In this week’s newsletter, explore the latest developments in the world of non-fungible tokens (NFTs) and the metaverse:
1. Google to Allow Ads for NFT Games Starting September 15:
Google is updating its crypto ad policy to permit advertisements for games featuring NFTs, with the change set to take effect on September 15. NFT games that allow players to purchase in-game items enhancing the user experience will be allowed, but games involving staking or wagering NFTs for rewards like cryptocurrencies or other NFTs will still be prohibited. This shift opens up new marketing opportunities for NFT-based games.
2. Exploitation of NFT Project Milady Maker:
The Ethereum-based NFT project Milady Maker fell victim to an exploit by a developer within its ecosystem, resulting in the theft of $1 million in generated fees from Remilia, the decentralized autonomous organization (DAO) behind Milady. Legal action is being pursued against the individuals involved, and efforts are underway to recover the stolen property.
3. CNA Insurance Excludes NFTs from $20 Million Trust Policy:
U.S.-based commercial insurer CNA Financial has excluded coverage for NFTs from a $20 million policy. The insurer specified in an SEC filing that damages, losses, or lawsuits related to NFTs would not be covered. The exclusion defined NFTs as any digital identifier linked to digital ledger technology.
4. Metaverse Gains Momentum in Asia:
While the metaverse may not be gaining as much traction in Western countries, The Sandbox co-founder and COO Sebastien Borget emphasized its popularity in Asian markets. Approximately 50% of The Sandbox’s business comes from Asian countries such as Hong Kong, Korea, and Japan. Borget suggests that overlooking Asia could lead to a misconception that the metaverse is less relevant from a Western perspective.
In addition to these updates, the newsletter also covers the termination of plans for an NFT-based restaurant and lounge project in San Francisco due to economic challenges and Binance’s NFT arm’s decision to cease support for Polygon-based NFTs without providing a specific reason for the move.
