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Yuga Labs confirms UV lights likely cause of eye issues at ApeFest

The Bored Ape Yacht Club’s official Twitter account said an investigation confirmed suspicions that UV lights were the likely cause of the reported eye and skin issues suffered by some attendees.

Ultraviolet (UV) lights were the likely culptit behind the reported vision loss, eye pain and skin issues for at least 15 attendees of Yuga Labs’ ApeFest event in Hong Kong last week, the nonfungible token (NFT) conglomerate has confirmed.

On Nov. 5, attendees began reporting eye and skin-related issues after attending ApeFest the day before — which was a free event for Bored and Mutant Ape Yacht Club owners held in Hong Kong.

In a Nov. 9 X (Twitter) post, Yuga’s Bored Ape Yacht Club (BAYC) account confirmed that “UV-A emitting lights installed in one corner of the event was likely the cause of the reported issues.”

The BAYC said the determination came following a joint investigation with Jack Morton Worldwide, the agency that produced ApeFest, which conducted on-site inspections, testing, interviewed the events contractors and looked at equipment logs and specification sheets.

UVA is a UV wavelength range accounting for around 95% of the UV radiation that reaches the Earth’s surface, according to the World Health Organization. The United States National Eye Institute says UV light exposure can potentially increase the risk of eye problems.

UVA lights, better known as blacklights, are used for different purposes depending on their wavelength. UVA lights with lower wavelengths are typically used for suntanning beds, while lights with wavelengths closer to the visible light spectrum are used for special effect lighting such as in nightclubs.

The BAYC did not disclose specific details about the kind of UVA lights used at ApeFest.

Related: BAYC creator Yuga Labs completes restructuring to focus on metaverse

The NFT project said it encourages those with symptoms to seek medical help and notify of their exposure to UVA lights.

It also requested those impacted to message them on X, though some commenters on the post noted that DMs on Twitter have been switched off. 

“We are saddened that this incident has detracted from the experience of ApeFest attendees,” the project wrote. “We are committed to supporting the recovery of anyone affected.”

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Nifty News: Blue chip NFT prices wobble, Credit Suisse tries tokens and more

The floor prices for some of the largest NFT collections sunk to nearly two-year lows, but have started to edge up in the past 24 hours.

‘Blue chip’ floor prices near two-year lows

The largest nonfungible token (NFT) collections by market capitalization are in a sea of red as the cheapest NFTs in their collections took dives over the past week with some hitting near two-year lows.

Yuga Labs’ flagship Bored Ape Yacht Club (BAYC) collection — the second largest by market cap according to CoinGecko — hit a floor price of 27.7 Ether (ETH), or $54,200 on July 3, a level not seen since September 2021.

The largest 12 NFT collections floor prices are in the red over the past week. Azuki Elemental Beans is down but is incorrectly shown as having gained. Source: CoinGecko

Other top collections including the Mutant Ape Yacht Club (MAYC), Azuki, CryptoPunks and DeGods also saw their floor prices sink over the week.

However, the last 24 hours have given the NFT holders a small respite, with floor prices recovering across most of the top collections. The largest gainer was Azuki Elementals with a nearly 32% floor price increase.

Credit Suisse takes a shot at NFTs

Swiss-based bank Credit Suisse said on July 3 that it’s teaming up with the Swiss Football Association to fire off 756 Ethereum NFTs with 100% of the proceeds going to support women's soccer in the country.

It’s the first time the bank has waded into NFTs, which will be made available through the bank's CSX app that’s adding a new functionality for digital assets — no crypto or crypto wallet required.

Instead, Swiss francs will be used to purchase the NFT which will appear in the app. The bank said this “first step” was meant to be “simple and client-friendly” so a “broad client base” could access digital assets.

As for the NFTs, each one portrays a player from the Swiss Women's National Team and come with varying levels of perks and benefits depending on their rarity.

A collage of some of the rarest NFTs of which some are priced over $11,000. Source: Credit Suisse

There are three rarity levels with 690 of the least rare starting at around $170 while the 11 most rare are priced at over $11,000 (150 to 10,000 Swiss francs).

Slow sales for Melania Trump’s NFTs

Former First Lady of the United States, Melania Trump, is seeing sluggish sales for her all-American Solana NFT collection, which was released ahead of the country’s Independence Day celebrations.

Of the 3,000 NFTs released June 29, only 586 have sold — which doesn’t include an additional 500 that are not yet revealed and held back from sale until July 4.

Of those revealed, the “1776 Collection” has six different designs emblazoned with patriotic symbols. Each design has 500 apiece and are being hawked off for $50 a pop.

A June 29 Fox News article reported the collection was to celebrate the "foundations of American ideals" according to Trump’s office.

A different audio track is embedded in each NFT design that blares patriotic tunes. One depicting the Statue of Liberty sounds off The Star-Spangled Banner, the U.S. national anthem.

It was reported a portion of proceeds from the collection will go to Trump’s “Fostering the Future” non-profit initiative aiming to grant scholarships in computer science to children leaving foster care.

Dior’s NFTs go quiet about the ‘NFT’ part

A new product from French luxury brand Dior will come with an NFT, but the brand is seemingly being coy about the term "NFT" in its launch announcement. 

On June 30, Dior announced it would be shipping a new line of shoes — with one style offering a “digital twin.”

Dior describes the twin e-shoes as “a unique and secure digital creation on the Ethereum blockchain” — wordplay which seems to deliberately obscure that the “digital twin” is simply an Ethereum-based NFT.

The shoes are called the “B33 sneaker” and come in seven different styles. Only the most expensive, priced at $2,150, come with the NFT twin.

Related: Yes, the Secret Service has an NFT collection, and no, it’s not for sale

The others, starting at the bargain price of $1,600, come with an NFC chip in the sole of the right shoe granting access to a “platform” showing its “Digital Certificate of Authenticity.” It’s unclear if this certificate is also an NFT.

Other Nifty News

NFT thieves are often quick to offload phished tokens, with blockchain security firm PeckShield finding that half of stolen NFTs are sold within three hours on OpenSea and Blur.

Hermès, another French luxury brand, racked up another win in its infringement case against the “MetaBirkin” NFT artist Mason Rothschild with a U.S. judge ordering a permanent injunction on all sales of the NFT.

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Nifty News: Trump NFTs surge 800%, Yuga Labs blacklists NFT exchanges, and more

Donald Trump’s NFT collection started out strong but then started looking lifeless up until a few days ago.

Trump NFTs daily sales surge by 800%

Former United States President Donald Trump’s nonfungible token (NFT) trading card collection has witnessed a massive resurgence in daily sales volume in recent days.

Compared to Jan. 17 sales volumes, Jan 18. and Jan. 19 saw spikes of 800% and 600% respectively, according to market metrics aggregator Cryptoslam.

Some pundits believe the renewed interest could be due to his imminent return to social media networks, following reports that the former president was seeking to rejoin Facebook and Twitter ahead of the 2024 presidential election campaign.

The collection of 45,000 self-themed trading cards was launched on Dec. 15 and initially priced at $99 each.

Buyers of the collection were automatically entered into a sweepstake which included “1000s of prizes,” including one-on-one dinners, zoom calls and rounds of golf with the former President.

They quickly sold out and recorded daily sales volumes of over $3.5 million, but then plummeted to a baseline of around $26,000 by the end of 2022.

Yuga Labs blacklists NFT marketplaces

Bored Ape Yacht Club (BAYC) creator Yuga Labs has blocked secondary trading of its “Sewer Pass” NFTs on marketplaces that do not fully support creator royalties.

The NFT project was first announced on Jan. 12 and became available for minting on Jan. 17.

Only Bored Ape Yacht Club or Mutant Ape Yacht Club holders are able to mint the Sewer Pass, which acts as an entry pass to its new skill-based NFT game, called Dookey Dash.

A royalty is a fee which is taken from the price of a sale and sent to the content creator, and Yuga Labs has been vocal about its opposition to broader shifts within the market to royalty-free marketplaces.

The Sewer Pass has seen a high volume of trades on secondary marketplaces, with a floor price of 1.81 ETH ($2,809) and sales volumes of 15,627 ETH ($24,267,411) according to data from NFT Price Floor.

Based on Yuga Labs’ 5% creator royalty fee, secondary sales for the collection have already netted them revenues of over $1.2 million.

Neopets raise $4 million to build metaverse

Virtual pet website Neopets — which was popular throughout the 2000s — has raised $4 million from the gaming and blockchain investors with plans to create its own metaverse.

Some of the companies providing the funding are venture capital firm Polygon Ventures, investment firms HaskKet Capital and IDG Capital, gaming company NetDragon Websoft and Avalanche's development fund Blizzard Avalanche Ecosystem Fund.

According to the announcement, ‘Neopets Metaverse’ will be a play-and-earn virtual pet game based on the original, and would allow players to “raise, care for, customize, and battle with their Neopets” on the blockchain.

In the announcement, HashKey Capital’s investment director Xao Xiao notes: “We believe that GameFi plays a crucial role in the larger metaverse narrative, serving as the interactive layer in the value chain and a key driver of traffic across web 2 and web 3.”

Neopets was founded in 1999, and the company is hopeful that Neopets Metaverse will bring “the magic of Neopets in a positively fresh light to old-time players, as well as attracting and nurturing a new generation of Neopians.”

The community has had an underwhelming response to the announcement, with some suggesting its previous effort at creating a Neopets metaverse had been a flop.

The company had initially launched an NFT collection using the Solana network on Nov. 12, 2012, which allegedly went so poorly it resulted in the hashtag #NoNeoNFT trending on Twitter.

Touch the metaverse, researchers say

A team of researchers from the National University of Singapore (NUS) have created a pair of haptic gloves which it believes can bring the sensation of touch to the metaverse.

The invention, called the HaptGlove, is an untethered and lightweight glove that will allow metaverse users to interact with virtual objects in a much more realistic fashion by conveying touch and grip.

A professor who is working on the HaptGlove wearing it. Source: NUSnews.

When users put on the HaptGlove, they are able to sense when their virtual avatar’s hand touches something, as well as tell how hard and what shape the object is as a result of the HaptGlove restricting the user’s finger positions.

NUS claims that the HaptGlove will also be useful in other areas, such as education and medicine, by allowing surgeons to prepare for surgeries in a “hyper-realistic environment” or giving students a hand-on learning experience.

While the concept of haptic gloves is not new, for example Meta is working on their own version of them, NUS claim that theirs is able to provide users with a much more realistic sense of touch compared to others that exist today.

Those working on metaverse games have suggested that as virtual reality is such an immature technology, it is difficult to incorporate it into metaverse products, so existing games like The Sandbox and Decentraland are yet to fully incorporate virtual reality clients.

More Nifty News:

On Jan. 18 NFT marketplace Rarible announced that it would be expanding its marketplace builder to include Polygon-based NFT collections. The builder will allow artists and projects to customize their own marketplace, with its CEO Alexei Falin believing that community marketplaces would become the future of NFT buying and selling.

Crypto exchange Binance announced on Jan. 19 that it would be tightening its rules for NFT listings, requiring sellers to complete Know Your Customer (KYC) verification and have at least two followers before listing on the platform. The firm plans to “periodically review” NFT listings that do not “meet its standards” and recommend them for delisting.

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Nifty News: Celebs lose big on BAYC, Meghan and Harry building a metaverse, and more.

Celebrities are facing huge losses on their Bored Apes bought during the NFT peak, but big names like Sony and Adidas are pushing further into the industry.

Celebrities facing huge losses from BAYC NFTs

The hype behind the Bored Ape Yacht Club (BAYC) over the last year resulted in many celebrities investing in the Ethereum-based nonfungible token (NFT) collection with many, such as singer Justin Bieber, paying top dollar.

Bieber paid 500 Ether (ETH) for BAYC #3001 on Jan. 29, which at the time was valued at around $1.28 million, while the current top offer on the NFT cracks just over $69,500.

According to data from NFT Price Floor, the floor price for the collection has fallen considerably since it peaked at 144.9 ETH on May. 1 this year, which at the time was worth around $396,760, to a current low of 48 ETH, valued at $58,589 at the time of writing.

Many other celebs also rode the wave of hype that saw the Yuga Labs made NFTs become a “blue chip” collection, such as entrepreneur Gary Vee who still has a number of Bored Apes in his 2,400-strong NFT collection, and television host Jimmy Fallon, who bought BAYC #599 for $224,191 on Nov. 8 which has a current top offer of $70,264.

It's not all bad news for Bored Apes though, with BAYC #8633 having been bought from digital art collector Pransky for nearly $747,500 on Nov. 17 showing that there is still a huge demand for Bored Apes with some rare attributes.

The Sussexes in talks for a ‘virtual world’

Prince Harry and Meghan Markle are “in advanced talks” with pax.world — a platform allowing users to create their own metaverse, according to a Nov. 15 Mirror article.

Sources allege that Markle is the driving force behind the plan, as a result, the Metaverse has cleverly been dubbed the “Meg-averse.”

The former working royals are thought to be looking for new ways to connect with their fans and see their purported Metaverse as a way “to take their brand fully global.”.

According to pax.world founder Frank Fitzgerald, the Metaverse is perfect for the “progressive, tech-savvy” audience the pair are looking to connect with as they build upon their brand, saying the platform is offering the couple “a plot of prime pax.world land.”

Adidas Originals unveil ‘virtual gear’ collection

Adidas released an Ethereum based NFT collection called the “Genesis collection,” on Nov. 16 featuring a set of wearables designed to be worn by virtual avatars.

Calling the new product “Virtual Gear,” the sportswear giant has labeled the collection as a “new, interoperable product category,” adding:

“[It] accelerates our collective drive towards strengthening web3, and the adidas community-based, member-first, open metaverse pledge”

Building on Adidas’ partnership with BAYC, Mutant Ape Yacht Club and Inhabitants, the 16-piece collection will also allow users who own a wearable Adidas NFT and a participating partner's NFT to “dress up” that NFT with their Adidas virtual wearable.

Owners of the Adidas Originals: Capsule NFT Collection, which launched in May will be able to burn their capsule NFT and have it replaced with a random NFT from the new collection.

Commenting on the collection, the Senior VP of Creative Direction for Adidas Originals Nic Galway said Web3 offers new opportunities for its designers and collaborators and adds a “level of utility that can be explored and even discovered as worlds and avatars take new forms.”

Sony’s NFT gaming patent

In a patent applied for in May 2021 and made public on Nov. 10, technology conglomerate Sony has revealed its intent to incorporate blockchain technology into its games.

The patent shows the company aims to track in-game assets using blockchain technology and NFTs,  including a series of diagrams showing how it would do this.

One of the diagrams showing how Sony envisages its tracking system to work. Image: WIPO

While the filing is just a patent at this time, it may indicate the entertainment behemoth is interested in joining the growing NFT gaming market.

Sony has already dipped its foot into NFTs, after partnering with Theta Labs in May to launch a collection of 3D NFTs viewable on its Spatial Reality Display, that allows visualization of 3D models.

More Nifty News:

Crypto has been front and center at Abu Dhabi Grand Prix, with Red Bull Racing featuring NFTs on both the cars of the Red Bull Racing’s driving team following a deal struck with crypto exchange Bybit.

The creator of the BAYC, Yuga Labs, acquired Beeple’s browser-based NFT game on Nov. 15. The game allows players to outfit heroes with crafted loadouts and items to complete missions, and Yuga Labs have hinted that it could be merged into their Otherside metaverse ecosystem.

Ethereum core developer departs for AI amid leadership concerns

FTX names Kroll as claims agent, to update users on bankruptcy developments

Claims and noticing agents such as Kroll are often assigned to bankruptcy cases where the number of creditors exceeds a thousand.

Bankrupt crypto exchange FTX has appointed restructuring administration firm Kroll as its agent to track all claims against FTX and ensure interested parties are notified of developments throughout its Chapter 11 bankruptcy case.

Known as the “claims and noticing agent,” Kroll was appointed to the role on Nov. 12 with the news made public on Nov. 17, and aims to compile a database of all claims against FTX Trading and 101 affiliated companies.

At the time of writing, this database lists only eight claims, including one from Singaporean-based blockchain development firm Ethereal Tech for $11.7 million, but will soon be fleshed out as more claims against the group are lodged.

For example, one other case that Kroll has worked on, that of rental car company Hertz, has 62,061 claims against it from its Chapter 11 bankruptcy case.

The eight claims currently included already amount to $40.9 million, though FTX Trading alone is understood to owe customers and investors as much as $8 billion.

Within the filing, the firm has also compiled a list of interested parties it will keep updated on developments, which it acknowledges is incomplete and does not currently include customers.

This list is currently composed of approximately 750 parties who have some kind of interest in the case, with some of the included groups consisting of debtors, banks, landlords, insurance providers, directors, landlords, and regulators.

Some noteworthy names included in the list are National Australia Bank (NAB), Apple, Facebook, JPMorgan, Chainalysis, Wells Fargo, Bank of America, Circle, Stephen Curry, Reddit, and Yuga Labs.

Meanwhile, the number of creditors involved with FTX is thought to be in excess of one million, and corporate securities lawyer Margaret Rosenfeld told Cointelegraph it will take years before any begin to receive any funds back, adding:

“You can’t make creditor distributions until these claims are analyzed. It’s also way too early to speculate on what kind of distribution creditors will get back. Though in mega cases, such as this, full recovery would be unusual.”

Kroll Restructuring Administration is an indirect subsidiary of Kroll LLC, which is one of the world’s largest corporate intelligence companies. Notably, the firm had been employed by Harvey Weinstein on multiple occasions, including when allegations of sexual harassment were brought against him in 2016.

Related: SBF received $1B in personal loans from Alameda: FTX bankruptcy filing

The parent company offers a wide range of services in areas such as environmental, social, and corporate governance (ESG), valuation, compliance, cyber risk, investigations, and corporate finance.

On Nov. 15, regulators in the Bahamas argued that FTX’s new CEO lacks the authority to initiate Chapter 11 proceedings in the United States, with the provisional liquidator overseeing the bankruptcy proceedings of FTX Digital Markets in The Bahamas rejecting the “validity of any purported attempt to place FTX Affiliates in bankruptcy.”

Ethereum core developer departs for AI amid leadership concerns

NFTs still in ‘great demand’ as unique traders rise 18% in Oct: DappRadar

A DappRadar report found that despite a fall in NFT trading volumes and sales counts throughout October, monthly unique traders increased.

October may have seen a decline in nonfungible token (NFT) trading volume and sales, but analytics firm DappRadar says an 18% growth in monthly unique NFT traders shows the market is still in “great demand.”

According to a Nov. 3 report from DappRadar, the number of monthly unique NFT traders in October reached 1.11 million, increasing 18% from September, of approximately 950,000. 

This is despite trading volumes falling 30% to $662 million in October, the lowest registered in 2022, while the sales count decreased by 30% to 6.13 million, the firm said, adding:

“The rise in the unique traders’ count indicates that new people are entering the NFT market, and it is still in great demand.”
Number of monthly unique NFT traders (millions). Source: DappRadar

The month was a busy one for the NFT community.

At least two more NFT marketplaces shift to an optional royalty model, including Solana-based Magic Eden and Ethereum-based LooksRare.

The report also highlighted that Yuga Labs has continued to dominate the NFT market, with seven of the top ten sales for the month coming from CryptoPunk and Bored Ape Yacht Club.

Of these sales, CryptoPunk#924 was the most valuable, selling for a whopping 475 ETH on Oct. 27, which is valued at $731,435 at the time of writing.

Meanwhile, Ethereum’s NFT trading volume continued to decline for the second straight quarter, falling 21% over the last month to $324 million, which represents the lowest volume registered by DappRadar since June 2021.

In brighter news, Polygon’s NFT trading volume has spiked 770% over the last month, driven by the success of the Reddit NFT collections as the main driver behind the surge, according to Dappradar.

Since their launch in July, more than 2.9 million Reddit avatars have been minted which have found their way into more than 2.8 million wallets, with Dune analytics data suggesting October finished with the collection having a sales volume of $10.1 million.

The trading volume seems likely to continue increasing for the layer-2 solution over the next month, with Meta announcing on Nov. 2 that Polygon would be its initial partner for its upcoming NFT tools.

Related: NFTs bridge music communities across genres and blockchain ecosystems

The report also mentioned that Dogecoin had been the best-performing token of the month, closing the month 50% higher than when it began and citing Elon Musk’s Twitter takeover and the announcement of Dogechain’s future roadmap as the drivers.

It also highlighted an increase in the average number of unique active wallets, up 6.84% from the previous month. DappRadar pointed to staking provider Lido being incorporated within Arbitrum and Optimism as well as a partnership between the NEAR Foundation and Google Cloud as the drivers for this increase.

Ethereum core developer departs for AI amid leadership concerns

Yuga Labs Officially Releases IP Rights Tied to Cryptopunks, Meebits NFTs — Galaxy Digital Report Criticizes BAYC License

Yuga Labs Officially Releases IP Rights Tied to Cryptopunks, Meebits NFTs — Galaxy Digital Report Criticizes BAYC LicenseYuga Labs, the company behind the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has officially released the intellectual property (IP) rights tied to the Cryptopunks and Meebits NFTs. The company acquired the IP rights to the NFT collections in mid-March 2022, and owners can use their NFTs for commercial or personal purposes. Yuga […]

Ethereum core developer departs for AI amid leadership concerns