๐Ÿ‘€ NFT revival incoming?

All Things Flooz newsletter is for innovators, creators and traders.

Flooz

7 min read โ€ข Jul 24, 2023


Talking points

  • ๐Ÿช™ Worldcoin released

  • ๐Ÿ” McDonalds Metaverse surprise

  • ๐Ÿ‘€ NFT token wallets?

Quick market outlook ๐Ÿ‘€

The market has been moving sideways for a little while now and it seems some investors are not too sure what is happening. Obviously we had the Ripple news that sent the market up temporarily but we are back within the range of $29k and $31k again.

So, what is happening?

It seems we could be seeing Bitcoin drop below the $29k mark again in the near future after losing support.

๐Ÿช™ Worldcoin released

OpenAI CEO Sam Altman took the cryptocurrency world by storm with the grand launch of on July 24. This groundbreaking cryptocurrency promises to be more than just another digital asset; it aims to tackle some of the most pressing challenges of our time while adding in a new proof of concept ๐Ÿ‘€

What sets apart from the crowd is its innovative use of a proof of personhood (PoP) credential, issued through a cutting-edge biometric imaging device called the Orb. This extraordinary device captures a high-resolution image of the human iris using both a wide-angle and a telephoto camera, creating a unique digital identifier for each individual.

Absolutely crazy!

The journey to this groundbreaking launch has not been an easy one though.

has undergone rigorous testing in various countries, from Chile and Norway to Indonesia, Kenya, Sudan, and Ghana, over the past three years just to name a few.

However, impressive results have poured in, with over 2 million registrations and a staggering 40,000 individuals signing up for a verified World ID every week during the beta tests.

With ambitions as vast as its name suggests, aims to continue onboarding new users for free by making 1,500 orbs available in 35 cities across 20 countries by year-end. The cryptocurrency is setting its sights on revolutionizing how governments distribute universal basic income (UBI) to their citizens, eliminating fraud and ensuring a fairer distribution of wealth.

Perhaps it could solve some bigger societal issues?

The market responded with enthusiasm as token surged by an incredible 98% on Monday, catapulting its price to $3.30 per coin, up from $1.66, with a trading volume of $239 million. The impact and potential of Worldcoin have not gone unnoticed.

journey has been one of purpose and vision. Altman, a long-time advocate of universal basic income, believes that the cryptocurrency's unique approach can be a game-changer in the fight against income inequality. By harnessing the power of technology, Worldcoin aims to broadly share the prosperity that the future holds.

In May, Worldcoin took another step towards its vision by launching the World App, a crypto wallet developed by Tools for Humanity (TFH), co-founded by Altman and Blania. Operating on Ethereum's Polygon blockchain protocol, the app offers users access to various cryptocurrencies, including bitcoin, ether, and stablecoins like the USD-pegged DAI token.

One of Worldcoin's most promising features is its ability to distinguish humans from AI. In a world where bots and AI-powered chatbots are increasingly prevalent, the Orb-generated iris-based unique ID becomes a fraud-proof digital passport. It not only prevents fraud but also addresses a problem that Altman's OpenAI has inadvertently contributed to, with the creation of human-like AI bots using ChatGPT.

So, this is a solution to a problem he contributed towards? We are listening...

While Altman's dedication to shaping AI regulation and commitment to a White House-brokered safety pledge are commendable, Worldcoin's use of biometrics raises questions. The platform will likely face scrutiny over data collection, processing, and safety from potential hacking attempts.

Worldcoin's audacious vision is a testament to the power of technology to address real-world challenges. As it sets out on its mission to reshape the financial landscape and bring prosperity to all, the world watches with bated breath to see if this cryptocurrency can truly be the transformative force it aspires to be.

๐Ÿ” McDonalds metaverse surprise

Buckle up, burger fans and crypto enthusiasts, as we embark on a pixelated adventure to McNuggets Land in the vast expanse of the metaverse! McDonald's is celebrating 40 years of Chicken McNuggets by dishing out a digital fiesta, but the question remains: Is this a winning move, or are they late to the game? Let's dig into the golden arches of the virtual world and uncover the mystery!

As we journey through McNuggets Land, we're greeted by the quirky "Coach McNugget" and his trusty sidekick, "Assistant Coach McNugget." They beckon us to embark on a quest to find McDonald's signs, promising rewards worth $44,000 and mysterious boxes. A digital playground, indeed!

The brainchild of McDonald's Hong Kong, this virtual feast offers Hong Kong users a shot at winning coupons and the ultimate prize: a whole year of free Chicken McNuggets! But amidst the blocky world and catchy "Please Share" signs, we can't help but wonder if the nuggets are a little desperate for attention.

Now, let's talk metaverse marketing! The experience feels like a well-crafted ad campaign, with pixelated McNuggets spouting salesy lines. Even as they divulge their dipping sauce preferences before meeting their virtual demise, we can't help but feel we're in the midst of a marketing blitz.

While the CEO of The Sandbox, Sebastien Borget, claims that collaborations with global brands like McDonald's will boost metaverse adoption, we can't help but question if gimmicky activations really cut the mustard. Sure, The Sandbox has played host to big names like Adidas, Atari, and Gucci, but beyond the glitz and glamour, will everyday users stick around?

Brands have been toying with metaverse activations for years, from Snapple's bodega to Taco Bell's virtual wedding extravaganza. But when you can't actually taste, drink, or even smell the goodies, do these experiences really hit the spot? Take 7-Eleven's NFT giveaway and Slim Jim's "Meataverse," for example. While they caused a stir on Twitter, the hype fizzled out faster than a soda in the sun.

In the current climate of SEC crackdowns and a crypto winter, brands must offer more than just gimmicks to thrive in the Web3 arena. Starbucks, with its Odyssey loyalty program, seems to have cracked the code. By integrating real-world behaviors (like buying coffee) with virtual rewards and collectibles, Starbucks creates a genuine sense of community and engagement.

It seems like the traction on this is low and that no one truly cares for this, but there is always a positive. Firstly, it can take time for projects and integrations to take off. But what is important is there is continuous adoption. McDonalds being involved here is definitely a positive for future adoption and even if this fails, it's a big step forward again with such big brands getting involved.

So, dear readers, while McNuggets Land may entertain us for a brief moment, the question remains: Is it a fleeting burger quest in a fading Web3 world? Brands seeking metaverse success must serve up a tantalizing "why" that resonates with users and continues to be built upon.

๐Ÿ‘€ NFT token wallets?

Today, we embark on an epic quest to uncover the mysteries of ERC-6551, a proposal that promises to revolutionize the way we experience NFTs and wallets in this digital realm.

In the land of Web3, wallets have been a pesky obstacle for newcomers, with complicated seed phrases and custody concerns. But fear not, for a brave group of developers and visionaries from Future Primitive and Manifold have crafted ERC-6551, a magical Ethereum Improvement Proposal (EIP). This wondrous creation allows NFTs to metamorphose into wallets themselves, enabling them to hold digital assets within their very essence!

Picture this: a profile picture (PFP) NFT collection that embraces the ERC-6551 standard. With its own native cryptocurrency, the NFT becomes a custodian of those tokens, just like a trusty "backpack" wallet. But that's not all! The NFT can also hold derivative NFTs, like digital wearables, and become a hub of digital treasures.

Now that is certainly interesting...

As the proposal gains momentum, its power is already felt across the metaverse. Decentralized social media platform Lens allows ERC-6551 enabled tokens to hold their profiles, while Jeff Staple's Stapleverse infuses its SAPIENZ NFT collection with the magic of ERC-6551. Holders can now own external NFTs through their token-bound accounts. The metaverse rejoices!

But let's dive deeper into the growing utility of ERC-6551. Brace yourselves for a multitude of use cases that will dazzle your crypto minds! In Web3 games, avatars can now clutch in-game collectibles and cryptocurrencies in their pixelated hands. Decentralized autonomous organizations (DAOs) bestow additional NFTs upon their members, signifying their noble deeds. Even social networks let users represent their identities through wallet-bound NFTs.

And that's not all... Imagine a realm of co-creation, where multiple artists contribute NFTs to a single on-chain garment, birthing truly unique digital fashion. Web3 loyalty programs thrive as wallet ownership extends its reach, granting brands the power to structure their engagement models like never before. NFT staking services emerge, letting holders earn passive income on their tokens.

But hold on tight, adventurers, for this proposal is not yet official! While ERC-6551 gains favor among the Web3 community, there are challenges to overcome. The "recursive nature" of token-bound accounts may create tiny friction when transferring assets. Yet, the magic of the metaverse continues to thrive, as projects experiment and discover new possibilities.

Philosophically speaking, the allure of digital ownership takes center stage. A token-bound account allows a digital asset to possess its own on-chain assets, sparking wonder and imagination. After all, behind every NFT lies a real user, wielding their wallet like a digital treasure chest.

Either way this is an exciting move forward for NFTs and give another option within the crazy Web3 world to explore. Will we see more of this in action soon? We expect so, but only time will tell!

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