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

Nouns DAO Is Undergoing Its First Fork

The rubber of decentralized governance is finally meeting the road, as Nouns DAO — a popular community-owned art and entertainment brand — faces its first fork.

According to the NounsDAO rules, the community has the authority to “fork,” or break away from the project, and take with them their rightful stake in the treasury if at least 20% of Nouns NFTs agree to split. Nouns NFTs are currently valued to have a floor price of around 37 ETH, and the Nouns treasury is estimated to be worth $30 million.

At the time of writing, more than 459 Noun NFTs representing over 87 Noun members expressed their intention to return their Noun NFT, receive their stake in the treasury, and part ways with the DAO. The Nouns collection contains a total of 846 NFTs, causing some to wonder whether the forked treasury may end up being as sizable as that of the original DAO.

The opportunity to join the NounsDAO fork will remain open until September 15, when the escrow period concludes and the split is officially cemented. NounsDAO’s decision to fork has generated considerable attention within the broader web3 ecosystem, spurring spirited discussion among holders and fans. 

Some thought leaders are calling NounsDAO a failed experiment in decentralized governance, while others claim Nouns and its 158 funded projects will survive, thereby creating history.

Yuga Labs’ 10KTF Reveals G Tag PFP Artwork

10KTF, a Yuga Labs-backed digital gear storefront known for minting accessories to compliment top PFP projects, has revealed a preview of its own upcoming PFP project, and collectors are excited.

If you need a refresher, 10KTF has been hinting at its forthcoming PFP collection since  December 2022 and dropped G Tags as the enigmatic Item #13 in the 10KTF Stockroom collection that could be redeemed by burning select genesis items. 

And now, G Tag holders are getting their first glance at the 10TF PFP artwork through a series of well-timed hints. Upon first glance, the G Tag PFP artwork features impressive hand-drawn detailing and what fans are calling “fine” craftsmanship. 

A note on rarity: The G Tag holder’s PFP class will be determined by the highest type of Popcorn credited to their G Tag compared to the rest of the holders. The total count of Popcorn loaded onto a G Tag will also impact the trait rarity.

MetaMask Launches Snaps Open Beta

Leading Ethereum wallet MetaMask celebrated a major milestone this week with the launch of MetaMask Snaps Open Beta. The wallet company stated the beta rollout is its first step in the journey to create "a fully permissionless cross-chain ecosystem."

MetaMask Snaps is important because it gives third-party developers the ability to install customized features directly into the wallet. A “snap” refers to an application built by an outside developer that can be integrated into the wallet and connect to blockchain protocols beyond Ethereum.

Snaps can also track data, reveal transaction insights and display notifications. In the open beta version, Snaps won’t have access to users’ full MetaMask account data and will still be audited by the MetaMask team. The company says it has plans to open up the auditing process eventually so that the use of Snaps becomes fully permissionless.

Southeast Asian Ride-Hailing App Grab Incorporates Web3 Services

Southeast Asia's popular ride-hailing app, Grab has embraced the world of web3, opening up exciting possibilities for its 34.9 million monthly users. 

The company, which operates in over 500 cities and offers an all-in-one app for food delivery, payments, and ride-hailing, introduced a range of web3 features with this latest announcement. Users can expect to see the ability to set up a Polygon-based web3 wallet, win blockchain-based rewards, and even make crypto payments.

Notably, the Grab wallet integration is powered by the peer-to-peer financial services firm and USDC stablecoin issuer Circle.

Grab’s web3 integrations are part of a pilot study with the Monetary Authority of Singapore that focuses on tokenized rewards and digital currencies. Other participants in this pilot include industry giants like Amazon and the Southeast Asian financial services firm Fazz. 

While Grab's foray into web3 is still in its early stages, it has the potential to influence how people in Southeast Asia interact with digital items and crypto. It will be intriguing to see how Grab’s massive user base responds to the app’s new web3 functionality, and whether it can lead the way for further adoption of web3 services across the region.

Animoca Brands Raises $20M for Mocaverse Metaverse

Animoca Brands, a prominent venture capital firm and game studio specializing in metaverse experiences, has successfully raised $20 million from a group of noteworthy web3 investors for its Mocaverse ecosystem. 

Development of the Mocaverse project aims to provide web3-native tools that enable users to construct blockchain-based products for virtual gaming and entertainment purposes, including cross-chain digital identities known as “Moca IDs.”

The substantial investment was spearheaded by the Asian blockchain-focused venture firm CMCC Global and garnered participation from respected entities from within the landscape.

Animoca Brands has been a frontrunner in supporting ventures related to NFTs and the metaverse, with significant backing from Singapore's state investment fund, Temasek. 

This funding injection not only underscores the growing interest and investment in the metaverse but also highlights Animoca Brands' commitment to advancing the development of web3 technology. With the support of influential investors, Animoca Brands continues to be well-positioned to shape the future of the metaverse.

Multichain Diesel x Public Pressure Drop Gives Holders Access to Upcoming Show

Diesel, the iconic Italian fashion label, is set to make a splash at Milan Fashion Week with its Spring 2024 collection — and this time, it's adding a digital twist to the event with NFTs.

Led by creative director Glenn Martens, the brand is partnering with the web3 culture and music platform Public Pressure to launch Metamorph, a series of 300 digital collectibles that will be minted across the Polkadot and Polygon networks.

The Metamorph NFTs come with a range of unique perks, namely the chance to attend Diesel's upcoming fashion show. Additionally, holders may receive allowlist access to purchase limited-edition watches designed by Martens, which will reportedly incorporate a digital element of some sort into the design.

Moreover, the Metamorph NFTs also unlock an exclusive soundtrack from composer Senjan Jansen, who serves as the sound architect for the Diesel brand. Holders can also gain entry to special music events hosted by Public Pressure and participate in a virtual journey by media-tech artists Artificial Rome beginning November 2.

Priced at $60 each, these collectibles are now available via Public Pressure's marketplace.

Luxury Watch Brand Panerai Will Include NFTs With All Physical Watch Purchases

Italian luxury watch brand Panerai is taking a bold step into the world of NFTs by announcing it will include an NFT-based digital passport with every watch purchase starting from October 2023. This move marks an expansion of an initiative Panerai embarked on in 2022 with an ultra-limited-edition run of 50 NFT-enabled watches. 

Moving forward, each new digital passport watch will serve as a comprehensive record of the timepiece, documenting its record and acting as proof of authenticity. The Web3 solutions provider Arianee is serving as the partner behind the blockchain-powered digital watch, which will be showcased at the Watches and Wonders fair in Shanghai next week.

Presently, the secondary market for wristwatches is reportedly valued at nearly $27 billion in 2022 and is projected to surpass $85 billion by 2033. NFT-embedded watches with provable provenance instill confidence within buyers by providing proof the watch is genuine. 

In order to claim their digital passport, owners must visit Panerai boutiques or scan a QR code. The passport also grants access to Pam.Guard, a digital platform developed by Arianee.

As an added benefit to primary buyers, the Panerai NFT passport allows holders to extend the watch's international limited warranty for up to eight years. This process incentivizes registration and aligns with Panerai's commitment to enhancing the client experience.