Check back next Wednesday for more reports and insights on this actively developing area.