Markets, Robinhood, Getty Images: Web3 news, May 17

Robinhood announces Web3 wallet launch

Robinhood, apparently, can’t stay away from non-fungible tokens (NFTs) and the market share it has to offer. The zero commission trading app is building a rival to MetaMask, a Web3 wallet that will allow its users to hold NFTs and will be connected to various marketplaces.

The wallet will be a separate application that Robinhood will try to make as user-friendly as possible, according to the platform’s CEO and co-founder Vlad Tenev. “With our web3 wallet, we’re building a product that will satisfy the most advanced DeFi believers while creating a secure on-ramp for those who are just starting out in crypto to go deeper into the ecosystem,” said Tenev during the Permissionless conference today in Palm Beach, Florida.

Robinhood is also offering something that no other wallet or application has ever done, and it will be covering gas fees for NFT purchases, using third-party liquidity providers for the best prices.

Getty Images gets into the NFT space 

An online stock photography bank Getty Images is jumping on non-fungible tokens (NFTs) bandwagon.

The company will be releasing NFT photo collections drawn from its 465 million images “with a focus on turning never-before-seen archival works into NFTs,” Decrypt reports. The NFTs will be minted on the Palm blockchain, which is a proof-of-work, Ethereum-compatible sidechain.

Puerto Rico-based crypto investment firm raises $30 million for metaverse, Web3 initiatives

Ikigai Asset Management, a Puerto Rico-based crypto asset management firm, has announced it closed a $30 million round from existing investors and has launched the Ikigai Trust Revolution Opportunities Fund. 

The fund’s main focus will be on building and investing in early-stage Web3 projects, including the metaverse, non-fungible tokens (NFTs), DAOs and gaming platforms.

The fund also believes “X-to-earn” models are the “next things” for many industries. “X-to-earn is a trend in the top of the 1st inning that we believe can be transformative for humanity over the coming decades. We will fund and help build the projects leading to that transformation,” said Travis Kling, Ikigai chief investment officer. 

The Market Minute

The crypto market has gained 1.67% over the past 24 hours, with many Web3 tokens leading the way. METAPAY, the token of the MetaPay metaverse platform, has gained 1853.92% and was trading at $0.000009958 at press time. 

Among the data platform CoinMarketCap’s trending coins over the past day is the highly discussed STEPN, the token behind the so-called “Web3 lifestyle app.” 

The coin grew by 9.37% and was trading at $1.57, with the overall trading volume increased by almost 75%.

 

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