Last week, Apocalyptic Apes founder Bill Starkov told Cointelegraph that NFT holders can earn millions by licensing their NFTs.
This week’s newsletter highlights Mattel signing a multi-year partnership with an NFT marketplace, Mastercard planning to let cardholders purchase NFTs directly with their cards, and NFT holders being able to earn millions of dollars through intellectual property rights for their NFTs.
Those investing in NFTs can also learn more about the drop in floor prices for prominent collections like Bored Ape Yacht Club (BAYC) and CryptoPunks, while this week’s Nifty News roundup features Kraft Food’s patent filing and Seth Green reuniting with his BAYC NFT.
Mattel, a prominent toy brand, partnered with NFT marketplace Cryptoys to feature its brands such as Barbie and Hot Wheels as playable NFTs within a metaverse. Richard Dickson, the toy company’s president, believes that there are opportunities for the brand within the metaverse space. The toys will be featured on a Cryptoys metaverse created by OnChain Studios as well as in other games developed by the company.
In the summer of 2022, the studio will be launching the Cryptoys NFT marketplace on top of Flow’s blockchain. In the past, Mattel has also dipped its toes in the NFT space by securing a partnership with the Wax blockchain in 2021 to release a Hot Wheels NFT collection.
To purchase NFTs, fiat holders first need to convert their money into crypto. Financial services company Mastercard aims to change this by letting its 2.9 billion cardholders purchase NFTs directly without the hassle of buying crypto first.
The finance giant partnered with various leading NFT marketplaces like Immutable X, Candy Digital, The Sandbox, Mintable, Spring and NFT Gateway to integrate a payment method that lets users purchase NFTs directly. Apart from the marketplaces, Mastercard has also formed a partnership with MoonPay, a provider of crypto on and off-ramp services.
Cointelegraph interviewed Bill Starkov, the founder of Apocalyptic Apes and a member of BAYC. According to Starkov, there is a way to generate income using NFTs apart from flipping, rather through licensing the intellectual property rights of NFTs.
Starkov explained that BAYC holders are able to get profits by “licensing their apes for commercial use.” Similarly, the Apocalyptic Apes executive noted that other collections can also do this. Before this, Starkov said that people must first hold and wait for the project behind their NFTs to mature.
Amid the current bear market, floor prices of prominent NFT collections BAYC and CryptoPunks have taken a nosedive. BAYC has gone from its all-time high floor price of 153.7 Ether (ETH) to 74 ETH. On the other hand, CryptoPunks also fell from its ATH floor price of 123 ETH to 48 ETH, as seen on the tracking site NFT Price Floor.
The drop in NFT prices came amid the large sell-off within the broader crypto market. Before the price drop, Yuga Labs co-founder Gordon Goner also warned about an incoming attack on the company’s social media accounts.
Manufacturing bigwig Kraft Foods Group has recently filed NFT and metaverse patents. The company filed trademark applications for Kraft, Jell-O, Kool-Aid and other brands under its umbrella. Meanwhile, actor Seth Green received his BAYC NFT that had been stolen and sold to another person. The actor paid 165 ETH to buy back the NFT.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights in this actively evolving space.