digital collectible

Huobi Launches $100 Million Venture Unit for NFTs and Bolt-On Deals

Huobi Group, the cryptocurrency exchange operator, announced Thursday that the company has invested and has launched an investment unit with $100 million, reserving part of their cash, in part for non-fungible tokens (NFT).

Reuters reported that these measures are the latest move taken by Huobi. Lily Zhang, the CFO of Huobi Group, who will head the new Huobi Ventures unit, said:

“What we see in the market today is only a fraction of what’s actually possible with NFTs.”

Huobi Tech, another separate unit from its parent company Huobi, one of the world’s largest exchanges for trading cryptocurrencies, launched crypto-related funds for institutional investors last month.

The fund plans to integrate other blockchain corporations into Huobi’s existing businesses, making early-stage venture capital investments, including $10 million specifically through NFT and marketplace trading investments.

In regards to NFTs, they are essentially new forms of digital collectable running on blockchain that have exploded in popularity this year. The recent surge in prices of Bitcoin and other cryptocurrencies has fuelled a global fundraising rush by companies operating in the sector.

eBay, on the other hand, launched an NFT sale on its platform recently. On Wednesday, the company announced that it will allow its customers to conduct sales of various NFTs for video clips, images, art pieces, and more.

German Bundesliga Features in Blockchain Fantasy Football Platform Sorare

Sorare, an Ethereum-backed fantasy football platform, has announced its latest partnership with the top two leagues in Germany, the top-flight Bundesliga and Bundesliga 2 DE.

Dedicated to helping rebrand the utilities of blockchain technology by remodelling the offerings of traditional fantasy gaming platforms, the partnership between Sorare and the Bundesliga leagues will help to broaden the former’s ecosystem.

“We’re honoured to announce our newest partnership with the Bundesliga and Bundesliga 2. DE,” Sorare said in a statement, “The Bundesliga is an iconic football league and home to some of the most exciting clubs and footballers in the world. Following our partnership with the German national team, we’re excited to further expand in Germany and welcome football fans who know all about celebrating their passion.”

Sorare creates digital collectables for each sports team onboarded on its platform. The same items will be done for each Bundesliga team, including Bayern Munich, Borussia Dortmund, and RB Leipzig, to mention a few. All players in the league will also be represented. However, Sorare said these collectables will not be ready until the end of October.

Many football teams are beginning to leverage the capabilities of digital currencies to engage more with their fans spread worldwide. The embrace of blockchain technology by individual German football teams with Sorare predates the Bundesliga partnership, as Bayern Munich notably tapped Sorare’s tokenization program back in November last year.

The majority of the top football clubs are also building their fan tokens using the platform introduced by Socios and Chiliz, with prominent names including FC Barcelona, Paris Saint Germaine, Juventus FC, and Atletico Madrid, amongst others. While the integration and utility definition of soccer teams using blockchain is still in its infancy, it has notably generated enough traction, as shown by the venture capital funding from big investors in the industry.

NFT Platform iBox Fined 400,000 RMB for Violating China's Anti-Unfair Competition Law

Hainan Chain Box Technology Co., Ltd, a company associated with the popular Chinese NFT (digital collectible) platform iBox.art, has recently faced a penalty of 400,000 RMB for violating China’s Anti-Unfair Competition Law. The law aims to ensure fairness in business promotions, stating that the maximum value of a top prize in a lottery-style sales event should not exceed 50,000 RMB.

During two promotional campaigns, Hainan Chain Box Technology Co., Ltd disregarded this regulation by offering extravagant prizes. These included a Maserati Levante and a Maserati Ghibli, valued at 797,800 RMB and 685,800 RMB respectively (including taxes), far exceeding the legal limit.

The company’s actions have come under scrutiny following user complaints about iBox.art abruptly shut down the digital collectible resale market without obtaining user consent. This move effectively blocked transactions involving collectible items.

Furthermore, various police departments, such as the Huadu District branch of the Guangzhou Municipal Public Security Bureau and the Xindu District branch of the Chengdu Municipal Public Security Bureau, have launched investigations into allegations of fraud against Hainan Chain Box Technology Co., Ltd.

China has been closely monitoring NFTs and digital collectibles due to the potential risks involved. The Supreme People’s Procuratorate of China, the country’s leading legal agency, recently issued warnings about the dangers of NFTs, emphasizing the need for new legislation to govern this emerging asset class. The agency highlighted that NFTs share characteristics with virtual properties and urged caution in their trading.

7-Eleven Jumps into NFT Space

Joining the ranks of Adidas, Coca-Cola, Louis Vuitton, and Nike, 7-Eleven, Inc. is making a significant move into the digital asset space. The convenience retailer is celebrating its 96th birthday by introducing a first-of-its-kind digital collectible (NFT) for Slurpee fans nationwide, following the trend set by popular Hong Kong convenience store 852, which issued its own NFT in 2022.

Starting at 7:11 p.m. ET on July 11, 2023, customers can enjoy their Slurpee drink virtually via a digital Slurpee drink dispenser on 7-Eleven’s website. Users can fill up their digital Slurpee drink cup with a mix of classic and limited-time flavors, share their Slurpee drink vibe on social media using #SlurpeeVibe, and mint their mix to add to their digital wallet.

7Rewards and Speedy Rewards customers who claim the digital collectible will receive seven extra entries to win Slurpee-inspired jewelry from premium designer King Ice. The digital mixology event will run through July 18.

Marissa Jarratt, 7-Eleven Executive Vice President and Chief Marketing & Sustainability Officer, said, “We’re always looking for new and creative ways to celebrate with our customers on our favorite day of the year, Slurpee Day. This year, we’re marking another first for the brand with our inaugural digital collectible, ‘Find Your Slurpee Vibe’.”

In addition to the digital collectible, 7-Eleven is introducing a limited-time 7/11 Birthday Collection capsule on 7Collection, the retailer’s online merchandise shop. The collection includes 7-Eleven-inspired party decor and trimmings, including apparel, balloons, wrapping paper, and more. Free shipping is available on all orders using the code SLURPEEDAY on July 11.

7-Eleven is also offering $1 food deals, discounts on 7NOW Gold Pass subscriptions, and savings on fuel for new and existing 7Rewards and Speedy Rewards members. Those who sign up for 7NOW Gold Pass via the 7NOW Delivery app on July 11 will receive a free subscription of the service through the end of 2023. Fuel rewards members will receive an additional 11¢ off each gallon purchased on July 11 at 7-Eleven and Speedway branded fuel locations.

7-Eleven’s introduction of digital collectibles marks a significant step in the adoption of NFTs by mainstream retailers. The move could potentially open up new avenues for customer engagement and loyalty programs in the future, as it has for other major brands that have ventured into the NFT space.