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Prada and Adidas Launch Community-Driven NFT Project –

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Off the back of their physical collaboration ‘Re-Nylon,’ fashion giants Prada and Adidas have coupled once again, but this time in the name of NFTs. Dubbed ‘Re-Source,’ the project entails community members submitting images of themselves, which once compiled together, will render a singular NFT with a collective, Beeple-styled utility.

Beginning on January 24th, anyone with a digital wallet can participate in the project by sending a photo using a filter designed by coder and digital artist, Zach Lieberman. A total of 3,000 submissions will be randomly selected, with 1,000 spots reserved for Adidas Originals’ ‘Into the Metaverse’ NFT holders.

Each photo will be converted into an NFT, with each submitter having the opportunity to mint their respective NFT for free between January 26th-27th. Lieberman will then collate a singular mosaic NFT using each of the 3,000 NFTs as tiles, and release it via auction on SuperRare between January 28th and 31st. A portion of the proceeds from the mosaic NFT sale will go to Slow Factory, a non-profit organization that focuses on battling climate change and helping marginalized communities.

The fashion consortium’s project also allows fans to profit from their participation, as they will retain full IP rights to their individual NFT, have the ability to sell it on secondary markets, and receive royalties each time the mosaic NFT is sold. Through inviting fans into the fold via such personalized modes of engagement, the projects’ perpetuating sense of shared ownership and creator rights sets itself apart from the usual ‘digital characters’ or ‘virtual fashion’ launches seen in the endeavours of other fashion brands who have also dipped their toes into NFTs.

Sign up to the waitlist >> Here

Follow Prada >> Twitter

Follow Adidas Originals >> Twitter

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NFT

Getty Images Steps in the NFT Game with Candy Digital

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Popular stock-photo behemoth, Getty Images, is finally jumping on the NFT bandwagon through a partnership with Candy Digital. Candy Digital, a digital collectible firm owned by Fanatics Inc., will work with Getty Images to develop a diverse range of NFT products from Getty’s immense library of visual media.

Getty Images was founded in 1995, and has since then become the go-to marketplace for quality images of all kinds. The company has over 465 million images stored in its database, with 135 million of these being analog images. Getty acquired older photo agencies throughout the years, and its library now covers the last 170 years of photographic history.

The duo plan to roll out their NFT products on the Palm network, an Ethereum side-chain. Palm Studios already has partnerships with Candy Digital, MetaMask, Warner Brothers, Chainlink, and more.

Getty Chief Executive Officer Craig Peters commented that he isn’t concerned with the fluctuations of the NFT market, as the company is in it for the long haul. He sees Getty’s role in building trust between consumers and fake sellers as one of the most important aspects to further growing and developing the NFT market.

However, even though Getty has a hold over the stock image market, they will be facing some serious competition from other brands who have already entered the NFT space, such as Associated Press, which began selling its own NFTs on a new marketplace in January this year.

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Image credit via: Twitter

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.





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Twitch Co-Founder’s Web3 Company Metatheory Raises $24 Million

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Metatheory, the Web3 gaming and entertainment company established by Twitch co-founder Kevin Lin, has raised $24 million in a recent funding round. The round was led by venture capital firm Andreesen Horowitz (a16z), with Pantera Capital, FTX Ventures, Merit Circle, Dragonfly Capital, and others, also participating.

The funds will primarily be used for the company’s in-development flagship product ‘DuskBreakers,’ a Sci-Fi franchise which currently hosts two mini games. With the new injection of funds, Lin hopes to integrate NFTs into the franchise’s ecosystem, where users can own DuskBreakers character NFTs.

In commenting on his decision to leave his Web2-centric Twitch, which has accrued an almost monopoly-like position after warding off streaming competitors such as Mixer, Lin had this to say about his Web3 ambitions: “After stepping away from Twitch to explore what’s next in the industry, I truly believe blockchain will open the door to even more possibilities and have a major impact in the gaming, storytelling and community building space”. 

As you may’ve expected, Lin’s voyage into the blockchain sees him take a few of his former Twitch staff members with him, as JT Gleason, the former Developer Relations Executive at Twitch, will serve as Metatheory’s CTO, whilst Jason Maestas, a former member of Twitch’s Influencer Marketing team, will serve as VP of Community and Marketing. 

In addition, Lin has recruited Bernie Su and Jen Enfield-Kane from Artificial Next, Twitch’s AI-based interactive live show series, who will respectively serve as a Content Chief and Narrative Designer. 

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Hivemind and Algorand Aim to Reinvent Napster for the Web3 Era

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The power of nostalgia provides a mighty weapon to wield in the battle for Web3 supremacy. It is therefore pertinent that Hivemind and Algorand have combined forces to bring Napster back into contention.

One may be forgiven for thinking that Napster had died a death following a number of high-profile lawsuits in the early 2000’s. However, over the years it has seen a revival, and now boasts a modest customer base and revenue, making it primed and ready to engage with the latest revolution in internet technology.

Over recent months, the Web3 movement has gathered speed and NFTs now represent the next great frontier in music ownership. So, with this in mind, Hivemind and Algorand have purchased the mighty streaming service, with an ultimate aim for it to sit at the vanguard of this revolution in digital music.

According to sources, with the new look Napster will form an entire Web3 music ecosystem that will help artists to create content, share experiences and reward loyalty. So rather than sitting at odds with the current wave of music platforms, Napster plans to compliment them by offering a number of wholly compatible services in order to maximize the engagement factor.

Napster joins fellow pioneering music sharing platform, Limewire, as it begins its Web3 journey. A well-orchestrated relaunch that also saw the involvement of Hivemind.

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