NFTs In A Nutshell: A Weekly Review

NFTs are certainly in Snoop Dogg’s vocabulary. OpenSea is opening the flood gates to a potential new audience, accepting credit cards and Apple Pay. And Binance’s CEO thinks that those of you buying NFTs have lost your mind.

It’s all in a week’s worth of action in the landscape of NFTs. Let’s review the last seven days of activity in the space.

This Week’s Non-Fungible Token News

Snoop Dogg Launching NFTs On Cardano

Legendary hip-hop artist Snoop Dogg has had his fair share of mentions in the crypto-world in the past year or so. This week, the long-time music pioneer introduced his latest endeavor, teaming up with Cardano for his latest release of NFTs. Cardano isn’t a name often mentioned in the Nutshell, but is certainly a chain that has made it’s name in crypto – with polarizing perspectives. Snoop hasn’t been afraid to push into new territories, and has even featured clips from his property in The Sandbox in a recent music video for his song, “House I Built.”

In February, Snoop’s acquisition of Death Row Records came with the news that the label would be an “NFT label.”

Binance CEO On NFTs: “People Have Lost Their Mind”

In an interview with Fortune from earlier in the month, published earlier this week, Binance founder and CEO Changpeng Zhao said about NFTs: “people may have lost their mind.” Zhao added that he is still acknowledging the true potential of NFTs, adding that they offer the ability for artists to “reach a much wider audience.”

Ex-OpenSea Exec Returning To NFTs, Working On New Marketplace Oval

Ex-OpenSea employee Nate Chastain was held in high regard in the NFT community prior to his insider trading allegations. The story sent waves across the NFT community, as Chastain was held in high regard as the platform’s head of product, and the allegations left differing opinions about the discipline that should’ve been handed to him. His public-facing channels have been abruptly quiet since the OpenSea debacle, and of course, OpenSea and Chastain parted ways; now he is back in the NFT space building a platform called Oval. Oval is reportedly looking for a $3M seed round of funding.

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Cardano isn't a blockchain normally highlighted in the Nutshell, but with Snoop Dogg's latest endeavor to bring his NFTs to the chain, it's certainly worth keeping an eye on in the NFT space. | Source: ADA-USD on TradingView.com

OpenSea Enables Credit Card & ApplePay Purchasing Support, Releases Solana Support Date

OpenSea has opened the door to traditional payments this week, pairing with Moonpay to announce their intention to support credit card and ApplePay payments. Visa and Mastercard cards will be supported, but exact timing around support for these payment methods has yet to be disclosed.

The leading NFT exchange didn’t stop there, either. Also in the headlines this week was an updated timeline for Solana support on the platform; reports have emerged that OpenSea will support Solana NFTs sometime this month. To date, Solana platform Magic Eden has been the leading NFT market for the blockchain.

Discord Proves To Once Again Be An NFT Vulnerability As BAYC & Other Major Project Discords Briefly Hacked

Discord is seemingly a consistent point of liability for NFT projects. This week, Bored Ape Yacht Club, Doodles, and many other premier NFT projects were hacked – though with poor execution. The BAYC Discord felt victim to reportedly just one Mutant Ape, but phishing sites are increasingly a problem in NFTs and shouldn’t be discounted.

New Visa Program Helps Creators Build Businesses Through NFTs

Visa has launched a program focused on helping creators build their businesses through NFTs. Visa will select entrepreneurs in fashion, music, film, art and more to help incorporate NFTs into their business models. The move is the rolling out of a program first announced back in October of 2021. The “creator economy” is a major talking point in Web3 dialogue and discussions lately, and Visa is showing that they’re interested in building a corporate foundation at the forefront.

Visa has been positioning itself as one of the more bullish fintech firms in crypto, purchasing a CryptoPunk last year, and describing crypto as having the potential to become “extremely popular” over the next five years.

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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.