As we head into the last month of the second quarter of the year, the market is in a state of flux, with some optimism for the future. This week is all about NFTs, with many notable developments taking place — both good and bad.
- American restaurant chain Chipotle will now accept crypto payments at its U.S. stores as a result of a partnership with Flexa.
- Musician The Weeknd has Binance’s backing, as the latter will sponsor the artists’ world tour, which is utilising web3 through the use of NFTs.
- Bored Ape Yacht Club and CryptoPunks owner Yuga Labs suffered a Discord hack that resulted in 200 ETH worth of NFT stolen.
- An Andy Warhol collection will be sold as 961 NFTs, with each piece selling for $55. The piece is called Portraits of the Artists 1.7.
- The country of Bermuda is looking to attract crypto companies and entrepreneurs, having implemented a comprehensive regulatory framework.
This Week in Crypto
Chipotle To Accept Crypto As Payment at US Outlets
American fast-casual restaurant chain Chipotle will accept crypto assets for payment at its United States outlets. The move marks yet another major business beginning to work with crypto and could be the start of a new wave of entities accepting the digital asset class. Customers will have to use the Gemini or SPEDN apps to make crypto payments.
The payment is happening thanks to a partnership with the digital payments platform Flexa, which will process the transactions. Among Flexa’s supported assets are bitcoin (BTC), ether (ETH), and Solana's SOL.
An increasing number of businesses and restaurants have begun accepting payments in the U.S., and Chipotle itself has flirted with crypto before. As adoption sets in, the market could be set for a sudden explosion in crypto use among the public.
The Weeknd Has Binance Backing Its World Tour With NFT Releases
Canadian singer-songwriter The Weeknd is soon set to launch a world tour that will integrate web3, and Binance will help him with an NFT collection launch. Called “After Hours Til Dawn,” the new tour is the first of its kind to integrate web3.
Fans can purchase virtual tickets to gain access to the commemorative NFTs, which will provide a “unique experience for fans.” Binance is working with HXOUSE to release the collection. Five percent of the sales from the NFT collaboration between The Weeknd and Binance will be donated to the XO Humanitarian Fund.
Yuga Labs Discord Server Hacked, 200 ETH Worth of NFTs Stolen
Not a week goes by without seeing Yuga Labs in the news. This week is no different, but unfortunately, this time, the news isn’t good. The premier NFT company saw its Discord servers hacked in the preceding week, leading to 200 ETH worth of NFTs stolen — about $360,000. The attackers compromised community manager Boris Vagner’s account, which they then used to post phishing links related to BAYC and Otherside.
This isn’t the first time that Yuga Labs has been subject to such attacks. Bad actors are going increasingly brazen as the world’s most well-known NFT company builds up its projects, seeking to prey on unwary investors. Yuga Labs and other NFT companies will have to focus on security going forward, especially as interest in the metaverse picks up.
Andy Warhol Artwork Sold As 961 Separate NFTs
Andy Warhol was noted for his pioneering work during his lifetime, and he continues to push boundaries past his death, with artwork created in 1967, titled “Portraits of the Artists 1.7”, now selling as NFTs. The piece of art will sell as 961 separate NFTs, each valued at $55. That puts the total value at $53,000.
Those who buy the NFT will own a piece of the actual artwork, of which there are 200 copies in the world. This is not the first time that Andy Warhol has been sold as NFTs — there have been numerous occasions in the past, and auction house Christie’s has sold one as well.
Bermuda Cajoles Crypto Companies With Friendly Regulation
The country of Bermuda is attempting to coax crypto companies over with its digital assets regulatory framework. The Minister of Economy and Labour, Jason Hayward, spoke to the Wall Street Journal, saying that the recent market crash did not undermine the confidence in becoming a crypto hub.
Exchanges, trading firms, and other entities must still adhere to compliance standards, and Bermuda is working on strengthening AML standards to ensure watertight operations. In any case, the country wants to become the next blockchain hub, which it may very well become if it keeps up the friendly regulation.