NFT Newsletter

The creator of the Mutant Ape Planet NFT collection pleaded guilty to wire fraud in a New York federal court.

In this week’s newsletter, read about the creator of a Mutant Ape Yacht Club (MAYC) knock-off pleading guilty to fraud charges, check out how OpenSea’s non-fungible token (NFT) users received a massive phishing email campaign, and how Bitcoin transaction fees flipped Ethereum network fees as the hype for Ordinals resurfaced. In other news, game distributor G2A has launched a gaming-focused NFT marketplace. 

Creator of Mutant Ape ripoff NFTs pleads guilty to $3 million fraud scheme

Aurelien Michel, the creator of the Mutant Ape Planet NFT collection, which copies the popular MAYC collection by Yuga Labs, pleaded guilty to wire fraud in a New York federal court. Michel admitted to defrauding investors of $3 million and performing a rug pull.

The team behind the MAYC knock-off falsely promised rewards and benefits to their investors and intentionally failed to deliver on their promises. They instead diverted the proceeds and used them for personal gain. Michel admitted to the rug pull through social media and now faces a maximum sentence of five years in prison.

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OpenSea NFT users report massive email phishing campaign

Users of NFT marketplace OpenSea have reportedly received emails containing malicious links from attackers pretending to be OpenSea. Community members took to social media, reporting that they received phishing attempts.

Meanwhile, OpenSea assured its users through a post on X (formerly Twitter) that there was no hack. However, a developer responded that while there may not be a vulnerability through the company’s smart contracts, the developer received a phishing email, suggesting that “dev contacts have been exfiltrated from OpenSea.”

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Bitcoin transaction fees flip Ethereum’s as Ordinals hype returns

The average daily transaction fee for the Bitcoin network surpassed Ethereum as the market showed a renewed appetite for Bitcoin Ordinals, a tool for creating NFT-like assets and BRC-20 tokens. On Nov. 20, Bitcoin’s average daily fee reached $10.34, while Ethereum stood at an average of $8.43.

Since Oct. 24, the community has created over six million Bitcoin Ordinals assets, which led to around $30 million in BTC fees being redistributed to the network.

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Game distributor G2A opens gaming-focused NFT marketplace

Digital game distributor G2A launched an NFT marketplace focused on Web3 games. In a press release, the company highlighted that it aims to expand its offerings by diving into Web3.

According to G2A Capital Group CEO Bartosz Skwarczek, the company has been following the development of Web3 gaming since Cryptokitties. Skwarczek said that players are familiar with blockchain gaming, and many are already involved.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

British politicians went to the metaverse to discuss the benefits and potential challenges that Web3 technology brings.

In this week’s newsletter, check out Glassnode data that shows nonfungible token (NFT) protocol Bitcoin Ordinals may not be clogging the network. Read about British politicians using the metaverse to discuss opportunities and challenges in Web3, and find out why Rolling Stone says NFTs are “finally totally worthless.” And don’t forget this week’s Nifty News, featuring world-renowned artist Takashi Murakami saying he might not release any more NFTs. 

U.K. politicians don metaverse avatars as they share Web3 roadmap

Politicians in the United Kingdom gathered in the metaverse on Sept. 20 to set out a vision for the country’s Web3 and blockchain industry. The gathering included eight British Lords, politicians and global leaders speaking about both the opportunities and challenges that the growth of Web3 technology could bring.

According to Natalie Elphicke, a member of parliament who appeared with a unique avatar in the metaverse, Web3 “reimagines the very fabric of the internet,” representing a paradigm shift.

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Bitcoin Ordinals haven’t wrestled blockspace from money TXs: Glassnode

Data from on-chain analytics firm Glassnode shows that despite concerns the NFT-like Bitcoin Ordinals protocol is clogging the Bitcoin network, there’s little evidence to prove it. According to Glassnode, inscription users tend to set low fee rates, showing they are more willing to wait longer for confirmation.

“Inscriptions appear to be buying and consuming the cheapest available blockspace, and are readily displaced by more urgent monetary transfers,” the firm explained in its on-chain report.

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NFTs are “totally worthless” says mainstream media, community responds

Media outlet Rolling Stone has declared that NFTs are “finally totally worthless” in a recent report. The firm cited the findings of a DappGambl study on the NFT landscape. According to the data, up to 95% of NFTs owned by over 23 million users have no value at all.

Members of the community responded to the report, with some showing previous articles from the media outlet that promoted the Bored Ape Yacht Club collection. The community member highlighted the drastic shift in the media narrative regarding NFTs.

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Nifty News: Murakami to step back from NFTs, Dan Harmon’s NFT show debut and more

Japanese artist Takashi Murakami has recently said he might not release any more NFTs after entering the market in 2021. The artist said in an interview with The Guardian that maybe he is “done releasing NFTs.” Murakami’s NFT collection Murakami.Flowers generated over $40 million in secondary trading volume, according to data from NFT marketplace OpenSea.

Meanwhile, NFT artist Danny Casale recently won a multimillion-dollar contract dispute with a Web3 art curator called DigiArt. DigiArt sued Casale in March 2023 for allegedly breaching their contract after launching his own NFT project. However, a judge has taken the artist’s side as there was no contract start date specified.

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CHECK OUT COINTELEGRAPH’S NFT STEEZ PODCAST

Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

At the Metaverse Entertainment Worlds conference, Stephen Castell discussed how blockchain and AI are transforming ethics and banking.

In this week’s newsletter, learn about emerging technologies creating new ethics for humankind. Read about the nonfungible token (NFT) marketplace Binance NFTs adding support for Bitcoin Ordinals on its platform, and check out why Kenyan lawmakers are considering a tax on crypto and NFT transfers. In other news, former OpenSea manager Nathaniel Chastain was found guilty of insider trading in a federal court in New York, and don’t forget this week’s Nifty News, featuring Pudgy Penguins signing a deal with a major Hollywood agency. 

Emerging tech to create “new ethics” for humankind: MEWS 2023

At the Metaverse Entertainment Worlds conference in Monaco, legal expert and mathematics Ph.D. holder Stephen Castell discussed with Cointelegraph how technologies like blockchain and artificial technologies are transforming ethics and the banking sector.

Castell emphasized the importance of trust in the emerging tech industry and how it connects to the recent banking crisis in the United States. He noted that trust was a foundational concept of a bank at its inception.

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Bitcoin Ordinals hit Binance NFT Marketplace in latest update

Bitcoin Ordinals, also informally dubbed as Bitcoin NFTs, will be supported on the Binance NFT Marketplace later in May, according to an announcement from the crypto exchange.

Users will be able to purchase and trade Bitcoin ordinals from existing Binance accounts, with the update including royalty support and revenue-generating opportunities for creators.

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Kenya considers tax on crypto, NFT transfers and online influencers

Kenyan lawmakers are considering imposing a 3% tax on crypto and NFT transfers. A newly-introduced bill in the Kenyan parliament aims to enact a digital asset tax on income from the transfer of digital assets, including NFTs.

The proposed tax will require exchanges or those initiating the crypto or NFT transfers to collect and submit the tax to the government. In addition to crypto and NFTs, the new tax regime also aims to tax monetized online content.

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Jury convicts former OpenSea manager in NFT insider trading case

Former OpenSea employee Nathaniel Chastain has been found guilty of wire fraud and money laundering in a federal court in New York. The former OpenSea employee was accused of insider trading after purchasing NFTs selected to be featured on the marketplace.

The defense attorney argued that Chastain wasn’t guilty because he was not informed that the information he received was confidential. However, the prosecution responded that the former OpenSea employee knowingly broke the law and used anonymous accounts to conceal the trades.

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Nifty News: Pudgy Penguins signs with WME, Bitblox to make Web3 gambling games and more

NFT collection Pudgy Penguins signed a deal with Hollywood talent agency William Morris Endeavor (WME). The popular NFT project aims to spread its intellectual property through television, film and gaming. Meanwhile, startup Cryptoys revealed the launch of Star Wars NFT collectibles, which will be hosted on the Flow blockchain.

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CHECK OUT COINTELEGRAPH’S NFT STEEZ PODCAST

Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

Ryo Matsubara, representative director of Oasys, told Cointelegraph that Japanese gaming giants have a long-term vision for blockchain gaming.

In this week’s newsletter, read about how a science fiction comic book uses nonfungible tokens (NFTs) to make the reading experience more interactive and how Web3 musicians view NFTs. Check out how big names like Bandai Namco, Sega and Square Enix are eyeing blockchain gaming. In other news, find out how a metaverse-focused fir- integrated NFTs within Minecraft despite its ban on NFTs. And, don’t forget this week’s Nifty News featuring the first metaverse wedding at The Sandbox.

Sci-Fi NFT comic book project lays the foundation for CCG development

An NFT comic book project created by former game developers is working to bring their vision of a GameFi comic book series to life. Speaking with Cointelegraph, Dušan Žica, CEO and chief operating officer of 2142, described the comic’s premise as an artificial intelligence battle in 2142 AD, right after the last Bitcoin (BTC) is mined and Satoshi Nakamoto’s dormant wallet wakes up.

Within the project, users can mint, collect and compile pages of the comic book series and participate in a decentralized autonomous organization (DAO) that decides the direction of the story.

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Web3 is creating a new genre of NFT-driven music

One of the most hyped use cases for NFTs is music. Because of this, Cointelegraph spoke with various creators within the NFT music space to ask what comes first — the music or the desire to create music NFTs.

Reveel CEO Adrien Stern described music NFTs as an “anti-genre,” as it promotes diversity and freedom, while NFT musician Thomas Pipolo said that NFTs are a tool to sell the product. Meanwhile, Jeremy Fall, who founded a Web3 record label, said that it’s not about the hype but about utilizing the technology.

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Bandai Namco, SEGA among gaming giants eyeing blockchain gaming

Gaming giants Bandai Namco, Sega and Square Enix have been looking at blockchain gaming, according to Ryo Matsubara, representative director of Oasys. In a Cointelegraph interview at the 2022 Tokyo Games Show, Matsubara said that these gaming companies, who are also their partners, have a long-term vision for blockchain gaming.

The executive also mentioned that the firms are not simply looking to make a quick profit but are interested in creating the future of games. The executive mentioned that this new gaming model needs more time to mature before getting broader integrations in traditional games.

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Metaverse firm implements NFTs into its Minecraft and GTA 5 servers

A metaverse-focused firm has managed to implement NFT integrations within their Minecraft and Grand Theft Auto (GTA) 5 servers. In an interview with Cointelegraph, Oscar Franklin Tan, chief financial officer of Enjin, and MyMetaverse CEO Simon Kertonegoro shared how they were able to integrate NFTs into Minecraft despite its ban on NFTs.

According to Kertonegoro, they do not have any pay-to-win NFTs, and their best NFTs are free, and this is how they have NFTs on their server without violating the terms of service. The executive also said that they are looking to start a conversation with Mojang studios, the creators of the game. Meanwhile, Tan also expressed that Enjin supports MyMetaverse’s efforts to reach Mojang.

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Nifty News: The Sandbox hosts its first wedding, Hollywood actor auctions photo of eye as NFT and more

The Sandbox has held its first wedding within its Metaverse. A couple from Singapore, Joanne Tham and Clarence Chan, celebrated their union in a digital replica of Alkaff Mansion, a popular spot in Singapore. Meanwhile, actor Javier Bardem donated a photo of his eye as an NFT to raise funds to help restore people’s sight.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

Sony Music is preparing to venture into NFTs as the firm filed trademark applications for audio and video recordings.

In this week’s newsletter, read about how Sony Music Entertainment is preparing to venture into nonfungible tokens (NFTs). Check out how car manufacturer Ford is on the way to entering the Metaverse and how coffee chain Starbucks plans to launch NFT rewards through a program called Starbucks Odyssey.

In other news, learn about how the Japanese government used NFTs to reward public servants who excelled in using digital technology to provide local solutions. And, don’t forget about this week’s Nifty News roundup featuring a little league baseball card featuring Meta founder Mark Zuckerberg. 

Sony Music files trademark application for NFT-authenticated music

Sony Music Entertainment showed interest in NFTs by applying for trademarks that cover music and artists under Columbia Records, a label owned by Sony Music. Trademark attorney Mike Kondoudis announced that the application covers both audio and video recordings that feature live performances.

According to Kondoudis, the company plans to use the trademark for NFT-backed media, music and podcast production and artist management and music distribution services. Apart from this, the application also includes marketing, advertising and distribution for podcasts and audio-visual recordings.

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Ford prepares to enter the Metaverse with virtual automobiles and NFTs

Car manufacturer Ford Motor Company is making its preparations for the Metaverse and NFTs. The car company filed 19 major trademark applications across its car brands. The applications cover various products such as Mustang, Escape, Expedition and F-150 Lightning.

The company also plans to create downloadable digital goods like vehicle parts. Apart from this, the car manufacturer showed that they may be planning to create a marketplace that features various NFTs and digital collectibles.

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Starbucks announces new NFT experience for coffee members

Coffee chain Starbucks said that it will let its members in the United States have the chance to purchase and earn digital stamp NFTs with its project called Starbucks Odyssey. The stamps will allow them access to unique experiences as they collect more points.

The rewards could range from receiving a virtual coffee-making class to getting access to exclusive Starbucks events like trips to the company’s coffee farm in Costa Rica. The NFTs can be acquired by playing coffee-themed games or accepting challenges on Starbucks Odyssey, which will be launched later in 2022.

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Japanese gov’t issues NFTs to reward local authorities’ work

Apart from companies, governments are also jumping into NFTs. To express its appreciation for the work of its public servants, the Japanese government issued NFTs as a reward for seven mayors who were recognized at the Summer Digi Denkoshien 2022 ceremony.

The rewards were given to those who excelled in using digital technology to provide solutions to problems within their areas, such as suggesting the use of electric vehicles for local deliveries and a platform that uses cameras on mobile devices to track changes in traffic.

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Nifty News: Shitposters set for $DRAMA rewards, Zuck’s little league card tokenize and more…

Meta chairman Mark Zuckerberg’s little league baseball card is set to be auctioned through a digital collectibles platform. The card features an eight-year-old Zuckerberg in a baseball uniform holding a baseball bat. While the card features the Meta executive, the auction is not sanctioned by Zuckerberg.

Meanwhile, luxury car manufacturer Lamborghini is rolling out the second batch of NFTs that offers some utility for collectors. Those who are able to collect three regular-tier NFTs this month will have access to a rare drop ahead of other users.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

NFT trading platform OpenSea announced that it will not be supporting any forked NFTs that may show up after the Ethereum Merge.

In this week’s nonfungible token (NFT) newsletter, read about OpenSea and its commitment to the Ethereum Merge. Check out a project that aims to introduce Web3 to the opera scene and how ENS domains surpassed Bored Apes in  trading volume. In other news, learn about how the NFT giveaway of Rug Pull Finder was exploited. And, don’t forget about this week’s Nifty News roundup featuring how American actor Bill Murray’s wallet was attacked after his NFT drop. 

OpenSea says marketplace won’t support forked NFTs post-Merge

NFT platform OpenSea has announced that it will not be supporting NFTs on Ethereum forks ahead of the upcoming Merge. The marketplace noted that it will only focus on supporting NFTs on the updated proof-of-stake (PoS) blockchain.

The team highlighted that if there are any forked NFTs, they will not be reflected in its marketplace. Additionally, the team mentioned that it’s preparing to face any potential issues that may happen because of the Merge.

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NFT micro-philanthropy gives a new voice to the opera

Blockchain has made its way to the opera through a project called Living Opera, which focuses on combining Web3 technologies with classical music. The project aims to provide a new way for opera singers to skip traditional processes such as finding grants and endowments.

In an interview, the project’s CEO Soula Parassidis told Cointelegraph that they have also released the Magic Mozart NFT collection to pay tribute to a dice game to randomly generate music attributed to influential composer Wolfgang Amadeus Mozart.

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Ethereum domain names top Bored Apes on OpenSea’s weekly chart

Ethereum Name Service (ENS) domains have outperformed the popular Bored Ape Yacht Club (BAYC) NFT collection in terms of the seven-day trading volume metric at the NFT marketplace OpenSea.

The project’s daily trading volume also increased from 120.7 Ether (ETH) to 1044.6 ETH and the price of ENS increased by 167% as the volume went up. At the moment, there are over 2 million ENS listings on the NFT marketplace.

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NFT watchdog Rug Pull Finder gets its own NFT giveaway exploited

The NFT watchdog that’s committed to identifying Web3 fraud had its NFT giveaway exploited, allowing two attackers to mint 450 NFTs instead of one per wallet. The team admitted that the exploit was due to a flaw in their smart contract that was pointed out by an anonymous source 30 minutes before the mint went live.

To fix the situation, the Rug Pull Finder team offered one of the hackers a bounty of 2.5 ETH in exchange for 330 of the NFTs, and the attacker accepted the trade. Ironically, the free NFT mint was titled Bad Guys and depicted artworks of scammers that run loose on the blockchain.

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Nifty News: Bill Murray’s wallet hacked, FIFA’s tokenized highlights, Muse tops charts and more…

The NFT drop by American actor Bill Murray was robbed by hackers who to 110 ETH from the total 119.2 ETH generated by the charity effort. Fortunately for Murray, his wallet security team was able to stop the exploiters from taking his other NFTs. Meanwhile, FIFA has started to follow the steps of the NFT collection NBA Top Shot by announcing a project that tokenizes in-game highlights as digital collectibles.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.