Welcome to the OpenSea digest. Let’s look back through the biggest NFT projects and web3 news of the week.

New AI Tool, SOURCE, Lets Users Remix and Publish Web3 Media on Ethereum

Remixes have always inspired us to reimagine existing works, from music and literature to visual art. But how do you find the right track, design, and artwork to mix?

Now, SOURCE, a new AI-powered remixer tool, is making it possible to discover and blend NFT art, then seamlessly split revenue between creators. 

Described as an “Adobe-style” creativity suite built on the Ethereum blockchain, SOURCE functions first and foremost as a discovery feed of current NFT media. But the tool suite also comes with an AI-driven image editor that allows artists to combine the styles of multiple NFTs and create something entirely new.

But perhaps most important is what TITLES, the company behind SOURCE, refers to as the product’s “remixing protocol.” The suite includes a tool that facilitates programmatic splits of ETH to the creators whose work was used during a remix. Currently, the remixer gets 70% of the proceeds, while the remaining 30% gets divided among the makers of any works that were sampled. 

William Peaster, editor of Bankless’s Metaversal newsletter, predicts SOURCE is “a taste of what’s to come” for the crossroads of AI and NFT projects. According to TITLES, the protocol is the first mobile-first product of its kind.

Here’s how to access SOURCE:

1. You can access the app by minting the free collectible “SOURCE” here.
2. Once you’ve minted, you can get access to the app here.
3. If you’re a holder of “OS” by TITLES, you can get access to the app today here.

Vera Molnár’s Generative NFTs Sell for 1.2M in Sotheby’s Dutch Auction 

In a historic moment for the NFT art world, pieces by the acclaimed generative artist Vera Molnár fetched $1.2 million in ETH at an Art Blocks-powered Sotheby's auction on July 26. 

Within the auction’s first hour, all 500 pieces had sold. Bidding surpassed the initial baseline price of $2,825 (1.5 ETH) and peaked at a ceiling cost of $37,000 (20 ETH). Later, trading volumes on the secondary market swelled even higher.

Molnár, a 99-year-old Hungarian artist known as a generative art pioneer, was one of the first women to use computers in her art practice. The auction showcased her masterpieces in the ‘Themes and Variations’ NFT collection, which she created in collaboration with generative NFT artist Martin Grasser. The pieces feature algorithmic designs of bright, hand-drawn letters.

The results of Sotheby's latest generative art auction are a testament to the public’s growing fascination with NFTs and digital art of all kinds, marking an extraordinary milestone in the ever-evolving landscape of web3.

Gucci Will Reward Gucci Vault Material NFT Holders with Physical Items

Gucci, the iconic luxury fashion brand, has again blended the physical and digital realms in style.

On July 29, the Italian fashion house announced that holders of the Gucci Material NFTs can now exchange their tokens for a Gucci bifold wallet or a Gucci x 10KTF co-branded duffle bag, resolving months of speculation regarding what utility would come with the 2,896-item NFT collection minted back in March.

According to sources, holders need one Gucci Vault Material NFT to redeem the wallet, while three NFTs are required to redeem the duffle bag. Redemptions are set up through the Gucci partner platform 10KTF.shop.

The buzz from industry commentators suggests this announcement positions Gucci to bestow luxury physical goods upon digitally native consumers, turning web3 degens into fashion connoisseurs. In this way, NFTs may offer a more accessible introduction to luxury brands.

And for Gucci loyalists, phygital NFTs grant holders digital certificates of ownership of physical goods that are immortalized on the blockchain where provenance can be tracked.

Bold moves like this from brands help solidify the growing trend of fashion giants diving headfirst into web3 and NFTs. 

The British Museum Collabs with The Sandbox

The British Museum has taken a bold step forward to enter the web3 era. In an unprecedented move, it has joined forces with The Sandbox, a leading Ethereum-based metaverse world, to bring to life a collection of NFTs developed in partnership with French startup LaCollection.

EMBED: https://twitter.com/TheSandboxGame/status/1684581767158566912

According to recent articles, the museum will use the latest technology to connect with art and history enthusiasts worldwide. A 270-year-old institution, the British Museum was the first public national museum in the world and therefore aims to serve as a "museum of the world, for the world" — apparently, this mission extends to virtual worlds, too. 

Going digital also promotes accessibility: Sebastien Borget, COO and co-founder of The Sandbox, said in a recent article that the partnership provides a "great opportunity for The Sandbox players, regardless of where they are, to learn about and enjoy the amazing collections of human history, art, and culture." 

Soon, the British Museum will have its own immersive space within The Sandbox's metaverse, allowing visitors with all backgrounds and accessibility levels to experience history and art in a whole new way. 

Yuga Labs Acquires Music and Metaverse Startup, Roar Studios

Bored Ape Yacht Club (BAYC) developer Yuga Labs announced its acquisition of digital innovation startup Roar Studios to push forward the expansion of the Otherside metaverse.

Founded by longtime entertainment industry executive Eric Reid, Roar Studios specializes in immersive media experiences that enhance artist and fan engagement. ROAR, the proprietary technology of Roar Studios, uses audio input, gamification, and artificial intelligence (AI) to build what's described as an "experiential, semi-autonomous music and entertainment world” driven by user-generated content and community participation.

The move is expected to supercharge Yuga Labs' ability to create memorable social experiences inside Otherworld and keep its signature lore alive, as Yuga Labs CEO Daniel Alegre said in the press announcement. "Roar's dedication to creative content creation and social connections will accelerate our execution of our bold vision for Otherside and Yuga's ecosystem more broadly," Alegre said.

Following the acquisition, Reid will join Yuga Labs as the general manager of Otherside.

Ethereum Celebrated its 8th Anniversary on July 30th

Happy birthday, Ethereum! In 2013, Vitalik Buterin wrote the original Ethereum whitepaper, but it wasn't until July 30, 2015 that the Ethereum blockchain was born. From there, the decentralized web was forever changed.

What Bitcoin did for payments, Buterin predicted Ethereum would do for physical and digital art, ownership, paperwork, and digital certificates. Over the years, the number of active Ethereum developers has grown to nearly 4,000. 

The journey of Ethereum has been remarkable, and this year the Ethereum protocol underwent a successful upgrade from a Proof-of-Work consensus mechanism to Proof-of-Stake, making the network less environmentally costly and more sustainable for the years to come.