Tag: NFT

British MPs urge action on NFT copyright infringement, crypto fan tokens

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A bipartisan parliamentary committee has urged the government of the United Kingdom to protect creators from copyright infringement associated with nonfungible tokens (NFTs) and address potential harms from sporting groups issuing digital assets. In an Oct. 11 press release, Culture, Media and Sport Committee members warned the “most pressing issue” was the risk to artists’ intellectual property rights arising from the ease and speed at which NFTs can be minted, compared with the slow process for artists looking to enforce their rights. “Artists are at risk of seeing the fruits…

Mysterious $1.6 Million CrypToadz NFT Purchase Leaves NFT Community Puzzled

The reason for the surprise was that the average sale price for CrypToadz is typically under $1,000, making the sudden hundredfold increase in value in a short period of time seem questionable to experts. On October 9th, an anonymous crypto user bought a CrypToadz NFT on the popular NFT marketplace OpenSea for a shocking price of 1,055 Wrapped Ethereum (wETH), equivalent to around $1.6 million. This expensive purchase of a single non-fungible token representing one of over 6,000 illustrated amphibians raised eyebrows within the NFT community. The Surprising Price for…

Mistake or money laundering? User pays $1.6 million for CrypToadz NFT

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One of the CrypToadz nonfungible tokens (NFTs), whose average price doesn’t exceed $1,000, was bought for an astonishing 1,055 Wrapped Ethereum (wETH), an equivalent of $1.6 million. The deal occurred on the OpenSea market on Oct. 9. The NFT represents “a small, warty, amphibious creature,” one of the 6,969 units minted by the pseudonymous digital artist Gremplin. The CrypToadz collection was launched during the NFT boom of 2021 and surpassed a trading volume of 12,000 Ether (ETH) ($38 million) during its first 10 days on the market. The purchasing wallet…

Chinese government-owned newspaper to launch NFT platform

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China Daily, an English-language newspaper owned by the Publicity Department of the Chinese Communist Party, wants to create its very own metaverse and nonfungible tokens (NFTs) platform. According to a recent announcement, China Daily is awarding 2.813 million Yuan ($390,000) to a third-party contractor that can design the NFT platform within its budget specifications. The contractor can be “either a Chinese or foreign” firm specializing in blockchain, China Daily wrote. In addition, the mainnet of the blockchain firm that wins the contract must be capable of handling upwards of 10,000…

Astrology NFT project ‘Lucky Star Currency’ rugged for over $1m

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The astrology-themed NFT project Lucky Star Currency (LSC) has performed an exit scam for over $1 million, according to an October 9 report from blockchain security firm Certik. The project’s deployer account called the ‘withdrawToken’ function on both the NFTMerge and AdwardCenter contracts, removing over $1 million in LSC from them. These tokens were then swapped for Binance USD (BUSD) stablecoin and sent to another account. #CertiKSkynetAlert We can confirm an exit scam on @AstrAstrol75591 LSC token Bsc: 0x2b3559c3DBdB294cbb71f2B30a693F4C6be6132d EOA 0x9Ef withdrew LSC tokens from the AwardCenter contract. Tokens were then…

Yuga cuts staff, NFT trading volume on Mythos Chain surges and more…

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Cutbacks at Yuga Labs Bored Ape Yacht Club creator Yuga Labs has announced a restructuring that has seen several roles “eliminated across the company.” The exact number of layoffs hasn’t been specified, however, in an Oct. 6 blog post shared via X ( formerly Twitter), Yuga Labs CEO Daniel Alegre suggested the firm had taken on too many projects that were ultimately distracting it from its “core priorities.” Yuga Labs is announcing a restructuring that will better focus our team on our core priorities. While certain roles have been impacted,…

Pioneering generative artist propelled by personal tragedy — Matt Kane, NFT Creator  – Cointelegraph Magazine

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If there’s ever been an artist suited for the digital renaissance of putting art on the blockchain, it would be Matt Kane — a traditional artist who transitioned into digital art by writing his own software and pushing boundaries impossible in the physical art world.  Kane is most known for his collection “Gazers,” which launched in December 2021 and is considered by many to be an OG among generative artists. He recently released his collection Anons, which is centered around understanding identity through art and immortalizing true anons from yesteryear.…

PayPal applies for NFT marketplace patent, Meta’s avatars impress: Nifty Newsletter

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In this week’s newsletter, read about how a nonfungible token (NFT) artist raised money to support a cancer charity and why payments platform PayPal has filed a patent application for an NFT marketplace. Check out Meta’s new photorealistic metaverse avatars and, in other news, learn why Neal Stephenson’s metaverse blockchain project remains optimistic despite waning interest. NFT artist raises $140,000 for cancer support charity NFT artist Trevor Jones donated almost $140,000 to Maggie’s Edinburgh — an organization dedicated to cancer treatments — after raising funds from a Web3 event in…

NFT Project Pudgy Penguins Sees 241% Surge in Trading Volume after Walmart Integration

Being the largest US retailer, Walmart will boost the popularity of Pudgy Penguins by offering a variety of 16 Pudgy Toys, priced from $2.99 to $11.97. The weekly trading volume of the prominent NFT project, Pudgy Penguins, experienced a significant surge after its collaboration with the retail giant Walmart. Between September 24 and October 1, Pudgy Penguins recorded a trading volume of $3.32 million, marking a remarkable 241% increase compared to the previous week. This weekly volume represents the highest figure for Pudgy Penguins since July of this year. On…