Category: News

These days, the term ‘broke the internet’ is quite popular and usually refers to an incident that gained widespread attention online. Think the COVID-19 outbreak, the 2020 U.S elections, or a Beyonce album release. It is one of those moments that even those outside of the subculture it affects hears about. 

With that in mind, it could be said that the Otherside NFT mint from a few months ago broke the crypto internet. The rush to buy the NFTs, called Otherdeeds, was so intense that people paid tens of thousands of dollars in minting fees alone. 

Now, Otherside, the metaverse that the NFTs granted access to, has been launched to similar fanfare. 

Welcome to the Otherside

Officially unveiled on July 16, 2022, Otherside is the official metaverse of Yuga Labs, the company behind the Bored Ape Yacht Club NFT Collection. The first trip into the Otherside metaverse was open to its NFT holders only and saw them being guided into the landscape by a digital ape.

In total, 4,500 people participated in the demo and were referred to as voyagers. Once inside the metaverse, they were allowed to test out the capabilities of their avatars and interact with the metaverse itself. 

Yuga Labs has made it clear that several demo trips will be taken in these initial stages and these are meant to get feedback from its community. 

“Today’s tech demo has ended. Thank you to all the Voyagers who participated: we’ll tweet here when your credit is ready later today. If you’re already hungry for more Otherside, we’ve released a litepaper: https://otherside.xyz/litepaper. See [thread] for more,” the official Otherside Twitter account said following the demo, noting that the litepaper will be changed over time as more feedback is collated from its users. 

In the paper itself, it is stated that Otherside will unravel in three phases, though information was posted only about the first phase. According to the paper, this first phase will mark the beginning of Otherside’s development and this will be done with input from the voyagers. 

At the centre of phase one is the ‘Voyager’s Journey’ – an 11-part storyline surrounding a mysterious Obelisk that has appeared in the Otherside universe. Users are encouraged to “team up with other Voyagers, develop your own experiences on your slice of the Otherside, and discover and shape what can be harvested, crafted, traded, bought, and sold.”

Otherside Moving Forward 

Despite the commotion regarding the initial Otherdeed sale, the Otherside demo was well-received by users, many of whom praised the graphics and immersive nature of the platform. 

Now, it is left to see how the metaverse takes shape following user and developer feedback. If the future iterations of Otherside are as popular as the first one, it could go on to become one of the biggest metaverses on the planet. After all, it already has the backing of one of the biggest companies in the NFT space, as well as an enthusiastic fanbase.

This last week has been very eventful in the world of British politics. Following many scandals during his time in office, current Prime Minister Boris Johnson officially resigned, sparking a fierce race for a successor. While many politicians threw their hats into the ring to become the next British Prime Minister, the top contenders are fast emerging. 

One of these is Rishi Sunak who is the former Chief Secretary to the Treasury and a noted proponent of NFTs. He notably instructed the U.K’s Royal Mint to create an official state-backed NFT. In the same week that he emerged as a PM frontrunner, the mint also put out a statement reiterating its stance on digital assets.

Sticking to It

When the news of Sunak and the Royal Mint pursuing a state-backed NFT was first made public, it was met with some level of scepticism. Given how controversial NFTs can be on the public stage, this was to be expected. While no official announcement has been made about the cost of the NFTs or their release date, the Royal Mint put out a statement saying that it remains committed to digital assets.

“We are firmly committed to putting the UK at the forefront of crypto-asset technology and innovation by capitalising on the freedoms gained by leaving the European Union,” the statement says. 

This, at least, gives some reassurance that while things might be a bit silent on the project, it has not been scrapped by the Royal Mint. 

“We are continuing to develop our first NFT range.  We will share further details in due course,” the announcement continues. 

Over the last few years, as there has been more focus on digital assets as a whole, the U.K government has made it clear that it wants to establish itself as a hub for digital asset investment. 

This was a sentiment heavily shared by Sunak and now that he is in the race to become Prime Minister, it is once again making headlines. Fans of NFTs in the U.K would have been waiting for the announcement of the NFTs by the mint and some might be rooting for Sunak to become the next Prime Minister for this reason. 

Now, it might just be a matter of time for the Royal Mint to release its own digital assets. 

Sunak for PM?

As most of us know, the regulations that a government puts in place can have a massive effect on any industry. In the case of NFTs, having regulations and the support of the U.K government could go a long way in legitimizing them as assets and offer more benefits to the industry. 

This is why for some, having a candidate that is decidedly pro-NFT as the Prime Minister would be a win for the industry. Even as the race to become the leader of the U.K heats up, it is clear that NFT lovers will be watching.

The topic of NFTs and how they relate to intellectual property rights is an iffy one. There are some NFTs that grant intellectual property rights to their holders, such as the Bored Ape Yacht Club. So far, we’ve seen a restaurant pop up that leverages the image and likeness of the apes and Seth Green is working on an animated series that features one of his Bored Apes. 

But on the other hand, the intellectual property rights of those who create NFTs are still unclear, as can be seen with Nike’s current lawsuit against a reseller. Needless to say, NFTs and IP are complicated. 

However, the United States Patent and Trademark Office and the United States Copyright office have announced an incoming study that will delve into the issue.

The Incoming Study 

If you’ve been keeping up with the blockchain space, you’re likely aware of the growing issue of NFTs and how they affect intellectual property rights. Well, it seems US Senators Patrick Leahy and Thom Tillis thought so as well. The two previously filed a request for NFTs to be looked into by the US government. 

This request has been successful as the two offices will be carrying out the study and will consult with Leahy and Tillis in its initial stages. In the later stages of the study, those who are considered stakeholders and knowledgeable in the NFT space will be consulted as well. 

Among the topics to be explored are the IP challenges that might affect the NFT sector in the future, protection for creators, the transfer of IP rights via NFTs, the application of the Digital Millennium Copyright Act (DMCA) to NFTs, and so on. 

All of these are pressing matters, especially as NFTs are being more widely used. Apart from those who are launching ventures with their own NFTs, the image and likeness of others are being intertwined with new collections, and NFTs are even being commercially licensed to others. 

This will, naturally, cause some complications and we are already seeing lawsuits challenging where the rights of NFT holders start and stop. But if this study is successful, a better understanding can be had by the Trademark and Copyright offices of how NFTs work in relation to IP rights. 

The result of that will be regulations that will protect the creators, buyers, and users of NFTs. 

The Rights of NFTs

This study by the two offices is clearly a step in the right direction for the NFT community. It means, first, that regulators are paying attention to the space and everything happening within it. It also means that we might be getting new regulations soon that will protect the rights of those within the community. 

It is like that in the future, there will be less confusion about what rights NFT holders have and what can be done with NFTs without violating any intellectual property laws. Overall, this should spell fewer lawsuits and a clearer understanding across the NFT world.

Perhaps one of the biggest pitfalls of being involved in the NFT space is the fact that the community is constantly being targeted by hackers looking to steal people’s assets. No one is spared as everyone from celebrities like Seth Green to even the Bored Ape Club have been targeted by these criminals. 

The latest incident comes from DeeKay, a popular NFT artist. This time, it was his Twitter account that was hacked, with a malicious link being posted to his followers. The attack eventually led to the theft of over $150,000 im NFTs. 

Details About the Attack 

The attack was first reported on July 15, 2022, and follows the usual pattern that we’ve come to expect from these types of hackers. DeeKay’s official Twitter handle posted about an NFT airdrop that was only available to the first 1,000 people to sign up. 

The post was accompanied by a video of walking animated characters and was touting the alleged ‘Let’s Walk’ collection. This is not unusual as NFT artists and projects often give free airdrops to their followers and these are usually redeemed by clicking dedicated links. 

But this wasn’t one of those cases. While the link and the accompanying media closely resembled DeeKay’s official site, it was not. Once users clicked on the link, the hackers gained access to their wallets. 

As per current reports, about $150,000 worth of digital assets were stolen from users. Since the incident, DeeKay has reportedly gotten back access to his account and has been going back and forth with users who were affected and trying to find a solution to the issue at hand. 

“For anyone who has been affected by this hacker’s malicious scam, leave a comment below. Let’s work something out,” he tweeted to his over 179,000 followers.

So far, none of the stolen assets has been recovered and it has been suggested that some of them have already been sold. 

The Real Vs the Fake

While this incident is unfortunate, it shows that hackers are not slowing down when it comes to targeting NFT holders. It also shows that while users have been cautioned about clicking on suspicious links, these attacks are looking less suspicious by the day. 

At first glance, there was nothing shady about the link posted to DeeKay’s Twitter account and the fact that it was coming from a verified profile would have also inspired trust in users. So where do NFT buyers go from there?

And when these hacks do happen, what can be done? In Seth Green’s case, he was able to track down the person who inadvertently bought his stolen NFT and paid a small fortune buying it back. But in this case, that would involve tracking several NFTs across different wallets and marketplaces and might not be feasible. 

When it comes to NFT hacks, it seems more measures will need to be put in place to ensure that they don’t happen at all.

Whether or not you’re a fan of skateboarding, chances are that you’ve heard of Tony Hawk. The skateboarder is perhaps the most recognizable name and face of his sport and has been an icon in pop culture for decades. 

But can Hawk take on the metaverse after conquering both the sporting world and pop culture sphere? It seems we’re about to find out as Sandbox, a decentralised gaming company, has announced a new partnership with Hawk. This partnership will see the creation of Tony Hawk LAND, which has been dubbed the largest virtual skate park in the metaverse. 

Get Your Skate On

It seems quite fitting that arguably the most famous skateboarder of all time would be behind the biggest skateboarding park in the metaverse which promises amazing features to its users. Along with the skatepark itself, this partnership will also see contributions from Autograph to launch custom NFTs. 

These NFTs will be based on equipment and boards that have been used by Tony Hawk during his career. This will include the one Hawk used to land the 900 at the X Games back in 1999, which is a top moment in his career. When these NFTs are released, they won’t be used strictly for aesthetic purposes but will be functional within the game itself.

This, naturally, will be very appealing to skateboard fans who have looked up to Hawk for years. The web3 park offers not only the chance to skate digitally but also to get their hands on equipment used by their idol. 

Hawk, on his part, has said that he is excited about what this new partnership will bring to his fans. 

“I have been a fan of new technology all of my life – from the first videogames and home computers with CGI capabilities – so I am fascinated by the metaverse, and excited to bring our culture into the virtual landscape of The Sandbox,” he says. 

This was a sentiment shared by the management of Sandbox. As they put it, this partnership is a chance for fans of Hawk to better connect to his work, especially as we are in the digital age. This means not only the chance to play games but to find community. 

“At Autograph, we strive to build otherwise impossible experiences for communities of fans and this is a step towards our goal of connecting them uniquely and at scale to Tony Hawk and each other,” said Dillon Rosenblatt, the co-founder and CEO at Autograph.

Web3 and Digital Progression 

This announcement from Tony Hawk is more than just another celebrity getting into web3 and the NFT space. It also shows the progression of online gaming and the community as a whole. 

Over his career, Hawk has been known for embracing all things tech, from video games to social media. This is a large part of his longevity among audiences from one generation to the next. The fact that this is his newest venture shows that this is where young audiences are going- towards web3 and NFTs.

It’s no secret that we as people are fascinated with wealth and expensive things. From iconic TV shows like Lifestyles of the Rich and Famous and endless lists of the most expensive bags and cars and whatnot, we certainly love indulging our wealth fascination. 

Well, wealth watchers will be glad to hear that the world’s most expensive bottle of champagne has been sold for $2.5 million. Besides the hefty price tag, the bottle also came with an NFT, signalling just how closely tied the digital assets have become to wealth. 

Raise a Glass

So what is the most expensive champagne ever sold? That title goes to the Magnum 2.5 which was created by Shammi Shinh for Champagne Avenue Foch. The bottle was created with input from the artist Mig, who is known in the NFT space for being a creative force behind collections like the Bored Ape Yacht Club.

The bottle, which was created with the images of five NFT art pieces on it, also came with the digital versions of the NFTs in question. The bottle was purchased by brothers Giovanni and Pierre Buono and according to Shinh, he expects that the bottle will be traded again. 

“Once the buyer has the bottle, they will receive the actual NFTS that are on the bottle as well. Although they are physically printed on the bottle, they will receive the actual NFT artwork,”  Shinh said in an interview with Fortune.

It isn’t unheard of for buyers to pay top dollar for alcohol, as the industry brings in billions of dollars each year. The same goes for NFTs as pieces from collections such as the Bored Ape Club can run for millions. Now, the two have been combined and have gone on to set a record for champagne sales. 

Shinh has explained that a clear market exists for such products-luxury items that leverage NFTs while still giving the buyer a physical product that they can enjoy. 

“To me, I’m thinking people are spending millions of dollars on pictures of apes, why wouldn’t they prefer a high caliber champagne with an ape on the bottle itself?” he says. 

Are NFTs the New Luxury Frontier?

In many ways, NFTs can be thought of as luxury items, especially when you consider the amounts that certain collections can command for a single piece. But as they become even more popular, both among everyday people and the elite alike, could they stand alongside things like Rolls Royces and Chanel bags as the ultimate status symbol?

In the case of the Magnum 2.5, is the $2.5 million being paid for the champagne itself or for the NFTs that are attached? Without it, what would the Magnum 2.5 be worth?

As Shinh himself says, physical representations of the digital assets should be as in-demand and perhaps attaching them to luxury goods could be a way to do this. Likely, as NFTs continue to make headway in the luxury space, their value, whether in physical or digital form, can be defined.

One of the obvious side effects of NFTs becoming more visible in the public sphere is the fact that they are making more appearances in courts. From artists suing NFT marketplaces to debate over the legal rights of NFT holders, they are constantly being tested with regard to their legality. 

Now, we have another landmark case on our hands; a U.K high court has permitted a man to serve lawsuits via NFTs. This ruling could potentially change the way that lawsuits are served and could provide more legal options for those who operate in the digital space.

Details About the Case

The man at the centre of this case is named Fabrizio D’Aloia, and is the founder of Microgame, an online gambling company. The reason that D’Aloia wants to be able to sue people through NFTs is that he was scammed out of money online. 

According to him, he was convinced to deposit  2.1 million USDT and 230,000 USDC respectively into two crypto wallets by a brokerage firm. However, this turned out to all be a scam and now, he wants to sue. The funds have been identified as being held on several exchanges including Binance and Bitkub and D’Aloia has already gotten a court injunction to stop them from being sold. 

This is not dissimilar to the story of many people who use cryptos; they are convinced to put their tokens into a wallet that is not their own for whatever reason and find out they have been scammed. But D’Aloia, thanks to this ruling, can airdrop a lawsuit via NFTs to the two wallets.

As Joanna Bailey, a lawyer who worked on the case said in an interview with Coinbase, this ruling could create more options for people who have been scammed of crypto. This is especially given the fact that many people who operate in the crypto community do so anonymously. After all, how do you sue a person who you don’t really ‘know’ outside of a username and a wallet address? 

“This is so important because it shows the court’s willingness to adapt to new technologies and embrace the blockchain and actually step in to help consumers where previous legislation and regulators simply could not do that,” she says. 

Now that he has been given the go-ahead, it is worth seeing how D’Aloia’s legal case moves forward. 

The Ability to Sue

Needless to say, this ruling by a court could have massive implications not just for the NFT space but the internet as a whole. Most internet users have likely been scammed at some point and this is particularly true of those in the NFT space as every other week, there is one story or the other of a hack or scam.

But if there is some way to pursue legal recourse, even though NFTs, those who have been scammed can have more protection moving forward. This could also discourage fraudulent activity overall which is only a good thing for the NFT space.

For most of us, Snapchat is a place where we share content with friends, keep up with our favourite celebrities, and maybe even meet new people. Snapchat has been one of the most used social media apps for years and it seems it is now about to become a place to explore the potential of NFTs.

Reportedly, Snapchat is planning to test a new feature that will allow artists to turn their works into NFTs and also convert them to AR filters. According to a report by the Financial Times, this testing is to begin in August of this year. 

NFTs Coming to Snapchat?

If there is one thing that Snapchat has always been famous for, it is its filters. Anyone who was clued into pop culture in the mid-2010s will remember iconic filters like the dog and the flower crown. Now, Snapchat seems to be developing a new way for artists to create fun NFT-based filters. 

So far, Snapchat does not seem to have any plans of charging creators to use this feature. Instead, the site is reportedly looking at third-party partnerships that will help the artists make money for their efforts. 

If this feature eventually rolls out, we could see a slew of new filter options on Snapchat from various artists. With the third-party agreements, we could also see more commercial tie-ins. It is already common to see filters being created for new releases, such as with new songs or movies, so NFTs could easily fit into the mix. 

It is also curious to see Snapchat make such a bold move into the NFT space. These days, many social media platforms are embracing NFTs. Instagram, for example, is testing a new feature that allows creators to display their NFTs on their feeds and Instagram stories.

Similar features are to arrive at Facebook soon and it seems that in the near future, NFTs will be a constant fixture on social media platforms. Given that Instagram and Facebook are positioned as rivals to Snapchat, the app likely does not want to get left behind in the NFT revolution. 

For the creators of NFTs, this will mean that their works can be displayed in many more places outside of NFT marketplaces and in niche communities. With developments like the new ones at Snapchat, there are also more ways to monetize their NFTs than ever before. 

An NFT Future

What do all these new announcements mean for us as social media users? First, they mean that we will be seeing many more NFTs moving forward. Whether scrolling through our Instagram feeds or browsing Snapchat, we are much more likely to see NFTs and interact with them.

This will mean that more adoption and acceptance of NFTs are likely to be achieved in the next few years. For those of us who are new to NFTs, it means an opportunity to become educated about them. For those of us who are not, it means even more chances to buy and participate.

Thanks in part to the rise of GameFi, NFTs have become more widely used in the gaming industry and this year alone has seen several high-profile gaming companies launch NFT-related projects such as with Ubisoft. Despite the sometimes controversial response from gaming fans, NFTs continue to see a presence in the industry. 

Now Gamestop, the largest videogame retailer in the world, has made the bold move of opening its own NFT marketplace for Ethereum-based assets. This represents one of the biggest investments made in NFTs from within the gaming sector only a few months after plans for the marketplace were made public. 

Those in the crypto space might remember Gamestop not only as a gaming company but for the incident in early 2021 when Reddit users banded together to drive up the price of its stock in order to sabotage hedge funds that had shorted it. 

Details About the Marketplace

As per the press release regarding the marketplace, its purpose is to allow gamers, creators, collectors and other community members to buy, sell and trade NFTs. The marketplace has been designed to be non-custodial in nature and users may connect their own digital wallets to make use of it. 

Currently, the marketplace only supports Ethereum-based assets but there are plans for expansion that will allow for more creators and web3-based gaming. The homepage of the marketplace seems to only show NFT artworks for sale but gaming offerings are expected to arrive soon.

The site also teases the onboarding of Immutable X functionality in the near future. 

“Some of the biggest Web3 games in the world are being built on Immutable X, with more being announced soon. Immutable X is a leading layer 2 Ethereum scaling solution coming soon to the GameStop NFT marketplace. Immutable X is bringing access to millions of world-class gaming assets to the GameStop NFT marketplace and offers 100% gas-free and carbon-neutral minting and trading to users,” the site says.

While Gamestop has kept good on its promise to release an NFT marketplace, it has not been without its controversies. For one thing, over 100 employees of the company were laid off back in May 2022 and barely a week before the marketplace was launched, Gamestop fired its Chief Financial Officer, as well as an undisclosed number of employees. 

This, along with some gaming fans’ dislike for NFTs, means that this is a bit of a controversial choice. Still, only time will tell if this marketplace will prove to be successful and mark a positive turning point for the company. 

The Future of NFTs in Gaming

It is remarkable that despite the hurdles, NFTs continue to be pushed within the gaming industry. Given the overlap between gamers and those who would use things like NFTs, the two should ideally be a match made in heaven.

Perhaps what is needed is a project that expertly combines the two, giving gaming fans value for their money while also delivering on the NFT experience. Should such a project emerge soon enough, NFTs’ place in the gaming industry would be secured.

A few weeks ago, Looney Tunes made headlines when it was announced that it would be releasing NFTs of some of its IPs. This was a major announcement because Looney Tunes has the rights to some iconic animated characters that have been popular with children for decades at this point. 

It seems this has become somewhat of a trend as Nickelodeon, one of the biggest entertainment networks in the world, has also announced an incoming NFT collection that will leverage its IPs.

12 of these NFTs will also reportedly be released unto Opensea alongside the major collection on July 19, 2022. 

Nickelodeon Comes to Opensea

Both the original and accompanying NFT collections from Nickelodeon are part of a collaboration with Recur, an NFT company. The main collection will see iconic Nickelodeon titles like Rugrats and Hey Arnold! Being turned into NFTs.

However, another collection comprising only 12 NFTs has been announced. The NFTs will be sold via auction on Opensea for 24 hours only and will also feature characters from both the Rugrats and Hey Arnold!. Those who are lucky enough to get their hands on one of the NFTs will have not only nostalgia and bragging rights but also some benefits that come with the assets. 

These will include a free Nickelodeon NFT Pack, a physical artwork along with their NFT, and a Recur pass. The pass will grant holders early access to NFT drops and other features within the Recur ecosystem. Considering the fact that Recur works with many top brands like Hello Kitty and the Care Bears to bring their properties to web3, Recur pass holders will have the chance to access prime NFT collections before anyone else.

Besides this 12-NFT drop on OpenSea, Nickelodeon has also been drumming up a lot of publicity for its main NFT collection, which will see 10,000 assets released at a floor price of $50. Ahead of the release, also on July 19, 2022, Nickelodeon collaborated with DJ Steve Aoki for a mashup of some of its iconic songs and has also announced an upcoming Twitter space with Zach Bruch, the founder of Recur. 

This NFT drop seems to be coming at a very appropriate time. NFTs are particularly popular among millennials, who would have been the demographic that watched these programs as children and thus, feel connected to them. As such, releasing an NFT collection at this time is both financially sound and culturally timely. 

NFTs of Your Childhood

While not everyone is interested in NFTs, millions of people remember being children and enjoying their favourite shows. So when the company behind these shows decide to release NFT collections, even some sceptics might want to give them a try. 

In many ways, pop-culture-themed NFTs can be a major way to drive adoption and visibility of the space. For the companies, it means a chance to profit from their IPs and immortalize them on the blockchain. For the buyers, it could be another way to get closer to their childhood classics.