Web 3.0 Woundup –5/03/23

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This week’s Web 3.0 woundup sees Yuga Labs join the rush to Bitcoin, the Dookey Dash winner sell his prize for $1.63 million, and Binance’s AI NFT tool Bicasso go mint crazy!

Don’t forget to collect $200 as you pass go.

Yuga Labs Joins Bitcoin NFT Bandwagon

Bored Ape creator Yuga Labs this week joined the Bitcoin NFT bandwagon by announcing a Bitcoin-based NFT collection. Known as TwelveFold, the collection features 300 generative collectibles that visualize the “cartography of data on the Bitcoin blockchain.”

Yuga Labs’ Bitcoin NFT project comes roughly two weeks after a Bored Ape collector moved his ape to the Bitcoin blockchain, something that Yuga considered an unlicensed reproduction of the Bored Ape.

Friendsies Creators Deny Rug Pull

The winner of Yuga Labs’ Dookey Dash competition this week sold his winning key NFT for 1,000 ETH, worth $1.63 million. Esports player Kyle “Mongraal” Jackson sold the NFT to billionaire entrepreneur Adam Weitsman, the 18-year-old gamer announced Monday, having previously tried to raise over five million dollars for it.

Yuga Labs will net $81,500 in royalties over the sale, and the success of the game suggests that more will follow suit.

Bicasso Goes Minting Mad

Binance’s artificial intelligence-based NFT tool has set a record by churning out 10,000 digital collectibles in its first 2.5 hours after going live. Known as Bicasso, the tool seeks to bridge the gap between “creative visions” and digital artworks, but concerns are already arising over the sheer volume of NFTs that will flood into the market.

The generated NFTs aren’t available for trading since Bicasso is in beta mode and the artworks were part of a testing sample, but the achievement is a sample of what we might expect when AI meets NFTs in the future.