Logan Paul Turns $5.3 Million Pokemon Card into an NFT?

Welcome back, readers! We have some fascinating developments this week so lets get into it!

Logan Paul Turns $5.3 Million Pokemon Card into an NFT

A couple of weeks ago you may have come across one of those stories about Logan Paul's Guinness world record-breaking $7 million WWE costume, and it was mostly due to him wearing a chain holding the most expensive pokemon card in the world that he copped for $5.3 million. Ownership over the one-of-a-kind perfect condition 1998 holographic Pikachu Illustrator card will be converted into 50 million token NFTs that are $0.10 each, giving the card a $5 million evaluation. The card will be launched on the NFT marketplace that Logan co-founded called Liquid Marketplace. Liquid Marketplace has a focus on collectibles, with the prospect of allowing “anyone to own anything”. Through NFT technology, collectible items can be listed with ownership decisions being given to the community, where no one owner can have governing ownership. The collectibles will then be kept in a highly secured third-party vault. For this Illustrator card, Logan Paul will retain 49% of the ownership, meaning if he wants to wear it out to any future WWE events then the community holders will get to vote on the decision. We are just starting to see NFTs opening the door of endless possibilities through real digital ownership, and it's great to see some use cases such as this fractional ownership over high-value collectibles that usually price out the average collector.

Bored Ape Yacht Club Metaverse Starts Testing

BAYC (Bored Ape Yaught Club) is arguably the biggest NFT project out there, where even in this bear market it topped the charts with $99.9 million in trading volume across June. Right behind BAYC with $94.6 million in trading volume was Otherdeed, which is an NFT collection giving land ownership over BAYCs much-awaited metaverse game called Otherside. The Otherside metaverse was announced back in April, and offers a full-fledged virtual world connected to the BAYC ecosystem in the form of a Multiplayer Online Role-Playing Game. The Otherside will support compatibility with other “blue-chip” NFT projects such as Cool Cats, World of Women, and CrypToads with plenty more on the virtual horizon. The game is being built in partnership with British technology company Improbable. Otherdeed holders will be the first to gain access to the tech demos that are starting this week, with claims that up to 10,000 people will be able to play together simultaneously. The result of Otherside will be an important stepping stone for NFT Metaverse games, as all eyes from the public are looking at what the highest funded NFT projects can produce for the Web3.0 future.

Reddit Avatars Turn NFT

In the last couple of months, we have covered how NFTs are starting to incorporate into social media platforms like Instagram, Facebook, and Twitter; now the latest to join these ranks is Reddit. Reddit has over 52 million daily active users, and now those users will be able to swap their profiles avatar for “Collectable Avatars”, which are NFT versions of the platform's alien mascot Snoo but are spiced up by different artists. A blog post by Reddit says that ownership of these avatars would “provide owners with unique benefits on the Reddit platform”. The NFTs will belong on the Ethereum-compatible blockchain Polygon, and Redditors will have the option to create, sell, and purchase their versions of Snoo through Reddit's new specialised marketplace. Reddit is taking a traditional NFT approach where each artist will earn royalties from launch and aftermarket sales of their avatar, but they are taking a slightly different approach for ownership as the collectable avatars will be stored in Reddit's own “blockchain-powered wallet” called Vault, and be purchasable through fiat currency. Despite a slightly restricted use case of NFTs, Reddit is just another goliath Web2.0 platform that is looking toward Web3.0 and embracing the utility of NFTs by giving people ownership over their online profiles.

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