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Yuga Labs Raises $450 Million For Metaverse

Floor Tracker, Bulgari Watch NFT, It's Tim3 To Build

March 23, 2022

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What's Dropping ⚡

  • Pop-art style collection Martian Premier League recently hosted a reveal party after a quick sell-out. With art by past Marvel illustrator Rupert Gruber, and an insanely talented team, the project goes above and beyond to offer deep lore centered around a fictional martian sports league.

  • Superlocal just launched “Mayorship” where users can mint nearly any place in the world as a 1 of 1 NFT— from park to city to coffee shop and beyond— which will enable them to earn crypto royalties when other people check-in from there on the app.

  • Crypto Cannabis Club collaborates with Vi-Fi to bring premium flower strains to California holders. With their iconic NFTokers gracing the packing art along with QR codes, the company is developing a host of utilities for its holders.

  • NeoNexus World “soft-rugged” holders because they ran out of funds to develop the project. The founder, Jack Shi, reports that only $50K (USD) is remaining of the $5M the project brought in. A friendly reminder that investors are paying a hefty price tag for "potential.”

  • Manga fans rejoice! A beautiful marriage between Eastern-influenced art and digital assets has been so smartly woven together by the Muri team. With star-studded talent and top-notch illustrations, the collection is truly an anime-lovers dream. With a full fashion line and anime planned, this project will set the example for future media-based NFTs.

  • Big Time (a multiplayer action role-play game) “SPACE” sale launches March 24th at 9 am EST.

  • FIFA World Cup Qatar 2022 is scheduled for this November and is being officially sponsored by Crypto.com. The cryptocurrency exchange app hopes to reach more international crowds.

  • Climate insurance firm Lemonade Foundation partners with blockchain companies to aid African farmers. The company wants to help by harnessing real-time weather data and blockchain technologies in order to provide financial stability when the weather does not provide ideal farming conditions. In the form of a decentralized application (DApp), the firm is focused on creating social and environmental change.

  • The most adorable heavy hitters, The Littles, have recently partnered with TIME studios, with this being their fourth acquired NFT property. This incredibly successful family project is being developed into a television series for children!

BAYC is Building a Metaverse 🏗

Many NFT projects that are looking to add utility to their ecosystem are purchasing land in order to create a more immersive social experience. The most popular land projects include NFT Worlds, Decentraland, and Sandbox. There are varying reasons why certain teams will choose a specific land project, we will explore the differentiators here. NFT Worlds is perhaps the most sophisticated in terms of world-building. It offers its holders the ability to develop plots with intricate colorways and refined geometry. Take for example the way SuperNormal’s construction of NFT World looks.

Decentraland’s appeal derives from the fact that users can jump into their metaverse utilizing only a browser. Users are able to make adjustments to their avatars by procuring fashion assets, as well as comb through the world in order to seek new friends and experiences at events such as the forthcoming fashion show. Sandbox has a similar format to Decentraland, although it is more focused on gamification, and is not as easily accessible as Decentraland. The shortcomings of the land projects listed above are primarily that they are not socially structured, and therefore not engaging. However, yesterday Yuga Labs's announced $450 Million in funding to build their own metaverse.

Yuga Labs’s co-founder Greg Solano spots this as a fundamental issue and seeks to make the social experience of the BAYC metaverse collaborative and competitive. Unlike the approach of most projects, BAYC will not build upon pre-existing land layers but will create an entire terrain of its own. The race to a metaverse that people actually want to spend time in is quickly becoming increasingly competitive. Facebook (Meta) is also on the metaverse prowl, although the clear disadvantage with their infrastructure is the company’s history of manipulating their users, colluding with central governments, and censoring free speech.

Bulgari Watch with NFT Authentication ⌚️

In a world fascinated by the allure of physical goods, it comes as no surprise that the markets we shop in are cluttered with replicas and knock-offs, largely going unnoticed by the normal consumer. These items include shoes, clothes, and even watches. One luxury brand is stepping in and taking an approach in order to help alleviate shopper anxiety.

Bulgari, an Italian luxury brand, is celebrating the 10th Anniversary of its Octo Finissimo collection. In celebration of this achievement, the Bulgari team created the world’s slimmest mechanical watch, edging out its predecessor by 0.2 mm? Bulgari didn’t stop there, they imprinted a QR code on each watch that will feature a unique NFT assigned to each item. This NFT will serve as an authentication metric for the watch, due to its high price and demand.

Priced at €400,000 (roughly $440,000), Bulgari intends to make a statement by showcasing the 10 physical watches in this collection, while also capturing their ownership on the blockchain. In the future, we should expect more companies to start employing this tactic with higher-priced merchandise. This action will cement the watch in time, thus continuing the Bulgari vision for years to come. Congratulations on 10 years, and many congrats on finding a way to integrate Web3 within your business. YGMI, and on top of that, WAGMI.

Meme Drop 💧

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. 

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