In this week’s newsletter, read about how independent creators can use music-based nonfungible tokens (NFTs) to build a fanbase and monetize their work. Check out what industry professionals are saying about NFT gaming trends in 2023 and how an NFT influencer lost his assets by clicking an advertisement on Google. In other news, find out how social media influencer Logan Paul plans a recovery for his controversial NFT project, CryptoZoo. And don’t forget this week’s Nifty News featuring Shiba Inu’s NFT project, Shiboshis.
Music NFTs are helping independent creators monetize and build a fanbase
Cointelegraph podcast The Agenda interviewed the host of the Web3 Mint podcast, Adam Levy, and rapper Jay Kila to discuss music NFTs and how they can help independent creators. Levy discussed the advantages of ownership-based NFTs and patronage-based NFTs, while Jay Kila spoke of how he was inspired by the technology’s ability to help artists make a living.
According to Jay Kila, NFTs may be the “last hope” for independent artists to get money more directly and he highlighted that it would be disruptive.
NFT gaming trends in 2023: Industry execs expect more big players to jump in
Cointelegraph reached out to executives in the NFT gaming space to get their insights on trends to look out for in 2023. Aleksander Larsen from Sky Mavis, Zoe Wei from BNB Chain and Carlos Pereira from Bitkraft Ventures believe that many traditional gaming studios may soon jump into NFT gaming.
Meanwhile, the industry execs believe blockchain gaming models like play-to-earn (P2E) and move-to-earn will need some tweaks. Larsen said that the P2E model does not work in its current state, while Wei said that further experimentation and analysis are necessary.
Google Ads-delivered malware drains NFT influencer’s entire crypto wallet
A pseudonymous NFT influencer called NFT God recently claimed their wallet was drained after clicking a sponsored advertisement on Google containing malware. The social media influencer tweeted that they lost a “life-changing amount” because of the exploit.
NFT God, also known as “Alex” online, claimed that he used Google to download the video streaming software, called OBS. However, he mistakenly clicked a sponsored ad instead of clicking the actual website. He later realized that he had downloaded malware along with the software.
Logan Paul unveils $1.5 million CryptoZoo recovery plan
YouTuber Logan Paul recently posted a three-step recovery pan for his controversial NFT project, CryptoZoo. The social media celebrity highlighted that he is no longer pursuing legal action against Coffeezilla for publishing various allegations against Paul in a series of videos investigating the project.
According to Paul, he will commit 1,000 Ether (around $1.5 million) to a program that lets unhappy investors burn their NFTs to get their money back.
Related: NFT index grades the trading performance of collectors’ wallets
Nifty News: Price drops on ‘Cryptohouse’ with NFT decor, mint your personality as an NFT and more
The collaboration between Shiba Inu’s “Shiboshis” NFT project and luxury handbag firm Bugatti Group sold out in less than two minutes. The handbag manufacturer created NFTs and offered custom luggage to those who minted.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.