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This week’s featured collector is Benza
Benza minted their first NFT in June 2020 after being inspired by the Crypto Campfire podcast. Soon after, a friend on Twitter suggested that they mint their chalk art. ‘Chalk art became my niche in this crazy world of crypto art and NFTs,’ says Benza. Check out their collection at lazy.com/benza
PayPal Files Patent for NFT Purchase and Transfer System
PayPal has submitted a patent application, documented as US-20230298001-A1 in the United States Patent and Trademark Office, for an innovative “NFT purchase and transfer system.” This move aligns with the company’s strategic foray into the realms of cryptocurrencies and web3 technologies. The proposed system is designed to enable off-chain transactions in an NFT marketplace, a feature that offers the potential benefits of reduced transaction costs and expedited asset transfers. Furthermore, the application outlines the system’s capacity to integrate multiple digital wallets, thereby granting diverse users access to NFT assets.
Essentially, PayPal’s proposed system streamlines NFT transactions between users of the same service provider. It performs these operations off-chain, likely reducing transaction costs and speeding up the process. This method preserves the decentralized ethos of blockchain while integrating with a centralized service provider, offering a blend of both worlds.
The development is noteworthy in the context of NFTs becoming increasingly mainstream, with their adoption expanding beyond niche communities. PayPal’s entrance into this space stands to amplify the legitimacy of NFTs, given the company’s established prominence in the online payments ecosystem. The patent application was made public on September 21, and it remains in the pending stage, with further details anticipated as it progresses through the bureaucratic pipeline.
ApeCoin DAO Approves Sister DAO for NFT Acquisitions Amid Market Downturn
ApeCoin DAO, the decentralized autonomous organization affiliated with Yuga Labs’ native token, has narrowly approved a governance proposal aimed at launching a sister DAO. This initiative, known as AIP-297 and spearheaded by Animoca Brands co-founder Yat Siu, secured a slim majority of 53.6% on September 21. The proposal outlines the allocation of 750,000 APE tokens (~$945,000) from the ApeCoin treasury to establish a community-governed vault focused on the acquisition of influential NFTs. These NFTs would cover various domains including art, music, virtual worlds, and gaming. The management of the acquired assets would be subject to voting by members of the sister DAO, and APE token holders will have the opportunity to leverage the intellectual property of these NFTs, possibly via future grants denominated in APE tokens.
While this sister DAO will function autonomously, it will still fall under the governance of APE token holders, maintaining a level of continuity within the broader ApeCoin ecosystem. This move comes as a strategic response to the declining fortunes of both the ApeCoin community and the NFT market at large. Data from DappRadar indicates a sharp downturn in NFT trading volumes and sales, showing a 70% decline to $559 million and a 45% decrease to 3.2 million transactions since March. Against this backdrop, APE’s value has plummeted over 95% from its April 2022 peak, paralleling similar devaluations across most Yuga collections.
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This week’s poll: Will PayPal’s Patent for an NFT Purchase and Transfer System Affect Mainstream Adoption of NFTs?
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