Largest Crypto Exchange Integrates With Largest NFT Marketplace!!!

Estimated Read Time: 6 minutes

Hey friends,

Glad to welcome you back on this edition of Morning NFTea!

While the headlines have mostly been centered around the continued FTX fallout and insolvency issues faced by various exchanges and platforms, we're going to make sure that you don't miss out on plays by well-known brands that might have flown under the radar.

From Adidas’s new virtual clothes to LG's entrance into the foray and Binance shaking up the NFT space... let's jump into it!

Adidas Reveals New Virtual Wearable NFTs

Last edition, we talked about digital fashion when top apparel brand Nike launched Web3 apparel platform dotSwoosh, so you know that this week we had to cover its competitor Adidas!

Branding its NFTs as “Virtual Gear”, earlier this week Adidas originals unveiled a 16-piece limited edition line of virtual wearables that were released in a 25k collection given to holders of the Adidas Originals: Capsule NFT Collection, with the goal of strengthening its community-based, member-first, open metaverse strategy.

In the words of Adidas executives:

To accompany these new digital clothes, next week Adidas will be releasing a profile-picture (PFP) dressing tool enabling this first edition of Adidas “Virtual Gear” to be worn by avatars from compatible NFT collections.

Support for these NFT clothes will start with Bored Ape Yacht Club, Mutant Ape Yacht Club and Inhabitants. Previously, we have seen NFTs with the ability to have items permanently “burned” onto them (see: 10KTF's Gucci Grail collection), but this PFP dressing tool will let users dress their avatars by adding/removing items as they see fit.

Erika also said, “With our community and creator ecosystem at the core, Adidas will explore every viable utility, platform, and experience within Web3 to unlock new possibilities for our wearables”.

These moves from Adidas and Nike to utilize NFTs for digital clothes not only give a perfect example of the need for true digital ownership over your digital assets, but also hint at how brands will gradually try to tap into the existing NFT market through providing branded assets to accessorize your virtual identity.

LG Electronics Looks To Expand Into NFT Sector

LG Electronics is one of the largest TV manufacturers in the world occupying around 16% of the market, and it wasn't too long ago that we covered LG’s Art Lab marketplace letting you display NFTs on your TV. Thanks to a little detective work, we've found out that this legacy tech brand is looking to double down on Web3 by hiring two new CTOs.

A job posting on their company website looks to hire two new Chief Technical Officers for lead its Web3 and blockchain technology operations, explaining that one will be responsible for Web3-related expansion efforts, and the other will focus on blockchain-related research and technology.

The South Korean company requires candidates to have an “understanding of the usability and technology of blockchain technology and NFTs”, indicating that LG has its future sights set on NFTs and utilizing them within its “Life's Good” ecosystem. If you think you have what it takes for the role, we definitely encourage you to check out those listings

It's not too surprising to see LG expand the company's Web3 resources, as earlier this year LG registered a trademark for a digital asset wallet offering consumers mobile banking, financing, digital currency, and transaction authorization, which according to their higher level execs, "are proceeding smoothly".

This may not be the most riveting story, but a $65 billion revenue legacy technology company digging their heels into Web3 with a future eye on NFTs is some bullish long-term news for both Web3 and NFTs.

Binance Set To Take On OpenSea

Binance is by far and away the largest crypto exchange in the world, with trading volumes 4-5x that of the competitors next in line. Now, it's getting ready to take on OpenSea in the NFT marketplace arena.

Its announcement earlier this week outlined Binance finishing up the necessary integrations required for its platform to “become the go-to site for NFT purchases” marking this moment as “an exciting milestone”. This new expansion will see Binance NFT offer support for users to explore NFTs from multiple marketplaces and blockchains, starting with OpenSea NFTs.

This goes hand-in-hand with Binance offering its own native NFT offerings, highlighted by one of the most famous athletes on the planet who is set to star opposite Lionel Messi in the biggest sporting event of the year.

OpenSea has been dominating the NFT marketplace space. In March this year, the platform held up to 89% market share of NFT marketplaces, which has steadily fallen to about 60% with the increase in competitors.

Understanding the dominance of OpenSea, Binance hopes to build upon its service with Binance NFT offering more optimized search bars, an improved UI, and refined filters for improved user exploration, as well as native integration of OpenSea’s marketplace leaderboards.

The integration of the largest NFT marketplace with the largest crypto exchange is an almighty move that could increase NFTs' accessibility to people magnitudes more than anything we've previously seen. All in all, this is an awesome step for the space as we inch ever closer to mainstream adoption.

This week is a huge milestone — in addition to the 22nd World Cup kicking off, it also marks our 50th newsletter (obviously, the latter is a much bigger deal than the former).

Whether you've been here since our first few newsletters or just started subscribing, we hope you've found value in what our team here at Morning NFTea puts together. Amidst the bear market, we're always growing, building, educating and reporting on this awesome new technology.

As always, we appreciate your support and hope you have a great week ahead. Take care!

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