NFTs On The Rebound?

Good morning/evening people, thanks for hopping back in for another edition of Morning NFTea. We have some great stories this week, so let's get into it.

Luxury Brand Prada Joins NFT game

Prada is an Italian luxury fashion brand that competes with the likes of Gucci and Louis Vuitton, and they recently joined an increasing batch of legacy companies dipping their toes into Web3.0. This week they will be launching 100 Ethereum NFTs alongside its Timecapsule apparel release. Buyers of the merch will receive a free airdropped NFT to go with their Prada x Cassius Hirst button-down shirts. The NFTs will include a number associated with each physical shirt. This release is part of Pradas Timecapsule drops that started back in 2019 and allows Prada to launch limited edition items. According to a statement from Prada, buyers of previous Timecapsule drops will also receive NFTs at a later date. These free “bonus” NFTs are a great example of how industries can benefit from the technology, as luxury brands will most certainly benefit from product authentication and ownership.

Peace and love

Former Beatles drummer Ringo Starr is jumping into the Web3.0 world with an exclusive collection of 20 NFTs, five designs of four editions each. This is not a typical influencer backed project as the 81-year-old looks to further connect with his fans. Each psychedelic and colorful NFT from the 20 total supply will get a physical signed print and access to join him on a virtual tour of his gallery RingoLand. Holders will also get a virtual meet and greet, and a portion of the proceeds will go to the Lotus Foundation charity. This project is a great example of NFTs not being used necessarily for profit but for creators to have another avenue of connection with their fans through experiences and collectibles, all facilitated by the idea of digital ownership.

Ukrainian Eurovision Winner Supports Ukraine Through NFTs

If you haven't heard of Eurovision, it is one of the largest music contests in the world where countries from all over Europe compete with an original song. Kalush Orchestra was the winner of this year's Eurovision, and riding on their success they are doing an NFT auction that will go towards the Armed Forces of Ukraine. The unique one of one NFT represents the Eurovision trophy, and allows access to dinner with members from the Kalush Orchestra. They have also added that if the crypto bids for the NFT are more than the fiat bid, then the winner will also receive the actual Eurovision glass trophy. In auctions like this where the value comes from charitable work and a meetup experience, NFTs open up another dimension where buyers are able to have ownership of something that doesn't have to be physical.

NFTs On The Rebound?

It does not need to be said that the crypto world has had a rocky past few weeks, but according to the blockchain analytics firm Nansen, there have been some pretty promising signs of recovery. Transaction volume is up more than 60% from last week, as we hit 500,000 transactions compared to the earlier week which was less than 300,000. Nansen also listed that wallet activity has reached pre-crash levels with 267,000 wallets purchasing NFTs over the past week which is up from around 171,000 wallets the week prior. Coin Metrics has also said that the number of ERC-721 token transfers in May has hit its highest level since 2019. Despite this jump in users, transactions, and wallets, the trading volume in USD still remains low as it has dropped 14% over the past week. Many people speculate that we are still in the "early adoption" phase of NFTs, so it'll be interesting to see what this graph looks like in years to come.

Thanks for catching up with these latest stories, we hope to bring you more interesting news from this world on the next edition of Morning NFTea. Have a great few days and we will catch you on Monday!

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Weekly Vocab

Web3.0: Web 2.0 and Web 3.0 refer to successive iterations of the web, compared with the original Web 1.0 of the 1990s and early 2000s. Web 2.0 is the current version of the internet (a term often used interchangeably with the web) with which we are all familiar, while Web 3.0 represents its next phase.

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.