In this week’s newsletter, read about how Google will start allowing games featuring nonfungible tokens (NFTs) to advertise and promote themselves using its platform and how a developer stole $1 million in assets from the Milady NFT collection. Check out how an insurance company excluded NFTs from a $20-million policy and how the metaverse is “hot” in Asian markets like Hong Kong, Korea and Japan. And don’t forget this week’s Nifty News featuring Binance ending its support for Polygon-based NFTs.
Google will allow ads for NFT games starting Sept. 15
Google made an update to its crypto ad policy to enable NFT game advertisements as long as gambling or gambling services are not promoted. According to a Google announcement, the changes will come into effect on Sept. 15.
NFT games that let players purchase in-game items, such as weapons or armor for characters, that enhance the user experience will be allowed. However, games that let players stake NFTs or wager their assets for rewards like crypto or other NFTs are still not allowed.
NFT collection Milady exploited by developer stealing $1M in fees
Ethereum-based NFT project Milady Maker has been exploited by a developer within its ecosystem who stole $1 million in generated fees from Remilia, the decentralized autonomous organization (DAO) behind Milady.
A co-founder of the collection, Charlotte Fang announced on X (formerly Twitter) that they had identified the people involved in the attack and would pursue legal action against them. The executive said that they are expecting all of their property to be returned.
CNA Insurance excludes NFTs from coverage of $20M trust policy
United States-based commercial insurer CNA Financial has excluded NFT coverage from a $20-million policy. In an SEC filing, the insurer attached an exclusion to the document about Schwab Strategic Trust’s policy.
The exclusion highlighted that the bond will not cover damages, losses or lawsuits related to NFTs. The document defined NFTs as any digital identifier connected to digital ledger technology.
Metaverse is dead in the West, but ‘so hot’ in Asia: The Sandbox co-founder
While the metaverse may not be gaining as much traction in Western countries, The Sandbox co-founder and chief operating officer Sebastien Borget said that it’s “hot” in Asian markets.
According to the executive, roughly 50% of its business has come from several Asian countries, such as Hong Kong, Korea and Japan. “If you don’t focus on Asia, you will think the metaverse is dead from the North American and the Western side,” Borget said.
Nifty News: NFT restaurant crumbles, Binance NFT ends Polygon support and more
Plans for an NFT-based restaurant and lounge project in San Francisco have ended after the team behind the company said that construction could not proceed due to challenging economic factors. Meanwhile, Binance’s NFT arm has announced that it will stop its support for Polygon-based NFTs without providing a reason behind the move.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.