MetaMask Security Update!

Hey Frens,

Thanks for popping into this edition of Morning NFTea, we have some great stories from movies to wallet security, so let's jump into it!

NFT-Funded Movie Debut

If you are familiar with NFTs, then you are probably aware of the potential it could bring to community-sourced crowdfunding. From artists to athletes and from start-ups to IPOs, this time we see an example of NFTs being applied to movies. Prizefighter is a biopic movie that was partially funded by selling NFTs, and it stars the Golden Globe-awarded actor Russell Crowe. According to a report by Yahoo News, the British-American film is about the legendary bare-knuckle boxer Jim Belcher, and had funding through the NFT movie platform “Moviecoin”. Each of the 18 NFTs from the Prizefighter collection will represent a 0.016% fraction of the total profit share from all of the film's future proceeds, so if the movie makes a $50 million profit, each holder will receive $8,000. The first day of the collection saw one sell for $5,000, and a few months on we now see the movie debut through Amazon Studios. These NFTs may not have been a direct source of funding for the $100 million budget film, but it is a great example of what NFTs have to offer for upcoming creatives and entrepreneurs.

Football Club Signs Midfielder After NFT Vote

It wasn't long ago on Morning NFTea when we talked about English League One football club Crawley Town, and how they were creating the first fan council with decision-making powers given to the community, all facilitated through NFTs. We now see follow-through on this as a June 15 vote from nearly 1,000 holders determined the signing of midfielder Jayden Davis. The football club was purchased by United States Web3 firm WAGMI United for an estimated $20 million back in April, and has since utilised NFTs to give people of the community key benefits, such as voting decisions on the club, access to exclusive physical and virtual events, as well as free Adidas merchandise. It has been popular to see Web3 NFT projects governed by community voting, and Crawley Town is a great example of how this NFT framework can be applied to real-world applications.

Biggie Smalls NFT Collection for Licensing Rights

A few days ago we had a ten-minute sell-out on 3,000 NFTs from the “Sky’s the Limit” NFT Collection dedicated to the life and memory of the Notorious B.I.G, each NFT minted for about $100. The Notorious was a top-selling rapper in the ’90s with multiple No. 1 hits and Billboard dubbing him “the greatest rapper of all time”. On Tuesday, the Christopher Wallace Estate, managers of Biggie’s music and unreleased archives, dropped an NFT collection that gave holders licensing rights over the audio on a previously unreleased B.I.G freestyle. The announcement comes from the Oneof marketplace who said the NFT “gives each NFT holder the right to collectively license the audio of Biggie Smalls’ most famous freestyle, filmed on a street corner in Brooklyn when he was just 17”, “Despite its legendary status, the freestyle has never been officially released or made available for other musicians to sample and use in their own songs. Until now”. This story of NFTs holding music licensing rights shows the utility behind NFTs starting to come into its own as we see the technology being applied to almost every industry, with the impact of stronger communities through royalties to creators and utility to fans.

MetaMask New Wallet Security

With NFTs and crypto being such a new technology, the space has been plagued with scams and hacks, where unsuspecting users will accidentally connect their wallets to an untrustworthy platform, and lose all their NFTs/crypto. MetaMask surpassed 30 Million users in March this year to become the Worlds Leading Non-Custodial Crypto Wallet, and much of that came from its success as a leading Ethereum NFT wallet. So now MetaMask is releasing an update that will intelligently read transactions to give phrases like, “Give permission to access all of your BAYC?” (or Bored Ape Yacht Club), with an additional warning reading, “By granting permission, you are allowing the following account to access your funds”. A significant reason for the number of scams currently circulating is because of the ambiguity of wallet transactions, which has contributed to half of all NFT owners losing access to at least one NFT, as per a March study from PrivacyHQ. This new MetaMask update will have an important impact on onboarding new people to Web3 through more transparency to the end user.

Thanks a bunch for joining us, hope you enjoyed this round-up and we will see you on the next edition, take care!

Connect with us on socials for a more personal experience! 👇

Twitter + Discord

Recent Articles

Gatorade Enters The NFT Game & Loyalty Programs?

Snapchat To Experiment With NFTs?

NFT Gaming Consoles?

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

NFTs Are Taking Sports by Storm!

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.