Gordan Ramsay Creating A NFT Cooking Game??

Hey friends,

Welcome back to this edition of Morning NFTea, we have a fun round-up today from Gordan Ramsay entering the Metaverse to the first community-driven animated NFT TV series, so let's get into it!

Hells Kitchen Turns Into NFT-focused Reality Cooking Show

Gordan Ramsay is arguably one of the most famous chefs in the world, in part thanks to his hit five-time Emmy-nominated reality cooking show Hell’s Kitchen, well now ITV Studios has partnered with Sandbox to bring Hell’s Kitchen into its Ethereum-based metaverse. A couple of days ago, Gordon Ramsay announced this collaboration to his 7.6 million Twitter Followers through a video of him as a digital avatar at the new sandbox location. If you are unfamiliar with Sandbox, it's an Ethereum-based metaverse game that lets users buy virtual land and customize it with playable games and experiences, all facilitated through the blockchain and NFTs, as of writing, the current market cap of Sandbox’s circulating currency is $1.5 billion. Hell’s Kitchen will be the Sandbox's first cooking-themed game, where players can virtually create dishes, collect recipes, and join competitions. It is unclear whether Hells Kitchen will be Play-To-Earn, but Sandbox says NFTs such as limited edition Gordan Ramsay avatars will be available for players and creators. Gordon says “There’s nothing more exciting to me than chartering new territory, whether that’s creating a signature dish, a new restaurant concept, a new show, or now a virtual experience in The Sandbox”, which really highlights how NFTs and the idea of Web3 are starting to become more and more accepted in the mainstream as new ways to interact with fans and the community.

New NFT Research Report Projections

A new research report on NFTs has just been released by Juniper Research outlining some bullish projections for the market in the upcoming years. Of course, no one knows for sure what will happen and only time will tell, but Juniper Research is a well-respected research, forecasting & consultancy company for digital technology markets, and they highlight some interesting patterns worth mentioning. The study states “the global number of NFT (Non-fungible Token) transactions will rise from 24 million in 2022 to 40 million by 2027. This is based on our medium scenario for adoption, with brands leveraging the metaverse to boost digital growth”. The report suggests that metaverse-related NFTs will be the fastest-growing NFT market in the next five years as we move from 600k transactions in 2022 to an expected 9.8 million by 2027. This is likely in part facilitated by a rise in Play-To-Earn games, which is supported by the large investments currently being made such as the Immutable X gaming platform raising $500 million back in June. On this note of metaverse-related NFTs being the fastest to grow, the research “urges consumer-facing businesses to create NFT‑based content to meet changing demands from a younger, tech-savvy demographic, who are more ready to purchase novel forms of online and digital content”. The report stresses that vendors who partake in the NFT space may risk brand damage by association, due to the role NFTs have had in illegal activities, such as money laundering, scams, and fraud. The paper emphasized the need for regulators to work with industry bodies to standardize processes with reduced environmental impact and built-in consumer protections to enable vendors to utilize NFTs as a medium to further engage with consumers.

A ‘gamified storytelling’ Animated NFT TV project

If you are a regular reader of Morning NFTea, then you have probably heard of Seth Green, who made rounds after launching a TV show around his bored ape, then that ape being stolen, and then him later buying back the ape. Now, the actor/director/producer has paired up with Grammy-nominated music producer DJ Steve Aoki to create the first-ever community-driven animated NFT TV series called Replicant X. The TV series will be based on Aoki’s Dominion X NFT project which sold out in less than seven seconds; it was a collection of animated loops with original music from Aoki introducing his mascot Character X, and it became the first stop-motion short to be minted on the blockchain when it launched on Nifty Gateway. This new Replicant X mint will be a collection of 7,777 NFTs open to previous holders of Seth and Aokis NFT projects, and will serve to fund the episodes of the planned TV series. This series will follow the latest chapter in Steve’s Character X’s saga as the community gets to drive the plotline through “allowing fans to suggest, change and vote into existence the storyline as a unified front”. Almost every week we hear about a brand new use case for NFTs, and a community-driven animated TV show is definitely one to tick off that bingo list.

Nike NFTs Hit $185 Million In Revenue

According to Dune data, since launching Nike NFT-related projects earlier this year, they have netted $185 million in revenue to become the highest-earning brand from NFTs. The chart above posted by @kingjames23 shows how Nike is currently dominating with its revenue seven times higher than the next on the list. The initial build-up of Nike's success was brought in part by a mix of branding and marketing efforts. These endeavors included partnerships like Adidas with BAYC and Nike’s acquisition of RTFKT, as well as purchases made by celebrities and appearances in music videos. Some other companies worth mentioning here, major Nike competitor Adidas rounded out a way in fifth place with only $10 million in total revenue, but it did have the second highest transactions at over 51,000. Tiffany managed to get third on the list with only 74 transactions after launching $50k jewelry for CryptoPunk holders. Yea these NFT values may not come close to the companies' actual revenues, I mean Nike netted $44 billion last year which is almost double the entire NFT market, but this no doubt does show how lucrative the NFT landscape has become for brands, and it will only put pressure on other brands to enter into this new Web3 world, further propelling the saying that WAGMI.

Thank you for reading this edition, have a great couple of days and we will be back in a couple of days with some more tea!

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