It’s not exactly peak season for NFTs, as trading volumes on OpenSea plunged approximately 99 percent from its record high of US$405.75 million on May 1. August has proved to be a difficult month for the digital collectibles sector as unique buyers and total transactions remain far below the metrics of the earliest months of the year.

Despite this, BAYC’s Otherdeed has emerged as a clear winner this month. With approximately $1.035 billion in all-time sales volume, it has beat out other well-established projects such as Azuki, CloneX, Moonbirds, VeeFriends, Doodles, and Meebits.

Following Meta’s announcement that users could display and share their NFTs on Instagram, the functionality has been expanded to include Facebook as well.

Users can now connect their digital wallets to either or both social media platforms to share their digital collectibles. Instagram began beta-testing NFT shareability in May this year and only rolled out this feature to over 100 countries earlier this month.

According to a blog post from the company, it’s “started giving people the ability to post digital collectibles that they own across both Facebook and Instagram” after they connect their digital wallets to either platform.

The posts will basically look like normal posts, according to a screenshot the company tweeted, but will have a badge marking them as a “digital collectible.”

In other headlines,

• OpenSea Adds Polygon Support to Expand Features, Accept MATIC. Read More
• Eminem, Snoop Dogg Bored Apes at VMAs Get Jeers From NFT Critics. Read More
• Reddit to Reward Busiest Members with NFT Avatar Airdrop. Read More
• Rarible Launches ‘GM Mfer’ Specialty Coffee For NFT Degens. Read More

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The Beijing municipal government on Tuesday announced a two-year (2022–2024) Metaverse innovation and development plan that would require all districts to adhere to the newly released Web3 innovation plan.

The development action plan refers to the Metaverse as a new generation of information technology integration and innovation that would drive the growth of the internet toward Web3. The innovation plan focuses on promoting the development of Metaverse-related industries and helping Beijing build a benchmark city for the digital economy.

The action plan demands that various districts build technological infrastructure at a city level and promote its use in various fields, including education and tourism. The development program would see the Integration of technical means such as 3D visualization and GIS (Geographic Information System) to build a visual urban space digital platform and appropriately advance the digital native intelligent infrastructure layout.

In other news,

• Formula One Registers for NFT & Metaverse Trademarks. Read More
• LootMogul Selects DigitalBits for Its Multi-chain Sports Metaverse. Read More
• Organizations bring Africa, Costa Rica and Ukraine to the Metaverse to raise awareness. Read More

Limit Break, a Web3 gaming startup focused on building massively multiplayer online (MMO) games, raised $200 million in two funding rounds. The floor price of Limit Break free mint NFT DigiDaigaku rose to 15.67 ETH after this news emerged.

The gaming startup was founded by Gabe Lydon and Halbert Nakagawa, who were both previously at Machine Zone. “Our focus is on what I believe is going to replace ‘free to play’ with something I call ‘free to own’ games,” Leydon said in an interview.

Despite the popularity of play-to-earn games, Limit Break is eschewing that model by giving away free NFTs to players from the start. Leydon has said that the free-to-own model can reduce scam-like behaviour in the blockchain gaming space, where game studios sell NFTs but fail to deliver games.

In other news,

• Moonbirds Raises $50M in Series A Funding. Read More
• Xterio Raises $40M to Create Cross-platform Web3 Franchises. Read More
• Proof Raises $50 Million in a Series A Round. Read More