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Weekly Report (Nov-28)

Magic Eden has expanded their multichain vision with Polygon integration. The…

Weekly Report Nov28

TL;DR#

  • Magic Eden has expanded their multichain vision with Polygon integration.
  • The Association of Tennis Professionals has announced the launch of NFTs.
  • Australian Open has launched NFTs with free finals tickets.
  • Polygon has released 32 digital footballs to commemorate the World Cup.
  • The Home Depot has reportedly submitted an application for web3 trademarks.

The number of trademark applications related to the metaverse filed by individuals and businesses has skyrocketed this year. These trademarks exist as branded NFTs, digital goods, or metaverse experiences. Ownership is one of the distinguishing characteristics that set Web3 activity apart from its forerunner. Recent reports by DappRadar indicate that blockchain gaming and metaverse project initiatives raised a staggering $1.3 billion during the third quarter of 2022.

Blockchain Hacks#

The Numbers Protocol on the Ethereum blockchain was attacked, resulting in approximately $13,836 in losses. The NUM token lacked the necessary permit function for the Multichain Router protocol. It did, however, offer a default callback function that allowed forged signatures to be sent in to deceive the cross-chain bridge into moving the user's assets. The attacker constructed a fake anyToken using an attack contract that uses $NUM as its underlying token, and then called one of the Router contract's functions to steal NUM tokens from one of the victim users. The attacker then utilised Uniswap to convert the profitable $NUM tokens into $USDC and subsequently WETH in order to collect their remaining rewards. We have outlined the detailed analysis of the exploit in one of our blog posts.

Metaverse, and NFTs#

Magic Eden has announced support for NFT assets minted on the Polygon network. The announcement of the marketplace follows a string of major brand announcements surrounding Polygon. Polygon is home to massive web3 gaming projects and publishers such as Ubisoft, Sandbox, Atari, and Decentraland! Magic Eden is now able to support a large ecosystem of game developers and creators that were previously out of reach thanks to Polygon. The new move is all part of the company's vision to become a true multi-chain marketplace. With Polygon under its belt, we can remain optimistic about the marketplace growth, as it had launched over 20 projects, and raised more than 5,000 ETH for its creators since its earlier decision to support ETH.

The Association of Tennis Professionals (ATP) has announced the launch of a new 300-piece NFT collection on December 6, 2022, marking its first step into the web3 arena. The NFTs will be generative in nature and reflect the most memorable moments from the 2022 ATP tournament in Turin. When fans purchase these NFTs, they will be unaware of the precise moment that their artwork will depict. However, each will reference a winning play from the most recent season's singles competitions, including the final game won by Novak Djokovic. After the NFTs have are minted, the works will be revealed and physical prints will be available for purchase. A part of the revenues will be donated to the Giving Block Mental Health Impact Fund.

After ArtBall's successful release in 2022, the Australian Open (AO) is offering free Finals Week Passes to all fans who possess the NFT. Additionally, the Open will offer a comprehensive rewards scheme to the holders of ArtBall NFTs. The second week of the Australian Open in 2023 will be free to spectators who have the ArtBall 2022 NFT. This is a huge benefit unlike any other in the history of the tournament, as there are 6,776 ArtBall 2022 NFTs in circulation. The ArtBall NFTs also comes with access to other significant sporting events, Web3 conferences, behind-the-scenes video, and limited goods.

The NFT world is having a football bonanza after Saudi Arabia beat fan favorite Argentina and Cristiano Ronaldo released his NFTs on Binance Polygon has announced the release of 32 new football NFTs in sheer excitement of the highly anticipated FIFA World Cup event in Qatar. According to the platform, each nation is creating WEB3 content on the Polygon blockchain. The Polygon NFT footballs have been launched to celebrate the fantastic sport and the global community by utilizing the Polygon blockchain. The team stated that Web3 and football bring the world’s nations together to create magic.

Another household name could be preparing to emerge in the emerging world of Web3. The Home Depot has applied to the United States Patent and Trademark Office(USPTO) for 24 Web3 trademarks covering its name, logo, and brands. This latest move could result in the development of NFTs, virtual avatars, and home improvement products for use in the Metaverse. With the rise of projects such as Decentraland and The Sandbox, Web3 applications for retailers such as The Home Depot are lucrative. Trademarks covering NFTs, virtual goods, and online retail stores were reportedly filed for 17 different brands, including Hampton Bay, Husky, and Lifeproof. This suggests that home improvement services in virtual or augmented reality environments may be on the horizon.

OnChain Insurance Industry News#

Neptune Mutual announced that its platform has successfully incorporated OKX wallet web extension thereby making the application accessible to more users.

Bridge Mutual announced the launch of their latest insurance products which aim to offer coverage against stablecoins de-pegging.

Nexus Mutual has added protocol coverage for Aura Finance and Enzyme Finance v4 on their platform.

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