A big loss for celebrities at BAYC, a metaverse for Meghan and Harry, and more.

Key points:

• Many celebs, such as Justin Bieber, have lost their money on the BAYC collection because of its floor price falling and the price of ETH. 
• Prince Harry and Meghan Markle are incorporating with pax.world to create their metaverse for creating a connection with fans all around the world. 
• Adidas released an Ethereum-based NFT collection called the "Genesis Collection," which includes a range of wearables that can be worn by virtual avatars.
• The collection will allow owners of an Adidas wearable NFT and NFTs from participating partners (BAYC, Mutant Ape Yacht Club, and Inhabitants) to "dress up" that NFT with their virtual Adidas wearable.
• Sony announced its intention to integrate blockchain technology into its games. Their patent shows that the company intends to use blockchain technology and NFTs to track in-game assets

Celebrities are facing huge losses on BAYC NFTs

The hype behind Bored Ape Yacht Club (BAYC) last year saw many celebrities invest in the Ethereum-based line of non-fungible tokens (NFTs), many of whom, like singer Justin Bieber, paid dearly.

Bieber paid 500 Ether (ETH) for BAYC #3001 on Jan. 29, worth roughly $1.28 million at the time, and the NFT’s current top bid is just over $69,500.

Since peaking at 144.9 ETH in May, the base price of collectibles has dropped significantly, according to NFT Price Floor data,  which was worth about $396,760 at the time, has fallen to a current low of 48 ETH, at $58,589 at the time of writing.

Many other celebrities have also seen Yuga Labs turn NFTs into a "blue chip" collection, such as entrepreneur Gary Vee, whose collection of 2,400 NFT teams still has a bunch of boring monkeys, and TV host Jimmy Fallon, who purchased BAYC #599 on November 8th for $224,191 and the current highest bid is $70,264.

However, it wasn't all bad news for Bored Apes, as BAYC #8633 was purchased by digital art collector Pransky on November 17th for almost $747,500, indicating that there is still a lot of demand for Bored Apes with some rare attributes.

Sussex couple discuss 'virtual world'

Prince Harry and Meghan Markle are in “advanced talks” with pax.world, a platform that allows users to create their Metaverses, according to a Nov. 15 article in The Mirror.

Sources say Markle is the driving force behind the plan, which is why the Metaverse is cleverly dubbed the "Meg-Averse."

The former working royals are believed to be finding new ways to connect with fans, seeing their so-called Metaverse as a way to "make their brand fully global".

According to pax.world founder Frank Fitzgerald, Metaverse is perfect for a "progressive, tech-savvy" audience the couple is looking to connect with while building their brand and says the platform offers the couple "a plot of prime pax.world land."

Adidas Originals launches 'Virtual Gear' collection

Adidas released an Ethereum-based NFT collection on Nov. 16 called the "Genesis Collection," which includes a range of wearables that can be worn by virtual avatars.

Dubbing the new product "Virtual Gear," the sportswear giant described the collection as a "new, interoperable product category," adding:

“[It] accelerates our collective drive towards strengthening web3, and the adidas community-based, member-first, open metaverse pledge”

Based on Adidas' partnerships with BAYC, Mutant Ape Yacht Club, and Inhabitants, the 16-piece collection will allow owners of an Adidas wearable NFT and NFTs from participating partners to "dress up" that NFT with their virtual Adidas wearable.

Adidas Originals launching in May: Owners of the Capsule NFT collection can burn their Capsule NFT and replace it with a random NFT from the new collection.

Commenting on the collection, Nic Galway, senior vice president of creative direction at Adidas Originals, said Web3 opens up new opportunities for its designers and staff, adding a "level of utility that can be explored and even discovered as worlds and avatars take new forms." 

Sony NFT game patent

In a patent filed in May 2021 and published on Nov. 10, tech giant Sony announced its intention to integrate blockchain technology into its games.

The patent shows that the company intends to use blockchain technology and NFTs to track in-game assets, including a series of diagrams showing how this is done.

While the filing is currently just a patent, it could indicate that the entertainment giant is interested in joining the growing market for NFT games.

Sony has already established itself in the NFT space, and in May partnered with Theta Labs to launch a series of 3D NFTs that can be viewed on its spatial reality display, which enables the visualization of 3D models.

More exciting news:

Crypto was at the forefront of the Abu Dhabi Grand Prix, with Red Bull Racing using NFTs on both Red Bull Racing cars following a deal with cryptocurrency exchange Bybit.

BAYC creator Yuga Labs acquired Beeple’s browser-based NFT game on Nov. 15. The game allows players to equip heroes with elaborate gear and items to complete quests, and Yuga Labs hinted that it could be merged with their Otherside Metaverse ecosystem.