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EDITOR'S NOTE
Gm from the other side of The Merge. As you read this, Ethereum’s consensus mechanism is now proudly proof-of-stake, which is projected to shrink its energy consumption by more than 99 percent. It’s an event that topples one barrier to wider crypto adoption, but more — whether education or regulation — remain. For now, there’s optimism to be had, as Ethereum enters a new phase along the road to eventual maturity. Ahead, as Ethereum's Vitalik Buterin put it, “there are still steps left to go.”
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THE BIG STORY
What's fueling the NFT conversation
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Image: Unsupervised by Refik Anadol / MoMA
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MOMA ESTABLISHES NEW ENDOWMENT FOR DIGITAL ART, WITH NFTS LIKELY IN ITS FUTURE
WHAT HAPPENED: Earlier this week, the Museum of Modern Art (MoMA) in New York announced the sale of 29 artworks, which form part of its William S. Paley Collection. With an estimated value of $70 million, the sale of the paintings at Sotheby’s in the fall will fund a new endowment, spearheaded by the William S. Paley Foundation, to support MoMA in its work in digital media and technology. And maybe NFTs: in an interview with the Wall Street Journal, MoMA’s Director Glenn Lowry did not preclude the museum acquiring NFTs with its new endowment. “We’re conscious of the fact that we lend an imprimatur when we acquire pieces,” he said, “but that doesn’t mean we should avoid the domain.”
WHY IT MATTERS: MoMA has a fine track record in supporting the digital arts — from its New Order exhibition in 2019 to its collaboration with Refik Anadol last November. Its Web3 entry, however, remains in cautious motion: ahead of MoMA, big-name institutions including the Guggenheim and ICA Miami have made in-roads into the NFT space. As part of their remit, cultural institutions could play a vital role in advancing the understanding of a nascent medium — educating audiences and situating NFT art within the broader contemporary art context — in turn participating in a field that is forging ahead with or without the imprimatur of any museum.
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FOR THE RECORD
One-on-ones with Web3 movers and shakers
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Images: (clockwise from top left) Blondish, AK, AiDO, AN TY, Meridian, and Subfocus
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AUDIUS ON BRINGING THE MUSIC INDUSTRY INTO WEB3
Since its launch in 2019, Web3 music platform Audius has been steadily gaining traction for applying a decentralized approach to music distribution. On Audius, artists can upload their music for free, earn tokens based on streams accumulated, and receive 90 percent of token transactions — with nary an intermediary in sight. But don’t call it a disruption; for Roneil Rumburg, Co-founder and CEO of Audius, it’s augmentation.
What needs disrupting in the music industry?
The current market dynamic in music is overly controlled by intermediaries — we believe Audius is the logical conclusion to fixing that. We like to think we have helped create the perfect music commons, where there is nobody (not even ourselves) sitting between the artist and fan.
What have been the challenges of decentralizing the industry?
In the music industry, decentralized technology has a perception problem more than anything else. People are often fearful of what they don’t understand, and often erroneously associate today’s decentralization movement with early 2000s P2P software. Audius has been able to show that it’s possible for a decentralized ecosystem to have a thoughtful and highly functional content moderation system.
In the next few years, how do you see Web3 technologies play out in the music industry? Is this the beginning of a new era?
I believe it is. But Web3 technologies are the enablers; direct fan relationships, and engagement/monetization across those relationships, which are possible for the first time today, will be the drivers of the music economy of tomorrow.
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 | $7,913,490 | ▲ 47.65%
2 Sorare | $6,261,615 | ▲ 0.85%
3 Otherdeed | $5,768,152 | ▲ 8.44%
4 Ethereum Name Service | $5,225,802 | ▲ 48.73%
5 ABC | $5,224,460 | ▲ 148.45%
6 Mutant Ape Yacht Club | $4,409,053 | ▲ 84.67%
7 NFL All Day | $4,227,096 | ▲ 295.38%
8 Doodles | $3,236,885 | ▲ 254.52%
9 CryptoPunks | $3,041,010 | ▲ 88.54%
10 RENGA | $2,777,529 | ▲ 94.39%
For the week ending 9/15/22. Source: Cryptoslam
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THE NFT DIGEST
How the cultural sector is engaging Web3 this week
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Image: "Departed" by XCOPY / Sotheby's
INSIDE THE WORLD OF MAXSTEALTH AT SOTHEBY'S
On September 14, Sotheby's held a live auction of an unparalleled trove of digital art — that of anonymous collector MaxStealth. A total of 26 lots were arrayed for Inside The World Of MaxStealth: A Timeless Collection, featuring works by the likes of Beeple, Pak, Hackatao, and Gavin Shapiro. Most lots did not meet their estimate, though XCOPY's "Departed" fetched the highest price at $630,000.
D3SIGN CAPSULE BY ELLE DÉCORATION FRANCE X SUPERRARE
ELLE Décoration France, in partnership with SuperRare, has announced D3SIGN CAPSULE. The initiative encompasses 16 NFT collections created by architects and designers in collaboration with digital artists to imagine “interiors of the future.” The resulting artworks, whether physical or digital, are being exhibited during Paris Design Week this week and a NFT drop is due sometime this month. The project is slated to run into 2023.
COLECCIÓN TEQUILA X LEONORA CARRINGTON DECANTER NFT
Visionary first-wave Surrealist Leonora Carrington has entered Web3, with help from 1800 Tequila. On September 12, a NFT of the 1800 Colección Tequila x Leonora Carrington Decanter, designed by the artist and featuring her creature-like sculptures, was put up for auction on BlockBar, with bidding starting at $25,000. The token includes the 1800 Colección Tequila, a collectible decanter, a private tasting at the La Rojeña distillery, and a tour of Carrington’s art collection. Half of the proceeds will go to the Council of Leonora Carrington for the preservation of her work.
SONY MUSIC MAPS NFTS
Sony Music has filed a trademark application for NFT-backed media, which will cover all artists and music under the Columbia Records logo. In effect, the application will allow the music label to authenticate audio, video, and live music performances with NFTs. The move follows Sony’s previous Web3 ventures including its 2021 investment in MakersPlace and its partnership with Snowcrash earlier this year.
STARBUCKS LAUNCHES NFT LOYALTY PROGRAM
Starbucks has announced Starbucks Odyssey, a NFT-based loyalty program, hosted on Polygon. Beginning September 12, Starbucks Rewards members and employees will be able to join the waitlist for the program, which will allow them the ability to earn and buy NFTs that will unlock access to new, immersive coffee experiences. Starbucks is one of the first companies to use NFTs within an industry-leading loyalty program at scale.
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“I think a lot of times, blockchain projects or ideas are in search of a market. In this case, we actually have a pretty clear market.”
— Tom McLeod, Founder, Arkive
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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
DUBAI METAVERSE ASSEMBLY | SEPTEMBER 28 - 29 | DUBAI
Hosted at the Museum of the Future, the first Dubai Metaverse Assembly is slated to host more than 300 thought leaders and decision-makers in panels and workshops that will dive deep into the impact of the metaverse. LEARN MORE
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IN CASE YOU MISSED IT
Catch up on NFT coverage across the Jing Group
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Thanks To Web3, Art Market Dynamics Will Never Be The Same Again, Says LiveArt
Fresh from its LiveArtX Global 100 competition, the Web3 platform reflects on the new digital collecting landscape.
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With Its New NFT Platform, LG Electronics Makes A Play For The Digital Art Market
Set to launch with a drop from Barry X Ball, LG Art Lab marks the tech giant's continued bid to enter the NFT art world.
Major Music Labels Are Swarming The NFT Space. Will They Be Welcomed?
It may be inevitable that major labels are rushing towards NFTs, but their role in a decentralized field remains up for debate.
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