Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to keep up with the latest stories on non-fungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.
Read why in this week’s newsletter The meta decided to “quit”. non-fungible token (NFT) tools on Instagram and Facebook and check out a metaverse greenhouse filled with dynamic, “breedable” NFT flowers. Learn more about how Binance NFT added Polygon network support to its market and last but not least, Nifty News highlights new artificial intelligence (AI) tools that can bring security and transparency to the NFT market, and why German regulators are considering case-by-case access to NFT.
Meta pulls NFT on Instagram and Facebook
Tech giant and Facebook’s parent company, Meta, said it is discontinuing its NFT features on its social media platforms, Facebook and Instagram. This only happens 10 months after the integrations first run.
Stephane Kasriel, head of trading and financial technology at Meta, revealed the news in a tweet on March 13. He said the company is “ending” its support for NFTs and will “focus on other ways to support creators, people and businesses.” ” while prioritizing monetization and connecting with fans.
The Metaverse gains a greenhouse and a garden full of NFT flowers
On March 8th, the Heterosis project presented a collectible, breeding and dynamic NFT of digital flowers. After initially minting an NFT flower, users can view the larger catalog of available flowers and “breed” the flowers to create hybrid species.
According to the project announcement, when a new floral trait is discovered, it spreads throughout the population, “just as diversification works in nature.” All the flowers will take place in the greenhouse metaverse, designed as a digital rendering of London’s National Gallery.
Binance NFT adds Polygon network support to its marketplace
Binance NFT – the NFT arm of the cryptocurrency exchange – has announced that it has added support for the Polygon network to its marketplace.
This move continues the expansion of Binance’s NFT ecosystem. The new integration allows Binance NFT Marketplace users to trade NFTs on various blockchains, including Ethereum, BNB Smart Chain and Polygon, through their Binance accounts.
German regulator BaFin suggests a “case by case” approach for NFTs.
Germany’s Federal Financial Supervisory Authority (BaFin) has said it is not yet ready to assign a classification to NFTs and suggests classifying them on a case-by-case basis.
Regulators have said that NFTs do not meet the criteria to be considered securities, although they could be in the future. However, regulators also gave an example of an NFT containing documentation of rights of use or ownership, such as a distribution obligation, that could be considered an investment.
AI-based tools bring security and transparency to the NFT market
Fragmentation and lack of standardization in the NFT space has led to user confusion between different markets. Diverse direct debits and non-uniform valuation methods complicate transactions.
As AI and machine learning become more available, they can benefit users in the NFT space by detecting security threats and providing users with a more secure and trusted environment.
Thanks for reading this roundup of the week’s highlights in the NFT space. Check back next Wednesday for more news and insights into this actively evolving space.
