CoinMarketCap and Nansen look at the most exciting events in the NFT space — from Seth Green paying $300K for his stolen BAYC #8398, to Netflix's 'Stranger Things' NFT plans facing backlash.
While most people will simply write off a stolen NFT, Seth Green has proven that his Bored Ape is worth hundreds of thousands. The Family Guy actor spent nearly $300k to repurchase a stolen Bored Ape. And speaking of NFT frauds and phishing attacks, leading NFT marketplace OpenSea is rolling out new security features to prevent NFT scams.
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NFT Market Sees Relief After Drop Earlier This Week
Meanwhile, overall trading volume of the market still remains low, hovering at levels similar to that of November - December last year. Interestingly, weekly buying activity has held up well despite the drop in volume.
While daily buying activity is volatile and varies quite substantially day to day, it’s still on a general uptrend. We see rapid recoveries from any lows made and first-time buyer activity is reflecting a similar trend.
Opensea Wants To Tackle NFT Scams, Rolls Out New Security Features
Given the lack of regulatory clarity and anonymous nature of the NFT market, the space is often plagued with scams. OpenSea is rising up to this challenge in a bid to reduce the level of malicious activity happening on its platform.
The company is rolling out a new feature that will automatically hide suspicious NFT transactions from the view of its general marketplace. Consequently, users will only be able to see legitimate transactions on OpenSea.
OpenSea argues that concealing suspicious NFT transactions will address key concerns around trust and safety on its platform. The company will also be making substantial investments in areas like IP infringement, theft prevention, and review and moderation.
NFTPort Raises $26 Million in Series A
The NFT and broader crypto market may be currently down but this has not stopped investors from splashing millions on crypto startups. NFTPort, a startup that provides NFT infrastructure for developers, has raised $26 million from a number of investors in a Series A round.
Other participants in the round include Protocol Labs, IDEO CoLab Ventures, Polygon co-founder Jaynti Kanani, Polkadot co-founder Jutta Steiner, Checkout.com CTO Ott Kaukver, and former Coinbase CTO Balaji Srinivasan,
Based in Estonia, NFTPort provides developers with the tools needed to deploy NFT-based applications. "Our infrastructure enables developers and companies to bring to market their NFT applications in hours or days, instead of months and thus save hundreds of thousands of dollars," said Tammekand.
The fresh capital will be used to scale infrastructure, integrate more blockchains, and expand its current team of 18 people to over 50 persons over the next 12 months. The firm is also planning to build a decentralized NFT infrastructure protocol.
Seth Green Spends $300K To Recover Stolen Bored Ape
His Bored Ape #8398, a character that was set to star in an upcoming TV show, was not just stolen but was quickly sold to an NFT collector for around $200,000.
“Not true since the art was stolen. A buyer who purchased stolen art with real money and refuses to return it is not legally entitled to exploitation usage of the underlying IP. It’ll go to court, but I’d prefer to meet @DarkWing84 before that.”
Mastercard Onboards More NFT Platforms To Simplify NFT Purchases
Despite the current market turmoil fueled by the general crypto market crash, the NFT space has enjoyed significant patronage. Combined, the new marketplaces that Mastercard is onboarding “generated more than $25 billion in sales in 2021—from art to sports to video games to collectibles to metaverse platforms.”
“We’re working with these companies to allow people to use their Mastercard cards for NFTs purchases, whether that’s on one of these companies’ NFT marketplaces or using their crypto services,” said Raj Dhamodharan, Executive Vice President of Digital Asset Blockchain Products & Partnerships at Mastercard.
Although the decision to enable NFT card purchases will undoubtedly simplify the process of buying a digital collectible, it is unclear if it will attract new players to the industry. Dhamodharan, however, argues that the change “could have a big impact on the NFT ecosystem,” given that 2.9 billion Mastercards have been issued worldwide.
To support its argument, Mastercard cited its recent survey of over 35,000 persons in 40 countries. As much as 45% of the respondents had already bought an NFT or had plans of purchasing one. Meanwhile, nearly 50% of the study group spoke in favor of flexible payment options when it comes to buying NFTs.
Pussy Riot Takes Protest To Texas State Capitol, Mints Commemorative NFT
Over the past week, the group of exiled Russian activists along with members of Unicorn DAO and Lakota Indigenous group Ikiya Collective stormed the Texas State Capitol to protest the state’s restrictive abortion policies. The moment was minted as an NFT.
A video posted by the group showed participants walking into the Capitol building, clad in masks and green bandanas with prints of the group’s name. They briefly spoke with a female member of the Texas State police before proceeding to lower a 45-foot banner reading “MATRIARCHY NOW!” from the third floor of the building.
“We believe that every person with a womb has a fucking right to decide what they want to do with their own body,” one member of the group said.
“Texas is a battleground state for reproductive rights, and what happens here is watched closely by the rest of us,” Pussy Riot co-founder Nadya Tolokonnikova told reporters.
As per announcements, a video of the event will be minted as an NFT and auctioned using PartyBid. Proceeds for the auction will be used to fight for reproductive rights.
Mattel To Release ‘Cryptoys’ NFTs, Taps on Flow Blockchain
Months after auctioning three exclusive NFTs for a Barbie collaboration with the luxury fashion brand Balmain, Mattel is back with another NFT play. The global toymaker is partnering with Web3 company OnChain Studios to bring its “iconic IP” to the metaverse.
Along with the NFT platform “Cryptoys,” Mattel will debut “interactive” animal avatars that can be accessorized with other NFTs like glasses, hats, and shows. In essence, the collectibles will be customizable on the blockchain.
Through the partnership, some of the famed toymaker’s most beloved intellectual properties like Hot Wheels, Thomas the Tank Engine, American Girl, Barbie, Polly Pocket, and Masters of the Universe, will be transformed into playable avatars on Cryptoys.
The said avatars will be sold as NFTs and usable in Cryptoys’ “metaverse.” As per reports the characters will grow and adapt with time, similar to the early 2000s Neopet. However, Mattel’s Cryptoys’ NFTs will officially start out with an age restriction on those below 18 years. Further down the line, the platform will reportedly offer parent-controlled wallets for younger individuals.
Netflix’s NFT Plans For ‘Stranger Things’ Series Face Backlash
NFTs may be the hottest kid on the block but that’s no guarantee that everyone wants them. Netflix’s attempt to include elements of NFTs in some of its popular TV series has been met by mixed reactions.
In April, the streaming service teased an NFT partnership with Candy Digital that will include hidden messages in the Season 4 trailer of its original hit show, “Stranger Things.” Following the deal, Candy Digital recently released another minigame for the show where players will earn NFTs of the stars of the show by solving riddles.
“I deeply love Stranger Things, but I’m profoundly disappointed that Netflix decided it’d be a good idea to run an NFT grift on its fans,” another fan wrote. “I’m not going anywhere near this trash.”
“I am once again asking Netflix to STOP making NFTs of my favorite shows. I can’t handle the grief.”