This Spanish AR NFT Campaign Will Give You Pokémon Go Flashbacks
This Spanish AR NFT Campaign Will Give You Pokémon Go Flashbacks 101
Source: Adobe/Savvapanf Photo ©

If you thought you’d read all there was to possibly read about non-fungible tokens (NFTs), think again, because a Spanish platform giving out hundreds of USD worth of crypto to Pokémon Go-style augmented reality (AR) hunters – as part of a plan to sell NFTs.

Per La Voz de Galicia, residents of Viga, a city on the northwest coast of Spain, the project is part of a promotional campaign from a firm named OVR, which calls itself an “open-source, decentralized augmented reality platform.”

To drum up interest in the token, the media outlet reports, the firm has placed NFT “treasure chests” containing varying amounts of its Ethereum blockchain-based OVR tokens at strategic points of the city. Would-be participants are obliged to make use of a designated app, and must also connect via their social media profiles.

And just as was the case with Pokémon Go around a decade ago, “treasure hunters” armed with the OVR app on their smartphones can roam around the city in pursuit of the chests.

A local blockchain business leader named Antonino Comesaña was quoted as stating,

“I went hunting with my six-year-old son. We found chests full of 100 tokens and we made two or three dollars a day. But the price has risen and we managed to get up to […] USD 475 euros one morning. I have given them to my son so he can save them.”

“Veteran” hunters, however “only get one award per day” as “they want to encourage new people to play to promote the use of their cryptocurrency,” Comesaña added.

But it appears that gaining attention for the token is not OVR’s only goal. The media outlet added that the app divides the city up into 22 quadrants, and offers advertisers the chance to place AR ads at points around the city, in a further bid to catch treasure hunters’ eyes. This, it said, can be done by buying OVR-issued NFTs.

One advertiser paid “between and USD 1,783 and USD 4,753 for 22 AR NFT “billboards” at and around the 29,000-capacity Balaídos Stadium, the home of Celta Vigo, the city’s La Liga football club. Other popular spots for treasure hunters include the Alameda de Bouzas park, the Príncipe commercial district and the Vigo Maritime Station.

Atari Ventures Into NFTs, Blockchain To Boost Its Revenues
Atari Ventures Into NFTs, Blockchain To Boost Its Revenues 101
Source: A screenshot, Instagram/atari

Legendary video game maker Atari has announced it is launching a blockchain division and exploring new opportunities in non-fungible tokens (NFTs), among others. The company plans to use blockchain technology to develop games and a cryptocurrency that players could spend on virtual items.

Most recently, Atari made ETH 47.582 (USD 95,000) through an auction of NFTs that are 3D models of the Centipede game cartridge once offered for the company’s Atari 2600 console. The Atari Capsule Collection was created in partnership with blockchain gaming business Animoca Brands and its digital collectibles offshoot Quidd.

Atari said in a statement it has seen “a tremendous amount of success in licensing the Atari-related brands for the use in NFTs” and it anticipates the trend will play an increasing role in its licensing strategy in the upcoming years.

With this in mind, all Atari products and services related to the blockchain business will be grouped into the division “to focus on the immense possibilities of crypto and blockchain-enabled games,” the company said. The company is also opening a second division, Atari Gaming.

Atari rose to prominence on the turn of the 1970s and 1980s, securing popularity among gamers with titles such as Space Invaders, Pac-Man, Asteroids, and Missile Command, among others. The so-called video game crash of 1983 triggered the sale of the company’s home console and computer divisions. However, after years of financial woes, the last years have allowed Atari to benefit from the video game nostalgia which brought some of its retro properties back into the spotlight.

“The Atari brand is alive, more than ever, and this organization in two divisions will help us adapt to the changes in our business line,” said Frédéric Chesnais, CEO and a major shareholder in Atari.

Mark Cuban, Snoop Dogg, Metakovan & More to Judge NFT Funding Contest
Mark Cuban, Snoop Dogg, Metakovan & More to Judge NFT Funding Contest 101
Source: A screenshot, soundventures.com

The increasingly crypto-keen Dallas Mavericks chief Mark Cuban is set to return to the investment pitching arena – in a non-fungible token (NFT)-themed Shark Tank-style contest, along with a galaxy of fellow star judges.

Joining Cuban in the judging panel will be rap star Snoop Dogg (also an NFT-keen artist) and Hollywood actor Ashton Kutcher. The Tinseltown star is the co-founder of Sound Ventures, the firm that is organizing the contest. His fellow co-founder Guy Oseary will be a fellow judge.

Also joining will be the EDM producer 3LAU, famous in the crypto for his own pioneering NFT-related activities, and Metakovan, or Vignesh Sundaresan of Portkeys Technology, the USD 69m buyer of Beeple’s record-breaking NFT work Everydays: The First 5000 Days. Fellow crypto art buyer Whale Shark is also on board, as is the co-founder of Scalar Capital, Linda Xie.

Oseary, a former record executive at Madonna’s Maverick Records label, has worked with some of the biggest names in pop, including Madonna herself, The Prodigy, U2, and Paul Oakenfold. He has also helped produce a number of mainstream movie releases and co-founded Sound Ventures with Kutcher in 2015.

The new competition will be named NFT: The Pitch, and appears set to take a distinctly Shark Tank / Dragons’ Den-like feel, with the judges set to pass verdict on a range of NFT-related pitches sent in by the general public. The deadline for applications is April 12, with the pitch session itself to be held on April 21.

In the spirit of Shark Tank and Dragons’ Den, Sound Ventures stated, on an official webpage for the contest, that “those applying should be interested in building a company over the long-term.”

The winning applicant will be given a USD 1m investment budget.

Tantalizingly, however, the firm added that its all-star cast would not be aiming to dazzle viewers around the world, writing:

“Unfortunately this is a closed event and we will not be able to provide a live stream.”

On Twitter, Xie wrote that she was keen to see what “creative uses” of NFTs applicants would come up with and was “super excited to be judging.” Kutcher, meanwhile, asked for applicants to “pitch” their ideas to him, calls that were echoed (almost verbatim) by Cuban and MetaKovan.

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Learn more:

Oversupplied NFT Market Sees Interest and Sales Plunge

NFTs Are Selling for Millions, But How Do You Tell a Diamond From a Dud?

How NFTs Go MIA: Marketplace Suppressions & Unreadable Token Standards

Consider These Legal Questions Before Spending Millions on NFTs

Money Laundering Might Taint NFTs Too, Prepare For Tighter Controls

Why Would Anyone Buy NFT – A Link To A JPEG File?

Check These 4 Make-Your-Own-NFT Platforms

Non-Fungible 2021: Prepare Your NFTs For DeFi, Staking, and Sharing

Oversupplied NFT Market Sees Interest and Sales Plunge
Oversupplied NFT Market Sees Interest and Sales Plunge 101
A fragment of Financial Freedom – Chapter 2 by Buddyart00. Source: async.art

It’s the law of physics and crypto markets: what goes up must come down – and it seems to apply to the non-fungible tokens (NFTs) market as well.

According to NFTs marketplace tracker Nonfungible.com, there is a noticeable drop in sales over the past 10 days. The number of sales fell from 179,004 on March 27 to 156,055 on April 5. In US dollar terms, there is a 6.9% drop in this same period, from USD 223.5m to 208.2m.

Other data in the 10-day period shows the following drops:

  • active market wallets: -4.45% (49,432 to 47,232)
  • unique buyers: -5.64% (39,158 to 36,952)
  • unique sellers: -5.14% (20,601 to 19,542)
  • primary sales: -4.37% (97,008 to 92,766) and -3.5% in USD terms (USD 64.5m to USD 62.2m)
  • secondary sales: -22.8% (81,996 to 63,289) and -8.2% in USD terms (USD 159m to USD 145.9m).

Per this data, secondary sales suffered the strongest hit.

Looking at the 30-day data, we see 156,050 sales with USD 208.25m in total and USD 62.22 in primary sales. NBA Top Shot saw a nearly 75% decline in sales over the past month, according to evaluate.market.

“There’s less volume on the [USD] 500 – [USD] 2000 moments than there was in Jan, which is crazy, considering the user base is probably 5-10x,” argued one TopShot user. “Gives you an idea of the type of “collector” currently on the site.”

just setting up my twttr

— jack (@jack)

Also, per Bloomberg data, average prices for NFTs fell some 67.5% from a peak in February of USD 4,300 to about USD 1,400.

Another notable aspect of this downturn is what some have described as its ‘silence,’ given that most people were not aware a crash is happening. Commenters like crypto engineer ‘tuba’ are arguing that, once sellers realize that there are no more buyers for their NFTs, they may adjust prices -80% overnight, and “it may take them weeks/months to realize this, so the markets are much less reactive.”

Meanwhile, looking at the Google trends data, the searches for ‘NFT’ saw a massive jump in February this year, reaching its peak in March. It has since been on a decline.

“With NFTs, the risk of oversupply is especially acute, because there is no one in charge, and the barriers to issuance are so extraordinarily low — you can literally create a new NFT in a matter of minutes,” wrote author James Surowiecki. “And, unlike comic books or baseball cards, NFTs don’t fall apart or get discarded. In other words, the only thing we really know about NFTs is that there will be more of them a month from now than there are today.” Still, those few “truly rare or inherently appealing” items may hold their value, he added.

4. Did you actually buy something?

— Palley (@stephendpalley)

But when it comes to the arguments that NFTs are a bubble, Chris Wilmer, a University of Pittsburgh academic who co-edits a blockchain research journal, is quoted by Bloomberg as saying that it’s “not meaningful to characterize a concept as a financial bubble. […] NFTs’ aren’t in a bubble any more than ‘cryptocurrency’ is a bubble. There will be manias and irrational exuberance, but cryptocurrency is clearly here to stay with us for the long term and NFTs probably are too.”

In the meantime, many NFT-related tokens are now correcting their strong gains this year.

Top 10 NFT coins by market capitalization:

Oversupplied NFT Market Sees Interest and Sales Plunge 102
Source: Coingecko.com, 10:13 UTC

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Learn more:

NFTs Are Selling for Millions, But How Do You Tell a Diamond From a Dud?

How NFTs Go MIA: Marketplace Suppressions & Unreadable Token Standards

Consider These Legal Questions Before Spending Millions on NFTs

Money Laundering Might Taint NFTs Too, Prepare For Tighter Controls

Why Would Anyone Buy NFT – A Link To A JPEG File?

Check These 4 Make-Your-Own-NFT Platforms

Non-Fungible 2021: Prepare Your NFTs For DeFi, Staking, and Sharing

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(Updated at 10:45 UTC with a tweet.)