NFT investor accidentally burns CryptoPunk: Nifty Newsletter, March 22–28

In this week’s newsletter, read about Sony filing a patent for a nonfungible token (NFT) framework for games, and how executives believe that Grand Theft Auto (GTA) and Minecraft developers may change their minds on blockchain technology. Learn how an NFT collector accidentally burned a CryptoPunk worth $135,000 while trying to borrow funds, and find out about Disney reportedly sacking its metaverse division. In other news, His Majesty’s Treasury in the United Kingdom has dropped the Royal Mint NFT project. 

Sony eyes NFT transfers across multiple game platforms, reveals patent

Sony has recently filed a patent for an NFT transfer framework across multiple game platforms. This new addition to Sony’s preparations to enter crypto integrates NFTs into gameplay. With this, NFTs can become skins or other in-game functions and items.

The patent showed that NFT ownership could be transferred to other end users across various platforms, allowing PlayStation 5 users to use NFTs in games when implemented.

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Minecraft, GTA may yet change their tune on blockchain: GameFi execs

In November 2022, GTA developers Rockstar Games announced that fan servers for GTA V would not be able to use NFTs anymore. Despite this, many executives within the Web3 space are hopeful that game developers will change their minds about blockchain technology.

Grant Haseley, an executive at Web3 game development firm Wagyu Games, told Cointelegraph that AAA studios would change their mind once there’s a success story. “It’s just going to take one Web3 game to explode for the others to take flight,” he said.

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NFT investor accidentally burns $135K CryptoPunk trying to borrow money

An investor tried to go through the intricate process of NFT wrapping and ended up burning a CryptoPunk worth around $135,000. According to NFT collector Brandon Riley, he was wrapping the NFT to potentially borrow liquidity from it. However, things didn’t go as planned.

While the NFT investor was following the wrapping process, he came across an address and sent the NFT to it, believing it was part of the steps he needed to take. However, the collector later discovered that the address was a burn address, permanently taking the CryptoPunk out of circulation.

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Disney reportedly scraps its metaverse division

Disney has reportedly said goodbye to its metaverse division as part of its restructuring plans, which include laying off 7,000 employees and reducing expenses by $5.5 billion. According to a report in The Wall Street Journal, the firm’s metaverse division members will not be given a new employment contract.

The division was created in February 2022 in an attempt by the entertainment giant to find new ways to engage with its audiences through various stories. Apart from this, the firm also dived into trying to integrate metaverse technology in betting. However, there is no reported progress yet.

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UK Treasury drops plans for Royal Mint NFT

The U.K.’s Economic Secretary to the Treasury has shelved its plans to launch the Royal Mint NFT — an attempt to create government-backed NFTs to push the U.K. as a global hub for crypto-asset technology.

The project was originally scheduled to launch in 2022 but could not meet the expected deadline. Even though the project was dropped, Economic Secretary to the Treasury Andrew Griffith pointed out that the proposal will remain under review.

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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.