NFT

Blockchain Gaming Publisher Animoca Brands Secures $75M — Firm’s Pre-Money Valuation Rises to $5.9B

July 12, 2022 Bitcoin.com

Playboy Joins The Sandbox Virtual World — Lifestyle Firm’s Metamansion to Feature NFTs and Special Events

July 12, 2022 Bitcoin.com

U.S. trademark and copyright offices to study IP impact of NFTs

July 12, 2022 Coin Telegraph

The U.S. Patent and Trademark, and Copyright offices will explore the impact of NFTs on intellectual property rights as lawsuits begin to stack up.

As nonfungible tokens (NFTs) continue to garner interest, the United States Patent and Trademark Office and U.S. Copyright Office are set to launch a study into their impact on intellectual property rights.

The examination of NFTs comes after a request from senators Patrick Leahy and Thom Tillis in June for a deep dive into the potential ramifications the burgeoning asset class could have in regard to intellectual property rights.

The two departments have agreed to conduct the study in correspondence with Leahy and Tillis, conducting preliminary discussions to plot a plan of action which will include consultations with various stakeholders well-versed in the NFT landscape.

A broad range of topics will be considered that was initially raised by the Vermont and North Carolina senators. This includes potential intellectual property challenges with future applications of NFTs, the rights associated with transferring ownership of an NFT, licensing rights and infringements and the potential IP rights given to NFT creators.

Cointelegraph has reached out to both departments to ascertain how long the study will take to be completed, the scope of its coverage and which industry stakeholders will be consulted. They did not immediately respond.

The NFT space has already caused plenty of strife for companies that have seen their products or intellectual property infringed upon in recent months. A number of high-profile brands have sought legal recourse against NFT marketplaces and platforms that may have infringed on associated IP rights.

Global sportswear brand Nike made headlines in February as it instituted court proceedings against online reseller StockX for infringing on its trademark through the sale of unlicensed sneaker NFTs. The company had sold Nike NFT sneakers which were set to include redeemable, real-world versions of the shoes.

American rapper Lil Yachty is fighting his own legal battle in California, after filing a trademark infringement lawsuit against two music companies. The 24-year-old claimed the firms used his likeness and name to raise more than $6.5 million in venture capital to bankroll the launch of a collection of NFTs.

Production company Miramax also went the legal route in November 2021 after critically-acclaimed film director Quentin Tarantino looked to launch NFTs derived from his blockbuster 1994 film Pulp Fiction. The studio claimed Tarantino infringed on copyrights as he set out to launch an NFT collection featuring seven uncut screenplay scenes, exclusive commentary and original handwritten scripts.

More than $4.7M stolen in Uniswap fake token phishing attack

July 12, 2022 Coin Telegraph

attack

Some initially interpreted the hack as an exploit of the Uniswap V3 protocol, but it was quickly clarified as the result of a phishing campaign.

A sophisticated phishing campaign targeting liquidity providers (LPs) of the Uniswap v3 protocol has seen attackers make off with at least $4.7 million worth of Ethereum (ETH). However, the community is reporting the losses could be even greater.

Metamask security researcher Harry Denley was one of the first to raise the alarm bells of the attack, telling his 13,000 Twitter followers on July 11 that 73,399 addresses had been sent malicious ERC-20 tokens to steal their assets.

⚠️ As of block 151,223,32, there has been 73,399 address that have been sent a malicious token to target their assets, under the false impression of a $UNI airdrop based on their LP's

Activity started ~2H ago
0xcf39b7793512f03f2893c16459fd72e65d2ed00c

cc: @Uniswap @etherscan pic.twitter.com/5W51AikFuV
— harry.eth (whg.eth) (@sniko_) July 11, 2022

At least $4.7 million in ETH has been lost in the attack, according to a Twitter post from Binance CEO Changpeng “CZ” Zhao. However, there are also reports amongst the crypto community that there may be more significant losses from the incursion.

Prominent crypto Twitter user 0xSisyphus noted on July 11 that a “large LP” with around 16,140 ETH, worth $17.5 million, may have also been phished.

did a large LP get phished?https://t.co/3n6oruM8Hj

the v3 NFTs in 0x09b5 all originated from this wallet which has 16k ETH ($18m) sitting in it
— Sisyphus (@0xSisyphus) July 11, 2022

How it works

According to Denley, the phishing attack works by sending unsuspecting users a “malicious token” called “UniswapLP” — made to appear as coming from the legitimate "Uniswap V3: Positions NFT" contract by manipulating the “From” field in the blockchain transaction explorer.

Users curious about their new tokens would be directed to a website purporting to allow them to swap their new tokens for Uniswap’s native token UNI, worth $5.34 each at the time of writing.

The website would instead send the users’ address and browser client info to the attackers’ command center, which would also attempt to drain cryptocurrency from their wallets.

A Reddit post also explaining the attack noted that the attackers had stolen native tokens (ETH), ERC20 tokens, and NFTs (namely Uniswap LP positions) from victims.

Please be aware that there is currently a Phishing scam happening that targets Uniswap V3 LP’s.

It does not look like a Uniswap protocol hack.

No matter what, if you get tokens airdropped to your wallet of ynknown origin - DON’T Interact with them !!!
— Mel (@belikewater893) July 11, 2022

Not an exploit

Binance’s CEO Zhao created some waves in the crypto markets when he first sounded alarms about the attack, calling it a “potential exploit” of the Uniswap protocol on the ETH blockchain.

Zhao clarified soon after the post with another update, sharing a conversation with the Uniswap team, who noted the attack was part of a phishing attack rather than any issue with the protocol.

Connected with the @uniswap team. The protocol is safe.

The attack looks like from a phishing attack. Both teams responded quickly. All good. Sorry for the alarm.

Learn to protect yourself from phishing. Don't click on links. pic.twitter.com/FIXebz3iBC
— CZ Binance (@cz_binance) July 11, 2022

CZ’s initial alarming comments coincided with a sharp drop in the Uniswap price, which fell to a 24-hour low of $5.34. The price of UNI has since recovered following the clarification to $5.48 at the time of writing but is still down 11% in 24 hours and is 87.8% down from its all-time-high (ATH).

GameStop releases public beta NFT marketplace

July 11, 2022 Coin Telegraph

Coin Telegraph

American video game, consumer electronics, and gaming merchandise retailer GameStop has launched its NFT marketplace enabling gamers, creators, collectors, and others to buy, sell and trade NFTs.

Gaming giant GameStop (GME) launched its own non-fungible token (NFT) marketplace on July 11. The new NFT marketplace intends to deliver low fees and high speeds.

Users of the marketplace can buy, sell, trade, and create NFTs. The marketplace features functionality to enable users to view statistics for NFTs, and educational material is also provided. Educational content includes everything from NFT basics to how to connect a wallet to the marketplace is covered.

It’s a non-custodial, Ethereum Layer 2-based application, and users can connect to the marketplace using the GameStop Wallet or other Ethereum (ETH) compatible wallets. Cointelegraph reported in May regarding the GameStop Wallet and plans for the new NFT marketplace.

The marketplace displays featured NFTs and NFT creators and collections on the app's main screen. A deeper analysis of the market is also possible through the Explore interface. There are currently 236 NFT collections in the marketplace.

Several Web3 games are coming to the marketplace through Immutable X, including Illuvium, Gods Unchained, and Guild of Guardians. GameStop partnered with Immutable X back in February.

This is a public beta of the application, and users should expect outages until the full version of the marketplace is released.

Top 100 Apecoin Holders Control Over 51% of the Supply, APE Lost 81% in 2 Months

July 10, 2022 Bitcoin.com

Play-to-Earn vs. Move-to-Earn explained

July 9, 2022 Coin Telegraph

Axie Infinity

The key differences between play-to-earn and move-to-earn explained. Are you ready to earn money while you play and move?

P2E vs. M2E Games

The key differences between P2E and M2E are the rewarding system and the revenue model.

As you can tell, there are some differences between the P2E model and the M2E model. Both of them are so much more than virtual gaming, that’s for sure.

P2E is expected to transform from a trend to a mature concept. The gaming industry is exciting, but it should not be forgotten that relaxation and community engagement should remain central. Real gamers care more about the game and the graphics than about the revenue model.

M2E is also gaining momentum in the scene. For users who struggle to get enough exercise, a revenue model could be just the motivation they need. However, the move-to-earn concept is still at the beginning of its journey, so we will have to wait and see what the future brings.

What are the examples of move-to-earn (M2E) games?

Examples of move-to-earn games are STEPN, Sweatcoin and MetaGym.

As the move-to-earn industry is getting bigger and hotter, it’s time to make you familiar with some of the M2E games. The most well-known example of M2E is probably the Solana-based move-to-earn project STEPN (GMT).

STEPN is a Web3 lifestyle app with integrated SocialFi and GameFi functions. The project is born to make users healthier and wealthier by putting each foot in front of the other. Founders are really aiming to be the number one M2E project in the Metaverse space and even won the Solana Ignition Hackathon in 2021.

If users want to start using STEPN, they need to invest in a pair of STEPN sneakers by buying an NFT. When you accomplish the first step, it’s important to move and track your steps with GPS. The earned in-game valuta can be exchanged for crypto later on.

The second project is kinda similar to the first one: Sweatcoin. Users earn their coins by running, walking and most of all: sweating. Every 1000 steps you take will get you a reward in SWEAT, the platform’s native currency.

With their slogan, “It pays to walk,” they want to decrease the billions of dollars of cost in healthcare by making people healthier. Users can exchange the rewards they earned for products, make a donation or convert them into a currency of their choice.

The last example of the M2E projects is MetaGym. MetaGym is easy to join with the possibility to earn money while moving your body through an app and even a smart-watch application. Users get to utilize GameFi, FitFi and SleepFi functions while making themselves sweat to earn MetaGym Coin (MGCN), the platform’s own token.

MetaGym wants to help the world become a healthier place, but they’re not afraid to give you the chance to earn some money while doing it. Users earn cryptocurrencies while completing tasks like finishing cardio or strength training or getting some satisfying sleep.

What are move-to-earn (M2E) crypto games?

Move-to-earn combines moving, gaming and earning crypto on the blockchain.

Move-to-earn boomed during the height of the COVID-19 pandemic. People were mostly at home, sitting and spending their time behind the screen. Since it’s essential to move frequently for your health, M2E got really popular. It’s a new way to reward users for getting up and starting to move while using technology. Every move you make, you will earn cryptocurrency.

Maybe over the years, this M2E trend will transform into FitnessFi instead of GameFi, because of this concept’s potential and people’s willingness to be healthy and stay active due to the health problems created by the recent pandemic.

What are the examples of play-to-earn (P2E) games?

Axie Infinity, Aavegotchi and The Sandbox are examples of play-to-earn games.

One of the most known examples of crypto games is Axie Infinity which is based on the Ethereum blockchain. It’s a combination of video gaming and blockchain gameplay elements. On some days when the economy was thriving, the NFT marketplace was a booming business. Millions of dollars were being traded and Axies, the magical creatures, were being sold for thousands of dollars each.

Aavegotchi is another example of a P2E game. It describes itself as an open-source community-owned NFT gaming protocol. Users can go on adventures as pixelated ghosts, which is reminiscent of the Tamagotchi games. You can earn tokens with minigames, trade Aavegotchis or start with rarity farming.

Another game in the P2E industry is The Sandbox. This platform offers its users a unique game experience that gives them a sneak peek of what the Metaverse probably will look like. Users can play, create, build and own the future. While enjoying the immersive experience, users can monetize the game by creating, investing and earning in-game assets.

What are play-to-earn crypto games?

Play-to-earn (P2E) crypto games are giving users the opportunity to earn in-game assets that can be exchanged for cryptocurrencies.

P2E is a new component of the GameFi ecosystem. Normally, users are gaming online while using apps or websites like Minecraft and Roblox. But, the P2E trend takes it all a little bit further.

By using blockchain technology, it’s possible to combine gaming with the benefits of crypto. Traditional gaming allowed participants to relax, enjoy the graphics and spend some time off with friends. From now on, you can enjoy gaming with another important aspect of life: earning money.

It’s essential to play on a blockchain to earn crypto tokens or nonfungible tokens (NFTs). Additionally, you don’t necessarily have to invest in expensive NFTs to earn crypto and be part of the in-game economies and business models.

Former Tiktok Gaming Boss Launches Metao, a ‘Blockchain Agnostic’ Gaming Company

July 8, 2022 Bitcoin.com

VC firm Konvoy launches new $150M fund, eyes blockchain-based games

July 7, 2022 Coin Telegraph

VC firm Konvoy launches new 0M fund, eyes blockchain-based games

Axie Infinity

Gaming venture capital firm Konvoy launches new $150 million fund, with a portion set to be invested in cryptocurrency and blockchain-based games.

Venture capital firm Konvoy Ventures is set to fork out at least $30 million to back various cryptocurrency and blockchain-based games.

The American firm announced the launch of Konvoy Fund III, with $150 million in capital that it plans to invest in a variety of platforms and technologies in the global gaming sector. According to Bloomberg, up to 30% ($45 million) of the fund will be allocated to the crypto and blockchain gaming space.

Konvoy is no stranger to the world of cryptocurrencies and blockchain-based games. The firm boasts an impressive portfolio of gaming companies and projects which it has funded, including the likes of Axie Infinity creators Sky Mavis, Metaverse avatar platform Ready Player Me and open-world NFT game Genopets.

The firm has invested in a total of 35 companies to date through its first two funds across North America, Europe, the Middle East, Africa and South-East Asia.

Interest in blockchain-based games has increased over the past year, with play-to-earn and NFT-featuring games big focal points in the industry. There has been no shortage of funding either, with Konvoy’s latest fund following a $32 million investment made by Animoca Brands, Samsung Next and WeMade into Planetarium Labs.

A recent report from DappRadar also outlined continued interest in GameFi projects. The likes of A16z and Dapper Labs have pledged around $1.3B in investments in GameFi and Metaverse projects and technologies.

Discussion Platform Reddit Introduces Blockchain-Backed Collectible Avatars to 52 Million Users

July 7, 2022 Bitcoin.com