Still, developers continue to deploy millions of smart contracts across EVM-compatible chains, pointing to interest in finding broader use cases for blockchain tokens and Etihad Airways announced plans to launch a Web3 loyalty program that will let its community of frequent fliers stake NFTs for miles are two of the latest developments in the world of Non-Fungible Tokens (NFTs). Despite reports of a major slowdown in NFT trading, the technology is still being used in innovative ways.
Etihad Airways, for example, is launching a Web3 loyalty program called Horizon Club that will allow holders of its NFTs to stake their tokens for miles that can be redeemed for flights, upgrades, and other perks. Meanwhile, the team behind the Ordinals protocol is establishing a non-profit organization to ensure that its developers get compensated for their work in a way that does not compromise their neutrality.
The CryptoPunks collection, one of the earliest NFT projects on Ethereum, experienced a number of high-profile trades this week, including one from prolific NFT artist Beeple. His first profile-picture (PFP) NFT purchase, the clownish Punk #4953, set the stage for other high-value buys, including Punks #6634, which sold for 235 ETH (about $432,000) and Punk #3307, which sold for 500 ETH (about $915,000).
Holders of the 2,896 Gucci Vault Material NFTs, released by the luxury house in March, can soon exchange their NFTs for a wallet or bag. Web3 golf community LinksDAO has launched a number of new membership options as it renovates its newly-purchased Spey Bay Golf Course in Scotland. Bored Ape parent company Yuga Labs will acquire metaverse-focused Roar Studios to build out its vision for Otherside. NFT publication NFT Now has laid off staff in response to over-hiring. Crypto exchange Kraken is crowdsourcing NFTs that it plans to put on the back of a British F1 race car during the U.S. Grand Prix this October.
But what does it mean to tokenize real-world assets? Tokenization is the process of representing real-world assets, such as artwork, in the form of digital tokens. This allows people to buy shares of an asset, such as an Andy Warhol painting, that they may not be able to afford in its entirety.