Summary
TLDR: Legacy firms that jumped on the Web3 and metaverse trend are now shutting down their initiatives as interest wanes, with Starbucks being the latest casualty. Adidas, however, continues to explore the metaverse with a partnership with the STEPN app and the launch of NFTs. Meanwhile, TRON collaborates with composer Hans Zimmer on a Web3 anthem, but founder Justin Sun faces legal troubles with the SEC. Bitcoin digital art sales outpace Ethereum, NFTs will no longer be covered by PayPal’s protection program, and Magic Eden partners with Base.
Key Points
1. Adidas is collaborating with the STEPN app to launch 1000 generative Solana-based NFTs of Adidas sneakers, which are being sold for 10,000 GMT apiece.
2. Justin Sun, founder of TRON, collaborated with legendary composer Hans Zimmer to create a three-minute “song for the Web3 generation,” amid legal trouble with the Securities and Exchange Commission.
3. NFTs will be excluded from PayPal’s Purchase Protection Program starting May 20, and popular NFT platform Magic Eden has a partnership coming with the layer-2 Base on April 25.