Metaverse Roundup for July 21: Minecraft prohibits NFTs; Tencent closes its NFT platform.
Let’s check out what’s happening in the metaverse today.
- In the world of decentralized finance, recent drops in cryptocurrency values have negatively impacted the Metaverse Index, currently trading at $44.49, reflecting a 2.05% decline. The value of the Metaverse Land Index has substantially decreased, now trading just under 1 ETH.
- Cryptocurrency values are showing red, but weekly changes still indicate some notable gains. Bitcoin has seen a 4.12% decline, while ether's value dropped by 5.88%. ApeCoin has experienced a significant decrease of 9.03%.
- China’s largest internet company Tencent is shutting down Huanhe Following governmental restrictions on secondary NFT transactions, NFT sales have taken a hit overall—the venture has ceased being profitable. Artists are struggling to sell their works, and Huanhe has halted collaborations with its partners.
- Minecraft is set to prohibit NFTs as the game advocates for inclusivity, believing that exclusive or unique content may contradict its core principles.
- Alec Monopoly is launching a new generative art A project named RAGS to RICHIE presents a collection of 6,500 unique illustrated art pieces inspired by Monopoly aesthetics.
- Time Magazine is planning to turn its future subscriptions into NFTs Holders of these NFTs will receive invitations to exclusive events and, importantly, maintain ownership of their own data.
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