Lacoste launches NFTs and DAO
Accessible luxury brand Lacoste has launched a non-decryptable token (NFT) project called Undw3 which includes a new Decentralized Autonomous Organization (DAO) which will provide token holders the right to vote on certain products and business partnerships.
A total of 11,212 NFTs – a reference to the company’s popular L1212 polo shirt – sold at mint 0.08 Ether (ETH), or approximately $96 each, on June 14.
The NFTs depict a moving crocodile sticking the top of its head out from under the water. There appears to be a reasonable demand for collectibles, as the lowest price on OpenSea has since more than doubled to 0.193 ETH, or $233 at the time of writing.
The company has not yet released the full details of its roadmap and facilities offered to users of NFTs but has confirmed that DAO will enable users to participate in the “creative process” on a range of products and partnerships under the Lacoste Underwater line.
Bearers will also have access to unique personalization features on the Lacoste clothing line. However, it is not clear whether they will have to shell out money for the products or whether they will receive a certain amount of free gifts.
Lacoste also hinted via Twitter that he could look into metaverse integrations as well, but noted that “we can’t say more about them except: be ready.”
Not everyone liked the idea of doing creative work.
“So in exchange for your NFT purchase will you receive my creative customization ideas for free? And do I still have to buy the custom clothes I make? Plus do I have to attend meetings? Not sure how to make use of anything here…” asked OffKeyMagazine on Twitter.
921 ETH won on Bored Ape
Although the ground price for Yuga Labs’ Bored Ape Yacht Club project fell to around 86 ETH this week, or less than $100,000, investor BoredWEB3 has paid 1,024 ETH, $1.22 million at the time of writing, for Ape #7537. On June 15.
The trade indicates a profit of 921.12 ETH for seller DB1C00, or approximately $914,000, as they bought NFT for 102.88 ETH worth 305,553 on March 22nd. Prior to that, NFT went for just 40.99 ETH eight months ago.
BAYC NFT #7537: DappRadar
It’s not clear what prompted someone to spend more than $1 million on a single NFT in the midst of a bear market. However, BAYC NFT has relatively rare characteristics including Police Motorcycle Helmet (1% have this trait), Bandolier (2% have this trait) and closed eyes (7% have this trait).
Bill Gates is not convinced by the iconic monkeys
Microsoft co-founder and billionaire Bill Gates has criticized the NFT projects as “based on the biggest fool theory.”
He made the comments while speaking at the California Climate Conference on Tuesday hosted by TechCrunch. In this case, he pointed out that he was neither tall nor short in the whole sector and sarcastically stated:
“Obviously, expensive digital photographs of monkeys would greatly improve the world.”
Gates is a well-known crypto skeptic who has criticized Bitcoin (BTC) on multiple occasions, and as recently as February, warned investors that unless they have money like Elon Musk, they should stay away.
“I am not optimistic about Bitcoin,” he said, “and my general thought would be: If you have less money than Elon, you should probably pay attention.”
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Colorado Governor Collects Funds Through NFT Sales
Colorado Governor Jared Polis launched the 2022 NFT as part of a fundraising drive in the run-up to the Colorado gubernatorial election in November.
NFTs depicts Police standing in front of a rainbow-colored mountain, a pair of hanging sneakers and his dog Jia holding red lasers from her eyes. The tokens were launched on Monday and are priced at $52.80 a piece.
At the time of writing, there are still 1,895 NFTs for sale, and if sold, Polis would have raised approximately $118,893 from this fundraising initiative.
Other news Nifty
OpenSea announced Tuesday that it will move to Seaport. Among its many perks, the protocol says it will have lower gas fees, the ability to bid on entire packages, removal of new account configuration fees and more user-friendly signing options.
The US Securities and Exchange Commission (SEC) has reportedly launched an investigation to find out how cryptocurrency exchanges and potential NFT platforms are preventing insider trading.