Celebrity-endorsed NFTs leave some investors ‘financially crippled’
Mayweather, a boxing legend, had already served as Tyler’s “biggest inspiration” in his martial arts training. But Tyler was also looking for investment opportunities and figured Mayweather, who often calls himself “Money May,” was worth listening to.
Tyler, 35, a property manager whose family runs a small Miami-based trucking company, said he put together about $12,000 with the help of his mother and bought the nonfungible tokens, or NFTs, digital tokens that convey ownership of digital images. In this case, the project was a series of images of rabbits similar in nature to the popular Bored Ape Yacht Club images that helped fuel a boom in NFT art projects.
“OpenSea does not control or operate the Seaport protocol — we will be just one, among many, building on top of this shared protocol,” said the platform.Nonfungible token marketplace OpenSea has announced the launch of a Web3 marketplace protocol for “safely and efficiently buying and selling NFTs.”
In a Friday blog post, OpenSea said the marketplace protocol, dubbed Seaport, will give users the option to obtain NFTs by offering assets other than just payment tokens like Ether (ETH). According to the platform, a user “can agree to supply a number of ETH / ERC20 / ERC721 / ERC1155 items” in exchange for an NFT, implying bartering a combination of tokens as a method of payment.In addition, SeaPort users can specify which criteria — e.g. certain traits on NFT artwork or pieces part of a collection — they want when making offers.
Bored Ape NFT Barred From Sale by Singapore Court After Dispute
A court in Singapore has issued a freezing injunction preventing the sale of a Bored Ape nonfungible token, in one of the first cases of its kind that could have broad ramifications for digital assets.
The NFT, from the famed Bored Ape Yacht Club series, shouldn’t be sold pending the resolution of an ownership dispute after it was foreclosed on as collateral for a loan, a court said. The law does recognize both fungible and non-fungible tokens as a form of property to which court injunctions can attach,
OpenSea Disables Trading of BAYC NFT Due to Singapore Court Action
The increase in trading activity and upward trend in NFT prices also fueled a rise in illicit activity. Governments responded to rising illegal activity, with the UK calling for greater regulatory oversight, not just of cryptos, but also NFTs. US lawmakers also responded, by clamping down on illegal activity.
With a global regulatory framework yet to be in place, however, illegal activity remains a bugbear for NFT collectors and lawmakers.This week, the Singapore Courts delivered a message to those thinking NFTs are beyond the realms of the law.The NFT owner, Janesh Rajkumar, managed to get a Singapore High Court worldwide injunction to freeze the sale and the ownership transfer of the Ethereum (ETH) based Bored Ape Yacht Club NFT.
Celebrity Cruises®, known for next-generation ships at the intersection of architecture and design, is riding the wave of the future of art with its first foray into non-fungible tokens (NFT).Additionally, a variation of these NFTs titled “Peacemakers, Blue Sky” can be found onboard Celebrity Beyond, making it the very first NFT at Sea.
In partnership with acclaimed artist Rubem Robierb, a longstanding featured artist with the cruise line, Celebrity has launched the Peacemakers Sunset NFT collection, complementing Robierb’s powerful Peacemakers sculpture featured on its brand new ship, Celebrity Beyond. Each NFT includes two money-can’t-buy invitations to the ship’s exclusive naming ceremony and sailing in Fort Lauderdale, 4th - 6th November.
Solana Users Now Have Access to an On-Chain Social NFT Network
Holaplex, a leader in open-source, community-owned technology, has launched its decentralized Web3 NFT social network for users on Solana. Unlike closed-source, centralized Web2 social media companies, Holaplex is providing an open standard that secures social information on-chain with permissionless.
UAE's first metaverse wedding to take place tomorrow
Florian Ughetto and Liz Nunez are creating history by being the first couple in the UAE to get married in metaverse later on May 19. The event which will be attended by close family and friends of the couple will be held in Decentraland.Dressed in a swanky, customized black and brown suit and a beautiful white dress purchased off the largest NFT marketplace Open Sea for approximately $100.
Along with them will be 20 of their closest friends and family, who will join them in the metaverse from the comfort of their own homes. They will exchange vows followed by speeches by the best man and maid of honour. Then, the small group will head off to an unknown location in the metaverse to party the whole night away.The couple are really excited about their wedding which is scheduled to be held on May 19, 2022. “We have had several practice runs,” Florian said.
Fireblocks pushes into NFT custody and web3 developer tools
The new portal will unlock secure access to the world of decentralized applications, exchanges and NFT marketplaces for alternative asset managers and capital markets participants, the company said in a release on Tuesday. Fireblocks currently serves more than 1,200 financial institutions.
With this development, it will also offer custody of NFTs and launch a tokenization engine for managing the full lifecycle for whitelisting, minting, burning and token transfers.The new suite of products is aiming to net business from gaming studios, NFT services and financial institutions building products for web3.It currently serves companies such as Animoca, Stardust, MoonPay, Xternity Games, Griffin Gaming, Wirex, Celsius and Utopian Labs.
Spotify starts trialing NFTs on its platform, Music Ally reports
The latest tech company to jump on the NFT bandwagon, Spotify waded into the web3 world earlier this month with the May 3 launch of "Spotify Island" on Roblox. Starting with a single pilot group of artists, among them Steve Aoki and The Wombats, Spotify will now test NFTs on the platform to specially selected users based in the US.
They will not sell NFTs directly, however, as users will need to tap through to an external marketplace to make purchases. Spotify has said it will not take a cut of the sales as part of the test.Rumors that Spotify was interested in entering web3 have been circulating since March when the company posted two job ads for working with early-stage web3 projects. The latest news comes just days after Meta announced it too would start testing digital collectibles and NFTs on Instagram.
Crypto Market Rout Pulls the Floor out From Blue-Chip NFTs, Weekly Sales Down 64%
As markets slid in value during the past week, non-fungible token (NFT) floor values have dropped considerably. Blue-chip NFT collections like Bored Ape Yacht Club (BAYC), Cryptopunks, and more have seen their floor values drop between 2-25% in the last 24 hours.
NFT sales have dropped 64.84% lower than the week prior during the last seven days. Nearly every popular NFT collection is down considerably when it comes to week-over-week sales.Otherdeed sales are down 90.31%, BAYC sales have slid 63.73%, Mutant Ape Yacht Club (MAYC) sales are down 65.73%, and Cryptopunks sales are under by 3.39% this past week.NFT floor values have slid a great deal in value during the past 24 hours as the crypto market carnage has not been kind to digital collectibles.
Azuki NFT Floor Price Is Back Up To 15 ETH Despite Rug Pull Allegations
The Azuki NFT floor price continues to rise this afternoon, seemingly shaking off the rug pull accusations. At the beginning of the week, the Azuki NFT floor price was 23 ETH.
However, following numerous allegations and revelations about the founder, Zagabond, the price took a hit, falling to 10 ETH. It appears as though the worst may be over for the Azuki community, and the price is heading upwards again.This week the news emerged that the Azuki founder, Zagabond, has previously created other NFT projects. These projects are CryptoPhunks, Tendies, and CryptoZunks.
Sorare partners with Major League Baseball to launch fantasy NFT Game
Sorare, the sports NFT giant, welcomes Major League Baseball and MLB Players as its newest partner. The announcement will expand Sorare’s reach in the US market, allowing users to buy, trade, and play with official Major Baseball league NFTs.
The fantasy baseball game will be released this summer, and fans can create their own Major league baseball teams in the blockchain game, choosing from their favorite players. Sorare has focused on building key partnerships that have led to massive success with its fantasy soccer NFT game. It has successfully partnered with over 180 football clubs, including famous clubs like Liverpool FC, German Football club Bundesliga, and Real Madrid.
CryptoPunk NFT purchased for over $1M sells for less than $140K
The investor who bought CryptoPunk #273 for more than $1 million less than seven months ago sold the NFT for $139,530 — at a massive almost 80% loss.CryptoPunk #273 was sold for a paltry sum of 55 ETH by the investor who paid 275 ETH for it in 2021. While it is hard to tell what could have necessitated the sale, the loss reflects the “decline” in NFTs in the past few months.
In April, the NFT of Jack Dorsey’s first Twitter tweet was listed for $48 million but hasn’t generated a bid beyond $25k since then. The investor, Sina Estavi, had bought the NFT for roughly $3 million last year.Yuga Labs’ acquisition of CryptoPunks and Meebits IPs and subsequent promise to give owners exclusive rights as it did with its Ape collections was a positive move for the industry and lauded by analysts.Some argue that declining interest in NFTs is due to the overall bearish sentiment of the crypto market rather than NFTs themselves.
Crypto Downturn Shakes Digital Collectible Markets as NFT Sales Slip 42% Lower Than Last Week
Non-fungible token (NFT) markets are starting to feel the pain from the crypto market carnage that’s taken place during the last week. Over the last seven days, NFT sales have dropped 42.85% lower than the previous week.
NFT sales are down this week as seven-day sales metrics show across 16 different blockchains, NFT sales slipped 42.85% lower than last week. Sales stemming from Ethereum were down 44.83%, but the top eight blockchain networks by NFT sales were all down this week.Solana sales are down 19.65%, Polygon NFT sales slid 35.63%, Flow sales are 36.19% lower, and Avalanche NFT sales are down 29.26%. Tezos, however, saw NFT sales increase 51.09% higher than the week prior.Despite Ethereum-based NFT sales dipping by more than 42%, ETH-based NFTs saw $828.7 million in sales which is 88.17% of the $939.8 million in seven-day NFT sales.
Pixels launches technology that allows users to print NFTs on hundreds of products
Online art marketplace Pixels has launched a feature that allows NFT owners to print their artworks as t-shirts, puzzles, canvas prints and other print-on-demand products.
Pixels integrated the service into its site to transform NFT jpegs into physical items. This draws on the current surge in NFT popularity and other collectible items that exist in the digital world, according to the brand.Users who own an image-based NFT on the Ethereum blockchain can transform it into physical products by copying and pasting their wallet address onto Pixel's NFT webpage.
28% Tax on Crypto is Considered by Indian Goods and Services Tax (GST) Council
The GST Council itself is a key body that makes all important decisions regarding taxes on goods and services in India. Its vision is that cryptocurrencies should be considered on par with lotteries, betting and other gambling mechanics.
Mark Zuckerberg Says Instagram Will Test NFTs Starting This Week
Meta (FB) CEO Mark Zuckerberg said in a video Monday that Instagram will begin testing non-fungible token (NFT) integrations this week.CoinDesk first reported the news on May 7, with the selected blockchains being Ethereum, Polygon, Solana and Flow. Zuckerberg did not share details on which blockchains would be supported.
The company says it's also working on three-dimensional, augmented-reality NFTs with its Spark AR software, which will first be compatible with Instagram stories.In a Twitter thread posted by a Meta representative, the company said the compatible third-party wallets will be MetaMask, Rainbow and TrustWallet. Instagram will initially support Ethereum-based NFTs, with integrations for the Polygon, Solana and Flow to be added at a later date, the post also confirmed.
Under Armour to mint NBA Warriors' Stephen Curry-inspired NFTs
Fashion label Under Armour’s Curry Brand is launching non-fungible tokens (NFTs) to celebrate every time NBA basketball player Stephen Curry makes a three-point shot during the ongoing playoff games.
Curry, who plays for the Golden State Warriors, is known for his high-arching three pointers, scored from anywhere outside the 22-foot arc around the basketball net.The NFTs, which will be given to fans on a first-come, first-serve basis, will come with something called "serums," which are kept in digital wallets and allow owners to change the looks of their avatars.Starting in June, the brand plans on dropping an additional 20,000 basketball NFTs.
Sony and Theta Labs Launch 3D NFTs That You Can (Almost) Touch
NFTs are taking yet another step further into the real world. Theta Labs, operator of the blockchain-based video streaming platform Theta, is teaming up with Sony to launch two types of 3D NFTs specially designed for use with the Sony Spatial Reality Display (SRD).
Sony’s SRD, a tablet-like device that displays three-dimensional visuals in semi-physical augmented reality, permits users to view and manipulate 3D objects without the use of glasses or other accessories. The SRD display tracks eye movement, pivoting the image in sync as the viewer tilts or moves their head in any direction, creating the sensation of a solid 3D object. The NFTs launched by Theta and Sony will thus be viewable and manipulable on the SRD in mixed reality 3D.
NFT Loan issued by Nexo for $3M against Zombie CryptoPunks
Collateral of two rare zombie CryptoPunks was used to secure a $3.3 million dollar loan from NFT lending platform Nexo. The loan was awarded in Ethereum (ETH) – for 1,200 Ether.The Nexo platform stated in a press release that it was the largest NFT-backed loan in the history of non-fungible tokens. The borrower is an unknown NFT collector.
The loan deal was made and issued on P2P (peer to peer) marketplace for NFT lending, Arcade.xyz. That company launched on Pawn Protocol in February 2022 and has $15 – 20 million in valuable NFTs locked up, including BAYC NFTs which are worth over $300,000 each.The NFT loan came with an interest rate of 21% per annum, and the borrower took it out for 60 days. Nexo hedged their risk with an investment manager, Meta4 Capital.
NFT Issuers Could Have to Centralize and Register Under EU's MiCA Rules, France Warns
New European Union rules could force issuers of non-fungible tokens (NFTs) to centralize and register in a move that insiders warn could “significantly broaden” planned EU crypto rules, according to a document seen by CoinDesk.
The document was prepared by France, whose government is responsible for chairing talks within the EU’s council. It is undated, but prepared ahead of a closed-doors meeting due to take place Friday morning European time. Governments and lawmakers need to thrash out their position before the rules, known as the Markets in Crypto Assets Regulation, or MiCA, can pass into law.While governments want to see NFTs entirely excluded from the new law, the European Parliament is worried about their use in laundering schemes and wants tougher rules.
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