Category: News

As much as NFTs are often used to turn a profit, they are also used for worthy causes such as fundraising and sponsorship. In the case of the latter, one of the most popular examples this year was Nemus, a company that tried to leverage NFTs to save the Amazon rainforest. 

As reported back in March, the company allowed people to ‘buy’ parcels of land in the Amazon rainforest as NFTs and sponsor the conservation of said land. Ownership was not transferred to the buyers and was simply a symbolic way to raise funds. 

Now, the company is being probed by prosecutors in Brazil, who have demanded the company provide proof of ownership of the land in question within 15 days. 

Legal Trouble?

So, what brought about the probing in the first place? Well, according to an official document, the land, called Pauini,  actually belongs to the Apurinã people, who are indigenous to the region. As per the release, the company had coerced the people of the region to endorse legal documents that they did not understand. 

“People from the company delivered a sign to the villages, written in English, and asked the indigenous people, who can barely read, to sign documents without clarifying the content or providing a copy,” the official release says.

This, apparently, is not only shady but in violation of Convention no. 169 of the International Labour Organisation (ILO). This convention offers protection to the people of the Seruini River region and Pauini. As per the release, when the Apurinã people were first approached, the company claimed that they wanted to explore the chestnut groves in the area but failed to offer any further clarification. 

And while the company’s website claims that it uses all its funds for the conservation of the land, the Apurinã people were not informed of this. As Federal Prosecutor Fernando Merloto Soave explained to the Thomson Reuters Foundation, the government is trying to determine the current ownership status of the land but added that if it has been deemed as indigenous land by the government, its ownership does not matter.

Nemus, on its part, has released a statement saying that it got due permission from the indigenous affairs agency to operate in the area and that none of its operations is taking place on indigenous land. 

Now, all that is left is for the proof of ownership to be provided so that the case can be resolved.

Trouble in the Amazon?

When it was first announced, Nemus’ project was one of the most creative uses of NFTs for charitable work. But this recent development shows an unfortunate issue with NFTs that are tied to physical items; potential ownership disputes regarding the item. 

Just like with the ongoing Nike lawsuit with a reseller, there is sometimes controversy regarding whether the NFT seller has the right to ‘sell’ the physical item the assets are attached to. Regardless of how this case turns out, it is certainly one for the books.

Certain things come to mind when we think of Tiffany & Co. For some, it’s expensive jewellery in their signature blue boxes. For others, it’s the Audrey Hepburn film. But for most of us, the name Tiffany & Co. does not conjure up images of NFTs and web3,

But the company might just be on its way to changing that with its latest announcement. On July 31, 2022, Tiffany & Co. announced a new NFT venture that is exclusive to holders of assets from the CryptoPunks collection. Launching on August 5, 2022, the new venture will see NFTs being converted to custom pendants.

NFT Pendants 

According to the official Tiffany site, the new NFTs, called NFTiff passes, will be 250 in total and will be limited to 3 assets per customer. They will only be available to buy through the Tiffany website and those who do buy them will get specific perks. 

These perks will include a custom pendant that is inspired by their CryptoPunks NFT and special artwork. The pendant will be designed by Tiffany & Co. artisans and will take into account the different attributes that each NFT has, such as its colours. Depending on which NFT a CryptoPunks holder buys, each piece will use at least 30 gemstones in the creation of the final product. 

Also depending on the NFT’s palette, its base will either be gold or rose gold and will feature gemstones and/or diamonds. As per the Tiffany site, the NFTs will cost 30 ETH each and customers will receive renderings of their pendants in October 2022, with the final product being shipped out in early 2023. 

“Depending on which CryptoPunk owners purchase pendants, each piece will use at least 30 gemstones and/or diamonds to create the custom designs with the highest fidelity to the original NFT art. Examples of gemstones include but are not limited to Sapphires, Amethyst, and Spinel,” the site says.

While the public will have to wait a while to both buy the NFTs and see their finished product,  Tiffany & Co vice president Alexandre Arnault gave a glimpse of his own pendant, based on  CryptoPunk #3167.

“When punks go wild at @TiffanyAndCo. #3167 Rose gold and enamel Cryptopunk. 

Sapphire and Mozambique baguette Ruby glasses, yellow diamond round earring. LFG!” his tweet said, along with two pictures of his pendants. 

Currently, the NFTIffs site is counting down to the launch date. 

NFT Status Symbols

We talk a lot about how NFTs have become a modern status symbol, especially NFTs from top collections like CryptoPunks. But this new venture from Tiffany & Co. takes this a step further by allowing NFT owners to show off their status the same way that owners of ‘traditional’ status symbols do.

After all, you can’t show your NFT wallet to everyone who passes you on the street but having a Tiffany & Co. pendant (which is a status symbol in itself) based on an exclusive NFT collection means that digital status can be shown more easily in the material world.

As any modern Madonna fan will tell you, the singer is quite the lover of NFTs. Not only did she pay over half a million dollars for a Bored Ape NFT but she also released her own collection which was done in collaboration with the artist Beeple. 

But despite all of these, the singer still has some NFT-releated goals yet to be achieved. More specifically, Madonna has said in a new interview with Variety that she is determined to get her hands on the Bored Ape NFT #3756.

Madonna and the Bored Ape

So, what is so special about this Bored Ape, in particular? Well, according to Madonna, she loves the ape’s fur, multicoloured teeth and ‘S&M’ jacket and also heard that it was inspired by her. 

“I was hellbent on getting an Ape and really specific about what I wanted: the Ape with a leather motorcycle cap on and multicolored teeth. I was told that it was inspired by me, and modeled after me, and it was bought by a woman who’s a fan of mine. She was gonna sell it to me, but it was way too expensive,” she said in the interview.

Currently, the Bored Ape NFT #3756 is listed for roughly $1.3 million on Opensea, making it one of the pricier assets from the collection and almost three times the price Madonna paid for her current one. The current one is Bored Ape #4988 which she acquired through the help of Moonpay earlier this year. 

In terms of appearance, Bored Ape #4988 and  #3756 are not too far off, with both having an S&M hat and multicoloured fur. But the one Madonna holds is not quite as rare and does not have multicoloured teeth. Still, Madonna has continued to show appreciation for NFTs and the Bored Ape collection in general. 

As for whether or not #3756 was actually inspired by Madonna, a rep for Yuga Labs said, in a statement to Decrypt, “The Yuga Labs team loves it when people see themselves in certain apes. The S&M hat is one of the founders’ favorite characteristics in the collection, they love anything punk rock. Madonna helped popularize that style, which the founders are a fan of.” 

Needless to say, this love affair between Madonna and NFTs is not going anywhere anytime soon.

NFTs: The New Celebrity Favorite

For decades, popular celebrities have been tastemakers in society and this often involves the things they choose to invest in and collect. Some celebrities, for example, are known to collect artwork by specific artists and this boosts not only their public profile but the value of such pieces as well. 

As we’ve seen with Madonna, NFTs seem to be on their way to becoming this next class of collectables. This means that not only will they be seen more favourably by the public as a whole but that the value of individual NFTs and collections will go up as well.

A new film recently debuted on Amazon Prime video. Titled Prizefighter: The Life of Jem Belcher, the movie is based on the life of the legendary English bare-knuckle boxer and stars Hollywood big weight, Russell Crowe. On the surface, it is no different from many Hollywood titles that come out each year, whether in theatres, on streaming services, or both. 

But this film’s production has a twist that you might not see in your typical Hollywood film; it was partially funded by NFTs. Even as NFTs swiftly make their way into the entertainment arena, we are seeing more of them being used for funding. 

NFT-Funded Efforts 

While many who watch the film upon its release might not know about its innovative funding strategy, the team behind it has been open about its NFT roots. Speaking on The Crypto Mile podcast, James Mackie and Matt Hookings, who starred in and wrote the film respectively, touched on the use of NFTs for funding. 

According to Mackie, funding for the movie was gotten by auctioning props and memorabilia from the movie as NFTs through the site Moviecoin.com. The NFTs, once sold, had their funds converted from Ethereum to fiat currency and this was used to offset production costs.

“Unbelievably, when we put them up on an NFT marketplace, on the first day, one of them sold for $5,000. So, we were able to convert that money, at the time, from Ethereum into a fiat currency and give that to Matt to help fund the movie,” he said during the podcast appearance. 

Even though the film is now out, 18 NFTs are still listed on Opensea and offer memorabilia from the film such as boxing gloves. Along with the props, those who buy the NFTs are also entitled to ​​a 0.016% total profit share from the film. 

This is yet another example of NFTs being used to disburse profit from creative endeavours. The Chainsmokers, for example, sold NFTs of their most recent album that entitled their holders to a percentage of the royalties. 

Given all the creative output that comes out of Hollywood and the complexities of royalties and profit-sharing, this new application of NFTs could catch on very well over time. It also benefits the everyday person as they can invest in a high-profile movie project for much less than it would typically cost, thus removing a major barrier to entry. 

Invest in the Big Screen

What does a world where everyday people can invest in movie projects via NFTs look like? For starters, it means more transparent crowdfunding of worthwhile projects that might have otherwise been overlooked. 
It also means that audiences will be able to engage more intimately with the projects they support. As with the previous Kevin Smith release that saw NFT holders dictate the plot of its sequel, audiences will be put in the front seat of the creative process and will have more of an impact on what they see on their screens.

Miami…a city of nightlife, beaches, vacation properties, and….NFTs? These days, we’re seeing more use of NFTs by major institutions, whether they be private companies or sporting leagues. But one thing that is perhaps less common is NFTs being used by entire cities. A few months ago, the city of Cannes in France set the scene by raising thousands of dollars through the sale of its landmarks as NFTs.

Now, Miami, Florida has seemingly followed in this example by announcing its own collection of NFTs. This new collection, as per reports, is being made in conjunction with TIME, Mastercard, and Salesforce. 

NFTs Come to Miami 

The plans for the incoming NFTs were revealed by the city’s Mayor Francis X. Suarez in a press release. As per the release, the goal of the collection is to drive revenue to local businesses and non-profits in the Miami area.

As such, the collection will comprise 5,000 NFTs that will be designed by 56 local artists, representing the city’s 56 square mile area. Those who buy the NFTs will enjoy a number of benefits which are being delivered through Mastercard’s Priceless Miami program. These will include events at local restaurants and tours of cultural centres in the city. 

TIME will be responsible for developing and launching the initiative while Mastercard will be providing the experiences attached to the NFTs. Salesforce, on the other hand, will be handling the minting and selling of NFTs through NFT Cloud, a closed pilot program designed to help businesses deliver experiences through NFTs. 

This is yet another example of all three companies embracing NFTs. TIME famously has launched its own limited-edition NFTs in the past while Mastercard announced a new partnership to enable the purchase of NFTs back in June. Salesforce, on its part, has previously announced its own NFT cloud and clearly through this partnership with the city, these companies are fast expanding on their NFT endeavours. 

On the city’s part, this serves as an opportunity to benefit its citizens while embracing new technology. 

 “I am thrilled to be partnering with TIME, Mastercard and Salesforce on this initiative. The City of Miami has been on the vanguard of the web3 revolution and we will continue to employ these new technologies to support our existing businesses while attracting new ones, raise capital and provide experiences for our citizens and those visiting this great City. At the same time, we can also use this novel approach to support local artists and charities.,” says Mayor Francis X. Suarez.

The NFTs are to be launched in December 2022 and will be linked to the Ethereum blockchain. 

Coming to a City Near You

There is so much that NFTs can do and it seems that cities around the world are taking notice. First Cannes and now Miami. Who knows? We might see many more cities around the world launch NFT collections with perks that will not only benefit their citizens but drive adoption as well.

Last week, the NFT space was rocked by Minecraft’s decision to ban NFTs from its servers. The gaming platform is one of the biggest in its industry and the official announcement, put forward by its parent company, dealt a severe blow to NFTs being used in the gaming world. 

Now, NFT Worlds, a top metaverse platform, has responded to this ban, recommitting itself to supporting its users. In a new statement, the platform makes it clear that it will fight to keep providing Minecraft-style features to its players, even if it has to make its own Minecraft game.

How NFT Worlds is Moving on

NFT Worlds, as per its website, supports custom Minecraft servers and allows users to leverage NFTs while using them. This could be trading custom assets like skins, earning tokens for completing tasks, and so on. Needless to say, their business model was the exact type addressed by Mojang, the company behind Minecraft, and affected by the ban.

The reason that the company gave for disavowing NFTs is that their speculative nature takes away from the gaming experience and their statement also cited inflated prices of some NFTs. But NFT Worlds isn’t backing down and has put out a statement of their own.

“Microsoft, Mojang and Minecraft have signaled they have no regard for creators, builders and players if at any moment a new idea or vision conflicts with any internal politics or opinions of their power holding minority; regardless of their public facing ideals. This is not the first time Microsoft and Minecraft has enforced a new crippling policy or agenda based rule enforcements on creators within the Minecraft ecosystem, and certainly won’t be the last,” the statement said.

NFT Worlds also announced that it will be creating its own gaming platform that will build on some of the core mechanics of Minecraft. This will, it clarified, not simply be a rewrite of some open source Minecraft clone but will be a new project in itself. Of course, this new game will support independent creators and NFTs.

The game, which will be free to play, does not yet have a release date and taking on a mammoth like Minecraft will no doubt, be a tricky affair. 

The NFT Debate in Gaming

Not only is this incident an example of a bigger enterprise being taken on by a smaller one but also speaks to the ongoing culture wars within the gaming sector. 

There are gamers who love NFTs and want to see more of them in their favourite offerings like Minecraft. Then there are gamers who would rather NFTs be a thing of the past and applauded Minecraft’s decision. Now, the question remains of whether or not NFT lovers are willing to migrate to a whole new platform to enjoy these assets.

Clearly, they won’t be using NFTs on the main Minecraft server and while NFT Worlds’ incoming game can give them the access they need, whether they are dedicated enough is yet to be seen.

The art world and the NFT space have been closely entangled for a few years now, with many artists making a living selling their works as NFTs. From the well-established ones to newbies, artists around the world have created NFTs, whether representing physical artwork or as the art itself. 

But now, renowned artist Damien Hirst is taking this to a new level by having his fans choose between physical art and NFTs. As part of an ongoing project called ‘The Currency’, Hirst will be burning thousands of his own previous artwork pieces. 

The Currency 

Back in 2016, Hirst released a collection of 10,000 NFTs for sale, with each of these NFTs representing a corresponding oil painting. Now, Hirst will be burning many of the physical paintings unless they are claimed by their owners. Those who bought the NFTs have been given the option to trade them in for their physical counterpart or keep them.

This will all begin on September 9, 2022, and will see paintings being burned at Hirst’s private museum, the Newport Street Gallery, for a week straight. At the Frieze Week in October 2022, all the remaining paintings will also be burned. 

According to a recent CNN report, 4,751 buyers had made the choice to retrieve the physical artwork while others chose to keep the NFTs. For the latter, their corresponding artworks will be part of those that will be burned by the artist. 

As for the reason why Hirst is burning these works in the first place, ‘The Currency’ has been publicized as some sort of subversive performance art. As many of us know, digital assets are burned all the time to retrieve physical goods but rarely the other way around. In that way, Hirst is subverting expectations while also making commentary on the financial system.

“This project explores the boundaries of art and currency — when art changes and becomes a currency, and when currency becomes art. It’s not a coincidence that governments use art on coins and notes. They do this to help us believe in money. Without art, it’s hard for us to believe in anything,” Hirst says, adding that his project touches on the idea of art as a currency and a store of wealth. 

More details will be released as the dates for the art burnings draw near. 

NFTs and Social Commentary 

Art has always been used as a source of social commentary and as NFTs are being used more in art, they too are becoming a form of social commentary. Hirst’s ‘The Currency’ project is perhaps one of the most interesting uses of NFTs in art in recent times, especially given its take on the concept of ‘burning’. 

It might go on to spark a trend and art buyers might find themselves having to choose between an NFT or a physical artwork. Either way, NFTs’ presence in the art world seems to be on steady ground from both a financial and creative standpoint.

Those who are into digital assets have likely already heard of Ledger. The company is known for its crypto hardware wallets and has been a mainstay in the industry for years, having released products like the Ledger Nano X. 

Now, Ledger is conquering yet another aspect of the blockchain sector; NFTs. Just this week, the wallet maker launched [LEDGER] Market, its own NFT marketplace. Within just 24 hours, the marketplace secured a trading volume of 1,637 ETH, which surpasses that of even the top NFT marketplace in the world, OpenSea.

Details About the Marketplace 

When the announcement was made about the then-incoming NFT marketplace, it was understood that it would be designed to cater to fashion brands, luxury companies, and so on. Case in point, [LEDGER] Market has already teamed up with companies like Nike and Tag Heuer to launch exclusive assets. 

While this trading volume was impressive, it all came from the sale of its 10,000 Genesis passes. These passes give their holders access to future drops, which made them high in demand considering the companies the marketplace has partnered with. Holders will also be given a limited edition Ledger Black-on-Black Nano X, which can store both cryptos and NFTs.

Those who wanted one of these passes had to sign up for a pre-mint raffle and winners were chosen at random, with the passes being sold for 0.56 ETH a piece. 

One of the most impressive parts of this marketplace is the security measures that Ledger had put in place to protect its users. Most notably, the platform uses a ‘clear signing’ mechanism that allows users to see all the details of a transaction before authorizing it. The result of this is that users are less likely to fall for phishing schemes, which are, unfortunately, fairly common in the industry. 

“We have launched the world’s first secure-mint, because people shouldn’t have to do it any other way,” says Ian Rogers,  Ledger’s Chief Experience Officer. 

This is a rather impressive feat on Ledger’s part. Not only is the company launching a platform with so many high-profile partners but is also on track to change how we use NFTs as a whole. Asset security is one of the most pressing issues in the NFT space and with this new secure mint feature, we can see more companies in the space following this lead. 

NFT Buyers Spoiled For Choice 

If there is anything NFT lovers are getting a lot of these days, it’s endless options for buying, selling, and using their NFTs.  [LEDGER] Market represents yet another platform where they can access exclusive NFTs and along with the others that have launched recently, they are not limited to any single marketplace.

They are also seeing their pain points being addressed more often these days. For years now, phishing schemes and hacks have been commonplace in the industry but with the secure-mint that  [LEDGER] Market is offering, they could very well become a thing of the past.

Earlier this year, it was announced that the estate of late rapper Christopher ‘The Notorious BIG’ Wallace would be launching a metaverse project that would leverage his image and likeness. Titled ‘The Brook’, the project would allow fans to get a personal experience with a digitized version of the rapper through NFTs

Now, another NFT-focused project featuring the Notorious BIG has been released and this time, offering fans some say in the licensing of his estate. This new collection is called ‘ Sky’s the Limit’ and sold out in a record 10 minutes after it was launched.

Details About the Collection

This new NFT collection was created through a collaboration between the Notorious BIG estate and an NFT company called OneOf. The collection consisted of 3,000 AI-generated assets that went live on July 26, 2022. 

Fans who had pre-registered got priority when it came to buying the assets before the general public. But what exactly were they paying for? A digital rendering of the rapper? New merchandise? Believe it or not, the main attraction of this NFT collection was licensing rights. 

You see, anyone who holds an NFT from this collection becomes a member of the Sky’s The Limit Collective. This collective will  have some voting rights in the licensing of the unreleased Notorious BIG track “Fulton Street Freestyle.” 

The freestyle was recorded when the rapper was 17 on the streets of Brooklyn. It has gone viral online in the past and naturally, there will be offers to license it commercially. Now, the decision of who gets to license it and might even get a cut of the royalties. 

“This is a chance to give fans a piece of his legacy instead of just pushing the legacy on them. It’s what makes web3 great — you can participate instead of just purchasing what somebody’s selling,” says Wayne Barrow, the manager of Wallace’s estate. 

The use of NFTs to distribute licensing and royalty rights is not necessarily new. Pop duo the Chainsomers, for example, sold NFTs of their latest album which represents a portion of the royalties from the release. A platform has even popped up to allow people to license out the image and likeness of their NFTs to others for a fee.

We are seeing many more NFTs being used in this way and it will be interesting to see where this trend goes. 

Life After Death

After famous artists die, there is usually some effort made by their loved ones and fans to immortalize them and continue their legacy. And few artists have had quite as lasting of a legacy as the Notorious BIG, whether in life or death. 

Now, NFTs offer a unique way for his fans to connect to him and have some say in the trajectory of his legacy. Through this new collection, a new use case of NFTs in music has been unlocked and who knows? We might see similar collections launch for other deceased icons soon.

No one can deny that NFTs as a concept are controversial. Many people consider them to be scams and the debate is always being had about whether or not they are valuable investments or worthless digital items to not be taken seriously. 

Then there is the controversy that arises from specific NFTs and what they represent. Take for instance the newly-launched Gamestop marketplace that has taken down a controversial NFT. The asset in question was controversial because it made reference to the 9/11 tragedy and made headlines for being insensitive towards its victims and survivors. 

The Controversial NFT 

The NFT that was removed was called ‘Falling Man’ and was created by a user who goes by Jules. Its title is a reference to the famous image of a man falling from one of the twin towers during the tragedy. The NFT was uploaded to the platform shortly after its launch and featured the image of a falling astronaut with a caption that read ‘This one probably fell from the MIR station’. 

Naturally, this NFT caused an uproar both within and outside of the Gamestop marketplace, with critics calling it insensitive and exploitative. Despite the obviously touchy subject of the NFT, it was successfully sold several times. The first sale took place on July 12, 2022, and over time, resales began bringing in hundreds of dollars, with the last two NFTs in the collections seeing bids of over $7,000. 

But eventually, the controversy could not be ignored and as of now, the page for the ‘Falling Man’ has been removed from the site and while the creator’s other works are still live, there is nothing that makes reference to 9/11. Considering how new the Gamestop marketplace is, as well as the corporate issues leading up to its launch, having such a controversial piece listed does not do it any favours. 

Over the last few months, in particular, there has been a lot more responsibility placed on NFT marketplaces to moderate the assets listed on them to some degree. With a landmark case finding an NFT marketplace liable for damages to an artist whose stolen work was listed on its platform, more and more of them are being cautious. 

And in the case of the 9/11 NFT, the marketplace was not only protecting itself from backlash but ensuring some sensitivity to those affected by the tragedy. 

NFT Scandals 

This is not the first NFT that has caused controversy because of its subject matter and it will not be the last. We’ve seen NFTs of peoples’ souls being sold and even assets that allude to slavery in past make the news. These all show that NFTs are art mediums and like all art mediums, there is bound to be controversy. 

All that is left is for NFT lovers to call out offensive NFTs when they are found and for NFT marketplaces to make sure that they do not inadvertently facilitate the sale of offensive assets.