In this week’s newsletter, read about how nonfungible tokens (NFTs) in the Magic Eden marketplace showed “unsavory images.” Read about Final Fantasy developer Square Enix’s aggressive investments in blockchain gaming and how play-to-earn (P2E) will transition from the growth phase to maturation. In other news, check out metaverse developments throughout 2022. And don’t forget this week’s Nifty News featuring Solana NFTs’ surge in trading volume.
‘WTH did I just witness?’ Magic Eden shows porn after hosting service hacked
Solana-based NFT marketplace Magic Eden had recently assured its users that their NFTs are safe after pornographic images were spotted in its trading platform on Jan. 3. The marketplace told its users that it wasn’t hacked. Instead, the third-party service provider hosting images within the platform was “compromised.”
Tweets posted by Magic Eden users pointed to the platform that sometimes, pornographic images were loaded on a collection’s page instead of the NFT thumbnails. Other users reported seeing images from the television series The Big Bang Theory instead of the correct NFT images.
Final Fantasy creator reveals ‘aggressive investment’ in blockchain games
Square Enix, the creators of the popular Final Fantasy game series, said that blockchain games would be one of its major strategies going forward. In a letter recapping the company’s milestones in 2022, the firm’s president, Yosuke Matsuda, explained that its plans for 2023 included blockchain games.
According to Matsuda, his team will be focusing on blockchain entertainment. Matsuda also noted that, at first, new technologies can confuse people but would eventually become a normal part of people’s lives.
Crypto Unicorns founder: P2E gaming is in a long ‘maturation phase’
In Cointelegraph’s NFT Steez podcast, Crypto Unicorns founder Aron Beierschmitt highlighted that P2E gaming is still transitioning from the growth to the maturation phase.
Beierschmitt told Cointelegraph that Web3 participants have shown that games need to be more fun and less about finance. The executive also highlighted that the change from P2E to play-and-earn suggests that these games still need to be figured out.
An overview of the metaverse in 2022
While Metaverse adoption slowed down in 2022, investors remain interested in its development. According to a report by consulting firm McKinsey, the first half of 2022 saw over $120 billion invested in the space.
Throughout 2022, there were significant partnerships within the space, with various firms embracing new technologies despite being against decentralization.
Nifty News: Solana NFT trading volume, Nike RTFKT COO hacked, and more
Solana-based NFTs witnessed a surge in trading volume, according to NFT data site CryptoSlam. The blockchain showed more than 800,000 transactions in the last 30 days. Meanwhile, the wallet address of RTFKT’s chief operating officer got hacked through a phishing scam.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.