Web3 Watch: What Are Semi-Funable Tokens and Why Is Coinbase Making a Movie?

  • Wharton Business School to offer Online Certificate Program on Metaverse Economies
  • Art Blocks NFT collection tops OpenSea 24-hour trading volume chart for the first time in a long time

Magic Eden Introduces a Semi-Funable Token (SFT) Marketplace

Solana-based NFT marketplace Magic Eden has enabled Zenopets players and NFT members to mint and trade so-called semi-fungibles. Tokens within the Move-to-Earn Digital Pets game via the Magic Eden Marketplace. Crystals and Terraform Seeds are among the first Xenopets SFTs to be listed on Magic Eden’s marketplace.

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

The main advantage of using SFT over NFT in games is that token transactions at wrong addresses are reversible and refundable. 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 funding for its games.

Coinbase gets into the movie business

Coinbase released part one of three “The Daegan Trilogy” of films featuring Bored Ape Yacht Club (BAYC) characters. The five-minute animated film titled “Run the Chain” features five “Dijons” who compete for a chance to win ApCoins.

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coinbase tweeted Those who wish to have a chance to showcase their NFTs in upcoming Parts 2 and 3 need to create a profile on the exchange’s NFT Marketplace.

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

The same Tuesday the trailer dropped, Ark Invest, an asset manager run by Kathy Wood, sold nearly 1.4 million shares of Coinbase as the crypto exchange’s COIN is down nearly 20% over the past seven days.

Universities Offering Metaverse Courses

The University of Pennsylvania’s Wharton Business School announced a new online certificate program called “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 generate value using Metaverse technology. Wharton claims that it is the first Ivy League business school to introduce a program on the theme of the metaverse.

Additionally, the University of Tokyo plans to offer a number of courses on the fundamentals of metaverse technology, such as artificial intelligence and virtual reality. The primary objective is to re-train students and professionals in digital transformation. Certificate courses will also be open to junior and senior high school students who wish to learn about engineering and information science, and potential career paths in such fields.

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

Coca-Cola celebrates International Day of Friendship with NFT Drop

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

This latest collection features a design inspired by the bubbles within Coke bottles, and each International Friendship Day digital collectible to share with a friend. Once shared, the artwork will be disclosed to both holders. Owners can also gain access to future experiences with the brand.

Members eligible to receive the airdrop include the Coca-Cola International Pride Day 2022 drop and collectors of the Coca-Cola Hamburger Day drop 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 NFT community-owned media company launched Wednesday with the announcement of a $3.25 million raise with additional investments from AvaLaunch’s Ava Labs and Red DAO founding member Megan Kasper. Co-founder and financial journalist Zack Guzman plans to produce an “NFTV” news show, the first of which, titled Coinage, is expected to air in the fall.
  • Ex-META employees and founders of Aptos Labs 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 Unicorn’s valuation, which stood at over $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 free Open Loot (OL) platform to enable AAA developers to distribute their NFTs, along with $11 million in its first closing to the OL Ecosystem Fund. The company plans to invest $500,000 – $1 million in each of the qualifying partner studios through token purchases or revshare agreements. Partners can choose to launch on Open Loot without joining the Eco Fund. Big Time’s CEO, Ari Meilich, is the former CEO of Decentraland.

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  • ornella hernandez



    Ornella is a Miami-based multimedia journalist covering NFTs, Metaverse and DeFi. Prior to joining Blockworks, she reported for Cointelegraph and also worked for TV outlets such as CNBC and Telemundo. He originally started investing in Ethereum after hearing about it from his father and has not looked back. She speaks English, Spanish, French and Italian. Contact Ornella at [email protected]

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