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Boson Protocol, a Web3.0-based commercial marketplace has announced the revamping of its outfit for physical goods which it called Redeemable NFTs.

Through this offshoot, users of the Boson Protocol can get a tokenized version of a physical object which they can redeem many years afterward.

As detailed on the Boson Protocol’s webpage, its redeemable NFTs tokenize the right to the physical items rather than the items themselves. The protocol serves a number of luxury goods most of which are bound to increase in valuation over time.

“We’ve got a number of projects where they’re tokenizing luxury wine and luxury whiskey,” explained co-founder Justin Banon. “Someone will get a redeemable NFT that they can hold or trade for five or 10 years while the whiskey matures,” he continued, adding that “those sorts of items would create a commodities market for luxury whiskey.”

Innovators are making impressive strides to push non-fungible tokens to the general public with relatable products and services. The Boson Protocol’s approach seeks to enhance items that have digital twins in the metaverse, empowering more participation across the board.

NFT-related innovations are becoming commonplace in the Web3 world of today with many seeing that offshoot of blockchain technology as being crucial for the emerging metaverse world.

From users to investors, the focus on NFTs is going mainstream, and venture capital firms are committing funds to help build the infrastructure in the NFT world. While tokenization is just becoming a thing, a number of startups are focusing their innovations on building the Real Estate version to democratize the ownership of these luxury items.

Riding on the emerging digital economy which has taken center stage in many economies including Dubai and other parts of Asia, tokenization of real-world assets typically exposes them to additional markets beyond the items’ locality for easy and smooth global tradeoffs.

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Meta has announced that social media giant Instagram will be introducing a non-fungible tokens (NFTs) marketplace that will run with the support of Polygon.

“Creators will soon be able to make their own digital collectables on Instagram and sell them to fans, both on and off Instagram,” Meta announced in an updated blog post.

According to Meta, users will get an end-to-end toolkit starting on the Polygon blockchain. The kit will consist of the creation and showcasing to finally selling.

Through this new feature, users can easily buy and sell NFTs within Instagram, eliminating other middle persons.

Although this new feature has already been available to a small number of users in the U.S, Meta said that they would launch it fullscale in other countries. This move is towards Meta’s goal of expanding into the crypto ecosystem.

According to Meta’s commerce fintech and web3 lead Stephane Kasriel, Meta’s success in the crypto ecosystem requires tapping into the $100 billion worth creator economy with greater portability than the current web service.

On September 29, Meta, the parent company of Facebook and Instagram, announced that Facebook and Instagram users in the US can now connect their wallets and share their digital collectables.

The company said that users of both platforms would be able to cross-post digital collectables they own and connect their associated wallets on Facebook and Instagram.

Meta has also announced that they will not charge creators fees in their digital collectables marketplace until 202; rather, the company is focusing on helping creators earn a living.

Until the mentioned date, Meta has planned to pay for the blockchain-related gas costs from their own pocket.

The company also has plans to make its non-NFT features on Instagram seamlessly accessible globally. It has added support for Coinbase and Dapper wallets to complement its earlier integrations with Rainbow, MetaMask, and Trust wallets.

In addition to Instagram, a non-NFT test on Facebook is also in development, with the NFT feature being rolled out to some US creators in early July this year.

Since NFTs help build authentic intellectual property, this is one of the key drivers expected to push the sector to a $97.6 billion valuation by 2028, according to a report by Research and Markets.

Besides Meta, other social media platforms, including Twitter and Reddit, are also taking their NFT drives to new heights.

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Non-custodial wallet provider MetaMask has launched a new Non-Fungible Token (NFT) portfolio tracking service, a move that will be powered by NFTBank, an NFT portfolio management tool, and valuation engine.

Despite the growth of the NFT ecosystem, this offshoot of blockchain technology has generally lacked tools and infrastructures that can help collectors track their transaction history and get pricing estimates when compared to the other offshoots of blockchain.

NFTBank has committed its resources to changing the narrative and it has developed a high-powered Machine Learning-based algorithm that can offer price estimates for up to 5000 collections with a high degree of accuracy.

The robust nature of the NFTBank solution can merge well with the scale and diversity of the MetaMask wallet, thus making it a perfect alignment for all protocols involved.

“MetaMask continues to provide a rich NFT Experience, and enabling pricing information for our users within the portfolio dapp is another step forward; beginning today, our users can get real-time price updates and values about the NFTs they’ve acquired across all accounts to enable them to make informed decisions,” said Kai Huang, Product Manager, MetaMask Portfolio dApp, “NFTBank has proven itself as the ideal partner to enable this feature because of its sophisticated machine-learning models and strong infrastructure capabilities that can support MetaMask’s scale in order to provide a consistent experience for millions of MetaMask users.”

The attempt by MetaMask to broaden the utility of its NFT support has been tagged as an attempt to soften the landing pad for new users entering the space to understand what to expect in terms of pricing. With NFTBank topping the chart as one of the most used NFT price trackers, the collaboration between the duo has been tagged as one of the most strategic for the digital collectible space this year.

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Financial services giant and the official payment partner of FIFA at the upcoming World Cup in Qatar has announced the launch of Visa Masters of Movement Non-Fungible Token (NFT) pre-event auction.

According to the firm, the NFT is inspired by unique goals from 5 football legends including Jared Borgetti, Tim Cahill, Carli Lloyd, Michael Owen, and Maxi Rodriguez.

The movements from these football stars were turned into an NFT by award-winning XK Studio and as revealed, the bidding for the NFTs has been opened on Crypto.com, the official crypto exchange partner of the 2022 FIFA World Cup.

Visa said collectors who throw in the winning bid for the Masters of the Movement NFTs will receive the artwork in their Crypto.com wallets alongside a high-quality printable file. The NFTs will be signed by the footballers featured, adding to their authenticity.

“As FIFA World Cup 2022™ approaches, we want to celebrate football, art, and technology through the lens of what makes the FIFA World Cup™ so special – wildly impassioned fans, legendary athletes, and for a few short weeks, the ability to bring the world together in a uniquely connected way,” said Andrea Fairchild, senior vice president and head of sponsorships, Visa.

FIFA has made a lot o partnerships ahead of the World Cup scheduled to hold in Qatar. While the event remains one of the most anticipated sporting tournaments this decade, the brands partnering with FIFA are notably pushing forth the avenues to register the historic moments on the blockchain.

Besides its partnership with Visa and Crypto.com, FIFA also has an active partnership with Algorand, a Proof-of-Stake (PoS) blockchain protocol. 

The pre-event NFT auction is just a sequel to the FIFA Fan Festival that will take place live in Doha. Per its design, fans will be able to create their own Masters of the Movement moves, some of which will get to be minted as NFTs to commemorate the history that is bound to be made.

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Web3.0 startup and Non-Fungible Token (NFT) marketplace, MyNFT is all geared up to launch the first-ever digital collectibles vending machine in London next week.

As reported by WWD, the launch of the vending machines will take place at the NFT London conference that is scheduled to be held next week at the Queen Elizabeth II Center.

As a platform that makes accessing digital collectibles easy for everyone, MyNFT says the new vending machines will help to connect NFTs with the real world. The vending machines will feature NFTs from artists ranging from Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch. According to MyNFT, the prices will range anywhere from £10 to £100 to snap up items through the machines.

“There is so much potential in the NFT market and it’s such a shame to see some of that go to waste when possible investors are put off getting involved by various unnecessary and complicated barriers.… We’re determined to turn NFT investment into an everyday activity, and break it out of its current clique,” said Hugo McDonaugh, cofounder of MyNFT.

Trailing Bitcoin ATM Evolution

Tagged as the very first NFT vending machine in the entirety of the European Union and the United Kingdom, the MyNFT-backed innovation will make a standpoint in the history of the evolution of the Web3.0 ecosystem.

Just as most technological innovations need a pioneer to blossom, so also will the NFT vending machines grow in number and spread across the world if the embrace comes out positive as envisaged.

While data from CoinATMRadar shows that there are currently a total of 38748 Bitcoin ATMs in the world with the United States taking up significantly more than 90% of the entire sum, the advent of NFT vending machines can also herald a future where the quantity and spread of these dedicated outlets for digital collectibles can be well pronounced.

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American multinational tech giant, Apple Inc, the owner of the App Store, one of the largest application hosting platforms in the world has updated its guidelines to include an accommodation for its hosted apps to integrate Non-Fungible Tokens (NFTs).

While this may come as very big news considering the exposure the new allowance will grant to developers and apps to integrate NFTs, Apple’s guidelines come with some form of limitations. The updated guideline reads;

“Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app. Apps may allow users to browse NFT collections owned by others, provided that the apps may not include buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than in-app purchase.”

The update can be said to be positive and negative as the functionalities are generally limited which may not augur well for developers to maximize the traffic generated from the app.

NFTs as an offshoot of blockchain technology is going mainstream and the number of tech giants, particularly those in the social media space, supporting its growth has continued to grow over the past year. While Reddit has launched its own NFT collection, Twitter started permitting NFT owners to feature NFTs as their profile pictures earlier in the year.

While these moves help publicize the potential inherent in the technology, Meta Platforms, the parent company of Facebook launched support for NFTs across some of its applications including Instagram. 

With most of these applications running on the App Store, the new Apple allowance will notably help advance their embrace, and developers can count this as a win, despite the limitations applicable.

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