In this week’s newsletter, read about how the metaverse may integrate touch and smell. Check out how the nonfungible token (NFT) project Moonbirds plans to become a global brand and how NFT marketplace Magic Eden will refund users affected by a recent exploit. In other news, find out how NFT image hosting issues can be resolved, according to executives within the NFT space. And don’t forget this week’s Nifty News featuring a warning to gamers about a fake Pokemon NFT game spreading malware.
Touch and smell become the next big thing for the metaverse at CES 2023
One of the catalysts for the metaverse to generate $5 trillion in value in 2030 is the development of a more human experience. With the senses of smell and touch added to virtual reality (VR) experiences at the Consumer Electronics Show (CES) 2023, the metaverse is set to deliver more positive experiences to users.
A metaverse-focused firm showcased a VR headset that features a cartridge containing eight different aromas. The aromas can be mixed to generate various scents. The VR headset is scheduled for release later this year.
Bluechip NFT project Moonbirds signs with Hollywood talent agents UTA
Proof, the firm that built the Moonbirds NFT project, inked a representation deal with United Talent Agency (UTA), a Hollywood talent agency representing various artists and other professionals.
According to Proof founder Kevin Rose, the goal for this move is to push the Moonbirds brand to a “global” scale and not just a big name within Web3. Rose highlighted that UTA has a lot of manpower and connections within various sectors and could transform Moonbirds into a global brand.
Magic Eden to refund users after fake NFTs sold due to exploit
Due to a recent exploit on the NFT marketplace Magic Eden, the platform has promised to refund users who were sold fake NFTs on the website. According to the firm, a bug within its activity indexer allowed fake NFTs to bypass verification and get listed with authentic collections.
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The platform highlighted that it had resolved the problem of unverified NFTs shown as verified by disabling the entry points for the fraudulent NFTs. The NFT marketplace also promised that they would refund those who were affected by the exploit.
Industry seeks solutions for NFT image-hosting disasters
With recent image-hosting incidents occurring in the Web3 space, Cointelegraph reached out to several industry professionals who worked in the NFT space to give insights on potential solutions to the problem.
From using dependable blockchains to exploring the storage technology available in Web3, executives in the NFT space gave Cointelegraph their thoughts on how NFT projects can avoid problems in NFT image hosting.
Nifty News: Fake Pokémon NFT game spreads malware, ‘Jai Ho’ singer to launch metaverse and more
Hackers have used a fraudulent Pokémon-like NFT game to spread malware targeting gamers. The site offers an NFT marketplace and a way to stake NFTs. However, the site is a phishing site, according to cybersecurity experts. Meanwhile, data from market aggregator Cryptoslam shows that seven days into the new year, NFT sales jumped by 26%, showing some positive movements at the start of the year.
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.