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

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.’

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