In this summary of Shocking NFT News & Top Upcoming NFT Drop, host The Parallax discuss Kingship NFT’s partnership with M&M candies, Hello Kitty’s NFT, a16z investment in Ready Player Me, CloneX NFTs going on-chain, and more.
n.b. Summaries are edited for brevity and inconsistencies may occur due to crosstalk or audio quality. The content presented is not financial advice. Do your own research and review the disclaimer below.
Parallax highlights NFT News & Upcoming NFT Drops
The Parallax posted Shocking NFT News & Top Upcoming NFT Drop on YouTube on Aug. 25, 2022:
Parallax starts by discussing the Hello Kitty and Friends project, by Recur (who also worked on Hey Arnold, Rugrats, and Carebears). There’s concern that all of the projects are too similar and don’t offer anything beyond collectible art.
But some people will find the Nickelodeon game valuable: you buy a collectible, you trade it in, get some slime, and then you combine your entities. On the other hand, looking at the Nickelodeon floor price, people aren’t valuing those NFTs as much as they did when they first came out.
Parallax takes a moment to promote the biweekly Parallax Academy courses, which focus on NFT marketing. There, he teaches about Ponzi schemes, bag holding culture, and how to create a project that doesn’t require bag holding. Instead, the focus will be on creating real value. Back to NFT news.
a16z Makes NFT News by Injecting $56M into this project
Parallax describes a new project called Ready Player Me, which just raised $56 million in the Series B from a16z. Ready Player Me is an avatar project, but there’s no NFT to buy. The project helps brands and companies create digital metaverse assets that can be used across worlds.
The challenge is that every metaverse has its own technical challenges. Ready Player Me is creating a standard, such that one avatar (or digital asset) works across many different metaverse worlds. So imagine creating a selfie avatar that works across all metaverses.
Generating 3D objects as NFTs
Next, Parallax describes Deepobjects AI, which is likely creating 3D assets as NFTs. There’s not much to go on from the website, but Parallax guesstimates that they will be generating 3D sneakers, statues, and more. Unclear if the founders (FTR Studio) are being mysterious on purpose.
M&M partners with Kingship, a BAYC-inspired musical group
In other news, M&M candy recently partnered with Kingship, a musical band formed from Bored Ape NFT characters. The BAYC owners themselves are not the people behind the band necessarily. The intent is to make the musicians behind the NFT characters interchangeable over time.
In that partnership, the group will sell M&M candy boxes in 4,000 limited-edition set. The rarest version includes custom-printed candies with Kingship group members Captain, King, Arnell and Hud in individually numbered boxes from 1 to 100. Parallax notes that this is an interesting use case of IP and NFTs, where multiple holders come together to create value through collaboration with a brand that can generate revenue for the partnership. Parallax expects other NFT collections (such as Azuki, Doodles, etc.) to iterate on this pattern if it proves valuable. Similarly, we’re going to see more brands in all sectors get into the NFT space. Parallax expects candy companies, jewelry companies, and watch companies will enter the fray soon.
CloneX goes on-chain
Changing gears, Parallax notes that CloneX has started migrating some of their metadata from off-chain to on-chain. More products are moving on-chain, and it’ll be interesting to see what brands have a 100-year vision and make assets immutable.
Lean new tech & imagine how it applies to NFTs
Finally, Parallax notes that OpenAI, an artificial intelligence company, created a new feature that generates different clothing for characters, where the clothing moves in real time based on camera angles. NFT creators will have different ideas on how to use this technology. For instance, AI can generate a jacket asset that fits a particular NFT character model in a natural way, and yet it can fit another character with a different body type, too.
Remember to follow other macro technology trends, because they eventually find their way into the NFT space.
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Disclaimer & Risks: This summary is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The host and guest may hold NFTs mentioned on the show, but that is not an endorsement or recommendation to buy any tokens or NFTs mentioned. Please do not follow any opinion as a specific strategy. Using crypto applications, wallets, protocols, and tools may expose users to risks including, but not limited to, smart contract bugs, systemic risk, flashloan attacks, economic incentive failures, liquidity crises, admin key exploits, governance exploits, and pegged assets such as stablecoins or tokenized BTC de-pegging.