Metaverse Daily for July 21: Minecraft bans NFTs; Tencent shuts down NFT marketplace

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The Metaverse Daily for July 6, 2022

Let’s have a look at today’s metaverse news.

  • DeFi news: Cryptocurrency price drops mean the Metaverse Index price is also negatively affected. The token is trading at $44.49, down by 2.05%. The price of the Metaverse Land Index has been halved, with the token now trading just below 1 ETH.
  • Cryptos are in the red, but the weekly price changes still show significant increases. Bitcoin is down by 4.12%, ether has lost even more of its value—5.88%. ApeCoin has seen a 9.03% price drop.
  • China’s largest internet company Tencent is shutting down Huanhe, its own NFT marketplace. Following the governmental ban on secondary NFT sales, NFT sales suffered overall, and the venture is no longer profitable. Artists have been having issues in selling their collections, and Huanhe has stopped working with business partners.
  • Minecraft is planning to ban NFTs. The game believes in inclusivity and so believes exclusive and unique content will go against the game’s core tenets.
  • Alec Monopoly is launching a new generative art collection. RAGS to RICHIE project offers 6,500 illustrated art pieces in a Monopoly-inspired art style.
  • Time Magazine is planning to turn its future subscriptions into NFTs. Holders will get invites to special events as well as, more importantly, own their data.

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Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.

Karolina Gaszcz

Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.

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