Weekly NFT roundup May 5-11: Music and wine industry updates – plus a meta definition

James is editor in chief of TechForge Media, with a passion for how technologies influence business and several Mobile World Congress events under his belt. James has interviewed a variety of leading figures in his career, from former Mafia boss Michael Franzese, to Steve Wozniak, and Jean Michel Jarre. James can be found tweeting at @James_T_Bourne.

Another week, another roundup of NFT stories which would have sounded remarkable at the start of this year. Yet as The Block continues to document, many industries are getting on board with the concept, from real estate, to various consumer products.

Here are the highlights from the past seven days in chronological order:

Merriam-Webster offers the NFT of the definition of NFT

Dictionary guardian Merriam-Webster has, as of this morning (May 11), added NFT to its tome – and it is auctioning this document (below), naturally, as an NFT.

The definition, for posterity, is:

“A unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it).”

Bidding begins on OpenSea at 0930 EST on May 11 until 2359 EST on May 14. Net proceeds from the auction will go to Teach For All, a network of global organisations working for greater children’s education and support.

“We’re offering people a fun way to own a little bit of Merriam-Webster’s thought and meaning,” said Peter Sokolowski, editor-at-large. “And while the NFT itself may not be fungible, the knowledge we’ve created certainly is and we’re excited to share it.”

Xcad Network raises $3.9 million for YouTube creator NFT marketplace and DeFi plugin

Xcad Network, a platform which helps YouTube content creators among other social media channels, has raised $3.9 million (£2.8m) in a private round of funding – to explore NFT technologies as well as build a DeFi plugin for the video giant.

As reported by The Fintech Times, the plan is for content creators to make their own NFTs in one click, which can then be traded.

A wider goal is around more consistent monetisation for YouTube creators, as well as greater engagement ‘with the ability to monetise activity via a tokenised economy that rewards users for popular content and viewer loyalty.’

Legacy Records goes further and adds NFT to crypto payment offerings

Legacy Records, a music label based out of Las Vegas – and not to be confused with the long-standing Sony subsidiary Legacy Recordings – is focusing on cryptocurrency and NFTs as a differentiator.

The company is looking to pay its artists in cryptocurrency – claimed as an industry first – and has announced (May 7) it is ‘taking it further by bringing NFTs into play.’

The label is looking to release NFTs ‘tied to extra perks for investors’. Further information for now is thin on the ground, but the company promises that utilising NFTs ‘will change the power structure and profitability of the music industry.’

“I see two choices here; either get involved or get left behind,” CEO Keishia McLeod said in a recent interview. “What we’re working on will allow many other income streams for artists for real wealth.”

Yahyn and Skipstone Winery come together for NFT to inspire digital wine collecting

Online wine delivery provider Yahyn has announced a collaboration with Skipstone Winery as a ‘unique opportunity’ for wine colelctors to acquire a nascent crypto asset class.

The auction, also on OpenSea, offers an NFT, as well as ownership of a six litre bottle of the Oliver’s Blend Cabernet Sauvignon. The bottle is etched with a QR code which links back to the original NFT, establishing a digital provenance for a physical product and an authentication process claimed as an industry first.

“It’s peace of mind for collectors to know that what they are buying is authentic and trackable,” said Jack Ambriz, Yahyn marketing director. “This is also a unique opportunity to give back to vineyards, since every time an NFT is resold, a percentage of that sale goes back to the vineyards.

“This means they can continue to take care of the hard-working people that make this possible to begin with,” added Ambriz.

The auction begins on May 13.

Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.

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