NFT market news has also been fueled by excitement on social media, with fresh announcements from Meta and Twitter and new NFT market news linked to Coinbase, Walmart over the past week.
According to reports that surfaced this week, Meta and Instagram will soon be incorporating NFT as a profile picture and appear to be moving towards an NFT market as well.
It’s a far cry from Facebook’s early efforts in crypto and blockchain technology, despite their first major foray into NFT. The company has seen many disappointments and failures in the past, from the Libra stablecoin project (since renamed Diem) to the launch of the Novi cryptocurrency wallet.
Meta and Instagram are following in Twitter’s footsteps when it comes to NFT, as the Bluebird app debuted NFT integration for profile pictures this week. iOS users can connect the wallet to verify their NFT ownership and turn their profile picture into a hexagon. The move immediately spawned some good memes from those more skeptical of the NFT’s viability.
The launch is part of an expansion of Twitter’s broader “Twitter Blue” feature.
Predictions continue to build as Coinbase’s NFT marketplace lays out more and more pieces of the puzzle ahead of launch. OpenSea has been struggling with outages over the past few weeks, and rival platform LookRare has gained significant traction in the early stages of its release.
This week Coinbase announced a new partnership with MasterCard to streamline the financial transfer process for new NFT customers. This may result in users being able to pay NFT directly via credit/debit card.
Arguably one of the biggest stories in this week’s NFTs capped off the week and doesn’t seem right by the end of the week. After quashing rumors late last year that the company would start accepting cryptocurrencies for payments, the top retail monster has returned to the crypto headlines with a patent filing. This week’s announcement signals the brand’s entry into the NFT and… their own cryptocurrency.
Nirvana fans can collect the first NFT in the band’s history next month, with a limited edition set to launch in celebration of Kurt Cobain’s birthday. NFTs will feature never-before-seen images and artwork related to the band.
In the past, the brand has expressed great displeasure with NFT designer Mason Rothschild, now Hermes is standing by and has filed a lawsuit against the California-based digital artist. Rothschild is the creator of “MetaBirkins”, an NFT collection that has gained considerable traction with its art inspired by Hermes’ Birkin bags. According to reports this week, the brand has filed a lawsuit against Mason Rothschild in the Southern District of New York for trademark infringement and trademark dilution.
Rothschild has previously issued public letters expressing disagreement with the stance of Hermes (which had previously urged Rothschild to cease production) and OpenSea, which had withdrawn the collection. Rothschild has done so again, posting an open letter on Instagram saying the brand doesn’t understand “what NFT is or what NFT does,” adding that he’s “not intimidated.”
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