Every day there are hot stories hitting the tape in the NFT industry, but today, there’s one big story that’s hard to ignore. Facebook is jumping into the space in a big way, which we’ll get into shortly. Here are the top stories for the day:
Facebook Changes Name to Meta: Will Support NFTs
As mentioned above, Facebook made a huge announcement. The company will change its corporate identity from Facebook to Meta. Keep in mind, this a corporate name change, the company is not changing the name of its Facebook social network.
Nonetheless, with the announcement, Meta’s CEO, Mark Zuckerberg said that the company has outgrown its name, which represents the largest social network in the world. However, the company is going far beyond being a social networking company. It is an all out digital conglomerate with its hands in various areas of the tech sector.
Moving forward, Meta plans on sticking to its roots with the goal of bringing people together. However, its name change reflects the fact that the company sees Web3 technology as a pivotal shift in the internet and how we use it.
As a result, the company is making a multi-billion dollar investment over the next several years to help shape the metaverse as we know it. Ultimately, the company sees the metaverse as the next wave of online communication and plans to be on the forefront of innovation in the space.
McDonald’s Launches a McRib NFT
Next up, on the theme of massive companies jumping into the NFT industry, McDonald’s is making waves in the NFT space. Recently, the company announced that McDonald’s China would be launching an NFT collection to commemorate its 31st anniversary in the region. Even more recently, McDonald’s America made a similar announcement.
The company is launching a McRib NFT.
The NFT will be ultra-rare, with only ten copies ever being created. These copies will be given away in a sweepstakes that starts when the iconic sandwich hits menus across the United States, on November 1, 2021.
In order to take part in the sweepstakes, you’ll need to follow @McDonalds on Twitter. Once you’ve followed the company, retweet its announcement surrounding the sweepstakes any time between November 1st and November 7th. The company will be choosing a winner on November 12th. Nobody quite knows the value of these NFTs, but I estimate them to be in the five figures!
NFTs Cross the Divide, Head To The Metaverse
In this article on Blockonomi, the author starts by explaining what NFTs are and the fact that big companies are diving in. The article outlines the fact that Reddit is jumping into the industry, working to create its own NFT platform as evidenced by a recent job posting from the company.
However, what we found to be most important about the article is the fact that it outlines NFT utility in a big way.
The author points out that these digital tokens can be used to validate the ownership of both digital, and real-world goods, and that some of them have sold for millions upon millions of dollars.
In particular, the author points to the fact that NFTs are being used for ticketing systems, gaming, and even allowing musicians to communicate better with their audience. As the utility of this technology continues to grow, consumer adoption will likely continue to fly through the roof.
How a 14-Year Old Used Salona NFTs to Raise $100k for Beluga Whale Conservation
In this article on CoinDesk, the author follows the story of a 14-year old girl with a passion for beluga whale conservation. In fact, her passion for saving these animals drove her to use Salona NFTs to raise more than $100,000 for conservation efforts.
The girl, Abigail, created a project known as Belugies, a collection of 8,000 cartoon beluga whales created on the Salona blockchain. Abigail created all of the artwork for the project by hand, and her goals with the proceeds from the sale are astonishing.
She plans on donating a portion of her proceeds to beluga whale conservation efforts as well as a children’s hospital program. The artist learned about NFTs from her brother Adam, a 25-year old that has been into cryptocurrency since Abigail learned how to ride a bike.
When they first started the project, neither Abigail nor Adam thought it would go anywhere, but to their amazement, it has been taken up by the NFT community quite readily.
NFTs Are Sweeping the Beauty Industry, but What Does That Mean For You?
Finally, this article on PopSugar points to the fact that the beauty industry is being taken over by NFTs. The article outlines the fact that thanks to technological innovation, you’re able to scan a barcode or QR code and instantly purchase an item in fashion, and thanks to the blockchain, you might not even need a traditional bank account to do it.
The author then talks about the fact that big brands in fashion are starting to adopt the NFT model, creating and selling NFT collections. The author points to the fact that TikTok has already launched a line of NFTs and other major brands like Nars and E.l.f. Cosmetics are diving into the industry.
In fact, NFTs are the way you’ll be communicating with your favorite brands in the future. In a statement, Gayitri Budhraja, Chief Brand Officer for E.l.f. Cosmetics, had the following to offer:
“The rise of NFTs is driven by the passion consumers have for what NFTs represent – it’s a new way for super fans to be a part of the brands that they love. Our goal was to explore new frontiers and disrupt the digital space with the launch of #CryptoCosmetics. We also leaned into the moment to educate our community and help them also explore the space. We designed the Ne.1.f.T’s to be accessible to all, so that anyone with a regular credit card could easily buy one.”
That’s All for Today
That’s all for today, come back Monday for the latest and greatest in NFT news!