Nifty: M&M’s jump into BAYC mania, a Pudgy Penguin sells for 400 ETH and more

Owners of luxury watches can now verify ownership as NFTs and then take DeFi loans out against them, while Miley Cryus may soon enter the Metaverse and NFTs with new patents.

Global confectionery giant Mars has teamed up with virtual metaverse band KINGSHIP to create limited edition boxes of M&M’s featuring content from the Bored Ape Yacht Club (BAYC).

KINGSHIP is a group made up of three BAYC NFT hodlers and one Mutant Ape Yacht Club (MAYC) owner. As part of the deal, the avatars depicted in the nonfungible token (NFT) art will be printed on the chocolate candies in a select number of boxes.

There has been a total of 4,000 boxes created in total, split between two tiers of rarity. The regular tier comes in 3,900 brown celebratory gift boxes, while the 100 gold edition boxes are wrapped in gold and white foil, number 1 to 100 and have the Kingship member’s apes printed on the M&M’s.

KINGSHIP M&M’S: Mars

Additionally, 6,000 candy gift jars have been put up for sale from today via the M&M’s website. Hodlers of the KINGSHIP Key Card NFTs were given early access to this promotion, suggesting the gold edition boxes may already be gone.

“We’re excited to continue our Mars foray into the metaverse through this partnership with 10:22PM and KINGSHIP, as a way to engage our fans in a new and exciting space,” said Jane Hwang, global vice president at Mars Wrigley.

The deal marks another interesting utilization of the IP behind Yuga Labs’ NFT projects, with other BAYC hodlers using the content for TV shows and restaurants in the past.

400 ETH Pudgy Penguin

Despite the NFT sector going through a lengthy bear market, one Pudgy Penguin NFT has recently sold for a whopping 400 Ether (ETH) on Monday, worth roughly $670,000 at current prices.

There are 8888 Pudgy Penguin NFTs in circulation and the project is one of the most popular NFT collections on the market.

The NFT sold was Pudgy Penguin #6873, one of the rarest in the collection as nearly all of the penguin avatar’s traits are shared by just 0.01% of the other NFTs in the project.

According to the transaction history on OpenSea, the seller CoinUnited previously bought the NFT for 225 ETH on Sept. 8 last year, worth roughly $788,000 at the time. As such, they banked a major ETH profit, though it would be counted as a $118,000 fiat loss.

Over the past 30 days, Pudgy Penguin NFTs have generated $7.5 million worth of sales, marking a 314% increase within that time frame, according to data from CryptoSlam.

NFT Rolex meets DeFi loan

The 4K Protocol, a Web3 project that bridges real-world assets to NFTs, has partnered with decentralized finance (DeFi) lending platform Arcade to launch decentralized finance loans against physically backed luxury watch NFTs.

The 4K protocol enables users to mint NFTs tied to their assets and guarantees a 1-to-1 ownership via storage providers and asset authenticators.

Related: NFTs are a ‘natural place’ for digital artists — Gal Yosef

As part of the partnership, an NFT minted on 4K linked to a top-of-the-line Rolex Cosmograph Daytona was used to secure a loan from Arcade, marking an interesting, albeit risky, use case for tokenizing real-world assets.

Party in the virtual USA

Former Disney star and widely popular musician Miley Cryus is gearing up for Web3 after filing two metaverse and NFT trademarks relating to the words “Miley” and “Miley Cryus” with the United States Patent and Trademark Office.

According to a Monday tweet from trademark attorney Mike Kondoudis, Cyrus is planning to launch digital goods such as virtual clothing, footwear, sports gear and also entertainment services.

Other Nifty News:

Cryptocurrency risk management firm Elliptic has released a report suggesting that scammers have stolen more than $100 million worth of NFTs since in 2021.

Decentralized exchange Uniswap is reportedly in talks with multiple NFT lending protocols to build NFT financialization, according to a social media post from Uniswap’s head of NFT product Scott Lewis.

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