This week brought us some intriguing developments in the world of technology. French luxury fashion house Louis Vuitton announced its entry into the world of non-fungible tokens (NFTs) with a new collection called Via Treasure Trunks. These physical-backed NFTs, priced at €39,000 in Europe and $39,000 in the US, will be linked to exclusive experiences and products. However, these NFT trunks will be non-transferable, or soulbound, once purchased, sparking skepticism about their true value for customers.
In the realm of mixed reality headsets, Apple finally entered the arena, announcing its new Vision Pro headset. Priced at $3,500, the device introduces VisionOS, a spatial operating system that offers a three-dimensional interface. While Apple shied away from using the term “metaverse,” experts speculate that the company was undoubtedly influenced by competitors like Microsoft and Meta.
The NFT lending market is experiencing a significant uptick, and the example Binance NFT Loan showcases the trend. This platform allows holders to secure ETH loans by using their NFTs as collateral. Despite the enthusiasm for the market’s growth, critics warn against the predatory nature of these lending platforms, especially for inexperienced traders.
A recent example that came under fire is Blend, a platform launched by leading NFT marketplace Blur. Blend, which captured 82% of the entire NFT lending market share in its first three weeks, has been criticized for its “buy now, pay later” approach that employs perpetual lending on the backend, potentially trapping borrowers.
In other crypto news, Warner Bros. plans to release the Superman Web3 Movie Experience, a multimedia NFT collection built around the 1978 film “Superman: The Movie.” Meanwhile, investments in blockchain games and metaverse projects reached $476 million in May, despite shaky market conditions.
And finally, this week also saw some turbulence in the world of cryptocurrencies as the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against well-known exchange Coinbase. In response, CEO Brian Armstrong tweeted the link to mint the “Stand with Crypto” NFT as a symbol of support for the crypto community.
To summarize, the world of technology marches on with new developments in NFTs, mixed reality platforms, and NFT lending markets. However, as always, it is essential to approach these new opportunities with a discerning eye, especially when it comes to the potential pitfalls surrounding NFT lending platforms.
Source: Coindesk
