NFT project y00ts to return $3M grant as it ditches Polygon for Ethereum

August 10, 2023 Coin Telegraph

NFT project y00ts to return M grant as it ditches Polygon for Ethereum

DeLabs has promised to return the $3 million grant initially provided by Polygon Labs to support y00ts from Solana to Polygon.

Non-fungible token project y00ts is again switching blockchain networks, only four months after bridging the majority of its NFTs from Solana to Polygon.

DeLabs, the NFT firm behind y00ts, announced via its X (Twitter) account on Aug. 9 it will soon be migrating to Ethereum in line with its DeGods NFT collection.

1. y00ts will be migrating to Ethereum.
— y00ts (@y00tsNFT) August 9, 2023

The NFT collection had mostly migrated from Solana to Polygon in April. The move was first initially announced in December, with the migration starting officially on March 28. By March 30, Polygon announced 11,633 of a total of 15,000 y00ts NFTs had been bridged.

DeLabs said the move was to unite its y00ts community with its DeGods community. DeGods had also announced it would be bridging off Solana in December and similarly began its migration from Solana to Ethereum at the start of April.

*DeLabs’ listings of y00ts on NFT marketplace OpenSea. Source:* *OpenSea*

“We still love Polygon. It's just time to unite the DeGods & y00ts communities,” y00ts wrote in a statement.

The team has also disclosed it will be returning a $3 million grant from Polygon Labs, which it had received in January from the blockchain firm to support its migration.

“We're returning 100% of the grant provided by Polygon. The funds will be re-deployed for NFT ecosystem growth to empower builders and creators,” it said.

1. We tried our best to make it work but we just need to bring our 2 communities together.

I would appreciate it if everyone remains respectful of all parties involved.

It’s all love. https://t.co/6AT4SMUT76
— Frank (@frankdegods) August 9, 2023

The news was met with mixed reactions by members of the NFT community.

Some industry pundits offered their support and backing behind NFT project founder FrankDeGods, while others expressed concern about the seemingly diminishing state of Polygon’s NFT ecosystem.

Huge blow to the Polygon NFT ecosystem

but organic NFT demand on Polygon seems nonexistent

I support this choice, feels like it was a no brainer tbh

Happy for y00t holders, this is an easy dub https://t.co/TwWtLTpq26
— Iced (@IcedKnife) August 10, 2023

According to NFT Price Floor, DeGods and y00ts currently boast the 6th and 22nd highest floor prices at 8.66 ETH ($16,065) and 1.35 ETH ($2,465) respectively.

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Non-Fungible Token Sales Slid 31% Lower in March With $882 Million in NFT Sales

March 31, 2023 Bitcoin.com

NFT Sales Drop 5.4% to $193M, Ethereum Dominates with $107M in Sales: Weekly Recap

March 25, 2023 Bitcoin.com

Magic Eden to refund users after 25 fake NFTs sold due to exploit

January 5, 2023 Coin Telegraph

ABC

Over two dozen fake NFTs were sold on the Magic Eden marketplace over a 24-hour period due to a "massive exploit" on the platform.

Nonfungible token (NFT) marketplace Magic Eden has pledged to refund all users who were duped into purchasing fake NFTs on its website as a result of an exploit.

In a Jan. 4 statement, the company said a bug in its newly deployed "activity indexer" for its Snappy Marketplace and Pro Trade tools essentially allowed fake NFTs to skirt verification and get listed alongside genuine NFT collections.

Magic Eden said the exploit led to 25 fraudulent NFTs sold across four collections in the last 24 hours but is currently confirming whether additional NFTs were affected beyond the last day.

Two of the affected projects were the high-priced and popular Solana-based collections ABC and y00ts.

Do not buy these @y00tsNFT on @MagicEden, they are fake!

Basically, every single collection is fake on Magiceden, a massive exploit is happening ongoing.

High-value NFTs are suffering the most, as attackers choose to exploit higher-value NFTs first. pic.twitter.com/35RYHOKVxd
— HGE.SOL ‍♂️ (@HGESOL) January 4, 2023

The NFT platform said it has rectified the issue by temporarily disabling both tools and eliminating the “entry points” that allowed unverified NFTs to get through.

It also asked users to perform a “hard refresh” to ensure the unverified listings no longer show up on their browser session and shut down the purchase of unverified NFTs as a precaution.

“Magic Eden is safe for trading and we will refund all the users who mistakenly bought unverified NFTs specifically due to this issue,” it wrote.

Earlier today, unverified NFTs were being shown as part of verified collections on ME. In the last day, impact was contained to 25 unverified NFTs sold in 4 collections.

We've resolved the issue and will refund those affected. Now, no one can buy unverified NFTs on ME.
— Magic Eden (@MagicEden) January 4, 2023

Magic Eden first raised the alarm over the fraudulent NFTs in a Twitter post on Jan. 4, citing community reports that people were able to buy fake ABC NFTs. At the time, it said it added “verification layers” in an attempt to resolve the issue.

After the announcement, Twitter users continued to sound the alarm on fake y00ts NFTs pervading the platform. A screenshot from ABC creator “HGE” showed at least two sales worth 100 Solana (SOL) each, a total amount of around $2,600.

DeGods, the creator of y00ts, also tweeted to its followers that there was an exploit on Magic Eden that allowed unverified NFTs to be listed as part of the collection.

There is currently an exploit on Magic Eden allowing for unverified NFT’s to be listed as part of the collection

You can verify if an NFT is part of the collection on our explore page linked below

If it’s not in our explorer, it’s not our NFThttps://t.co/c4HKIJJD1n
— DeGods III (@DeGodsNFT) January 4, 2023

The latest exploit is now the second incident that users of Magic Eden has had to go through this week.

On Jan. 3, the marketplace was littered with pornographic images and images from the television series The Big Bang Theory.

Magic Eden said a third-party image hosting provider was “compromised” leading to the “unsavory images” and assured users their NFTs were safe.

Cointelegraph contacted Magic Eden for comment but did not immediately receive a response.

Solana’s Anatoly Yakovenko Shares Thoughts on Ecosystem’s Biggest NFT Projects Leaving for Ethereum and Polygon

December 28, 2022 The Daily Hodl

2 NFT Projects Plan to Transition From Solana to Alternative Blockchains

December 26, 2022 Bitcoin.com

Nifty News: OpenSea adds Avalanche, Meta has legs, DeGods takes 0%, and more…

October 12, 2022 Coin Telegraph

Avalanche

Solana NFT project DeGods has removed royalty fees and Zuckerberg says Meta is looking at an open Metaverse as a new VR headset rolls out.

OpenSea has officially opened up support for the Avalanche blockchain, with the move providing broader access for the network’s native NFT projects and faster transactions for OpenSea users.

The Avalanche team noted in an Oct. 12 blog post that around 10 of the network’s native NFT projects have been initially listed on OpenSea, with more to come.

“On Avalanche, OpenSea users will benefit from the fastest time to finality for NFT trades — regularly settling transactions in under a second — and consistently low transaction fees as a result of Avalanche’s success in horizontally scaling with Subnets,” the post reads.

According to data from CryptoSlam, Avalanche is currently ranked as the ninth biggest blockchain in terms of 24 hour NFT sales volume at just $75,690, and seventh in terms of all- time sales at $404 million.

The 24 hour figure in particular is quite low compared to Ethereum, Solana and ImmutableX, which posted $6.8 million, $1.5 million and $662,335 worth of sales during that time frame, although Avalanche has seen the biggest volume surge over the past 24 hours at 151%.

The team also outlined that Avalanches’ NFT market activity is growing significantly this year, with NFT sales volume increasing 180% since Q2.

The integration with OpenSea may also give Avalanche NFT projects some much needed exposure, as not a single project from the network has ranked in the top 100 NFT sales volume over the past 24 hours, seven days, 30 days or on the all-time sales metric.

Alongside Avalanche, OpenSea also supports Ethereum, Klaytn, Polygon, and Solana.

Meta sees legs on the horizon

In what can only be seen as groundbreaking news, Mark Zuckerberg’s virtual reality firm Meta has announced that the avatars in its Meta Horizon World’s metaverse platform will soon have legs.

Legs are coming soon! Are you excited? pic.twitter.com/SB6qSepKm4
— Meta Horizon (@MetaHorizon) October 11, 2022

As it stands, Meta’s avatars have had to suffer without a bottom half, instead floating around Zuck’s virtual sphere.

The news has been overshadowed by a new product reveal from Meta however, with the Meta Quest VR headset set to be rolled out from Oct. 25.

The sleek looking headset will cost $1,499 and touts “next generation optics” and “premium comfort.” While it is unclear if the firm will include NFT integrations in its metaverse platform at this stage, Zuck suggested this week during Meta’s Connect conference that it is actually looking to build an open and interoperable platform. Meta’s Instagram has notably already rolled out support for NFTs.

“I strongly believe that an open, interoperable Metaverse built by many different developers and companies is going to be better for everyone,” he said.

The VR revolution is underway. We've designed an all-new headset packed with advanced tech and geared for productivity, creative work and collaboration. This is Meta Quest Pro, available 10.25. Pre-order today. https://t.co/YaFHvwYHlG pic.twitter.com/cBagf0TSGp
— Meta Quest (@MetaQuestVR) October 11, 2022

DeGods ‘next experiment’

Solana-based NFT project DeGods has revealed its “next experiment” by introducing a 0% royalty fee policy for trading its tOObs, yOOts and DeGods NFTs.

As of Oct. 9, the project has reduced its collection resale royalties from 9.99% to 0%, with the team suggesting via Twitter that it was looking at new ways to run its NFT projects in future.

“We still believe that royalties are an incredible use case of NFTs. We will continue to support creators that want to find solutions to enforce royalties. We believe this is the best decision for our business at this time. It’s about time we take a new approach.”

To date, its yOOts mint tOOb project has been the most successful, generating $753,115 worth of sales since launch in September. Members of the community have questioned why the project has cut off an important revenue stream for itself with the removal of royalties, with the reasons behind the move not entirely clear.

This decision is not good for the space. In the short term teams have mint funds, but long term royalties are the main incentive for teams to keep active, motivated, be able to to grow and employ people in the space.

DeGods are where they are because of royalties.
— hⓨxtt (@hyxttcrypto) October 9, 2022

IHOP’s crafty new NFT promotion

U.S. diner chain IHOP has cheekily dropped a new item on the menu by utilizing “NFT” in the headline of its announcement to attract eyeballs online.

On Oct. 10, IHOP revealed that it had “dropped its first NFT,” called New French Toast, before promptly clarifying that “the NFT is not a non-fungible token, you can taste and try the new Thick ‘N Fluffy French Toast for yourself when dining in or to-go at participating IHOP locations.”

IHOP’s NFT involves “two slices of thick and fluffy bread dipped in a vanilla, cinnamon batter” and comes in strawberry banana, or lemon ricotta berry flavors.

More Nifty News:

U.S. multimedia outlet CNN announced in a tweet on Oct. 10 that it will soon shut down its NFT project less than four months after it launched. Dubbed “Vault by CNN: Moments That Changed Us,” the collection included a series of tokenized iconic news moments from CNN’s 41-year history, along with a vault to purchase, store and display the NFTs.

According to an Oct. 11 report from Bloomberg citing a source “familiar with the matter,” the U.S. Securities and Exchange Commission is investigating Yuga Labs over whether certain NFTs are “more akin to stocks” and whether the sales of certain digital assets violate federal laws.

Ice Cube’s Big3 Professional Basketball League Sells Team to a DAO for 25 NFTs

April 30, 2022 Bitcoin.com

Nifty News: AC Milan launches NFT collection, Magic Eden accepts Solana projects’ tokens and more

April 11, 2022 Coin Telegraph

AC Milan

AC Milan says the proceeds from the NFT collection will fund the projects undertaken by Fondazione Milan, the clubs’ charity arm.

Italian professional soccer club AC Milan will be releasing its first-ever nonfungible token (NFT) project in collaboration with the BitMEX crypto exchange. Proceeds will go to Fondazione Milan, the clubs’ charity arm.

The limited-edition collection will feature 75,817 NFTs, a number representative of the capacity of the club’s home ground, San Siro stadium. It will depict a 3D image of a jersey found in South Sudan by Danish war photographer Jan Grarup who was in the country documenting widespread flooding last December.

BitMEX partnered with AC Milan to contribute to the project by providing trading discounts and “other benefits” to the first 10,000 pre-orders. BitMEX will also donate to Fondazione Milan by purchasing a “large number” of the NFTs.

As per the announcement, the club says the proceeds will contribute to funding its charitable causes around the world, specifically mentioning the ongoing crisis in Ukraine and a UNICEF project in South Sudan.

Magic Eden to accept tokens from DeGods and Aurory projects

Magic Eden, the largest marketplace by volume for Solana NFTs, according to DappRadar, has confirmed it will accept the tokens from popular Solana NFT projects “DeGods DUST” and Aurory’s “AURY” within the coming weeks.

The marketplace first teased integration of the DUST token in late March, tweeting “brb integrating $DUST” on March 31. On April 1, a drawing of a Magic Eden-themed bar with the caption “$AURY” was tweeted.

$AURY pic.twitter.com/k5gQdHvZ8b
— Magic Eden Solana's Leading NFT Marketplace (@MagicEden) April 1, 2022

“DeGods” is the most traded collection in 30 days on Magic Eden, according to its own statistics, and has an all-time trading volume on the platform of 307,121 Solana (SOL), or $33.8 million at the time of writing. “Aurory” is in third place overall in sales volume for a Solana NFT project according to DappRadar, with an all-time volume of $79.5 million.

The integration of the tokens may be the latest attempt by the platform to solidify itself as Solana’s native NFT marketplace after OpenSea announced it will integrate Solana, putting the two platforms in direct competition.

According to reports, Tiffany Huang, head of content and marketing at Magic Eden, stated that the platform was looking to integrate tokens from other “blue chip” NFT collections.

Solana NFT sales are gaining momentum

Solana NFTs are seeing a significant gain in volume. In the last 24 hours, the NFT sales volume on the Solana blockchain has hit over $9.2 million — an increase of 51.5% — according to analytics firm CryptoSlam.

It comes after a drop was seen in the trading volume of Solana NFTs following the March 30 announcement that OpenSea would integrate the blockchain when OpenSea announced the Solana integration. On April 6, the day before the integration was live, trading volume decreased by 34.4%.

Ethereum is still the top network when it comes to NFTs, with $49.4 million in sales made in the last 24 hours.

Other Nifty News

Starbucks has announced its foray into NFTs, with CEO Howard Schultz stating that ”sometime before the end of the calendar year, we are going to be in the NFT business.”

Autograph, the NFT platform co-founded by Tom Brady, has signed a multi-year partnership with ESPN to create a docuseries and NFT collection titled “Man in the Arena: Tom Brady,” which details the career of the NFL legend.

degods