NFT News Roundup – 09/10/22

Reading Time: 2 minutes

This week in NFT land we saw Opensea give you a cheaper way to lose money, Three Arrows Capital forced to sell its NFT collection in the thick of a bear market, and Japan announcing public funding for the metaverse and NFTs. Strap in, salute the crowd, and off we go!

Opensea Adds Bulk Buy and Sell Option

If you’re looking for a way to risk loads of money in one go without paying over the odds for the privilege, Opensea this week announced that users can now buy and sell NFTs in bulk. The NFTs have to be from the same blockchain, but the move will allow users to add NFTs to their baskets and process them all as one transaction.

The move is great news for those who really like a specific collection, although it could lead, ironically, to centralisation of newly launched collections unless a provision is put in place to prevent mass buy ups of new listings.

Three Arrows Capital to Have NFT Collection Liquidated

Bankrupt crypto fund Three Arrows Capital will see its 300-strong NFT collection liquidated in an attempt to reduce its debt to creditors. Liquidator Teneo moved the NFTs, which include popular lines like Pudgy Penguins and CryptoToadz, into a Gnosis safe this week to protect them, before confirming that it will liquidate the lot in the coming weeks.

Unfortunately, the collection is being sold in the depths of a bear market and will likely only raise around $30-$35 million at current prices, which represents a drop in the ocean compared to Three Arrows’ debt of $2.8 billion.

Still, every little helps…right?

Japan to Invest in Web 3.0

It’s not often that politicians discuss the potential of Web 3.0, mostly in fear of being asked questions about what it is, but Japanese Prime Minister Fumio Kishida went the other way this week and announced that Japan will invest in NFTs, the metaverse and Web 3.0 in general.

Kishida said that his plans include involving local authorities in NFT ownership (they’ll be thrilled with that), while ID cards could also be given the Web 3.0 treatment. The PM added NFTs and the metaverse will be the areas where the country will focus the most, seeing as these are the areas where he perceives most uptake.

With capital gains tax at 45%, it might be more beneficial for citizens to use NFTs rather than trade them…who’d have thought?