In this week’s news, read about Mastercard’s launch of an accelerator program for musicians powered by nonfungible tokens (NFTs), and how cyber security groups urged Meta to refuses to allow minors into his new metaverse. See how NFTs are affected when the collector dies, and, in other news, see how issuers are looking for alternatives to play the game. And don’t miss this week’s Nifty News, which features Bitcoin (BTC) miners receiving from Ordinals and Reddit facing backlash for Gen 3 avatars.
Mastercard launches NFT-gate digital currency management program
Payment processing company Mastercard has announced a photo management program with a Web3 twist. The program aims to help musicians by giving them access to professional tools and other information. However, those with a Mastercard Music Pass NFT can still get it.
NFT is free for players until the end of the month. The company has partnered with Polygon to implement the project. According to Raja Rajamannar, Mastercard’s chief marketing and communications officer, this program helps users understand and trust the use of blockchain and digital assets.
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What happens to NFTs when you die?
Cointelegraph spoke with various companies to find out what happens to NFTs when the harvest dies. According to Oscar Franklin Tan, chief legal officer of the NFT platform Enjin, smart contracts can easily transfer NFTs upon the death of the owner, but the death needs a way to be connected to the contract.
However, Ajay Prashanth, an executive at NFT insights platform bitsCrunch, echoed Tan’s comments. Prashanth said that setting up smart contracts to separate the transfer of NFTs after death is “doable.” However, it is necessary to attach legal documents to prove the death.
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Metaverse for the young: Meta wants to ban minors from the world
Internet security groups have sent a letter to Meta CEO Mark Zuckerberg, urging the company to stop its plans to invite teenagers and young adults to use its metaverse application, Horizon Worlds. According to the creators, Meta needs to evaluate the problems of accepting youth in the metaverse.
The groups also urged the organization to wait for peer-reviewed research on metaverse issues to ensure the safety of children and youth. According to the letter, children can face personal problems and abuse in the metaverse.
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NFT.NYC: Play-to-earn isn’t dead, but game publishers are looking for alternatives
Cointelegraph attended the NFT.NYC 2023 event in New York to get exclusive insights from the conference. One of the topics discussed is the play-to-earn game and how companies will adapt their strategies during the crypto winter.
Minoru Yanai from Japanese manga and anime design company Minto said companies are looking to “play and have fun” and “acquire or transform.” He added that now publishers and developers are focusing on sustainability and flexibility.
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Good news: BTC miners earn $5M in Ordinals, Reddit NFTs get backlash backlash and more.
Data from Dune analytics revealed that Bitcoin miners have earned over $5 million from Bitcoin Ordinals as BTC transaction fees from scripts have increased by 240% in the past month. However, Reddit’s third generation of NFT groups, called “Gen 3,” faced botting issues. Redditors say they’ve lost sales due to spam bots flying around too soon.
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Thanks for reading this digest of the week’s most popular events in the NFT space. Come back next Wednesday for more reports and information about this rapidly growing area.