This Week in NFTs: OpenSea Supports Avalanche, BNY Melon Launches Crypto Custody

OpenSea Welcomes Avalanche NFTs

OpenSea, the leading NFT marketplace, has expanded its offerings by adding support for the Avalanche blockchain, allowing users to access native NFT projects and benefit from fast transaction times. As of October 12, around ten Avalanche projects have been listed on OpenSea, further broadening the appeal of NFTs on the platform.

BNY Mellon Launches Digital Custody Platform

In a significant development for institutional cryptocurrency custody, BNY Mellon announced the launch of a digital custody platform aimed at safeguarding clients’ Bitcoin (BTC) and Ether (ETH) holdings. As one of the oldest banks in the U.S., this initiative marks a notable step toward integrating digital assets into traditional financial services, reinforcing the bank’s commitment to blockchain technology.

Damien Hirst’s NFT Art and Burn Event

In the world of art, renowned artist Damien Hirst has been making headlines by burning physical pieces of his artwork as part of his NFT project titled ‘The Currency.’ During a live-streamed event, Hirst emphasized this act symbolizes the transition of art into its digital form, reinforcing the notion that NFTs represent ownership and value beyond the physical medium.

FANtium Combines NFT and Fan Engagement

The platform FANtium is utilizing NFTs to revolutionize the way fans engage with athletes by allowing them to invest in the futures of upcoming sports stars. This model not only offers fans potential financial rewards based on athletic success but fosters a deeper connection between fans and their favorite athletes.

DeGods Initiates 0% Royalty Fee Policy

In a surprising move, the Solana-based NFT project DeGods has decided to implement a 0% royalty fee policy for its NFT collections, which has stirred discussions within the community. While the initiative has raised questions regarding sustainability and artist support, DeGods aims to adapt to changing market dynamics.

Conclusion

This week’s developments underscore the evolving landscape of NFTs and the broader cryptocurrency ecosystem as traditional financial institutions embrace digital assets, art transforms through innovation, and new fan engagement models emerge that bridge the gap between sports and the digital world.