NFTs In A Nutshell: A Weekly Review

Another week in NFTs, and there’s no shortage of chaos. Disney is hiring more NFT team members, Warner Music Group has partnered with a native NFT platform, and the NFT community is pissed off at Buzzfeed (for the most part).

These are just a few of the major stories in the NFT space over the past week. Let’s jump into the past week’s Nutshell.

This Week’s Non-Fungible Token News

Disney Lists New NFT Job Openings

Disney is no stranger to NFTs, and has clearly been continuing to roll out legacy IP within the digital world, by way of NFTs. The entertainment monster established a formalized relationship with NFT platform VeVe back in October of last year, and according to new job listings this week, they’re not putting their feet on the brakes, either.

Does the latest hiring spree in the NFT space for Disney signal bigger plans in the metaverse? Our team provided a breakdown of the new roles being hired, and what we can derive from the job listings.

Coachella And FTX With Lifetime Festival Passes As NFTs

One of the summer’s most recognizable events each year, Coachella has been stamped as a “must hit” for major artists each year. This year, Coachella has partnered with FTX to rollout new NFTs on Solana. The NFTs will reflect digital posters, with proceeds being split across several charitable organizations and the involved creatives.

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Polygon was host to the recent WWF NFTs, however despite the blockchain's energy-efficient approach, the NFTs were not well-received. | Source: MATIC-USD on TradingView.com

OneOf Signs Deal With Warner Music Group

NFT music platform OneOf got off to a sizzling start last year, onboarding major music artists including John Legend, Whitney Houston, and more. The Quincy Jones-backed platform is less than a year into operations, and this week can check off another major milestone, signing a deal with Warner Music Group. It’s another major project on the Tezos blockchain, and while the full scope of the partnership is still unclear, don’t be surprised to see WMG artists on the OneOf platform as relationships grow between the two partners.

The Latest In NFT Drama: HitPiece, WWF, And More

There was plenty of drama throughout the NFT space this week as well. Let’s cover a few top-level hits from this week’s chaos:

• Kanye West’s ‘No Thank You’: Kanye has made headlines for a variety of reasons in the past few months, with this week’s latest coming from a sharp point-of-view that Ye holds around NFTs. After being asked from fans to do an NFT, he stated “my focus is on building real products in the real world,” but didn’t dismiss that maybe it could happen down the line.
• HitPiece Gets Hit: One Utah man launched an NFT website called HitPiece, and started hosting music from artists big and small, which started an outrage on social media as artists ripped back. The site is now offline following a demand letter from the Recording Industry Association of America (RIAA).
• WWF NFTs Get The Cold Shoulder: Anyone who’s no stranger to the crypto community likely understands the push and pull between environmental concerns and the potential around blockchain technology. The World Wildlife Fund (WWF) launched NFTs on Polygon – one of the more environmentally-friendly blockchains in the NFT space – but they were not well-received. There’s still a long ways to go in addressing environmental concerns in crypto.
• Buzzfeed On Blast: The NFT community is showing little love to traditional media publication Buzzfeed this week, after the news platform doxxed Bored Ape Yacht Club founders in an investigative report. While some said that the BAYC founders did too much to tie their personal name to the project, including major fundraising, most in the NFT community believe that Buzzfeed went too far in doxxing the two founders without their consent.

Novogratz: NFTs Will Lead The Charge In 2022

Billionaire crypto advocate and Galaxy Digital CEO and founder Mike Novogratz is bullish on NFTs going into this year. In November, Galaxy Digital acquired a CryptoPunk.

NFTs will lead crypto/web 3 in 2022. That’s my tweet.

— Mike Novogratz (@novogratz) February 2, 2022

Cameo’s Latest Project: Cameo Pass

Cameo has carved a niche in providing consumers with a new way to connect with talent, and this week, the platform is taking it’s first leap into Web3 with a new NFT project, Cameo Pass. Cameo Pass will kick off with minting on OpenSea in less than two weeks, and will offer exclusive event and celebrity Q-and-A access.

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Featured image from Pexels, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.