Amazon NFT marketplace, Starbucks Odyssey NFTs sell out in minutes,Hermès is seeking an injunction to prevent the sale of 'MetaBirkin' NFTs+ Resources for founders affected by SVB crash
Fomo Fix Weekly RoundUp #23
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Amazon NFT marketplace
Reportedly, Amazon is launching its own NFT marketplace next month, which has been praised by industry insiders as a significant step in the increasing adoption of digital assets. This follows the trend of other mainstream companies, such as GameStop and Reddit, testing the waters in this area.
As per Blockworks, Amazon Prime customers in the US will be notified about the availability of NFTs linked to real-world assets once the marketplace goes live. The platform, which is scheduled to launch on April 24, will offer 15 collections of NFTs that can be found on Amazon's website under the "Amazon Digital Marketplace" tab. It is worth noting that crypto wallets are not necessary to purchase NFTs on Amazon.
In addition to Amazon, other companies, including GameStop and Reddit, have also ventured into the NFT space. GameStop collaborated with ImmutableX Pty Limited in October 2022 to create its NFT marketplace, while Reddit launched its own collection in July of last year and has since onboarded almost 6.9 million users to Web3, according to a tweet by Hype Partners.
Starbucks Odyssey NFTs sell out in minutes
Last week Thursday, Starbucks' Web3 loyalty program, Odyssey, unveiled its inaugural set of 2,000 limited-edition NFTs called "Stamps." As part of the beta phase, the invitation-only Odyssey program motivates members to earn Stamps by engaging in activities, quizzes, and in-store purchases.
The NFTs, referred to as the "Siren Collection," went live at 12 pm EST on Thursday, with members authorized to acquire two Stamps at a cost of $100 each. According to Coindesk, the website encountered glitches as it was overwhelmed with traffic, and the entire 2000-Stamp collection sold out within just 18 minutes.
Starbucks collaborated with Forum3 to launch its Odyssey program, aiming to offer a tailored experience to non-crypto users, and emphasizing that Stamps can only be purchased with a credit card. According to Andy Sack, co-founder and co-CEO of Forum3, Odyssey is a "next-generation loyalty platform" that seeks to build stronger relationships between Starbucks customers and the brand.
The Nifty Gateway secondary market has already listed the limited-edition stamps, with one of them fetching over $1,500. As of writing this, the floor price stands at $520. The Stamps' total secondary market volume on the Nifty Gateway platform currently stands at $234k.
Hermès is seeking an injunction to prevent the sale of 'MetaBirkin' NFTs
After winning a landmark jury verdict last month, French luxury brand Hermès International has requested a New York court to prevent NFT artist Mason Rothschild from promoting or selling his MetaBirkin NFTs.
Hermès had filed a lawsuit against Rothschild in January 2022, accusing him of stealing their intellectual property to create a 100-edition NFT collection based on the iconic Birkin bag. Following a lengthy legal battle, a nine-person jury ruled in favor of Hermès, awarding the brand $133,000 in damages. Hermès has now asked Judge Jed S. Rakoff of the United States District Court, Southern District of New York (SDNY) to permanently block Rothschild from distributing, promoting, or selling NFTs that use the Birkin trademark.
In its Friday court filing, Hermes stated that Rothschild is entitled to a 7.5% royalty on all MetaBirkin sales and has been actively promoting the NFTs on both the MetaBirkins website and social media accounts following the verdict. According to Hermes, Rothschild has demonstrated a blatant disregard for the company's intellectual property rights and has continued to act in this manner since November 2021.
Hermes argued that a permanent injunction is necessary to halt Rothschild's behavior as he has exhibited a lack of trustworthiness, citing his history of making false statements during business dealings and at trial.
Resources for founders affected by SVB crash
Unless you’ve been living under a rock this past week you’re probably aware of Silicon Valley Bank becoming insolvent. Although we won’t go into that there will be a link to a brief tldr and a list of resources to help companies affected by crash.
Resources:
Emergency Credit Line for SVB Customers via Brex.
Capchase: Emergency payroll financing for SVB-affected startups.
Overview on how to claim FDIC Insurance (via Vol1 Ventures).
List of non-dilutive funding opportunities.
Lifeline Agreement & Bank Account from Angellist.
Legal advice for companies with money deposited in SVB’s US entity, or staff in the US
23-minute webinar from law firm Cooley, on legal issues around payroll.
Legal memo from law firm Inventus outlining implications for issues like payments started before SVB’s closing and the effects on interest accruing on deposits.
44-minute webinar from law firm Goodwin answering questions around payroll and “how do I get my money?”.
Advice for startups affected by SVB US issues
“SVB crisis handbook for founders”, put together by Hari Raghavan, CEO of Florida-based startup AbstractOPS, including fact-sheets, lists of potential emergency lenders and advice for communications with internal and external stakeholders.
Google doc including links to guides on how to claim FDIC insurance for lost funds, available lines of emergency credit, as well as wider context on the situation.
Sources- Exit Fuel, @nicolecasperson, & Sifted.