Web3 Watch: What are semi-fungible tokens and why is Coinbase making a movie?

Web3 Watch: What are semi-fungible tokens and why is Coinbase making a movie?

  • The Wharton School of Business will offer an online certificate program in the economies of the metaverse
  • Art Blocks NFT Collection tops the OpenSea 24-hour trading volume chart for the first time in a long time

Magic Eden is a semi-fungible token (SFT) marketplace.

The Solana-based Magic Eden NFT marketplace allowed Genopets players and NFT members to mint and trade so-called semi-exchangeable move-earn tokens in the digital pets game via the Magic Eden marketplace. Crystals and Terraform Seeds are among the first Genopets SFTs to be listed on the Magic Eden marketplace.

While most non-fungible tokens are built on the ERC-721 standard, semi-fungible tokens are built on the ERC-1155 standard. Created by blockchain game developer Enjin, SFTs are mainly used in blockchain-based video games. SFTs act like fungible tokens until they become habituated. Similar to a gift card that can be exchanged for a gift card of the same value, SFT loses its value as soon as it is used.

The main advantages of using SFTs over NFTs in games are that token transactions to wrong addresses are reversible and reversible. Players can also transfer multiple SFTs in a single transaction.

Magic Eden recently launched Magic Ventures, a venture capital fund that focuses on investing in Web3 games as well as financing its own games.

Coinbase is getting into the movie business

Coinbase has released the first of three “The Degen Trilogy” films featuring characters from the Bored Ape Yacht Club (BAYC). The five-minute animated film called “Run The Chain” features five “degens” competing for a chance to win ApeCoin.

Coinbase chirped that those who want a chance to have their NFTs featured in the upcoming parts 2 and 3 should create a profile on the exchange’s NFT market.

Reactions on Twitter were mixed, with some users praising the animation and others questioning the film’s purpose and timing.

On the same Tuesday that the announcement came out, asset manager Ark Invest, led by Cathie Wood, sold off roughly 1.4 million shares of Coinbase as the crypto exchange’s COIN plunged nearly 20% over the past seven days.

Universities offer metaverse courses

The University of Pennsylvania’s Wharton School of Business has announced a new online certificate program called “Doing Business in the Metaverse Economy”. This six-week executive education course is designed for business and technology professionals who want to learn how their companies can gain value by leveraging the technology metaverse. Wharton claims to be the first Ivy League business school to launch a program on the subject of the metaverse.

In addition, the University of Tokyo plans to offer a series of courses on the basics of metaverse technology, such as artificial intelligence and virtual reality. The primary purpose is the retraining of students and experts for digital transformation. Certificate courses will also be open to junior and senior high school students who want to begin learning about engineering and information science and potential career paths in such fields.

Japan’s Ministry of Economy has also recently launched a “Web3 Policy Office” to develop the country’s Web3 business environment.

Coca-Cola will celebrate International Friendship Day with an NFT drop

Coca-Cola plans to distribute limited edition digital collectibles on July 30 to members of Coca-Cola’s existing NFT community to mark International Friendship Day and the anniversary of the brand’s first NFT drop.

This latest collection features a design inspired by the bubbles in Coke bottles, and each International Friendship Day digital collectible is meant to be shared with a friend. After sharing, the artwork will be revealed to both wearers. Owners can also gain access to future brand experiences.

Members eligible to receive the airdrop include collectors of the Coca-Cola International Pride Day 2022 Prize and the Coca-Cola Burger Prize from earlier this year.

Latest funding news

  • FTX CEO Sam Bankman-Fried led the seed round of a new Web3-focused content production studio called Trustless Media. The community-owned NFT media company launched on Wednesday with the announcement of a $3.25 million raise, with additional investment from Avalanche’s Ava Labs and Red DAO founder Megan Kaspar. Co-founder and financial journalist Zack Guzman plans to produce “NFTV” news shows, the first of which, called Coinage, is slated to air in the fall.
  • Former Meta employees and founders of Aptos Labs have secured $150 million in funding for a high-throughput, low-latency Layer 1 blockchain. The Series A round, led by FTX Ventures and Jump Crypto, more than doubled the unicorn’s valuation, which stood at more than $1 billion in March. Other VC firms, including Andreessen Horowitz, Multicoin Capital and Circle Ventures participated in the latest round. So far, Aptos Labs has raised $350 million in capital in 2022.
  • Video game publisher Big Time Studios released Open Loot (OL) platform to allow AAA developers to distribute their NFTs, as well as OL Ecosystem Fund with $11M in first close. The company plans to invest $500,000 – $1 million in each qualifying partner studio through token purchases or revenue sharing agreements. Partners can choose to run on Open Loot without joining the Eco Fund. Big Time’s CEO, Ari Meilich, is a former CEO at Decentraland.

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  • Ornella Hernandez



    Ornella is a Miami-based multimedia journalist covering NFTs, the metaverse and DeFi. Before joining Blockworks, she reported for Cointelegraph and also worked for TV outlets such as CNBC and Telemundo. She originally started investing in ethereum after hearing about it from her father and hasn’t looked back. He speaks English, Spanish, French and Italian. Contact Ornella at [email protected]

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