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Nifty News: Royalty-enforcing NFTs a ‘new asset class,’ South Korea buys NFTs with CBDC, and more
The CEO of NFT marketplace Magic Eden said NFT creators “need a sustained revenue model” and with “no way” of currently enforcing royalties a “new…
The CEO of NFT marketplace Magic Eden said NFT creators “need a sustained revenue model” and with “no way” of currently enforcing royalties a “new asset class” could emerge to enforce them.
Royalty enforcing NFTs to be a ‘new asset class’: Magic Eden CEO
Jack Lu, the CEO of Solana-based nonfungible token (NFT) marketplace Magic Eden has floated the idea of NFTs designed to enforce royalties.
Lu said in an address at Solana’s Breakpoint 2022 conference on Nov. 5 that these NFTs could “give rise to a new asset class” as the space grapples with the debate around opt-in royalties.
He added that “creators need a sustained revenue model” and while royalties were one of those models there is “no way” to enforce them with the “current design” but added there are “many new innovations that could be made available to them.”
Lu noted that over the past months, Magic Eden had spoken to “dozens, if not 100” NFT creators across differing NFT use case and that they found their needs “actually are very, very divergent.”
“There is a real opportunity to give rise to a new asset class, and this asset class will have special properties but also have special trade-offs. So it could enforce royalties at a technological high technological level.”
Those “trade-offs” would mean NFT creators would have “some level of control” Lu explained but added in the talks Magic Eden had with creators and holders that they were “willing to accept some of these trade-offs” in order to ensure that they could bring their business models to fruition.
According to Lu, Magic Eden is set to launch an asset “next week” that can enforce royalties in partnership with Cardinal, a protocol enabling NFT conditional ownership and the privacy-oriented browser Brave.
South Korea tests buying NFTs with CBDC
The Bank of Korea (BOK) — South Korea’s central bank — has reportedly tested buying NFTs with its Central Bank Digital Currency (CBDC) according to a Nov. 7 report from Yonhap News.
The BOK said it had completed a simulation and research project carried out over the past ten months since Aug. 2021, creating a simulated environment for its CBDC using distributed ledger technology (DLT).
The project tested the usual functions needed for a digital currency, including issuing, transacting and remittances using the digital won, while the report also noted that “the process of purchasing NFTs with CBDCs was also implemented.”
It’s reported that this process was done through the simulated environment and a “digital asset system” built using differing DLT platforms with smart contract functionality, without going into further detail.
The BOK also tested the possibility of applying Zero Knowledge Proofs (ZKPs) to strengthen the protection of personal information. ZKP protocols can be used for forms of digital identities with some iterations using NFTs as a digital ID solution, although it's unknown if the NFTs transacted in the project were related to digital identities.
South Korea has stated its plan to allow its citizens access to blockchain-powered digital IDs in 2024 that could be used in finance, healthcare, taxes, and transportation.
TinyTap NFTs sell out giving over $100K to teachers
An NFT project by Animoca Brands in conjunction with its subsidiary TinyTap has seen six NFTs featuring a children’s educational course sell at auction for a total of around 138 Ether (ETH) — around $228,000, Animoca said on Nov. 7.
The project was created as a way for educators to create content and receive a share of revenues when their course is purchased and used by learners according to Animoca.
The six teachers who created the courses were given a 50% cut of thes sale of the NFT, generating them around $111,000 in ETH, while the teachers will also receive a 10% ongoing share of revenue by their course.
Animoca calls the NFTs “Publisher NFTs” with each representing co-publishing rights to a course — which is a bundle of education-based games on a specific subject created by a teacher.
The NFT owner is expected to promote their course and share the revenue and is entitled to keep up to 80% of future revenue generated by their own marketing and publishing of the course.
Trademark filings show Rolex is timing a Metaverse play
Rolex isn’t wasting any time gearing up to launch a Web3 play with trademark filings showing the luxury watch brand is ready to tick over into the Metaverse.
The United States Patent and Trademark Office (USPTO) filings shared by trademark attorney Mike Kondoudis on Twitter show Rolex is ticking off a list of crypto and NFT-related trademarks to protect its brand across virtual realms.
Luxury watchmaker #ROLEX has filed a trademark application claiming plans for:
— Mike Kondoudis (@KondoudisLaw) November 7, 2022
⌚️ NFTs + NFT-backed media + NFT marketplaces
⌚️ Crypto keys and transactions
⌚️ Virtual goods auctions
⌚️ Virtual and cryptocurrency exchange + transfer#NFTs #Metaverse #Crypto #Web3 #Perpetual pic.twitter.com/J8C93Qcybj
The filings suggest Rolex wants to offer NFTs, crypto wallets, crypto transactions and hints at a potential metaverse as it wishes to provide an “online space for buyers and sellers” and hold “virtual interactive auctions” although time will tell what type of online space Rolex may build.
More Nifty News:
Companies are showing a big appetite for trademark applications as crypto, Web3, and related filings have soared in 2022, reaching 4,708 at the end of October compared to the 3,547 filed in all of 2021.
Related: NFTs still in ‘great demand’ as unique traders rise 18% in Oct: DappRadar
The Chinese city of Wuhan, the epicenter of the COVID-19 breakout, has reportedly axed its NFT plans aimed to boost its economy ruined by the pandemic amid increasing regulatory uncertainty on crypto and Web3 technologies in the country.
cryptocurrency blockchain crypto pandemic covid-19 cryptoUncategorized
One city held a mass passport-getting event
A New Orleans congressman organized a way for people to apply for their passports en masse.
While the number of Americans who do not have a passport has dropped steadily from more than 80% in 1990 to just over 50% now, a lack of knowledge around passport requirements still keeps a significant portion of the population away from international travel.
Over the four years that passed since the start of covid-19, passport offices have also been dealing with significant backlog due to the high numbers of people who were looking to get a passport post-pandemic.
Related: Here is why it is (still) taking forever to get a passport
To deal with these concurrent issues, the U.S. State Department recently held a mass passport-getting event in the city of New Orleans. Called the "Passport Acceptance Event," the gathering was held at a local auditorium and invited residents of Louisiana’s 2nd Congressional District to complete a passport application on-site with the help of staff and government workers.
'Come apply for your passport, no appointment is required'
"Hey #LA02," Rep. Troy A. Carter Sr. (D-LA), whose office co-hosted the event alongside the city of New Orleans, wrote to his followers on Instagram (META) . "My office is providing passport services at our #PassportAcceptance event. Come apply for your passport, no appointment is required."
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The event was held on March 14 from 10 a.m. to 1 p.m. While it was designed for those who are already eligible for U.S. citizenship rather than as a way to help non-citizens with immigration questions, it helped those completing the application for the first time fill out forms and make sure they have the photographs and identity documents they need. The passport offices in New Orleans where one would normally have to bring already-completed forms have also been dealing with lines and would require one to book spots weeks in advance.
These are the countries with the highest-ranking passports in 2024
According to Carter Sr.'s communications team, those who submitted their passport application at the event also received expedited processing of two to three weeks (according to the State Department's website, times for regular processing are currently six to eight weeks).
While Carter Sr.'s office has not released the numbers of people who applied for a passport on March 14, photos from the event show that many took advantage of the opportunity to apply for a passport in a group setting and get expedited processing.
Every couple of months, a new ranking agency puts together a list of the most and least powerful passports in the world based on factors such as visa-free travel and opportunities for cross-border business.
In January, global citizenship and financial advisory firm Arton Capital identified United Arab Emirates as having the most powerful passport in 2024. While the United States topped the list of one such ranking in 2014, worsening relations with a number of countries as well as stricter immigration rules even as other countries have taken strides to create opportunities for investors and digital nomads caused the American passport to slip in recent years.
A UAE passport grants holders visa-free or visa-on-arrival access to 180 of the world’s 198 countries (this calculation includes disputed territories such as Kosovo and Western Sahara) while Americans currently have the same access to 151 countries.
stocks pandemic covid-19 grantsUncategorized
Fast-food chain closes restaurants after Chapter 11 bankruptcy
Several major fast-food chains recently have struggled to keep restaurants open.
Competition in the fast-food space has been brutal as operators deal with inflation, consumers who are worried about the economy and their jobs and, in recent months, the falling cost of eating at home.
Add in that many fast-food chains took on more debt during the covid pandemic and that labor costs are rising, and you have a perfect storm of problems.
It's a situation where Restaurant Brands International (QSR) has suffered as much as any company.
Related: Wendy's menu drops a fan favorite item, adds something new
Three major Burger King franchise operators filed for bankruptcy in 2023, and the chain saw hundreds of stores close. It also saw multiple Popeyes franchisees move into bankruptcy, with dozens of locations closing.
RBI also stepped in and purchased one of its key franchisees.
"Carrols is the largest Burger King franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the 12 months ended Sept. 30, 2023," RBI said in a news release. Carrols also owns and operates 60 Popeyes restaurants in six states."
The multichain company made the move after two of its large franchisees, Premier Kings and Meridian, saw multiple locations not purchased when they reached auction after Chapter 11 bankruptcy filings. In that case, RBI bought select locations but allowed others to close.
Another fast-food chain faces bankruptcy problems
Bojangles may not be as big a name as Burger King or Popeye's, but it's a popular chain with more than 800 restaurants in eight states.
"Bojangles is a Carolina-born restaurant chain specializing in craveable Southern chicken, biscuits and tea made fresh daily from real recipes, and with a friendly smile," the chain says on its website. "Founded in 1977 as a single location in Charlotte, our beloved brand continues to grow nationwide."
Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators. The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees.
Unlike. RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public.
That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations after a Chapter 11 bankruptcy filing.
Bojangles has a messy bankruptcy situation
Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023. The locations were operated by Salim Kakakhail and Yavir Akbar Durranni. The partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9.
The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s. In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.
"Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes."
Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported.
Bojangles sent the station a comment on the situation.
"The franchisee is no longer in the Bojangles system," the company said. "However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities."
Kakakhail and Durranni did not respond to multiple requests for comment from WUSA9.
bankruptcy pandemicUncategorized
Industrial Production Increased 0.1% in February
From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 p…
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 percent. Both gains partly reflected recoveries from weather-related declines in January. The index for utilities fell 7.5 percent in February because of warmer-than-typical temperatures. At 102.3 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization for the industrial sector remained at 78.3 percent in February, a rate that is 1.3 percentage points below its long-run (1972–2023) average.Click on graph for larger image.
emphasis added
This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and above the level in February 2020 (pre-pandemic).
Capacity utilization at 78.3% is 1.3% below the average from 1972 to 2022. This was below consensus expectations.
Note: y-axis doesn't start at zero to better show the change.
The second graph shows industrial production since 1967.
Industrial production increased to 102.3. This is above the pre-pandemic level.
Industrial production was above consensus expectations.
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