Category: News

Since they came on the scene, China has had a complicated relationship with blockchain-based assets. Cryptocurrency remains banned in the country until now and since NFTs have become popular, they too have had a bit of a strict treatment. 

Earlier this year, WeChat closed down a number of accounts that dealt in NFTs and released new guidelines regarding them. Now, we might be getting some information about how NFTs will be treated across the board by Chinese tech companies. 

This comes as the China Cultural Industry Association, which comprises a group of Chinese tech companies, including Tencent Holdings and Alibaba Group Holdings have issued a ‘self-discipline initiative’. 

Details About the Initiative 

The signees of this new document include companies that facilitate the sale of digital collectables, which is the official name for NFTs in China. While not legally binding, the agreement does state that the companies will require anyone who issues, buys, or sells NFTs through their platforms to verify their government-recognized identity. 

The companies will also adhere to China’s strict ban on cryptocurrencies by not facilitating any NFT transactions using cryptos. Instead, all sales will only be conducted using recognized legal tender. It also suggests that any companies that choose to deal in NFTs need to have some relevant certifications first, such as the ones that are required for blockchain service providers. 

There was also a lot of emphasis on preventing NFT speculation on their platforms and members were advised against listing any assets that could cause such. 

“Do not contain financial assets or unlicensed financial products, including securities, insurance, credit and precious metals, in blockchain-supported goods,” the document says. 

This is in line with the current attitude within China that discourages secondary NFT markets. One of the changes that WeChat made was the banning of secondary NFT sales on its platform and this was in a bid to promote more grounded NFT consumption by users.

It is worth noting that outside China, NFTs are wildly speculative and this rush to buy and sell assets has fuelled the billions of dollars that have been pumped into the industry over the years. But China seems to be having none of this. 

There seems to be a concerted effort to divorce NFTs from the money-making aspect and promote them more for their functionality. This is similar to the tactic used for cryptocurrency in that external and speculative tokens like Bitcoin were banned in China but the government released the digital yuan which was not speculative. 

The Future of China’s NFTs

Again, while this document is not legally binding, it does mean that Chinese companies can have some uniformity in how they deal with NFTs. While those who had been wanting to buy them speculatively might not be excited at this news, they do now know what to expect across the board. 

While future of NFTs in China is yet to be seen, this announcement makes it clear that they are certainly on the radar.

Well, that’s one way to get the word out.

Over the years, we’ve seen NFT scammers get quite creative with their tactics. One of these tactics has been hacking the social media platforms of legitimate organisations and sending out fraudulent messages. This has happened with the Bored Ape Yacht Club and even Opensea.

The latest NFT-related hack comes from non other than the British Army, which had its Twitter account compromised. After the hack, the Twitter account began posting links to an alleged NFT giveaway, along with its official profile picture being changed multiple times. 

Details About the Hack 

The hack, which took place during the weekend of July 3, 2022, affected both the British Army’s Twitter and YouTube accounts. With the former, followers were encouraged to click on suspicious links that promised giveaways for free NFTs. As for its profile picture, both an image of the Joker and a robot were used to replace the original image. 

With the latter, the entire channel was replaced with the name and logo of something called ArkInvest. Also, sketchy videos were posted that promoted various crypto schemes. The video thumbnails featured images of Tesla CEO Elon Musk, insinuating that he had sat down for an interview and was discussing cryptocurrency. 

Naturally, these changes immediately sparked suspicion and the matter was reported to the authorities. The accounts seem to have been restored to their original owners and the British Ministry of Defence Press Office published a number of tweets regarding the hack. 

“We are aware of a breach of the Army’s Twitter and YouTube accounts and an investigation is underway. The Army takes information security extremely seriously and is resolving the issue. Until their investigation is complete it would be inappropriate to comment further,” the tweet said.

This is reminiscent of other hacks that have taken place recently and a pattern seems to have been established; the hackers take control of an account for a trusted organization, tweet out shady links promoting free minting or giveaways and hope that enough people click them and lose their assets before they are caught and their access revoked. 

And this has proven profitable in the past, with several Bored Ape NFTs being stolen in a previous attack. While there is no information about whether or not anyone fell for this particular scheme, it continues to be a go-to for criminals overall.

Keeping Safe

NFT scammers are clearly not going anywhere when it comes to hacking official accounts and spreading shady links. It has proven to be profitable in the past and there is no incentive to stop for now.  

As such, handlers for official social media accounts have to redouble their security efforts to make sure that their followers are not scammed and their reputations are not compromised. For the everyday NFT buyer, they have to make sure that they only click verified links for all things NFTs and not trust any dodgy links posted on any account, even if it is the British Army’s.

As exciting as the NFT space is, those within it are constantly having to be wary of scams and other shady ventures, that seek to steal their money, NFTs, or both. The good news is that as time goes on, NFT buyers are getting more adept at spotting these scams and law enforcement is getting better at prosecuting them. 

Case in point, the US Department of Justice has brought criminal charges against Le Anh Tuan, along with five other people, for conspiring to set up an NFT rug pull scheme.

The Case of the Rug Pull

If you’ve been in the crypto or NFT space, you’ve likely heard of the term ‘rug pull’. A rug pull is what happens when a person or persons set up what is supposed to be a legitimate crypto or NFT project. Once investors or the public pay for it, however, the creators shut down/abandon the project, leaving with investors’ money and without delivering promised product.

This is what Tuan and his conspirators had done, as they were behind the ‘Baller Ape Club’. This project promised NFTs of different cartoon figures and had raised over $130 million from investors. It was reported that Tuan has personally collected around $2.6 million from the scheme and converted them to different cryptos. 

If he is convicted, the Vietnamese national is facing up to 40 years in prison. This marks one of the first times that US law enforcement is going after NFT-related criminal activity and could signal a changing tide for crooks within the sector. 

“The Department of Justice and our partners are dedicated to using every available tool to protect consumers and investors from fraud and manipulation. These indictments reflect our deep commitment to prosecuting individuals involved in cryptocurrency fraud and market manipulation,” says Kenneth Polite, head of the department’s criminal division. 

The department of justice is also pressing charges against the creator of a fraudulent crypto investment scheme that promised up to 600% return on the initial investment. 

These incidents just go to show that as the blockchain sector makes even more progress, those who want to take advantage of others can and will face consequences. This is particularly important for the NFT space because it is newer and those within it might not be fully aware of how to avoid these types of scammers. 

NFTs in Court 

In the last few months, we’ve seen many instances of NFT-related matters being taken to court, whether for civil or criminal cases. These have included the landmark case in the UK that established them as property, NFT marketplaces being sued for not protecting users, and much more. 

This speaks to both the mainstreaming of NFTs and the maturity of the industry in that proper practices are being established and law enforcement is being involved more in NFT-related cases. 

Ultimately, this benefits the buyer the most as they are getting more legal rights and, in this latest case, protection from scammers.

If you use TikTok or watch any videos from it, you’re likely familiar with Kahby Lame. The TikToker has recently become the most followed person on the app and has achieved worldwide fame for his witty responses to everyday life hacks and other online content.

Months after appearing in an ad for Meta, Lame has scored yet another endorsement, this time from one of the biggest crypto exchanges in the world, Binance. This comes as the company announced on June 30, 2022, that it had teamed up with Lame for crypto and NFT awareness content. 

Details About the Endorsement

As was explained on the official Binance blog, the company is committed to prompting Web3 awareness and adoption, and teaming up with Lame is a step in this direction. Given that the TikToker has amassed a following of over 142 million on just the app alone, his reach is certainly broad.  

Through the deal, Lame will create content that debunks common misconceptions around web3 that leverages his signature humour style to share with his followers. Lame will also release an NFT collection through Binance as part of the deal. 

Binance got into the NFT business in the last few months by launching its own marketplace and a collection from a star like Lame will certainly be attention-grabbing. Lame, on his part, has said that he is excited to share web3-related content with his fans. 

“I consider my followers as my family, and I am always looking for new challenges and interesting content to share with them. I’ve been curious about Web3 for some time, and jumped at the chance to partner with a leader like Binance because it aligns perfectly with what I usually do: make complex stuff easy and fun for everyone!” says Khaby Lame.

No exact dates were given but it was hinted that Lame’s NFT collections would be released soon on Binance. According to the management of Binance, one of their primary goals with this deal is to drive web3 education which will, in turn, drive adoption.

“Khaby has become a cultural icon and one of the most entertaining creators globally. We love his charm and sense of humor, and think it will bring relevance and relatability as we scale Web3 adoption,” said James Rothwell, Binance Global Vice President of Marketing.

The Celebrity Endorsement and What it Means for NFTs

We’re seeing a lot more celebrities sign on as brand ambassadors for NFT-related projects these days. Just a few months ago, David Beckham signed on to DigitalBits and will be launching his own NFTs with the brand.

In many ways, these sorts of celebrity endorsements can do a world of good for NFTs as a whole. First, they drive a lot of attention to projects and projects that certain demographics might have overlooked. And in the case of the Khaby Lame and Binance partnership, their influence can be leveraged to drive education about important NFT topics.

There are few people in the world who have had a bigger contribution to popular culture and media than the late Stan Lee. From Spiderman to the Fantastic 4, Lee had been behind some of the most beloved superheroes in the 20th and 21st century and years after his passing, he continues to be immortalized through his works. 

Now, these works are becoming further immortalized through the power of blockchain. This comes with the release of Stan Lee’s Genesis, a collection of 10,000 NFTs that have been released by his estate. 

Stan Lee’s NFT World

These NFTs are being released ahead of a tabletop game that is due to be launched in the summer of 2023. Minted on the Solana blockchain, Stan Lee’s Genesis features 200 new  characters that have been illustrated and designed by writer Tom Akel and comic book artist, Ryan Benjamin.

In the weeks following the NFT launch, fans will be able to get a deeper view of the project through the perspective of the character Dr Alexander Arcana. Once the project fully unravels, users will be able to create their own comic book universe. 

“Genesis is intended to put the power of creation into the hands of the players and honor the legacy of Stan’s brilliance as one of the preeminent creative forces of the 20th century.

Every game is different as players both compete and collaborate as they construct a comic book universe full of heroes, villains, super team, evil syndicates, galactic threats, and all-encompassing cross over events!” the site says.

The characters in question will be the 200 new heroes and villains that emerge from 18 different factions. Each character will have multiple versions created with different rarity levels and the features attached to each character will be revealed when the ‘Book of Aracana’ is opened. 

Those who buy the NFTs will have access to a special Discord holders channel, exclusive Discord AMA access, access to select exclusive, in-person experiences, the chance to buy the game before it is released into retail markets, and so on.

This is a rather interesting project in that buyers are not just getting NFTs of existing characters such as Spiderman for nostalgic purposes but are getting to create their own superhero universes with new characters of their own. This, along with the incoming tabletop game, fully puts buyers in the drivers’ seat of this new universe. 

NFTs and Comicbook Fans 

Many companies in the entertainment space are engaging with NFTs these days and experimenting with how to introduce them to their audience. It is particularly interesting, however, to see how the sci-fi and superhero projects are using NFTs. 

Stranger Things released a collection ahead of its latest season, the Batman franchise released the caped crusader’s cowls as NFTs, and so on. But this Stan Lee project might just be the most engaging of all. Through it, hundreds of fans can live out their dreams of creating their own superhero world, just as Stan Lee did.

One of the most exciting NFT-related announcements that have been made in recent times was Instagram revealing that it would be testing a feature that would allow users to display NFTs on their pages. This meant that NFT advertising and purchases could be made much easier by officially bringing them to one of the biggest social media sites in the world. 

Now, Instagram is taking this a step further with a new announcement from its parent company, Meta. As per the announcement, a new feature will be tested that will allow NFTs to be displayed on Instagram stories. 

Watch Your Stories 

Instagram stories are different from Instagram posts in that they are only live for 24 hours on a person’s profile and can be a major source of web traffic with the ability to share links. Instagram, in partnership with SparkAR, will begin testing this feature soon. 

Considering the reach that an Instagram story can have, this move is nothing short of amazing. Meta also announced that it would be intensifying its NFT-related efforts moving into the future. 

“As we build for the metaverse, investing in web3 technologies and digital collectibles like NFTs is a crucial part of our long-term commitment to creators. We’re already seeing creators like @misshattan, @nylacollection_nft, @amber_vittoria and @bossbeautiesnft find success sharing their NFTs with their communities on Instagram,” the announcement said. 

As part of this, the testing of NFTs on Instagram will be expanded to more countries and creators. Facebook will be getting the same treatment, as a new rollout will allow users to share their digital assets on both it and Instagram.

It should be noted that Meta will not charge any fees for those who want to list NFTs on any of its sites. Additionally, users will not be able to turn their NFT posts into ads. Finally, the announcement touched on the issue of sustainability.

For years, the cryptocurrency sector was under fire for the emissions produced when it came to mining tokens and running blockchains, as well as the energy it consumed. Meta, which had gotten involved in cryptocurrency at one point, explained that it will be reducing the emissions that will be created from its pursuit of NFTs. 

This will be done through the purchasing of renewable energy as part of its official commitment to sustainability. No official dates were given for the incoming feature rollouts. 

NFTs Come to Meta

The announcement that Instagram would be testing out NFTs in its posts was exciting enough but these options being expanded to stories as well shows just how committed to NFTs the company is. Creators have every reason to be excited. After all, this means that they can advertise and sell NFTs on one of the biggest social media platforms on earth. 

Many artists already advertise their NFTs on Instagram but have to direct their fans to other sites to make a purchase. With the features that Meta is teasing, this process could become much easier in the future.

Most hip-hop fans are likely familiar with XXL. The magazine has been in existence for years and its annual freshman class edition has been regarded as a definitive account of who are the best emerging hip-hop acts of the day. Many music fans look forward to getting their hands on the magazine each year and seeing who made the cut. 

Now, fans can get their hands on an even closer experience as XXL has announced a new partnership with Fanpage, an NFT platform for entertainers, athletes, and so on. As part of this partnership, XXL will be launching its first-ever NFT collection. 

XXL NFTs 

This new NFT collection, as per the official announcement, is being created to pay homage to the figures that have shaped rap music over the years. As such, it will be based on the 159 artists that have been inducted into the XXL Freshman class since its inception. 

The NFTs will be made free to existing XXL readers for a limited time and will be minted on the Polygon blockchain. The reason for this choice in the blockchain is because of its carbon efficiency, which is 99% lower than that of Ethereum, which is the usual go-to for NFTs. 

“We love XXL’s approach in entering the NFT space” said Billy Rodgers, Fanpage CEO. “They’re taking a first step by using an NFT to do nothing more than to provide value to their fans. In addition to a beautiful piece of Digital Memorabilia, their first ever NFT will grant early and sometimes exclusive access to future drops, automatic entry into contests, unlock discounts on merchandise and additional free NFTs to be released throughout the year.”

Given the cultural relevance of XXL in hip hop and rap over the years, its Freshman Class issues are often seen as collector items. 

As we enter the digital age, the magazine is clearly transitioning into having NFTs be the new collectable item for its brand. If this effort succeeds, fans could be looking forward to getting their hands on the latest XXL NFT as well as finding out if their favourite upcoming rapper is included in the new lineup.

Overall, this NFT collection is being billed as fan service as opposed to a commercial effort. It is quite telling that the NFTs are not to be sold but given away for free to readers. Instead, they are being framed as culturally-significant collectables that can unlock a world of benefits for their holders. 

NFTs as Cultural Assets

So much is said about NFTs and how they can be used to make a profit, whether for an individual creator or for a business. But we are quickly seeing NFTs become a form of cultural asset that can be used to preserve history, entertain, and much more. 

Just like with the actor Bill Murray’s incoming collection that will revisit his iconic stories, the new XXL collection will be a way to honour cultural icons of the past and preserve creative legacies into the future.

NFT lovers, rejoice! Day by day, NFTs as a concept are rising from their initial state as a very niche product and are being embraced by the wider world. This can be seen through the many mainstream companies that are launching NFT-based initiatives and its ever-growing public visibility.

Now, NFT enthusiasts can buy and store their precious digital assets with much more ease. This comes as electronics company HTC has unveiled a new phone that is designed to cater to crypto and NFT users. The phone, dubbed the  HTC Desire 22 Pro, is the first of the ‘Viverse’ phones that HTC has put out. 

Enter the Viverse

The Viverse phones are designed to be compatible with blockchain-based concepts like the metaverse and crypto. As such, the phone comes pre-installed with a crypto and NFT wallet, as well as the ability to shop from digital marketplaces. 

The crypto wallet in question supports Ethereum and Polygon-based assets. There is also a lot of emphasis on the phone’s compatibility with HTC’s Vive Flow VR headset, its flagship VR headset. As such, the phone comes with HDCP 2.2 connectivity as well as a Vive Manager app that lets users manage their headsets from their phones. 

Considering how much of the metaverse is based on users enjoying a 3D virtual experience, this will likely come in handy. This was somewhat acknowledged by Shen Ye, Global Head of Product at HTC, who said in a statement that the headsets “opens new immersive experiences as the perfect partner for VIVE Flow—whether it’s meeting colleagues in VR, or enjoying your own private cinema anywhere you are,”

Those who use HTC phones will note that this isn’t the first time that the brand has gotten in on blockchain. Back in 2018, it was one of the first companies to release a phone with an in-built crypto wallet. Years after, many major phone makers like Samsung have done similar. 

Hopefully, history will repeat itself and more major phone makers will create NFT-based features in their designs. It is also a testament to how intertwined NFTs have become in the wider blockchain sector. A few years ago, it was all about cryptocurrency but now, NFTs have been thrown into the mix. 

Ultimately, those who benefit the most from these moves are the NFT buyers themselves who have at least one more option for storing their assets.

The Option to Store

These sorts of announcements from companies have many different effects on NFTs and how the public perceives them. For those who are already interested in NFTs, it means that they have more storage options and can explore the metaverse with ease.

For those who aren’t yet interested, it gives a stamp of public approval that might endear them to NFTs. After all, if a company like HTC is endorsing them, they must have some merit, right? Finally, as we saw years ago with Bitcoin, it could have a ripple effect of more phone makers prioritizing NFT wallets for their products.

Remember the news from a few days ago about one of the Bored Ape Yacht Club founders addressing claims of racism within the collection? Not only did the founder clarify things like the origins of the Bored Ape name and the inspiration behind its imagery but also called out a man named Ryder Ripps specifically. 

Beyond Gordon Goner calling out Ryder Ripps for spreading what he called disinformation but he also referred to Ripps as a ‘demented troll’. Now, it seems this dispute goes far beyond internet rumours and blog posts. Yuga Labs, the parent company of the Bored Ape Yacht Club has sued Ryder. 

Details About the Suit 

This lawsuit being brought against Ripps is not for spreading disinformation but rather for selling ‘fake’ versions of the iconic Bored Ape NFTs. As per the lawsuit that was filed with a Los Angeles court, Ryder is deliberately creating NFTs that are very similar to the Bored Ape to confuse customers and get money out of them. 

Apparently, he has made quite a bit of money from them to the tune of millions, according to court documents. These are also allegedly connected to his claims of the Bored Apes having Nazi imagery, which Yuga Labs has called ‘slanderous’. 

Ripps, on his part, has claimed that his NFTs, titled RR/BAYC are parodies of the Bored Ape NFTs and that he “uses satire and appropriation to protest and educate people regarding The Bored Ape Yacht Club and the framework of NFTs.”

But Yuga Labs isn’t having it, insisting that everything from the naming of the collection to its design is to trick users into buying them thinking they are purchasing Bored Ape tokens. 

“This is no mere monkey business… These actions are calculated, intentional, and willful with the stated purpose of causing actual and monetary harm to Yuga Labs and to the holders of authentic Bored Ape Yacht Club NFTs,” the lawsuit says.

In response to the lawsuit, Ripps tweeted, “are they going to sue dame dash and ethan klein too?”. This implied that there are other people who have released NFT collections that are similar to the Bored Ape Club. 

Whatever the outcome of this lawsuit, it is clear that the dispute between the Bored Ape Club and Ripps is just heating up. 

What Rights Do NFT Creators Have?

Because NFTs are relatively new, the limits of their intellectual property protection are not entirely defined. As in the case of the Bored Ape Collection, while a federal trademark is still pending, common-law rights are already in existence. 

So, does that make Ripps in violation of any laws? And what about the people he mentioned in his tweet? Could they be found in violation as well? Between this and the recent debacle with Seth Green, NFTs are likely to make more appearances in the courtroom.

Either way, this lawsuit will likely be a case study in intellectual property laws as they apply to NFTs and where parody ends and theft begins.

If you’ve been involved in the crypto industry then chances are that you have heard of Uniswap. The decentralized exchange is one of the biggest in the world and was at the forefront of the DeFi spike which happened a few years ago, moving billions of dollars in trades a day.

Well, it seems that after conquering the DeFi space, Uniswap has set its sights on NFTs as well. This comes as the DEX has announced the acquisition of Genie, the first-ever NFT marketplace aggregator. 

Uniswap Makes a Splash 

In the official blog post announcing the deal, Uniswap explained that Genie’s feature of searching for NFTs across marketplaces would be integrated into its own platforms. As such, Uniswap users will soon be able to seamlessly buy NFTs on the platform they already use. 

“NFTs will be integrated into our products, starting with the Uniswap web app, where soon you’ll be able to buy and sell NFTs across all major marketplaces. We’ll also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in web3,” it says. 

To celebrate this new development, Uniswap will be rewarding all existing Genie users with a USDC airdrop. This airdrop, which will go live in August 2022, will remain claimable for 12 months and will be based on a current snapshot of users. 

As exciting as this is, it is not Uniswap’s first foray into the world of NFTs. Instead, this was back in 2019 when it launched Unisocks, which were NFT liquidity pools. Uniswap also previously developed on-chain generative SVGs.  

As the press release explained, this new acquisition is part of its effort toward positioning NFTs as a part of the digital economy and not a separate entity from ERC20s. Naturally, connecting NFTs to its existing processes on all its platforms is a step in this direction and an overall benefit to users.

“As the world’s largest decentralized exchange protocol, Uniswap is a simple and safe place to access the benefits of digital ownership, offering deeper liquidity than leading centralized exchanges. We’re excited to bring what we’ve learned building DeFi products to NFTs, giving even more people access to digital ownership and value,” the press release concludes. 

Seeing as this is one of several high-profile NFT-related acquisitions in the last week alone, we will likely see NFTs being bought and sold more widely across the internet.

The Place of NFTs in the Digital Ecosystem

It is quite telling that Uniswap is determined to place NFTs as a part and parcel of the digital economy. Usually, it is quite easy to dismiss them as separate from other things like cryptos and DeFi. 

But with the current trajectory of NFTs, they will play a major role in web3. As such, all the different blockchain-based elements such as crypto, NFTs, DeFi, and so on must be closely intertwined while making the transition to the web3 era. Clearly, this is what Uniswap is trying to do.