The Open Metaverse Alliance for Web3 was created by blockchain platforms with the goal of setting standards for NFTs.
In this week’s newsletter, read about how game developer Square Enix plans to launch Final Fantasy VII digital collectibles. Check out the new Open Metaverse Alliance for Web3 and how NFT sales will fund artwork restoration efforts in Ukraine.
In other news, you can learn about how an NFT of a falling man was removed in the GameStop marketplace following community pressure. And, don’t forget about this week’s Nifty News roundup featuring a joke gone wrong, leading to the loss of 100 Ether (ETH).
Square Enix partners with Enjin to launch Final Fantasy VII collectibles
Game development firm Square Enix has collaborated with NFT platform Enjin to launch digital and physical collectibles of the popular Final Fantasy VII (FF7) video game. The digital collectibles will be tied to their physical counterparts that will be available at the Square Enix store.
To acquire the FF7 digital collections, fans must redeem the code found on the physical products at the NFT platform called Efinity network. According to the announcement, the FF7 collection will be available on Efinity in 2023.
Web3 platforms launch the Open Metaverse Alliance
The Open Metaverse Alliance for Web3 has been created by a number of blockchain platforms including Alien Worlds, Animoca Brands, Dapper Labs, Decentraland, MetaMetaverse, Space, Superworld, The Sandbox, Upland, Voxels and Wivity.
The alliance will be a decentralized autonomous organization (DAO) to ensure transparency in governance. The DAO has the goal of setting standards for NFTs, portals between worlds and interoperability.
Related: NFT utility to remedy ticketing dilemmas? Experts weigh in
NFT sales will fund the restoration of physical monuments in Ukraine
The government of Ukraine will use funds from NFT sales to restore real-world works of art destroyed in the war with Russia. In an announcement, Ukraine’s Ministry of Culture and Information Policy said that the Meta History Museum of War, a government-backed platform, raised around $1.3 million in NFT sales and will use the proceeds for its artwork restoration efforts.
While NFTs will not stop the attacks from Russia, Ukrainian official Oleksandr Borniakov said that it offers an opportunity for Ukraine to rebuild its economy and develop as a country that’s innovation-friendly.
GameStop “Falling Man” NFT saga shows people’s power at its finest
A controversial NFT listing on GameStop’s NFT marketplace was taken down after receiving pressure from the community. The NFT, dubbed Falling Man, depicted a man in a space suit falling downwards. The NFT resembles a very famous photo from the 9/11 terrorist attack on the World Trade Center with a man falling to his death.
The artwork received heavy backlash as community members pressured GameStop to take it down from their platform. The NFT platform eventually removed the NFT from its marketplace and banned the artist from minting NFTs.
Nifty News: BAYC hodler loses 100 ETH in “joke” domain sale gone wrong
An NFT whale who owns many expensive Bored Ape Yacht Club NFTs made a mistake while performing a joke, leading to a loss of 100 ETH. Attempting to trigger and mock the EnsBidsBot on Twitter, the NFT whale called Franklinisbored placed a bid on the Ethereum Name Service domain that they listed on their own. However, the tides turned when they forgot to remove the bid before accepting another bid of 1.9 ETH.
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.