PayPal applies for NFT marketplace patent, Meta’s avatars impress: Nifty Newsletter
Nonfungible tokens (NFTs) continue to make waves in the art world, as well as in various other industries. This week, a notable NFT artist, Trevor Jones, raised a significant amount of money for a cancer support charity. Jones donated nearly $140,000 to Maggie’s Edinburgh, an organization dedicated to providing treatment and support for cancer patients. The funds were raised through a Web3 event held in France. The donation will make a meaningful impact in aiding around 4,000 cancer patients and their families.
This generous contribution is especially significant for Maggie’s Edinburgh, as it marks the highest single donation from an art event in the organization’s history. The money raised will go towards providing crucial services and support to those affected by cancer, helping to improve their quality of life during a challenging time. It serves as a testament to the power of NFTs to facilitate positive change in communities.
In other NFT-related news, payments platform PayPal has filed a patent application for an NFT marketplace. The application, which was filed at the United States Patent and Trademark Office in March and made publicly available in September, outlines a system that enables users to buy and sell NFTs through a service provider. Although the specific provider is not mentioned, the document references Ethereum, suggesting that the marketplace may be based on the Ethereum network. This move by PayPal further underscores the increasing mainstream adoption and recognition of NFTs as a valuable asset class.
Meanwhile, Meta, previously known as Facebook, unveiled its photorealistic metaverse avatars, demonstrating the company’s commitment to advancing in the metaverse space. Meta CEO Mark Zuckerberg showcased these avatars during a podcast interview, utilizing the company’s Quest 3 headsets and noise-canceling headphones. The improved graphics and immersive experience caught the attention of Crypto Twitter, with users noting the significant upgrade in the metaverse’s visual capabilities. Despite critics declaring the metaverse dead, Meta’s advancements suggest the contrary.
Additionally, Neal Stephenson’s metaverse blockchain project, Lamina1, is optimistic about the future of the metaverse, despite a decline in hype. The project is hosting an event called the Open Metaverse Discovery Month, inviting builders and creators to explore and engage with the metaverse. Lamina1 CEO Rebecca Barkin emphasized that the concept of the metaverse is here to stay as long as individuals are willing to invest time and resources into it. With 50,000 builders already involved in the project, Lamina1 remains hopeful that the metaverse will disrupt corporate control and empower creators.
Overall, these developments highlight the ongoing growth and potential of NFTs and the metaverse. From artists supporting charitable causes to major companies like PayPal and Meta embracing the technology, NFTs are revolutionizing various industries and reshaping the digital landscape. As the metaverse continues to evolve, it is clear that its impact will extend far beyond the realm of art and entertainment.
