Weekly Report (Apr-17)
Yearn Finance, & Hundred Finance exploit. Canon, Adidas, and Mastercard web3 initiatives.
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The UK government expected to embrace the Web3 initiative by releasing its own NFT.
NFTs and the Metaverse remained a hot topic in finance, the arts, entertainment, sports, music, and a variety of other industries. The number of NFT trademark applications filed with the United States Patent and Trademark Office increased dramatically from 3 in 2020 to 421 in 2021, and this trend is expected to continue in the coming years. The growth of the industry attracted hacks, attacks, and breaches in the same way. In 2022, there has been a reported loss of assets worth more than $1.18 billion, in over 18 breaches worth millions of dollars. Ronin Network leads the race, with a recently reported breach costing $624 million, while Wormhole Bridge lost $326 million in the same time period.
On April 7th, Wonderhero, a play-to-earn mobile NFT game, was the victim of a cross-chain bridging withdrawal exploit via the BNB chain. The attackers obtained the signature and minted 80 million $WND on BNB Chain, which they then traded for 750 BNB worth more than $300,000 through PancakeSwap. By disabling all WonderHero platform services and trading on listed exchanges, the team was able to suspend all services for users while also preventing further hacker attacks.
The UK government is planning to launch its own NFT in an effort to transform its economy into a global crypto-asset hub and a crypto-friendly environment in order to generate job opportunities and accelerate innovation. The UK’s economic secretary to the Treasury, John Glen, stated in a speech at the Innovate Finance Global Summit that the country’s coin supplier has been directed to develop an NFT.
Mastercard is experimenting with web3 technology for the first time, joining Visa, AmEx, and JP Morgan, among others as some of the big financial firms to enter the metaverse. The payment behemoth has applied for fifteen metaverse-related trademarks, assuring that they were the first to use brand assets in the metaverse and web3 space. These Mastercard filings include the words “Mastercard” and the company’s “circles logo.”
VeVe, a mobile NFT platform, partners with Coca-Cola. The two companies had intended to create an NFT series devoted to Coke’s limited edition “Starlight” flavour. The Starlight NFT is available in three series, Coca-Cola Starlight Can, Coca-Cola Creations Footprint, and 1985 Coca-Cola Space Can, and costs as little as $40 in the VeVe app on any Android or iOS device.
NFT adoption gains traction in a variety of industries. ESPN released its first NFT collection, in the form of a digital magazine, featuring NFL legend and cryptocurrency enthusiast Tom Brady on the DraftKings Marketplace. The ‘Tom Brady: Greatest of All Time’ NFT is an official Autograph NFT included in ‘The Man in the Arena Collection,’ which contains 250 digital collectibles priced at $100 each.
AC Milan worked with BitMEX and FanSea to create their first-ever limited-edition NFTs, as they seek to engage with their 500 million international fans in new ways. The club is selling a limited-edition 3D NFT of a special Rossoneri jersey from South Sudan to benefit the NPO’s charitable and humanitarian initiatives around the world. Beginning April 14th, interested fans will be able to purchase one or more of the only 75,817 certified pieces of digital memorabilia.
Cyber Yacht, the first metaverse yacht company, recently announced the NFT, a $400 million mega yacht. The company’s current focus is on developing fully unique yacht metaverse plans and providing all potential buyers with both digital and physical yacht experiences. The current pricing keeps this digital collectible as the most expensive NFT if sold, with members receiving a real-world fully constructed yacht and access to a physical club in Florida, among many other benefits.
DAO Maker announced the creation of an NFT launchpad as part of their NFT foray. Aside from DAO Maker’s new ventures, the newly created platform will host the first-ever Maradona-licensed NFT collection, which will feature 5,000 images of the iconic Diego Maradona. The digital collection honours the soccer legend’s legacy, which leaves an imprint on the fields and in the hearts of his adoring fans and family.