NFT Market says no to opt-in fees, Visa jumps on World Cup NFTs and more

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NFT market says no to optional fees

While non-fungible token (NFT) markets such as Ethereum (ETH) based on X2Y2, LooksRare and Solana (FLOOR) based on Magic Eden has opted for “optional” creator royalties, a newly launched marketplace is taking a strong stance against this.

Find Satoshi Lab, the company behind the popular move-to-win app StepN launched its new NFT marketplace named MOOAR on November 1, including “no optional royalties”.

Instead, its NFT royalty policy will be set to a default of 2% but allows creators to set royalties between 0.5% and 10%. There is no option for 0% royalties, nor can it be set by the user.

“With the debate raging around the payment of royalties, we are aware that many users have spoken out in opposition to the application of these royalties”, said the MOOAR team in a middle position.

“In full empathy with this sentiment, we strongly believe that this ‘cancellation culture’ has pushed markets into a corner to the point that leading markets have embraced optional royalties,” he added.

On August 27, X2Y2, the Ethereum-based NFT marketplace, announced that it would introduce an option for buyers to set the royalty fee when purchasing an NFT.

With the new update, buyers of the platform will have the freedom to set the amount of royalties they wish to pay to an NFT project. This means that some creators may not receive royalties when their works are sold.

The controversial move was followed by Solana-based NFT marketplace Magic Eden on October 15, which announced that it would also be moving to an optional royalty model after “difficult consideration and discussion with many creators”.

Less than two weeks later, on October 27, NFT Marketplace LooksRare became the latest to succumb to pressure from buyers, announcing that it was removing the application of creator royalties, allowing buyers to choose whether to pay royalties on an opt-in basis.

Visa gets in on the NFT World Cup action

Credit card giant Visa has become the latest major company to cash in on FIFA World Cup-related non-fungible tokens (NFTs) – unveiling a charity auction for five NFTs ahead of the upcoming tournament in Qatar.

The auction is in partnership with crypto exchange Crypto.com, with all proceeds from the auction going to Street Child United, a charity promoting the rights of poor children.

Each NFT features digital art inspired by the iconic goals of five famous footballers, including Jared Borgetti, Tim Cahill, Carli Lloyd, Michael Owen and Maxi Rodriguez, and is part of the “Visa Masters of Movement”.

NFT titled “Jared Borgetti 2002 FIFA World Cup Korea Japan™”

The credit card company has a long history of supporting NFTs and its ability to provide “promising support for fan engagement.”

In a report released on August 23, 2021, Visa said “NFTs appeal to collectors, fans, teams, leagues and talent.”

In particular, NFTs can become major sources of fan engagement, customer relationship management and new revenue streams, he said.

Visa’s announcement also comes on the same day that Crypto.com announced that it would now be able to issue its own Crypto.com Visa card in Singapore itself, after becoming a member of the Visa Associate program in the city. -state.

The Crypto.com Visa Card will allow users of the exchange in Singapore to use it for everyday purchases and earn CRO coin rewards.

Visa is the Official Payments Technology Partner of FIFA. Other notable sponsors include Crypto.com, which became an official sponsor in March, and blockchain network Algorand, which signed a partnership in May as FIFA’s official blockchain platform.

Ripple’s new playground for NFTs

Since October 31, Ripple’s XRPL blockchain has officially become a new home for NFTs.

RippleX developers have been working on the project since filing the XLS-20 proposal on May 25, 2021, which proposed the goal of bringing NFTs to the XRP Ledger.

At the time, the team described the proposal as one that would introduce extensions to the XRP Ledger that would support a “non-fungible native token type, as well as operations to enumerate, buy, sell, and hold those tokens.” .

On October 31, Ripple’s CTO, David Schwartz, told his 395,600 Twitter followers that the XLS-20 standard was now enabled on the XRP Ledger Mainnet after a vote approved the deployment of the technology.

Schwartz noted that “this represents a key step for developers and creators to tokenize any asset and create innovative Web3 projects with utility.”

In an accompanying blog from November 1 PublishSchwartz said the benefits of launching NFT on the XRP Ledger include much lower costs for minting, trading, and transferring NFT compared to “layer 1 blockchain solutions.”

He also said their “smart-contract-free” approach would make NFTs on the XRPL less vulnerable to hacks, while NFTs would include “automatic royalties” that essentially allow creators to receive a share of revenue whenever an NFT is bought or sold.

Scammers impersonate an indie game, adding an NFT twist

The indie developer behind farming simulation game Coral Island took to Twitter to warn followers about a scammer impersonating them on the internet and claiming to be involved with “GameFi” and NFTs.

Developer Stairway Games pointed to the lookalike account on Twitter on October 31, stating that Coral Island “is not an NFT game” and that the page has no affiliation with Coral Island.

Related: Steph Curry trademarks for the Curryverse, where players earn NFTs

The fake Coral Island Twitter page in question describes itself as “Farming simulation game reinvented becomes GameFi. Enter the world of the farm!” and links to a similar Instagram page, as well as a fully decorated website using assets, straight from the developers.

The website includes sections such as “Roadmap” and “Tokenomics”, with claims that it will launch staking, airdrops, character NFTs and a “token earning system” in the future.

Coral Island is a farming simulation game currently in early access, it’s said to be a mix of “Harvest Moon, Story of Seasons, Stardew Valley and a tiny bit of Animal Crossing”, according to a review user on the Steam gaming platform.

More interesting news

The market for non-fungible tokens (NFTs) for US video game retailer GameStop has officially online on Ethereum layer-2 blockchain ImmutableX, all part of the game retailer’s latest Web3 push.

There have been reaction from Silicon Valley CEOs on the current iterations of the metaverse. Microsoft games chief Phil Spencer called it a “poorly constructed video game”, while Snap CEO Evan Spiegel hinted that current iterations of the concept are very basic and don’t won’t want to spend time indoors after a long day at work.


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