TL;DR
- FC Barcelona joined forces with World of Women for their NFT release.
- Binance and Ronaldo collaborated to drop the ForeverCR7 NFT collection.
- FIFA is set to explore Metaverse and NFTs with trademark applications across multiple categories.
- Motown Records enters the Second Life Metaverse with exclusive events and an immersive experience.
- Slim Jim unveiled their Metaverse platform with the release of free NFTs.
Blockchain Hacks
The project Ara was exploited on the BNB chain, which resulted in a loss of funds worth approximately $124,915. The attack was successful due to a lack of restrictions on the authorized funds; a large number of ARA and USDT were approved for the swap contract without limiting the funds transferred from the caller for any swap-related purposes. We have shared a detailed analysis of the exploit in this blog.
The project IPO on the BNB chain was identified as a rug pull, in which funds worth approximately $102,140 were stolen from the liquidity pool.
The Commodity Futures Trading Commission (CFTC) filed a complaint against William Koo Ichioka, accusing him of soliciting over 100 individuals and entities to invest tens of millions of dollars in a commodity interest pool called “Ichioka Ventures.” Ichioka allegedly misappropriated over $21 million of the funds, operating a Ponzi scheme by using new investors’ money to create the appearance of profits for existing investors while using the funds for personal expenses.
South Korean police arrested three individuals and charged 64 others in connection with an alleged fraud scheme described as a typical Ponzi scheme. The victims were lured into investing in a company that claimed to use blockchain technology to identify “dogs by their nose wrinkles”, similar to fingerprints. The Gyeonggi South Provincial Police Agency stated that over $100 million had been lost by investors, who were primarily individuals in their 60s or older with no experience in cryptocurrencies. The fraudulent company raised approximately 166.4 billion South Korean won, roughly amounting to $127 million, from around 22,000 people, promising returns of up to 150% in just 100 days.
Shido was exploited on the BNB chain, which resulted in a loss of 976 BNB, worth approximately $238,500. The root cause of the vulnerability is the configuration error on the lock and claim mechanism, as well as the price difference between their old and new token pools. The exploiter initially took a flash loan of 40 WBNB and swapped 39 WBNB to obtain Shido Inu: SHIDO Token (9 decimal) in the PancakeSwap V2: SHIDO-WBNB pool. The attack contract locked the SHIDO v1 tokens in the ShidoLock contract; however, the attacker is able to unlock and withdraw a large number of v2 tokens immediately due to the configuration error of the ShidoLock contract. The exploiter then swapped the excess of SHIDO tokens for 1,016 WBNB, repaid the flash loan, and took away their share of 976 WBNB as profits from the exploit. In this blog, we have shared a detailed analysis of the exploit.
Metaverse, and NFTs
FC Barcelona and World of Women have joined forces for yet another release of the club’s Masterpieces collection, which showcases the accomplishments of legendary players through artistic expression. Rhi Madeline’s digital collection, titled Empowerment, pays tribute to women’s team captain Alexia Putellas, representing transformation and progress. This specific artwork commemorates the Women’s Champions League semi-final match against Wolfsburg on April 22, 2022. Notably, the match set a record attendance of 91,648 fans, and Putellas played a pivotal role by scoring two goals to secure victory for her team. FC Barcelona is also targeting their millennial, xennial, and Gen-Z fan bases by embracing technology and innovation and aiming to create culturally significant moments. The auction for these unique pieces will take place on the OpenSea platform from June 26th to June 28th.
Binance and Ronaldo have collaborated once again to introduce the ForeverCR7 NFT collection. This partnership follows the remarkable success of their initial CR7 NFT collection, which witnessed Ronaldo’s debut collection selling out within a week, with top-tier NFTs achieving an average price of $22,800. The GOAT NFT Collection showcases over 29,000 NFTs that capture Ronaldo’s unforgettable goals, celebrations, and accomplishments, including his iconic bicycle kick goal against Juventus in the UEFA Champions League. The upcoming release will offer four levels of rarity: Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N). The Super Super Rare NFTs will be available through auctions with a starting price of $15,000, while the SR and R NFTs will be available for purchase at $200 and $30, respectively. As an exclusive perk, owners of these highly sought-after NFTs will have the opportunity to participate in an in-person training session with Ronaldo and receive tickets to Binance Blockchain Week. Additionally, a select group of users will have exclusive access to the remaining 28,000 Normal (N) NFTs by purchasing a ForeverCR7 Box, which is priced at $10 each.
FIFA continues to delve into the realms of the metaverse and immersive environments through its WE ARE initiative. Trademark attorney Mike Kondoudis, licensed by the USPTO, first disclosed this information. According to reports, the global governing body of soccer has submitted trademark applications across nine distinct categories, encompassing VR, gaming, fashion, and entertainment. Alongside ventures into virtual reality, FIFA is also venturing into the realm of NFT releases with the introduction of FIFA+Collect in collaboration with Algorand. These trademark filings seek to secure various potential online services, such as personalized fitness coaching sessions, live streaming of sports events, and captivating laser displays. FIFA’s ambitions extend beyond services alone, as their applications encompass the provision of virtual sports equipment and accessories, all tailored for the digital domain.
Motown Records and Second Life have partnered to establish a dedicated music venue that offers a unique and immersive experience, featuring renowned artists and the iconic Motown sound. This collaboration introduces exciting interactive elements within Second Life’s platform, allowing users to dress up their avatars with Motown-inspired attire and fully immerse themselves in the spirit of the music. Second Life will soon introduce an exclusive Motown Records radio station, curated collaboratively by Motown and STYNGR. Moreover, Motown artists will take the stage, captivating and entertaining audiences and guaranteeing a dynamic and engaging music experience.
Slim Jim has recently unveiled the Meataverse, an interactive platform that promises unparalleled digital experiences through the distribution of free NFTs. Devoted fans of the popular snack brand now have the opportunity to join the digital fan club for a limited time and receive a complimentary Polygon NFT called GigaJim. Only 10,000 of these exclusive NFTs are up for grabs on a first-come, first-served basis. The creation process involves the innovative Meaterializer feature, which selects visual attributes from a variety of Slim Jim accessories to grant access to the Meataverse. To ensure a seamless user experience, Slim Jim generously covers all gas fees. Those fortunate enough to secure one of these tokens can enjoy exclusive perks, including access to virtual experiences that enhance the rarity of their digital assets over time. Furthermore, Slim Jim introduces an element of competition among users through a leaderboard, rewarding the highest achievers with real-world experiences.
OnChain Insurance Industry News
Neptune Mutual announced that their cover marketplace is now live on the BNB Chain. The launch also followed a special give-away promo code “CT020623”, which can be used by cover purchasers to receive a full rebate on protocol fees for any cover pool when purchasing their policy.
Bumper Finance announced that their risk management protocol is set to launch in August 2023.