NFT investor accidentally burns CryptoPunk: Nifty Newsletter, March 22–28
In this week’s newsletter, read about Sony filing a patent for a nonfungible token (NFT) framework for games, and how executives believe that Grand Theft Auto (GTA) and Minecraft developers may change their minds on blockchain technology. Learn how an NFT collector accidentally burned a CryptoPunk worth $135,000 while trying to borrow funds, and find out about Disney reportedly sacking its metaverse division. In other news, His Majesty’s Treasury in the United Kingdom has dropped the Royal Mint NFT project.
Sony has recently filed a patent for an NFT transfer framework across multiple game platforms. This new addition to Sony’s preparations to enter crypto integrates NFTs into gameplay. With this, NFTs can become skins or other in-game functions and items.
The patent showed that NFT ownership could be transferred to other end users across various platforms, allowing PlayStation 5 users to use NFTs in games when implemented.
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In November 2022, GTA developers Rockstar Games announced that fan servers for GTA V would not be able to use NFTs anymore. Despite this, many executives within the Web3 space are hopeful that game developers will change their minds about blockchain technology.
Grant Haseley, an executive at Web3 game development firm Wagyu Games, told Cointelegraph that AAA studios would change their mind once there’s a success story. “It’s just going to take one Web3 game to explode for the others to take flight,” he said.
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An investor tried to go through the intricate process of NFT wrapping and ended up burning a CryptoPunk worth around $135,000. According to NFT collector Brandon Riley, he was wrapping the NFT to potentially borrow liquidity from it. However, things didn’t
Read more on cointelegraph.com
