Popular NFT collections take massive price hit in 2023
Investments in top NFT projects such as Doodles, Invisible Friends, Moonbirds and Goblintown have lost up to 95% of their value in Ether.
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Značka: Crypto Collectibles
NFT investor accidentally burns $135k CryptoPunk trying to borrow money
While going through the unfamiliar process of wrapping NFTs, Riley accidentally sent the asset to a burn address, permanently deleting the NFT from circulation.
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Yuga Labs acquires Beeple’s 10KTF game, hints at metaverse integration
Yuga Labs, creators of Bored Ape Yacht Club (BAYC), have acquired 10KTF; the NFT game founded by digital artist Michael Winkelmann, also known as Beeple.10KTF is a browser-based NFT game that allows players to outfit heroes with crafted items and loadouts in order to complete missions. Missions reward players with APE coins, badges, materials, and free airdrops.The game also intends to include many items that could be worn by an avatar in the future; pairs of socks and backpacks are popular items from the game’s collection. Until now, fans have been left to wonder what Metaverse platform will feature these items. Now that the acquisition has been announced, some fans have begun to speculate that 10KTF items may become wearable within Yuga Labs’ as-yet-unreleased Otherside metaverse ecosystem.A thread published on the 10KTF official Twitter channel on Nov. 14 showed images of the 10KTF hero, Wagmi-San, drinking an elixir that was previously featured in the Otherside trailer. The final post in the thread is a retweet from the Otherside’s channel, which says “welcome to the Otherside, Wagmi-San.”Welcome to the Otherside, Wagmi-san. pic.twitter.com/cNCNTqOd44— Othersidemeta (@OthersideMeta) November 14, 2022Once the acquisition is completed, the company said that Beeple will be hired as an advisor for Yuga Labs.Back in March, YugaLabs announced that it was acquiring both the Cryptopunks and Meebits NFT collections from the nonfungible pioneers at Larval Labs. At the time, Larval Labs co founders Matt Hall and John Watkinson said that, though they were not joining Yuga as part of the deal, “we saw in [Yuga Labs] the skill set and expertise in this space that we were missing.”
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New tool mirrors Optimism NFTs to Ethereum mainnet for use in verified apps
Optimism developers jvmi and Kelvin Fichter released a new app called Magic Mirror on Nov. 9 that allows NFT holders to copy or “mirror” their Optimism NFTs to the Ethereum mainnet. NFT holders can now use their Optimism NFTs in a variety of verified apps, such as in Twitter’s profile badge system — where previously, only NFTs native to Ethereum Layer 1 could be used.Introducing Magic Mirror: a way to mirror your @optimismFND NFTs on Mainnet so you can have verified NFTs on apps like Twitter ✨ pic.twitter.com/GExcrDejtf— jvmi ❤️_❤️ (@jvmi_) November 9, 2022Twitter introduced its NFT badge feature in January, allowing NFT holders to verify ownership of their art. Verified NFTs can be used as a profile pic on Twitter, where they are then denoted with a special, hexagonal shape. Prior to Magic Mirror’s release, holders of NFTs from other networks, like Optimism, Polygon, or Avalanche, did not have the ability to do this.The company said that this new tool is an attempt to solve this problem, albeit only for holders of Optimism NFTs. Users can switch out the NFT that is inside wach mirror anytime they want, rather than minting a new one each time. However, only one Optimism NFT can be put inside the mirror at a time.Magic Mirror is part of a renewed push by Optimism to win the battle between Ethereum scaling solutions. In June, a version of balancer was released on the Optimism platform, and in September, 1Inch users on Optimism received a 300K token airdrop to incentivize use of the network.
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Trademarks filed for NFTs, metaverse and cryptocurrencies soar to new levels in 2022
The number of companies filing trademarks for nonfungible tokens (NFTs), metaverse-related virtual goods and services, and cryptocurrencies has grown rapidly in 2022. According to data compiled by licensed trademark attorney Mike Kondoudis, the number of trademark applications filed for digital currencies, as well as their related goods and services, has reached 4,708 as of the end of October 2022 — surpassing the total number filed in 2021 (3,547). Thru October, 4708 US trademark apps have been filed for digital/cryptocurrencies + related goods/servicesJan: 481Feb: 541 Mar: 612 Apr: 589 May: 561June: 461July: 416Aug: 345Sep: 378Oct: 324The 2021 total was 3547#Crypto #Fintech #DeFi #Cryptocurrencies #Web3 #NFTs pic.twitter.com/kqaIeRyFd9— Mike Kondoudis (@KondoudisLaw) November 7, 2022The number of trademark applications filed for the metaverse and its related virtual goods and services also soared to 4,997 from the 1,890 filed in 2021. This seems to suggest a massive appetite for the metaverse and its related products, despite the setbacks the ecosystem has faced in becoming fully functional.Thru October, 4997 US trademark apps have been filed for Metaverse and virtual goods/services:Jan: 417 Feb: 573 March: 773 April: 577 May: 549 June: 550July: 398Aug: 428Sept: 398Oct: 334The 2021 total was 1890#Metaverse #Web3 #NFTs #MetaverseNFT #VirtualReality #NFT pic.twitter.com/lbsXapld0N— Mike Kondoudis (@KondoudisLaw) November 7, 2022
The desire for NFTs as a technology still appears to be on the rise, despite a recorded decline in NFT trading volume and sales. According to Kondoudis’ statistics, the total number of trademark applications for NFTs and their related products increased from 2,142 in 2021 to 6,855 as of October 2022. Thru October, 6855 US trademark apps have been filed for NFTs and related goods/servicesJan: 644Feb: 789 Mar: 1082 Apr: 898 May: 767June: 729July: 542Aug: 522Sept: 445Oct: 437The 2021 total was 2142.#NFTs #Web3 #NFTCommmunity #Metaverse #MetaverseNFT #NFT pic.twitter.com/J9xj2UdPrP— Mike Kondoudis (@KondoudisLaw) November 7, 2022
Related: What remains in the NFT market now that the dust has settled? Within the past month, a number of companies have filed fresh trademark applications to join the Web3 ecosystem. On Oct. 21, makeup and cosmetic giant Ulta filed a trademark application for plans to include NFTs and virtual makeup and salon services among its offerings. Luxury watchmaker Rolex also filed a trademark application with plans to bring NFTs, NFT-backed media, NFT marketplaces and a cryptocurrency exchange to its empire.
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NFT project Azuki launches Physical Backed Token
Anime-inspired nonfungible token (NFT) project Azuki has released a Physical Backed Token (PBT) — an open-source token standard that ties a physical item to a digital token on the Ethereum blockchain. Azuki shared on its Twitter account that the first implementation of the PBT will use the BEAN Chip; a physical cryptographic chip that self-generates an asymmetric key pair. The combination of the PBT and the BEAN Chip introduces a feature, which the project is calling “scan to own”. Introducing the Physical Backed Token (PBT): an open source token standard tying a physical item to a digital token on the Ethereum blockchain. pic.twitter.com/iXavmJR5xv— Azuki (@AzukiOfficial) October 17, 2022According to the information shared by the Azuki team:“Scanning the chip with your phone allows for the PBT to be minted or digitally transferred to the owner’s wallet. This allows the current owner of a physical item to also own the PBT, which verifiably authenticates the item and ties the item to a digital token in the wallet of their choosing.” The PBT intends to enable decentralized authentication and tracking of the full ownership lineage of physical items, all completely on chain and without a centralized server, making it a trustless authentication. According to Azuki, no entity will have the singular right to authenticate or verify ownership of items. Everyone is free to authenticate, verify, and build experiences on top of this technology. Azuki believes that PBTs will unlock the use of physical goods to create digital experiences thereby, creating a new generation of storytelling and experiences. According to the project, holders can build a collection that captures both the digital & physical, trade authenticated items, or participate in real-life quests.Related: Azuki Founder Under Fire Azuki’s announcement of the PBT was received with mixed reactions on Crypto Twitter. Not all crypto enthusiasts were impressed, some suggested that the technology wasn’t necessarily new. Twitter user @W3Meysam shared:Translation: @AzukiOfficial uses readily available NFC chip technology and links it with an ERC-721 token. Fancy marketing lingo though. #pbt https://t.co/KX8P71VFhN— Meysam (@W3Meysam) October 18, 2022
Since the news of Azuki’s launch of a Physical Backed Token, the project has become number one on OpenSea’s 24-hour trading volume rankings.
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Academy Award winner Anthony Hopkins sells out NFT collection in minutes
Oscar award-winning actor Sir Anthony Hopkins has sold out his debut NFT collection “The Eternal Collection” in under 10 minutes. The collection, created in partnership with Orange Comet Inc, an NFT and Web3-focused design agency, features 1000 original cinematic art pieces inspired by different performances within the actor’s long career. According to the collection’s description on OpenSea, the body of work “conceptualizes an interpretation of the vast character archetypes Sir Anthony Hopkins has portrayed over his illustrious film career, drawing its potent energy from his stimulating body of art.” The creative visuals and animations with names like, “The Jester”, “The Lover”, “The Ruler”, “The Rebel”, “The Giver”, and “The Eternal”. Each represents the various archetypal characters played throughout the Hollywood actor’s career. The NFT, and Web3-focused design agency, Orange Comet Inc alleged that the collection’s sellout was the fastest in OpenSea’s history, though Cointelegraph was unable to confirm the claim prior to publication.THE ETERNAL COLLECTION SOLD OUT IN LESS THAN 7 MINUTES THE FASTEST SELL OUT IN @opensea HISTORY Thank you @AnthonyHopkins✌ pic.twitter.com/KYH0T1hXeu— Orange Comet (@OrangeCometNFT) October 13, 2022The celebrated actor thanked the NFT community in a tweet stating that he still couldn’t believe the news of the collection’s sell-out. Thank you, everyone. I woke up this morning to this news, and I still can’t believe it. #TheEternalCollection @opensea @OrangeCometNFT @InnerCityArts https://t.co/vwJGCqicri— AHopkins.eth (@AnthonyHopkins) October 14, 2022
The unique 990 one-of-one NFT images come with randomly selected utilities ranging from receiving autographed dreamscapes art books featuring the actor’s paintings and drawings, to intimate discussions with Anothony Hopkins via zoom, and random selections of personalized NFTs with a message from Hopkins airdropped into their wallets.The project tweeted that this is the fastest-selling NFT collection on OpenSea, but Cointelegraph was unable to verify the accuracy of this claim prior to publication.
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Opensea to allow users to submit bulk NFT listings and purchases
OpenSea, the digital marketplace for crypto collectibles and nonfungible tokens (NFTs), announced in a series of tweets on Oct. 5 that the platform will officially allow its users to bulk list and bulk purchase up to 30 digital collectible items in a single flow. We’re officially live with bulk listing and buying! You can now list and buy up to 30 items in a single flow on OpenSea.Let’s walk through what this experience looks like in this — OpenSea (@opensea) October 5, 2022In the case of bulk buying, the platform will allow its users to add up to 30 items from the same chain to their cart before finalizing their purchases in a single transaction, reducing costs associated with gas fees, and allowing the process to be more convenient and streamlined. The company explained:“In your collected items tab you can access bulk listings by clicking on the “+” symbol when you hover over an item card or by clicking “list for sale” in the “More Options” drop-down. You’ll then be able to select up to 30 items to list at once.” In September, Cointelegraph reported that the digital marketplace had launched a new immersive initiative enabling creators to launch their NFT collections on their own customizable and dedicated drop pages, with hopes that this will allow for greater visibility and discoverability on the marketplace’s new homepage. In the same month, global music and entertainment company Warner Music Group (WMG) announced a partnership with the NFT marketplace to provide a platform for select musical artists to build and extend their music fanbase into the Web3 community. Innovations to the platform have come during a time when OpenSea’s volume has plummeted drastically, with massive declines in the daily and monthly transactions on the platform. The marketplace went from processing $405.75 million transactions on May 1 to only processing $5 million worth of NFT transactions on Aug. 28.
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Warner Music Group partners with OpenSea to create more Web3 opportunities for artists
On Sept. 29, global music and entertainment company Warner Music Group (WMG) announced a partnership with nonfungible token (NFT) marketplace OpenSea to provide a platform for select musical artists to build and extend their fanbase into the Web3 community. According to the release, the collaboration between these two entities will allow select WMG artists to get early access to OpenSea’s newly rolled-out feature, which enables artists to launch their NFT collections and limited-edition projects on their own customizable and dedicated drop pages.These WMG artists will have access to personalized storytelling on customized landing pages, as well as to OpenSea’s industry-leading safety and security features. The partnership, aimed at helping WMG artists build new Web3 communities, intends to introduce existing fan communities on OpenSea to new forms of connection and creativity through NFTs — and open up new opportunities for fans to engage with music and artists within the Web3 community. Shiva Rajaraman, OpenSea’s vice president of product, shared:“For artists and musicians, NFTs represent a new creative medium and a mechanism to build community, engage directly with fans, and express themselves across borders and languages.”Oana Ruxandra, chief digital officer and executive vice president of business development at WMG, also stated, “Fundamental to music’s DNA, is community – it’s artists and fans coming together to celebrate the music that they love. Our collaboration with OpenSea helps to facilitate these communities by unlocking Web3 tools and resources to build opportunities for artists to establish deeper engagement, access, and ownership.”The first collection of music NFTs is currently in development with Warner Records UK in collaboration with Web3 company Probably Nothing. According to WMG, this collaboration marks the latest in a series of efforts to build out the music company’s expertise in the Web3 space.Earlier this year, Cointelegraph shared that Warner Music Group had announced a partnership with fantasy-themed collectible card game developer Splinterlands to create and develop play-to-earn, arcade-style blockchain games.
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Anonymous makes numerous allegations against Yuga Labs and its Bored Ape Yacht Club
On Sept 26, internet hacktivist group Anonymous released a video addressing blockchain technology company Yuga Labs and its NFT-driven social club, Bored Ape Yacht Club (BAYC).The group’s statement included a laundry list of allegations regarding Yuga Lab’s alleged use of esoteric symbolism in BAYC’s art — which Anonymous believes shows the company’s support for numerous controversial subjects, such as Nazism, racism, simianization, and pedophilia.The hacktivist group alleged that, after thorough research and interviews with key figures, it can confirm “without a shadow of doubt” that the Bored Ape Yacht Club (BAYC) and Yuga Labs are guilty of hiding these esoteric symbols in plain sight — a conclusion the company and project both openly protest.[embedded content]The group cautioned against relegating its accusations to baseless “conspiracy theory,” adding that people who do so are “simply ignorant,” or “not versed, or worse, at a financial conflict of interest.” A representative of the internet hacktivist group shared:“Anonymous is certain that the BAYC collection and the Yuga labs brand are infected with not one or two — but with dozens of examples of esoteric symbolism and dog whistles reflecting Nazism, Racism, Siminization, and Pedophilic support.”Anonymous suggested that holders of these artworks are also victims of Bored Ape Yacht Club and Yuga Labs’s trolling, and urged owners not to stay silent out of a desire to protect their financial interests.“Don’t your founders owe you more than this? Many outside the BAYC community continue to whisper how you’ve been deceived in a way that is both unprecedented and unforgivable.”The group called on investors, partners, and high-profile celebrities such as Andreessen Horowitz, Mark Cuban, Dez Bryant, Tom Brady, Ben Simmons, Neymar Junior, Kevin Hart, Drake Bell, Shaquille O’Neal, and big brands such as Lion Tree, Adidas, Tiffany & Co, to speak up and take an official stance on the practices of Nazism, racism, simianization, and pedophilia. On Jun 24. Yuga Labs Co-founder Greg Solano denied similar claims against his company in a Medium Post, saying:“We’ve become the target of a crazy disinformation campaign accusing us — a group of Jewish, Turkish, Pakistani, and Cuban friends — of being super-secret Nazis.”Solano firmly stated at the time that the allegations of racism made against his diverse team were whollyunfounded. On July 25, Cointelegraph reported on a proposed class-action lawsuit which alleged that Yuga Labs “inappropriately induced” the community to buy Bored Ape Yacht Club non fungible tokens (NFTs) and the project’s affiliated ApeCoin (APE) token. The proposed class-action lawsuit suggested that Yuga Labs used celebrity promoters and endorsements to “inflate the price” of the BAYC NFTs and the APE token.Cointelegraph reached out to Yuga Labs, but received no response by the time of publication.
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Selling physical items as NFTs, explained
Typically, disputes will end up going through the courts — but this can have mixed success. It’s easy to forget that NFTs remain a nascent technology, and this means that legal systems still lack understanding about how they work. This may mean that the nuance surrounding digital assets may get missed during civil action… but those in the lawsuit will still have to contend with hefty legal bills. Mattereum — a new protocol that delivers transferable proofs of digital ownership — aims to do things differently. It offers its customers the legal technical capability to create Trustable NFTs for their physical assets, and legally binding mechanisms for dispute resolution that can be enforced in over 160 jurisdictions around the world. Such smart contracts establish a bond between ownership of the NFT and ownership of the physical asset, whether it’s six bottles of red wine, a luxury car or a rare instrument. While it may appear that this approach takes more time at first, it can have advantages. Offering valid authenticity documentation can significantly increase an asset’s value — and boost the likelihood of a sale. It also creates a solid legal framework for the future.
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OpenSea to allow creators to host NFT drops directly through its homepage
OpenSea, the digital marketplace for crypto collectibles and non-fungible tokens (NFTs), has launched a new initiative to make it easier for creators to create and distribute NFTs on its marketplace. As part of this new immersive initiative, creators will be able to launch their NFT collections on their own customizable and dedicated drop pages, which the company hopes will allow for greater visibility and discoverability on the marketplace’s new homepage. Under the customizable drop pages, creators will now have the ability to share images and videos, provide team highlights, outline roadmaps, and more. According to the announcement: “Drop pages will include information about the drop, the minting schedule, a countdown clock, and of course – an NFT gallery. We’ll also allow collectors to set alerts via email or add to their calendar to remind them when to return to mint.”Project drops on Opensea will also have access to SeaDrop, a new secure open source smart contract that will facilitate the drop experience, saving creators time and the technicalities involved in creating their own custom smart contracts. Opensea shared: “Developing a secure smart contract that can orchestrate multi-stage drops is one of the most important and technically complex elements, and now creators can skip this step entirely by using SeaDrop.” In August, Cointelegraph reported that Opensea’s volume had plummeted, with massive declines in the daily and monthly transactions on the platform. The marketplace went from processing $405.75 million transactions on May 1, to only processing $5 million worth of NFT transactions on Aug 28.
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