BAYC Watches, NFT Real Estate, & More!

Welcome back, readers! Alongside some great stories in today's edition, we will also be revisiting some news from old newsletters. Let's jump into it!

Instagram Launches NFT Support

Just a couple of months ago, Meta announced interest in bringing NFT support to Instagram, and in the blink of an eye, the feature is here. For creators and collectors, this new system works through connecting a Trust, Rainbow, or Metamask digital wallet to your Instagram account, which gives you access to post and share your NFT with automatic tagging of the creator. There will also be no fees for posting or sharing your NFT, and at launch, Instagram will be supporting Ethereum and Polygon blockchains, with Flow and Solana coming soon. With over a billion monthly users, this step from Instagram furthers the visibility and acceptance of NFTs into the wider world, which is great to see considering the current state of the market.

Watches Are About To Become Even More Valuable

The Web3.0 future we all envision must somehow revolve around our personal wallet, and now luxury Swiss watchmaker TAG Heuer is looking to innovate on this idea. The 1860-founded watchmaker has teamed up with NFT projects like Bored Ape Yacht Club and CLONE-X to create a smartwatch that can connect with crypto wallets to guarantee authenticity, and even display your NFTs. The over $2000USD “TAG Heuer Connected Calibre E4” watch has received this functionality through a free update. The idea of having the ability to connect to the blockchain and authenticate NFTs right on your wrist is a great stride into a more connected future and highlights the vision of a future where Web3.0 interactions are commonplace.

What Happened To That $29 Million Dollar House / NFT?

It's not hard to talk about the extreme downturn we have recently seen, and these corrections are magnified at larger scales, such as the New York City office building that we previously covered. 109-111 W. 24th St went on sale for 15,000eth on OpenSea a little while back, which at the time was worth about $29 million dollars. But now, after a correction in the crypto market, we have seen ETH tumble down over 40%. The value of this listing has dropped to $16.8 million. The real estate company, 'Okada' has taken down the listing and will relist closer to 26,500 ETH. Despite this change in events, there is still belief that “we are moving in the direction of storing real property titles on-chain, and being able to effectuate property transfers and sales through on-chain mechanisms”. Extreme volatility like this makes it hard for general adoption when looking at changes in “property” like this, but it is expected that this type of volatility will occur during the initial stages of adoption.

$500 Million Investment Into Web3.0 Gaming

We can't seem to go a couple of days without seeing a new NFT blockchain-based game, which is no surprise, considering video games are the closest thing we have to a Metaverse in our current age. For some background, Immutable X is a layer-2 scaling solution for Ethereum which makes faster, cheaper, and more energy-efficient transactions. These characteristics are critical aspects for a game with NFT-based digital ownership. Immutable has already partnered with brands like Gamestop, TikTok, and Gary Vaynerchuk for NFT-related ventures, and now they have raised $500 million in a developer and venture investment fund. This $500 million will be spent on developing Web3.0 ecosystems and NFT projects with a primary focus on integrating innovations in the gaming sector. The Co-Founder of Immutable X, Robbie Ferguson, has said: “We see gaming being one of the biggest opportunities in Web3 to have ever existed. - a $100 billion industry for in-game items alone”. Despite the current state of floor prices, moves like this show the potential of NFTs as a technology in the Web3.0 future, and how innovation in this world is not sleeping.

Thanks for popping in for today's edition of Morning NFTea, we will be back on Friday with the latest news! Feel free to follow us on Twitter & Instagram for more exclusive content!

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DISCLAIMER:

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.