This week’s NFT news highlights the latest developments in the NFT space, including Mastercard’s launch of an accelerator program for musicians using NFTs, concerns surrounding the safety of minors in Meta’s new metaverse, and the fate of NFTs when a collector dies.
Mastercard Launches NFT-Gated Musician Accelerator Program
Payment processing company Mastercard has launched an accelerator program for artists, which is available only to those who have a limited-edition Mastercard Music Pass NFT. The program aims to support musicians by giving them access to artificial intelligence tools and other experiences. Until the end of the month, the NFT is accessible to musicians and fans for free. Mastercard has partnered with Polygon to make the initiative happen. Mastercard’s chief marketing and communications officer, Raja Rajamannar, said that the program helps users understand and trust how blockchains and digital assets are employed.
What Happens to NFTs When You Die?
Experts have given their opinions on what happens to NFTs when a collector dies. Enjin’s chief legal officer, Oscar Franklin Tan, reveals that smart contracts offer sufficient flexibility to transfer NFTs after the owner’s death. However, the death requires a way to be linked to the contract. Similarly, Ajay Prashanth, an executive at NFT insights platform bitsCrunch, echoes Tan’s comments, indicating that setting up smart contracts to automate NFT transfer after death is “technically feasible.” Although, it requires linking with legal documents that certify death.
Metaverse for Youth: Meta Urged To Ban Minors From the Virtual World
Online safety groups have sent a letter to Meta CEO Mark Zuckerberg, urging the company to cancel its plans to let teenagers and young adults use its metaverse application, Horizon Worlds. According to the activists, Meta must assess the risk of allowing minors into the metaverse. The groups also called on Meta to wait for peer-reviewed research on metaverse dangers to ensure that minors would be safe. Children are likely to face privacy and harassment issues within the metaverse, according to the letter.
NFT.NYC: Play-to-Earn Is Not Dead, But Game Publishers Are Looking for Alternatives
Companies are shifting their strategies during the crypto winter, with minors Yanai from manga and anime design company Minto stating game publishers are now looking at “play and fun” and even “earn or swap.” The focus has shifted to sustainability and flexibility. Publishers and developers are also seeking alternatives to the play-to-earn strategy.
Nifty News: BTC Miners Cash $5M on Ordinals, Reddit NFTs Face Botting Backlash, and More
According to data from Dune Analytics, Bitcoin miners have earned over $5 million from Bitcoin Ordinals as BTC transaction fees have increased by 240% in the last month. Reddits “Gen 3” NFTs, faced backlash over botting issues. Redditors missed the sale due to spam bots swooping in almost instantly.
Summary
Overall, NFTs are evolving with Mastercard’s NFT-gated accelerator program and the need to address the safety of minors in the metaverse. There is also a paradigm shift in how publishers approach gaming and play-to-earn. Ultimately, the future of NFTs is ripe with possibilities, and we look forward to seeing how they develop further.
