Ripple's $250m Fund, Magic Eden's Royalties, New Decentraland Metaverse
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It’s a fascinating time for degens, as we try to keep the current market afloat and also build for the future! In the past week, Magic Eden finally had its say on NFT royalties, Reddit reached a new milestone, Decentraland set out to build a new virtual city, and Ripple invested heavily in its NFT ecosystem.
Read the full issue to find out

On-chain data shows that OpenSea recorded nearly $52 million in seven-day trading volume last week - more than twice the volume traded on other major marketplaces. Solana marketplace MagicEden recorded about $10.4 million in traded volume for the same period, closely followed by X2Y2 at around $9.8 million in volume.

The cumulative volume of other marketplaces like LookRare, SudoSwap, Solanart, Joepegs, Element, Treasury, and 0x was less than $8 million. The volume of these platforms combined only represents roughly 15.3% of OpenSea’s.

Azuki, unlike other digital collectibles, saw a significant spike in sales volume due to the launch of PBT (Physical Backed Token) - an Ethereum token that binds real objects to the blockchain. Following the release, the sales volume surged by nearly 1,168% and registered more than $2 million in sales.

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Headline
Ripple unveils latest recipients of $250 million NFT creator fund

Ripple has announced the second wave of recipients selected to join its $250 million Creator Fund focused on promoting the development of NFT-related projects on the XRP Ledger.

The recipients are metaverse platform 9LEVEL9, which will sell tickets to virtual events as NFTs, fan-focused Japanese NFT marketplace Anifie, NFT sports platform Capital Block, XRP NFT marketplace NFT Master, NFT IP company SYFR Projects, NFT membership project ThinkingCrypto, and Cross-Metaverse Avatars.

Ripple’s Head of DeFi Markets Boris Alergant stated that the fund, whose first wave of participants was revealed in April, was created to accelerate XRP’s NFT economy. The company has received roughly 4,000 applications for its Creator Fund in total. It plans to announce its third and final wave of Creator Fund recipients sometime in Q4 of this year.

In other headlines,

  • Shopify partners with Novel to deliver accessible Web3 for merchants. Read More
  • An NFT House Just Sold for $175k. Read More
  • Ballon d'Or Gives Away NFTs to 2022 Trophy Winners. Read More
  • Dapper Labs enables users affected by EU sanctions to withdraw NFTs. Read More
  • Reddit Now Has More NFT Wallets Than the OpenSea Marketplace. Read More
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Metaverse
Decentraland to build new metaverse city on Polygon

Decentraland has made public its intentions to introduce Crystal Metropolis, a metaverse city, on Polygon. Businesses, artists, and other producers will be able to rent space in this new metropolis at reasonable rates. Crystal City’s architecture, according to Mark D’Andrea, co-founder of LEDY, aims to inspire astonishment and foster creativity. Through new events and experiences, the project will become a significant landmark and a place for exploration, social engagement, and discovery.

The development team says Crystal City will transcend the bounds of the current physical universe. In order to deliver a unique and immersive experience that is only achievable in the digital world, the new initiatives will also test the laws of physics and matter. Tenants and developers will be free to use their ideas and create unique magical locations in the Metaverse City.

Decentraland also shared the fact that Polygon had provided a platform to over 53,000 DApps at the end of September.

In other news,

  • Vayner3 teames up with Cheetos and Meta Horizons World to unveil Chesterville™. Read More
  • Mark Zuckerberg Reiterates Meta’s Plan For An Open Interoperable Metaverse. Read More
  • Apple’s Metaverse VR Headgear May Use Eyes To Collect Biometric Data. Read More
  • Indian Commerce Giant Flipkart Will Allow Customers to Purchase Items in the Metaverse. Read More
  • Meta’s Horizon Worlds Metaverse Isn’t Attracting Permanent Residents. Read More
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Marketplace
Magic Eden scraps mandatory creator royalties

Magic Eden, the most popular marketplace for Solana NFTs, has announced that it would no longer strictly honour creator-set royalties on NFTs sold through its platform, bowing to recent pressure as royalties-shunning rivals rapidly stole away its market share.

“After some difficult reflection and discussions with many creators, we’ve decided to move to optional royalties,” the platform tweeted. Magic Eden also said that it would waive its platform fees during a promotional period, in an apparent bid to win back traders.

“This is not a decision we take lightly. We understand this move has serious implications for the ecosystem,” Magic Eden tweeted. “We also hope it is not a permanent decision. Today, royalties are not enforceable on-chain. We welcome and hope to see new standards that protect royalties.”

In other news,

  • Latin American Exchange Lemon Integrates With NFT Marketplace TravelX. Read More
  • Rarible launches its NFT aggregator to help shoppers bargain hunt. Read More
  • Prosecutors argue “insider trading” claim in the OpenSea case is accurate. Read More
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Gaming
Crypto gaming startup Stardust raises $30 Million

Stardust, which provides developer tools for building blockchain-based games, announced that it raised $30 million in a funding round led by crypto venture capital firm Framework Ventures.

The startup was founded by Chief Executive Officer Canaan Linder with the goal of making it easier for developers to design more accessible virtual games that are built on blockchains like Solana and Polygon and incorporate crypto elements like NFTs. Managed by a 40-person team, Stardust charges game creators a monthly per-player cost, as well as a fee for each blockchain transaction.

Michael Anderson, co-founder of Framework Ventures, said his firm invested in Stardust because he thinks the company will help expand blockchain gaming, including to those active in traditional gaming. Without a company like Stardust, he said, “there isn’t the level of infrastructure that will be able to bridge web2 gamers and web3.”

In other news,

  • Sorare launches beta for NFT-based NBA fantasy sports game. Read More
  • ChainSafe raises $18.75M as attention shifts to GameFi. Read More
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