Nifty Newsletter

Yuga Labs CEO Greg Solano said intricate corporate processes muddied the company’s creative spirit.

In this week’s newsletter, nonfungible token (NFT) company Yuga Labs has laid off employees, and the European Union believes the metaverse can help children’s health. Find out how professionals feel about blockchain integration on metaverses and look into Disney’s 360-degree treadmill, demonstrated by tech YouTuber Marques Brownlee. In other news, Manchester City enters a new partnership to develop digital collectibles. 

Yuga Labs CEO Greg Solano announced on X that the NFT company is restructuring and laying off employees. Solano highlighted to the staff that the firm’s creative spirit was “muddied by labyrinthine corporate processes.”

The executive said the company had been planning more than they were shipping, ending up in groups and committees. However, the Yuga CEO said he has a plan, revealing some steps in the reorganization process.

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NFT platform Magic Eden recorded an NFT trading volume of $756.5 million in March, surpassing its rival Blur.

In this week’s newsletter, nonfungible token (NFT) platform Magic Eden surpassed Blur in trading volume in March, and Yuga Labs is offloading two NFT games. In other news, find out how Manchester City football fans could get limited edition jerseys through NFTs and how a former Disney executive launched a Web3 game publishing company. And don’t forget this week’s Nifty News, featuring PayPal removing buyer and seller protections for NFTs. 

Solana-based NFT marketplace Magic Eden recorded a 194.4% increase in monthly trading volume, surpassing the leading platform Blur in March. The NFT trading platform recorded $756.5 million in trading volume last month, while Blur recorded $530.4 million.

According to a CoinGecko report, Magic Eden’s rise was partly due to its newly implemented Diamond reward program and its continued partnership with NFT company Yuga Labs. Magic Eden’s rise in March marked its sixth consecutive month when its trading volume increased.

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NFT platform Enjin migrated 200 million NFTs from Ethereum and a sidechain to its blockchain network.

In this week’s newsletter, read about how nonfungible token (NFT) trading volume neared $1 billion in November, and check out new NFT releases from former United States President Donald Trump, FIFA and heavy metal band Megadeth. In other news, find out why NFT platform Enjin transferred 200 million NFTs from Ethereum to its own blockchain. And don’t forget this week’s Nifty News featuring Funko and Disney’s NFTs. 

NFTs might be making a comeback as their trading volume almost reached $1 billion in November. According to data tracking site DappRadar, NFT trading volume shifted last month, surging by 125%. This shows that there’s been a shift in user behavior around NFTs. 

In addition, last month also showed a 114% increase in the average value of NFT transactions. The metric showed the average value of NFT transactions went up from $126 to $270.

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Executives working in the gaming industry weighed in on potential Web3 gaming trends in 2024.

In this week’s newsletter, read about how Michael Jackson’s first recording is coming to the blockchain and why the nonfungible token (NFT) lending protocol ParaSpace was rebranded to Parallel Finance. Check out how the Rarible ecosystem is furthering its commitment to royalty enforcement, and find out what executives working in the gaming industry think about the future of blockchain gaming in 2024. 

An NFT of a track titled “Big Boy (One-Derful Version),” by Michael Jackson, will hit the blockchain through the music platform Anotherblock. The track is the first-ever studio recording of a young Michael Jackson. 

The track was recorded in 1967 when an eight-year-old Michael Jackson recorded his inaugural studio session at One-Derful in Chicago with his brothers. Anotherblock CEO and co-founder Michel Traore told Cointelegraph that dropping the track on-chain will elevate the song beyond being a commodity. 

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Elon Musk slams NFTs on the Joe Rogan podcast only to unintentionally make the case for Bitcoin Ordinals.

In this week’s newsletter, we dive into the dynamic world of nonfungible tokens (NFTs) and their impact on the digital landscape, as NFT sales have skyrocketed to an impressive $129 million in November, according to data from Nansen. Despite the surge in sales, OpenSea has laid off a substantial amount of staff as it prepares to launch version 2.0 of its platform, and Elon Musk unintentionally made a case for Bitcoin Ordinals. Meanwhile, an OpenSea investor has taken a 90% markdown on their stake in the platform, and don’t forget this week’s Nifty News featuring The Simpsons roasting NFTs.

NFT sales volume jumps to $129 million in November — Nansen data

NFTs have seen a large increase in weekly sales volume, with sales reaching 29,704 Ether (ETH), worth approximately $56 million, and later surging to 68,342 ETH (over $129 million) in a matter of weeks.

NFT marketplace Blur had the highest trading volume in the last 30 days, with 161,433 ETH, which is worth around $305 million, followed by OpenSea with 52,307 ETH, which is around $100 million. When it comes to NFT collections, Bored Ape Yacht Club (BAYC) had the highest trading volume in the last 30 days, at 35,226 ETH, which is approximately $66.7 million.

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OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch

OpenSea announced on Nov. 3 that it was laying off employees as part of its plan to launch OpenSea 2.0 with a smaller team. The company has previously laid off 20% of its employees in July 2022 due to the “crypto winter.” At that time, it had a staff of 230.

According to the company, around 50% of employees would be affected across all functions. Those affected by the mass layoff would receive four-month severance packages, accelerated equity vesting, and six months of continued healthcare and mental healthcare.

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Elon Musk slams NFTs but ends up arguing the case for Bitcoin Ordinals

Tesla CEO Elon Musk has unintentionally highlighted the case for Bitcoin Ordinals, also known as Bitcoin NFTs, during his recent appearance on the Joe Rogan Experience podcast. The billionaire pointed out that NFTs are often not stored on the blockchain but are merely URLs linking to JPEG images.

Bitcoin supporters used Musk’s comments to argue in favor of Bitcoin Ordinals, which were launched in January by developer Casey Rodarmor. Bitcoin Ordinals are similar to NFTs but are stored on Bitcoin’s blockchain.

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OpenSea investor marks down stake in platform by 90%: Report

Coatue Management, a tech investment firm based in the United States, has marked down the value of its stake in the NFT platform OpenSea by 90%. The company reduced its investment from $120 million to $13 million, driving down OpenSea’s valuation to $1.4 billion.

Apart from OpenSea, another Web3 firm has also been marked down. Coatue Management also marked down its investment in a Web3 payment provider firm called MoonPay by 90%.

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Nifty News: The Simpsons roasts NFTs, Yuga Labs exec departs after antisemitic tweets, and more

The animated television series The Simpsons has shown an entire segment making fun of NFTs in its Halloween special. In a segment called “Wild Barts Can’t Be Token,” Homer mints Bart on the blockchain. The segment continued to poke fun at the industry and how the fear of missing out fuels the market.

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YugaLabs won a $1.57 million court battle against NFT artists Ryder Ripps and Jeremy Cahen because of disgorgement and damages.

Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.

 In this week’s newsletter, read about how holders of CryptoPunks nonfungible tokens (NFTs) were offered physical versions of their NFTs for 48 hours. Find out why some artists were ordered to pay Yuga Labs $1.6 million in a copyright lawsuit and why major German companies like Mercedes and Lufthansa are using NFTs. In other news, the CEO of Mintable says the United Kingdom risks regulating NFTs the wrong way.

CryptoPunks holders offered physical versions of their NFTs for 48 hours

Holders of CryptoPunks NFTs were offered the chance to obtain physical prints of their digital artworks via a partnership between the online art store Avant Arte and Yuga Labs, the owner of the CryptoPunks brand.

The sale lasted only 48 hours, with two physical versions of the CryptoPunks being offered. The first is called “Punk-On-Chain,” exclusively for the owners of the punks, and the second is called “10,000 On-Chain,” which is a print collection of all 10,000 CryptoPunks open to anyone.

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How major German firms like Mercedes and Lufthansa are using NFTs

Despite the ongoing slump in the NFT market, several German companies have included NFTs in their business strategy. The German postal service will release its first limited-edition collectible stamp on Nov. 2, 2023, combining NFTs and artificial intelligence.

German automotive company Mercedez-Benz launched its third NFT collection, The Era of Luxury, in September. Its digital collectibles were made to be digital reinterpretations of standout designs over its seven design eras.

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Ryder Ripps ordered to pay Yuga Labs $1.6 million in copyright lawsuit

NFT artists Ryder Ripps and Jeremy Cahen were ordered by a United States district court judge to pay Bored Ape Yacht Club creator Yuga Labs $1.57 million on account of disgorgement and damages, along with legal fees as an end to an ongoing “copycat” NFT lawsuit.

Yuga Labs claimed that Ripps and Cahen had violated copyright laws in creating copycats of its iconic Bored Ape Yacht Club NFT collectibles.

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U.K. risks regulating NFTs the wrong way, says Mintable CEO

The CEO of NFT platform Mintable, Zack Burks, told Cointelegraph in an interview that he believes the U.K.’s government is in danger of regulating NFTs in such a way that misrepresents the technology.

He claims a recent U.K. parliamentary report exaggerates NFTs’ role in copyright infringement and doesn’t recognize their worth more than just being volatile digital pictures.

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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.

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Both NFT Ethics and blockchain analytics account Lookonchain allege that the OpenSea exec played a key role in hyping the AnubisDAO project to investors.

Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.

In this week’s newsletter, read about how an art gallery in Dubai plans to educate artists about nonfungible tokens (NFT) and Web3, and why NFT marketplace OpenSea said it’s unaware of any involvement of a former executive in a $60 million rug pull. Check out what happened with the Astrology-themed NFT series Lucky Star and, in other news, find out what a Chinese government-owned newspaper plans to do with its own NFT platform.

First look: Art gallery in Dubai to educate artists on NFTs, Web3

The forthcoming art gallery 37xDubai, which plans to debut in October, aims to educate artists and collectors on NFTs and the broader Web3 ecosystem through its physical presence.

Gallery founder Danilo Carlucci said it plans to hold educational workshops in the gallery space after its launch. Additionally, the gallery intends to use NFTs based on its “Tree of Life” art installation for its membership token.

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OpenSea “unaware” of any involvement of former exec in $60 million rug pull

NFT platform OpenSea says it is unaware of evidence that could point to the involvement of former head of ventures, Kevin Pawlak, being tied to the infamous AnubisDAO rug pull in 2021 after new accusations sprung up on social media.

An anonymous X (formerly Twitter) account called NFT Ethics tagged the platform, asking it to speak to the accusations. They claimed Pawlak is linked to the pseudonymous identity “0xSisyphus” and was involved in “various dubious business dealings.“

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Astrology NFT project Lucky Star Currency rugged for over $1 million — CertiK

The astrology-themed NFT project Lucky Star Currency (LSC) has been caught in the middle of trying to pull off an exit scam for more than $1 million, according to a report from the blockchain security firm CertiK.

The account of the deployer of the project utilized the “withdrawToken” function on both the NFTMerge and AdwardCenter contracts. This removed over $1 million worth of LSC tokens from the account, after which they were exchanged for the Binance USD (BUSD) stablecoin and sent to another account.

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Chinese government-owned newspaper to launch NFT platform

China Daily, an English-language newspaper under the ownership of the Publicity Department of the Chinese Communist Party, has plans to create its own metaverse and NFT platform.

The publication is awarding 2.813 million Chinese yuan ($390,000) to a third-party contractor to design the NFT platform, which can either be Chinese or foreign. It also said that the digital collectibles sold on the platform could be bridged to others, such as OpenSea and LooksRare.

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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.

Meta has rolled out early access for Horizon Worlds on web browsers and mobile devices.

In this week’s newsletter, read about how marketplace Magic Eden integrated compressed nonfungible tokens (NFTs) into its platform and how Meta launched its metaverse game on mobile and web. Check out why the Bitcoin Ordinals creator proposes changing the protocol’s numbering system and learn about Atari founder Nolan Bushnell’s perspectives on play-to-earn gaming. In other news, the United States Securities and Exchange Commission (SEC) has charged NFT collection Stoner Cats with offering unregistered securities. 

Meta’s Horizon Worlds launches on mobile and web in early access

Meta has announced it has started rolling out Horizon Worlds on mobile devices and web browsers. The launch to mobile and web includes a free-for-all shooter game called Super Rumble, where two to six players can play together in fast-paced shooting matches.

The launch is only in early access, meaning only a few people can join. According to Meta, it will slowly roll the game out to more people and add more experiences and worlds to the metaverse in the near future.

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Bitcoin Ordinals creator proposes to change inscription numbering system

Bitcoin Ordinals chief coder and creator Casey Rodarmor proposed to change the numbering system of Bitcoin NFTs. The coder highlighted that the current system has led to “ugly code and stalled development.”

Because of this, Rodarmor initiated a proposal to make inscriptions permanently unstable, making the protocol simpler and easier to upgrade. The Ordinals creator added that while the change may make the numbers inaccurate, the numbering system will not be scrapped entirely.

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Magic Eden integrates Solana’s compressed NFTs into marketplace

NFT marketplace Magic Eden has integrated compressed NFTs (cNFTs) by Solana into its platform. According to Magic Eden, cNFTs will allow users to experiment without spending too much money and are ideal for mass-produced NFTs for industries like music, gaming and events.

cNFTs are different from standard NFTs, as their data is stored off-chain. Because of this, users can mint as many as one million NFTs for just around $110.

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Play-to-earn games are the reason “real” gamers hate crypto: Atari founder

Nolan Bushnell, the founder of Atari, a video game company that peaked in popularity in the 1980s, recently spoke with Cointelegraph and expressed that play-to-earn (P2E) games are the reason why “real” gamers dislike crypto.

The executive claimed that “good gamers” don’t like to grind and said that Web3 gaming needs to move away from P2E and focus on building worlds powered by virtual reality and augmented reality.

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Stoner Cats NFTs are “fan crowdfunding,” not securities — SEC’s Peirce, Uyeda

The SEC has charged the company behind the NFT collection Stoner Cats with offering unregistered securities. According to the SEC, the NFTs were marketed as having potential for secondary sales and implied that the value would rise.

However, not everyone in the SEC agrees with the action. SEC commissioners Hester Pierce and Mark Uyeda published a dissenting statement, arguing that the project’s activity constitutes fan crowdfunding, which they believe is a common occurrence in the world of creators.

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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.

Soccer star Cristiano Ronaldo took a lie detector test to celebrate the launch of his latest NFT collection in July.

In this week’s newsletter, read about how German flagship airline Lufthansa uses nonfungible tokens (NFTs) to reward loyal customers and how soccer superstar Cristiano Ronaldo teased his future NFT plans during a lie detector test. Check out why a law professor believes the metaverse should be taxed, and find out how artificial intelligence (AI) and NFTs can provide a personalized learning experience to children. And don’t forget this week’s Nifty News, featuring a Mutant Ape NFT selling for over $800,000 amid an ongoing downward price trend. 

Lufthansa launches NFT loyalty program on Polygon

Lufthansa’s innovation unit has collaborated with its frequent flyer program division to launch Uptrip — an NFT loyalty program operating on the Polygon network. With this, loyal customers can get rewards by turning their trips into NFT collections.

The program allows the airline’s customers to scan their boarding passes and exchange them for collectible NFTs. When completed, the NFT collections can be used to redeem rewards like lounge access and flight upgrades.

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Ronaldo teases NFT plans while on a lie detector test

Soccer star Cristiano Ronaldo was given a lie detector test to celebrate the release of his second NFT collection in July. While the athlete was on the lie detector, he said he would release more NFTs in the future. The test confirmed that he was being truthful. When asked if he owns any NFTs, the soccer player answered “yes” once more, with the test confirming his answer again.

In 2022, Ronaldo signed a multiyear partnership with crypto exchange Binance’s NFT unit. The collaboration aims to introduce Web3 technologies to soccer fans around the world through NFTs.

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Failure to tax the metaverse ‘will create a tax haven’ — Harvard legal expert

Law professor Christine Kim published a paper that presented arguments on taxing the metaverse. According to Kim, the metaverse should be regulated under the tax code. Kim argued that failure to tax it will turn it into a “tax haven.”

The professor also highlighted several tax-related proposals. Among these, Kim proposed that taxation should occur immediately upon receiving gains, which includes unrealized gains and income.

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Animoca subsidiary builds AI and NFT tools for educators

Education-focused tech platform TinyTap has announced the integration of NFT and AI tools for parents and educators. According to the announcement, AI integration will enable the platform’s users to create educational games using a topical prompt.

After setting the prompt, the AI will generate the game within minutes. According to TinyTap CEO Yogev Shelly, the tools will help speed up content creation and access, which could let teachers and parents provide personalized learning experiences to children.

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Nifty News: Adidas unveils resident Web3 artists, Mutant Ape sells for 500 ETH and more

NFT company Yuga Labs has announced that it will launch its metaverse game Legends of the Mara later in September. Meanwhile, a Mutant Ape was sold for over $800,000 despite the downward trend in the NFT market.

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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 project y00ts will return the $3 million it received from Polygon Labs and transfer to Ethereum.

In this week’s newsletter, read about CBS Studios’ receiving approval for Star Trek NFT trademarks, check out how FC Barcelona acquired investment for its nonfungible token (NFT) initiative, and find out why NFT project y00ts is bridging to another network just months after its previous transfer. In other news, Canadian authorities are trying to create a repository for seized crypto and NFT assets, and don’t forget this week’s Nifty News, featuring Coca-Cola releasing an NFT collection on Coinbase layer 2, Base. 

Star Trek trademarks for NFTs: The final frontier

The patent application filed by CBS Studios over the Star Trek name’s usage in crypto and NFTs has been approved by the United States Patent and Trademark Office. CBS applied for the patent back in April, which was finally approved on Aug. 8. The trademark included use for digital crypto collectibles and NFT-authenticated video clips.

With the new update, Star Trek Continuum will become a line of NFTs featuring various starships from the adventures held in the science fiction television series.

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FC Barcelona secures $132 million investment for blockchain and NFT venture

Soccer team FC Barcelona has announced it has received a $132 million investment for its Web3 initiatives, including NFTs and the metaverse. According to the announcement, integrating digital content around Web3 and blockchain is part of the club’s Barça Vision initiative.

The soccer club obtained the capital by selling a 29.5% stake in Bridgeburg Invest, which is the holding company for Barça Vision. The investments came from Libero Football Finance and Nipa Capital.

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

DeLabs, the company behind the NFT project y00ts, has recently announced that it will migrate to Ethereum just months after transferring most of its NFTs to Polygon from Solana.

According to the announcement, the team will unite its NFT projects, y00ts and DeGods, with the move. The company will also return the $3 million grant from Polygon Labs that it received back in January to support its migration to Polygon.

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Canada to develop repository for storing crypto and NFT seizures

An announcement made by the Royal Canadian Mounted Police (RCMP) highlighted that they are looking for a solution that will facilitate the storage of seized NFT and crypto assets. According to the RCMP, a centralized repository will help the authorities to seize these assets in a user-friendly manner. In addition, this will also provide security to prevent theft while they are in storage.

For NFT support, the Canadian police department requires a solution that supports the Ethereum, Solana and Polygon blockchains.

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Nifty News: Coca-Cola gets Based, Reddit avatars reach 20 million milestone and more

Beverage brand Coca-Cola is diving into Web3 with the help of crypto exchange Coinbase. Through its layer-2 network Base, Coca-Cola is launching its first NFT collection consisting of works from various artists. Meanwhile, Reddit Collectible Avatars has hit the 20 million milestone and reached a cumulative sales volume exceeding $40 million.

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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.