American multinational entertainment company, Warner Bros. Discovery Inc has launched its first mega Non-Fungible Token (NFT) collection featuring the 2001 mega movie series, the Lord of the Rings.
Powered by Eluvio’s highly functional Content Fabric Blockchain, the Lord of the Rings NFT will come in two versions including the Epic Edition and the Mystery Edition.
The Epic Edition will comprise 999 digital collectibles that will be going for sale at a price of $100, while the Mystery Edition will go on sale for $30 each.
Users who gain access to one of these limited NFTs will be able to “watch the extended version of the film (which clocks in at 3 hours and 48 minutes) in 4K UHD, along with access to more than eight hours of special features; hundreds of images; and hidden AR collectibles.”
As one of the most revered epic movies of all time, The Lord of the Rings: The Fellowship of the Ring movie has garnered a unique fanbase, most of whom will be thrilled with the NFT launch.
Jessica Schell, Warner’s EVP and General Manager of Warner Bros. Discovery Home Entertainment said the launch of the Lord of the Rings NFT is based on an experiment to see how well consumers welcome this new model of distributing content.
“It will be easy to miss that it’s actually using Web3 or NFTs under the hood, and that is by design,” Schell said. “We think the initiative has implications as a potential new way to handle movie distribution directly to our fans.”
With the current buzz in the Web3.0 world featuring new innovations including the metaverse and NFTs, entertainment brands have been exploring new initiatives to connect with their global audience. Besides Warner Bros, Netflix, Marvel Studios and Time Warner are among the entities that have explored NFTs in the past year.
Soaring demand for the Warner Bros.’ Matrix NFT avatar drop on Nifty’s this week caused the website’s purchasing page to crash.
Earlier this month, the film studio announced it would be dropping 100,000 unique Matrix-inspired avatar NFTs for $50 each as part of a promotional campaign for the new Matrix Resurrections film set to hit cinemas in the U.S. on Dec. 22.
After more than 300,000 Matrix fans queued up for the drop on Nov. 30, Nifty’s was forced to start and stop the queue multiple times due to max capacity-induced “infrastructure issues.”
Hello again everyone. While we are obviously still working through the launch not going the way we had hoped it would, we appreciate every single one of you that have hung in with us, and we want to send a very sincere “thank you” from our team.
— Nifty’s (@Niftys) December 1, 2021
After the queue was paused multiple times, other issues started to occur such as users being bumped up or down the queue, the buy button not working and failed transactions upon checkout.
At the time of writing, there are still 347,133 people waiting in the queue and the issues are yet to be resolved. Nifty’s said that it is still actively working to address the issues, and has offered every Nifty’s user who queued up on Nov. 30 a free “glitch in the Matrix” NFT” for the inconvenience.
Tokenized Baby Sharks
Pinkfong, the creators of the widely popular and alarmingly hypnotic children’s song Baby Shark, is releasing a collection of NFTs depicting content from the music video.
The collection consists of a 1/1 and five limited editions, and the NFTs feature the Baby Shark character along with its five family members in a series of animated and holographic GIFs backed by new original music.
The auction and sales will be hosted on Makersplace on Dec. 3, and the carbon emissions from the sale will be calculated and offset by sustainability platform Aerial. A starting price for the 1/1 NFT auction has not been specified, however the highest bidder will also receive a custom one-of-one vinyl record of the music depicted in the NFT.
The Baby Shark music video has more than 9.7 billion plays on YouTube, making it the most played video on the platform.
MBA students raise $3K for scholarship fund
A group of Masters of Business Administration (MBA) students from the Paris branch of the INSEAD graduate business school raised $3,000 for the school’s Robin Hood Scholarship fund via an NFT sale.
Ferdinand Issels, Michelle Yu and two other students created a Nyan Cat-inspired NFT titled “RobinGood #1” depicting Robin Hood riding a salamander from the school’s emblem. The project was a part of a week-long student-led fundraising campaign for the school’s fund that supports need-based scholarships.
The NFT was auctioned off in fiat currency to allow any student to participate and was snapped up by graduate and Goldman Sachs banker Alberto Marega for 2,600 Euros, or roughly $3,000, and has since been minted on OpenSea.
“It is an amazing feeling that we were able to use this technology to contribute to a good cause,” said Issels, adding that, “I hope this encourages other people to further explore the positive impacts that blockchain-based technology can deliver.”
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FTX expands support to Ethereum NFTs
FTX.US revealed today that its NFT marketplace has expanded support to Ethereum-based NFTs.
gm! Ethereum NFTs are live on https://t.co/IER7ate2sU!
We’re excited to expand our NFT marketplace, allowing users to buy, sell, and display their Ethereum NFTs alongside their Solana NFTs for the first time! Probably nothing. pic.twitter.com/DREqxvNDVc
— FTX – Built By Traders, For Traders (@FTX_Official) December 1, 2021
Both FTX and the company’s U.S. subsidiary first jumped into the sector in September, rolling out NFT marketplaces with limited functionality. The following month, FTX.US expanded upon its platform by offering support to Solana-based NFTs.
FTX.US’s website now hosts a list of collectibles from popular Ethereum-based projects such as Bored Ape Yacht Club, Meebits and Pudgy Penguins.
Other Nifty News
Upcoming mobile-based NFT game Guild of Guardians generated $5.3 million from the sale of two tranches of its native token GEMS on Tuesday. The sellout token sale was oversubscribed by 82 times with around 808,000 users registering and more than 10,700 new GEMS hodlers purchasing a max amount of $500 worth of tokens.
Ross Ulbricht the founder of now-defunct dark web marketplace Silk Road, caused a stir on Wednesday by announcing his own NFT drop depicting hand-drawn artwork that will be auctioned off on Superare this month. Proceeds from the auction will help fund a trust to support Ulbricht’s efforts to be freed from prison.
The inaugural kick-off of Nifty’s social NFT platform took a new wave of excitement on Monday. This unusual wave came from announcing Warner Bros as the principal collaborator with Nifty’s Inc.
There’s also a backup of seed investment worth about $10 million from some big venture firms of the blockchain.
The partnership with Warner Bros influences Nifty’s to launch a collection of NFTs limited-edition. According to the company’s announcement, the collection will feature characters from ‘Space Jam: A New Legacy,’ a future movie.
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ConsenSys, the Ethereum software company, developed the NFT’s for Space Jam using Palm NFT Studio’s technology.
Backup Investors On The New NFT Platform
The investment of $10 million came from prominent investors like Palm NFT Studio, Samsung Next, and BBTV Holdings Inc.
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Other investors include Coinbase ventures, A&T Capital Ventures, Forerunner Ventures, Topps, Dapper Labs, Liberty City Ventures, and HENI.
In addition, some pre-seed investors supported Nifty’s platform launch by topping their stake in Nifty’s. Some of the pre-seed investors include Draper Dragon Fund, Ethereal Ventures, and Polychain Capital.
The Executive Vice President at Samsung, David Lee, through his speech, praised and publicized Nifty’s innovation in NFT confinement.
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He explained that their business is committed to harnessing the future by identifying the necessary ideas, trends, and technologies. Lee commended Nifty’s for its latest development within a concise time. He also expressed his anticipation of how the Non-Fungible Tokens will influence the future.
An NFT Focused Platform
Earlier in March this year, Nifty’s made its first announcement concerning its social media platform, NFT-focused. The announcement mentioned that its big investors would include Joseph Lubin and Mark Cuban.
The vision for the project was to develop a social media platform that will brew a community for digital collectibles. Also, the platform is to increase personal interactions among users and support the latest art scene.
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The Non-Fungible Tokens market recently in this year 2021 has experienced tremendous growth in its journey.
One of the major contributing factors is the increasing acceptance in the mainstream for digital assets. But, unfortunately, this adoption has also robbed off to inculcate digital collectibles.
According to reports, the sale of Non-Fungible Tokens increased to $2.5 billion within the first half of the year. There’s also a surge in the trade volume of NFT’s. This reflects through an estimation that indicates a volume doubling between May and October.