EDITOR'S NOTE
In focus this week: digital identity. As web3 studios is forecasting, the metaversal identity sector is due to rake in billions by 2030, particularly with the growth of PFPs, avatars, and digital fashion. Ready Player Me has just received a new round of funding and The Sandbox’s latest season has upped avatar interoperability, just other virtual platforms including Roblox and Decentraland continue to make moves toward similar integrations. More on our cross-metaverse future follows.
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THE BIG STORY
What's fueling the NFT conversation
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THE SANDBOX’S ALPHA SEASON 3 LOGS 27 BRAND PARTNERSHIPS
WHAT HAPPENED: On Wednesday, The Sandbox kickstarted its Alpha Season 3, which will platform 98 gaming experiences over 10 weeks. Spanning solo and multiplayer content, these offerings include 27 experiences presented by partners not limited to Snoop Dogg, Bored Ape Yacht Club, Atari, Metapride, Steve Aoki, Warner Music Group, and The Walking Dead. Also notable: this season represents one of the biggest use cases of avatar interoperability, more than 140,000 avatars from collections including BAYC, World of Women, CoolCats will be playable within The Sandbox.
WHY IT MATTERS: Not for nothing has S3 been billed as The Sandbox’s “biggest Alpha Season to date” — the immense commercial potential of both the gaming and metaversal spaces have been made plain, and brands across the cultural and entertainment sectors have been swift to swarm in. In addition to the experiences, the enhanced interoperability notches up the offer by facilitating consistency in online identities. This might in turn serve as a draw for young players and holders looking to traverse worlds with their digital identity and assets (thus repping their ownership) in tow.
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FOR THE RECORD
One-on-ones with Web3 movers and shakers
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Image: Frank Stella, “Geometry XXII,” 2022 / Courtesy of ARSNL
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ARSNL ON FRANK STELLA’S WEB3 DEBUT
Next month, aided by ARSNL, Artists Rights Society’s new NFT platform, minimalist master Frank Stella will unveil his first digital art collection, Geometries, encompassing original sculptures packaged with 3D files and associated rights, allowing collectors to print their own physical models. Here, ARS’ Katarina Feder and ARSNL’s Misha Libman discuss how the platform’s and Stella’s first project taps co-creation and participation.
What motivated the launch of ARSNL?
Libman: We’re always thinking that artists are probably the best equipped as these first explorers of this technology because their mind is wired to be creative. The only thing that they don't have is technical expertise, so it was important to try to work with artists to explain to them what the options are. Our approach is to improve upon and continue evolving the space.
Could you speak to the co-creation and community elements of Stella’s Geometries?
Libman: He is open to artists or collectors potentially remixing them or creating derivative works. He’s being extremely mindful of the community — that people are interested in creating and engaging with the artists and their works. Yes, the pricing is going to be very democratic for a Stella, but it also allows a much wider audience to have access to his work. More so, he does want them to engage with the work itself and to bring them into the physical space.
What has ARS observed about how artists are viewing the Web3 space?
Feder: Often, speaking to people in the art world, they roll their eyes and assume that artists feel the same way. It's absolutely not the case. Every high-profile artist, and even estates and foundations, are excited by something like this. They want to do things that are experimental; they understand that their work, much like the world, has to keep evolving.
Read more at Jing Culture & Commerce
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THE WEEK'S NFT STATS
In partnership with
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Collection | 7d Volume | 7d %
1 Bored Ape Yacht Club | $14,354,196 | ▲ 9.58%
2 ImmutaSwap.io | $7,143,201 | ▲ 95.61%
3 Mutant Ape Yacht Club | $6,782,553 | ▼ 0.81%
4 Sorare | $5,911,903 | ▼ 36.01%
5 Pudgy Penguins | $5,240,819 | ▲ 238.11%
6 Otherdeed | $5,046,840 | ▼ 28.02%
7 NFL All Day | $3,463,684 | ▲ 144.91%
8 Finiliar | $3,388,116 | ▲ 49,281.68%
9 CryptoPunks | $2,697,453 | ▼ 67.83%
10 10KTF Stockroom | $2,346,845 | ▲ 1,151.17%
For the week ending 8/25/22. Source: Cryptoslam
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BY THE NUMBERS
Image: Projected revenue generated by digital identity verticals / web3 Studios
By the estimation of web3 Studios, the metaverse opportunity hinges in a big way on the digital identity space. The sector — encompassing avatars, PFPs, digital fashion, and virtual worlds — might serve as an entry point into the metaverse, enabling users to define, shape, and maintain a consistent virtual presence. Accordingly, the financial advisory firm, in its latest report, Digital Identities: Who Will We Be In The Metaverse?, foresees the metaversal identity landscape generating more than $600 billion in revenue by 2030. Growth factors include consumer and commercial interest, in addition to continued investment in the development of digital identity infrastructure.
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THE NFT DIGEST
How the cultural sector is engaging Web3 this week
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Image: Banksy-NFT.xyz
RADAR RATS BY BANKSY
Everyone's favorite street artist Banksy will drop his first NFT collection, Radar Rats, on September 17. Created in partnership with LCD Lab, the 1,000 NFTs will feature rats with more than 70 algorithmically generated traits and sold via Magic Eden on Solana. Buyers get a choice: mint and open their NFT or burn the NFT to redeem a corresponding physical artwork, the "Walled Off Hotel Box Set," an authenticated hand-painted lithograph housed in a white box frame. Ten percent of the sale's proceeds will benefit the Banksy Walled Off Hotel in Bethlehem, Pakistan.
SECONDARY SALE OF FEWOCiOUS NFT SETS ALL-TIME HIGH
Last week, FEWOCiOUS’ “The Sailor” NFT sold for 350 ETH (approximately $595,000), making it the most expensive secondary sale on SuperRare. The buyer, capital6529, is associated with the 6529 Museum of Art and its 6529 NFT Fund, making it likely that “The Sailor” is headed to the metaverse museum. “Bringing a FEWOCiOUS into the 6529 family has been a very long time in coming,” said the collector.
URS FISCHER: CHAOS #1–#500 AT GAGOSIAN
Contemporary artist Urs Fischer’s digital sculptures from his series CHAOS #1—#501 have been compiled into a set of short-form videos and will be on display at Gagosian Marciano Art Foundation from August 20 to October 29. This marks the first time Fischer’s NFTs have been physically installed; “swap meets” and indoor musical performances will take place throughout the exhibition.
HEIDI KLUM PAINTS BORED APES
In June, model and artist Heidi Klum debuted a painting of Bored Ape Yacht Club #1622 on a digital billboard in Times Square as part of Apefest. Now, as she tells artnet, she’s planning an upcoming drop of 10 NFTs based on these paintings, which will presumably include physical and digital editions, and “videos of me painting them.”
THE REVIVAL PROJECT BY DEPOSITPHOTOS
To preserve and restore Ukraine’s cultural sites in the wake of Russia’s invasion, stock image repository Depositphotos has collaborated with seven independent Ukrainian artists to create 38 unique charitable NFTs. Each token features an artistic vision of what some of the destroyed sites could look like in the future. They’re available for purchase at Meta History, with all proceeds intended for Ukraine’s Ministry of Culture and Information Policy of Ukraine.
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“We’re moving into a space where digital assets are starting to hold more value. Physical restitution is great, but for so long, it hasn’t happened [that] I think digital restitution is the only or the best way to go in this conversation.”
— Chidirim Nwaubani, Founder, Looty
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EVENT SPOTLIGHT
Upcoming NFT events to watch
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NFT SHOW EUROPE | SEPTEMBER 17 - 18 | VALENCIA
The inaugural NFTSE will host NFT art and blockchain industry players across workshops and panels, and showcase multisensory works by digital artists in an Experience Hall. LEARN MORE
DIGITAL ART FAIR ASIA 2022 | SEPTEMBER 28 - OCTOBER 5 | HONG KONG
Centered on innovative digital art, the Digital Art Fair's Asia Edition will be presenting metaversal experiences and immersive installations, including a conference program lined up with Web3 industry leaders. LEARN MORE
TOKEN2049 | SEPTEMBER 28 - 29 | SINGAPORE
Organized across Singapore and London, the annual crypto event, also the flagship of Asia Crypto Week, will bring together Web3 leaders for discussions on DeFi, DAOs, and metaversal development. LEARN MORE
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IN CASE YOU MISSED IT
Catch up on NFT coverage across the Jing Group
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Decoded: Museums In The Metaverse
Built in and for virtual worlds, metaverse-native museums offer opportunities to rethink traditional museum models and practices.
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X Museum Goes X Virtual, Unveils First Metaversal Exhibition
The X Virtual Incubator showcases four virtual environments, marking the Beijing institution's entry into the metaverse.
Phygital’s Fashion Takeover: Are Web3’s Digital Twins Necessary?
Luxury brands are betting on a phygital NFT strategy, offering digital goods with IRL counterparts. Is this the answer to fashion's overproduction problem?
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