Formula 1 To Create NFT Ecosystem

Estimated Read Time: 5 min

Hey friends,

Welcome back to today's edition of Morning NFTea - we're glad to have you with us! A very diverse newsletter today from Formula 1 to Barbie and Veefriends to Russian Sanctions, so let's just jump into it!

Formula 1 Looks Towards NFTs For Future Web3 Ecosystem

With over 400 million viewers per race, Formula 1 is without a doubt one of the most popular sports in the world, and the iconic brand is next in line to join Web3 through some recent trademark filings. A couple of newsletters ago we covered Jack Daniels's entry into NFTs, well the same trademark attorney Mike Kondoudis has uncovered these recent "metaverse" trademarks for its globally recognized “F1” brand. Specifically, the trademarks cover cryptocurrency, NFTs, crypto marketplaces, retail stores for virtual goods, and transitions on the blockchain. These suggest that the multi-billion dollar brand will adapt to the emerging Web3 ecosystem through the typical community-focused digital collectibles scene, but interestingly they also have an emphasis on software for digital currency transactions, with plans for virtual retail store services and online marketplaces. The scope of the trademark also extends to entertainment services using virtual goods. These include NFTs for use in online, virtual, augmented, and mixed-reality environments. Formula 1 joins a long list of several major sporting brands seeking exposure to Web3. This further exemplifies how these legacy brands see the opportunity of NFTs and Web3 in their future.

Barbie’s New NFT Collection Looks To Inspire Upcoming Generations

Here at Morning NFTea, we love covering stories that demonstrate the progress of the NFT world and its development towards mainstream adoption, and it's hard to get more mainstream than the Barbie brand. Selling more than 100 dolls every minute across over 150 countries (barbiemedia, 2022), Mattel-owned Barbie has become the most popular fashion doll ever produced, so it's no surprise they are digitalizing this intellectual property through a new 15,000 NFT collection. Announced on “International Day of the Girl”, the NFT series will represent the 250 professions that Barbie has had since she first hit the shelves in 1959; “Career traits will range from astronaut to archeologist, beekeeper to CEO and everything in between reminding girls they can be anything” said Mattel. The collection is in partnership with NFT brand “Boss Beauties”, and together they will see $250,000 donated to funds that empower young women. Although a Barbie NFT collection is not the most innovative or exciting news story, the collection set to release later this year will unquestionably play a critical role in exposing NFTs and Web3 to brand new demographics.

Dapper Labs Halts NFT Transactions For Russian Users

One of the “pros” debated for blockchains and NFTs is their “decentralized” nature, the idea that there is no control over a worldwide distributed network, and although that is true, it does not apply to centralized organizations such as Dapper Labs. In the eighth package of EU sanctions towards Russia’s military intervention in Ukraine, new restrictive measures have been put in place against digital assets, prohibiting crypto-related services to Russian residents and entities.

Canadian NFT platform Dapper Labs is most known for its Flow blockchain network, and projects such as Cryptokitties and NBA Top Shot, but they have recently been making the news cycle for suspending all accounts with connections to Russia. Apologizing for the inconvenience, Dapper said “Any moments you own and any Dapper Balance continue to be your property”, making clear that users will still own any previously purchased NFTs. Although platforms have the power to restrict your access, this example also demonstrates the “pro” of decentralization where despite suspending access, you and only you are the owner of your digital assets that are stored on the blockchain. Censorship is an important topic to discuss, and even more critical when accessing a global decentralized network, but there are pros and cons to all sides and we will leave the rest up for you to interpret.

Veefriends Launches Physical Collectables At Macy’s And Toys’R’Us

Veefriends has grown into one of the highest praised and respected brands in the NFT world, currently holding the 20th spot in terms of all-time NFT sales at approximately $240 million, but now these very successful digital collectibles are about to enter the physical world. The collection founded by NFT pioneer Gary Vaynerchuk, will see plush and vinyl versions of his Veefriends characters hit the shelves of Macy’s and Toys’R’us from October 17th, Gary says “This partnership means way more to me than you could ever imagine… I can’t wait to see them in-store and on the shelves – it’s a full circle moment for me and a very big step for the company”. Holders of the Veefriends collection are eligible to claim their physical counterparts for free, with the president of Veefriends Andy Krainak, saying “not only will they get first access to claim the collection, they also get priority at the in-store events… It’s just one more way we want to connect with our NFT holders and show them how we are developing the IP behind the characters”. This partnership between an NFT collection and these high-tier legacy retail chains demonstrates the power that Web3 communities have on the future of consumer behavior, opening up the opportunity for Web3 brands to merge ownership in both the digital and physical worlds, never before possible without NFTs.

Thanks for joining us today, hope you enjoyed the Tea and we will see you soon with the next edition, have a great next couple of days and make sure to check out our announcements below!

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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.