Category: News

Because it is one of the most popular and expensive NFT collections globally, the Bored Ape Yacht Club is constantly the target of hackers and thieves. From individual NFT owners having their assets stolen to the collection’s official channels being targeted, it seems the attacks never stop coming. 

The latest attack, unfortunately, saw the Bored Ape Discord server hacked and several NFTs stolen as a result. This comes just weeks after the Discord hack suffered a previous attack that also saw some assets being stolen. 

A Second Strike 

The official Yuga Labs Twitter account confirmed the attack on June 4, 2022, in a tweet that said, “Our Discord servers were briefly exploited today. The team caught and addressed it quickly. About 200 ETH worth of NFTs appear to have been impacted. We are still investigating, but if you were impacted, email us at [email protected].” 

The attack took place after Boris Vagner, the community manager for the Bored Ape Club, had his Discord account compromised. After this happened, fraudulent phishing links were posted on the official server for the Bored Ape, as well as Otherside, Yuga Labs’ metaverse project.

In the message posted by the hacker, it was claimed that following the success of the Otherside NFT sale, Yuga Labs was holding a giveaway to reward the community. A link was also added that claimed to let users mint their free NFT.

Image source: @NFTherder on Twitter

But as these scams often go, anyone who clicked the link was compromising their wallet and any assets within the wallet could be stolen. Unfortunately for the community, it has been estimated that about 200 ETH (roughly $360,000) was stolen in this attack.

Eventually, Yuga Labs was able to regain control of their Discord servers and delete the fraudulent messages. 

“Hey @everyone we were hacked an hour ago hopefully no one clicked any links. We’ve got back control of the discord and Boris’s account thank god he didn’t delete the whole server. We’ll be getting all the tabs back up in the following days & let us know if there’s anything else he messed with,” said Richard Vagner, the brother of Boris Vagner, the community manager. 

Where Does the Industry Go From Here?

Shortly after the news of the attack broke on social media, many NFT lovers expressed frustration at a second attack in the span of a few weeks, with some even suggesting that Discord be abandoned as a messaging channel for web3 projects. 

Whether or not that actually happens, this, once again, brings up the topic of security within the NFT space. As Richard pointed out, the hacker could have deleted the entire BAYC server as well as stealing people’s NFTs. 

NFT users have been sensitized in the past about not clicking random links from untrusted sources but what happens when the link is being shared by your own community manager?

Clearly, something needs to change, lest these attacks become even more common.

While many celebrities are getting into NFTs these days, few seem quite as committed to it as rapper Snoop Dogg. Not only has he spent quite a bit of money buying pieces from top collections but he has also released his own NFT-based projects. 

Now, he is adding another achievement to his long list; launching an NFT-themed restaurant. The rapper recently announced a new collaboration with the company Food Fighter’s Universe to release an NFT-focused dessert restaurant called Dr Bombay’s Sweet Exploration.

The Sweet Taste of NFTs

Anyone hearing this sort of news might be shocked that an NFT-focused restaurant is even a possibility. But surprisingly, it isn’t even a new concept per se. 

An NFT restaurant called Bored & Hungry, which is inspired by the Bored Ape Yacht Club NFT collection, already exists in Los Angeles. The city will also be home to Snoop Dogg’s new restaurant which will offer what it calls ‘an immersive retail dessert experience’. 

If the restaurant is to be anything like its predecessor, it will feature decor, art, and maybe even dishes that are based around the Bored Ape Yacht Club. There are also plans to release rare NFTs that will unlock experiences at the restaurant once it opens. 

One thing to note about these projects, however, is that they are not ‘officially’ associated with the Bored Ape Club in the typical sense. 

If an entrepreneur were to create a Disney-themed restaurant, for example, they would need the permission of the Disney corporation to do so. But in the case of Bored & Hungry and the upcoming  Dr Bombay’s Sweet Exploration, no such permission is needed.

This is because their creators own Bored Ape NFTs and with this ownership comes the power to use the name, image, and likeness of their asset. In fact, Snoop Dogg’s NFT is nicknamed Dr Bombay and his ownership gives him full control of it. 

This is similar to the issue that comedian Seth Green faced after his Bored Ape was stolen and he has found himself unable to proceed with an upcoming TV series. Hopefully, Snoop Dogg and his partners will not suffer from similar issues.

NFTs and the Restaurant Scene 

For decades, franchised and themed restaurants have been popular in the restaurant scene throughout the world. This has led to restaurants centred around movies, TV shows, and various franchises. 

Now it seems that NFTs might be the next big thing, or at least, this is what the team behind the restaurant is hoping for. 

“Food Fighters Universe is bridging food and Web3 and blazing a trail with real-life utility for NFTs. It’s the future of the restaurant industry, and my dad and I are thrilled to join the team and utilize their expertise to bring Dr. Bombay to life,” says Cordell Broadus, Snoop Dogg’s son, who is a part of the project.

Who knows, perhaps pilgrimage to NFT-themed restaurants will be a popular thing among NFT lovers the same way Disneyland is for fans of its franchises.

There are certain things that are a staple of most people’s childhoods and one of these is cartoons. Many of us can remember plopping in front of the TV to watch our favourite animated shows, whether alone or with our friends.

While there have been thousands of cartoons created over the years, few have risen to the level of Looney Tunes. The Warner Brothers-owned series has been universally loved for decades since it first premiered in the 1930s.

Now the Looney Tunes gang will be given an update for the digital age following a new development from its parent company. 

Looney Tunes in the Metaverse 

According to the announcement from Warner Brothers, it will be teaming up with NFT company Niftys to release a new collection. This new collection, titled Looney Tunes: What’s Up Block?, will be a story-driven NFT experience that will feature iconic characters from the Looney Tunes, including Tweety Bird.

“Collect and participate in fun activities and games to unlock a new Looney Tunes story while earning exclusive rewards along the way. Who better to kick off this new program than everyone’s favourite canary, Tweety!” the announcement says, adding that other characters will be joining the ecosystem eventually. 

The Tweety presale will hold from June 20, 2022, and to qualify, fans need to buy any rare, epic, or legendary Tweety Space Jam NFT or Monstars NFT. Before the presale, an NFT snapshot will be held on June 15, 2022.

Those who can get their hands on Tweety NFTs will enjoy virtual gaming activities, as well as the unravelling story through which they can earn rewards. 

This sale, which coincides with the 80th anniversary of the Tweety character, will see 10,000 NFTs sold in total for $80 each. The different NFTs will show the iconic yellow bird in different outfits, backgrounds, colours, and so on.

Because of the enduring legacy of the Looney Tunes, the characters within them have existed in many formats- on screen, as toys, and so on. 

According to Josh Hackbarth, head of NFT commercial development for Warner Bros, Web3 is simply another way for fans to connect with the characters. 

“We think that blockchain and NFTs and web3 in general is going to be a great evolution in entertainment. “It doesn’t need to be really deep, deep storytelling; it is about gags and gimmicks and really recognizable characters, so it was a fun one to dig into,” he says. 

A Looney NFT World

As the official announcement says, we can look forward to seeing more Looney Tunes characters make appearances as NFTs in the near future. 

But this goes beyond just the Looney Tunes or even Warner Brothers itself. If this proves to be popular, we could see more iconic cartoons release NFT variations. Perhaps a Scooby-Doo, Tom & Jerry, and even a Flintstones NFT collection is in our future? 

Whether or not this happens, Looney Tunes fans can now meet their favourite characters in the metaverse.

While he might be a polarizing public figure, there is no denying that rapper and designer Kanye West has put out some beloved creations into the world. From his music catalogue that is loved by millions to his widely successful Yeezy clothing line, West certainly knows how to create a popular product. 

Now, he might be adding NFTs to his long list of offerings. This comes as Mascotte Holdings Inc, a company owned by West, has filed 17 trademark applications with the United States Patent and Trademark Office. 

While this, on its own, is not necessarily newsworthy, one of the things mentioned in the trademark application is NFTs.

West Takes on NFTs?

The trademark applications, which were filed on May 27, 2022, were all for West’s YEEZUS brand and outlined several products and services that could be released under the brand. 

Among other things such as amusement parks, cosmetics, and clothing, blockchain-based currencies and non-fungible tokens were also listed. That’s right; if the trademark is approved and the company moves forward with these projects, we could be seeing YEEZUS-based cryptocurrencies and NFTs in the future.

This might come as a bit of a surprise to West fans as he famously uploaded the picture of a hand-written message on Instagram earlier this year. In the message was a line that said, “Do not ask me to do a fucking NFT”. Perhaps this is West walking back on his previous statements. 

If he does make this leap, he will be far from the first celebrity to release their own NFT. In the last month alone, everyone from Singer Madonna to supermodel Bella Hadid has announced or released an NFT-focused project and it seems to be the hottest new trend among celebrities.

But what exactly would West do within the Web3 landscape? Well, YEEZUS was the name of his 2013 album and tour. Seeing as concerts and events have been held within the metaverse, fans of West could choose to catch him live in a digital world. 

Then there is the potential for the NFTs to foster more fan communities. When Bella Hadid, for example, announced her NFTs, it was explained that owners of the NFT would have the opportunity to meet the model in person and also be part of a global community.

Given how many fans West has around the world, a YEEZUS-focused NFT community is not out of the question. In one of the fillings for the trademark, mention was made of a potential marketplace for the trading of digital assets and this, of course, could be massive. 

LimeWire, for example, recently announced a new NFT marketplace where assets can be traded. Should this concept be adopted by an artist with as complex a catalogue and career as Kanye West, the sky is the limit. 

CelebritiesXNFTs?

As we have seen in the past, a trademark filing is usually the first step toward the announcement of a new venture. Even if Kanye West does not eventually release his own NFTs, it is clear that they are the new celebrity favourites.

What comes to mind when most of us think of insider trading? Usually, this conjures up images of corrupt Wall Street executives and millions of dollars profited illegally. 

This impression is mostly true as insider trading is typically connected to crimes involving the stock market and major exchanges. 

However, any asset that is valuable and traded among the public can technically be subject to insider trading. Case in point, prosecutors in New York have brought forward charges against a former employee of OpenSea for insider trading.

You read that right, someone is being charged to court for insider trading of NFTs.

Criminal Behaviour

So how exactly do you practice insider trading with NFTs? Well, one thing to consider is that the man being charged, Nathaniel Chastain, had worked at OpenSea.

OpenSea, for all intents and purposes, is the NYSE of the NFT world, hosting some of the rarest assets on the planet and being a massively influential force. Using his insider knowledge, Chastain bought 45 NFTs on 11 separate occasions. 

Usually, Chastain was aware that the NFTs would either be featured on the OpenSea homepage or that other NFTs by the same creator would. As you can imagine, being featured on the homepage of OpenSea is a big deal for any collection or creator and is a major factor in driving sales. 

Leveraging his role at OpenSea, Chastain would have certain NFTs featured on the home page, buy them beforehand and then sell them for a profit. From June to September 2021, this scheme was run successfully by Chastain, who was said to even quadruple his investment at certain points. 

However, OpenSea caught wind of what Chastain was doing and opened an investigation before he was then fired. Now, he is facing charges of wire fraud and money laundering, with each carrying up to 20 years in prison.

While this incident involved NFTs, it uses a lot of the classic tactics of insider trading and fraud, and this was acknowledged by prosecutors. There was also a clear message of zero tolerance for blockchain-based crime. 

“NFTs might be new, but this type of criminal scheme is not. Today’s charges demonstrate the commitment of this office to stamping out insider trading – whether it occurs on the stock market or the blockchain,” U.S. Attorney Damian Williams in Manhattan said regarding the case.

What Makes an NFT Crime?

The NFT scene is new and as such, there are certain things that are yet to be defined about it. But on the legal front, there has been a lot of progress in the last few months to determine what constitutes misconduct and what legal obligations all parties have.

Besides this landmark case of insider trading, there have been lawsuits against NFT marketplaces themselves regarding their responsibility towards their users. From being ordered to pay compensation for stolen NFTs to NFTs being deemed legal property, the rights and limitations of NFTs within the law are fast being defined.

It is no secret that the NFT sector has seen some bumps in the road over the years. Along with crypto, the industry has been subject to endless scrutiny as well as some market declines. 

Whenever any of these happen, there is a narrative of NFTs being ‘done’ and that the end of the industry is near. 

But according to Helen Hai, the head of NFTs at Binance, a lot of the value in NFTs is still yet to be discovered and the industry will move past the volatility. 

Hope on the Horizon 

In an interview with Yahoo! Finance, Hai explained that she has not bought into a lot of the currently popular NFTs and that the real value creation of NFTs has not yet emerged. 

“Blockchain and NFTs definitely have long term value. And in my personal opinion, NFTs are definitely going to go up. That’s the bigger direction,” Hai said.

This is a common criticism levelled towards NFTs; that they don’t have much value beyond the speculative. But Hai believes that the industry is still in an early stage of its technological development and that there needs to be more focus on the value being provided for creators and users. 

The interview also touched on the current volatility within the NFT market, with sales volumes taking a hit earlier this year. This, of course, prompted many to declare the NFT space dead as a result. 

But Hai disagrees and says that just like with the early days of the internet, some level of volatility is to be expected. In fact, Hai says to expect even more volatility given the current sell-off trend among investors and ripple effects of the Ukraine-Russia conflict. 

But all these can be put down to external factors and teething issues within the industry as opposed to being an indictment of the industry in its entirety. 

“There’s panic. People are wondering, ‘is this actually a single risk, or is there going to be a systemic risk?’” says Hai. “I think the system needs to be improved, but it’s clearly not a collapse of the system.”

While we wait for the volatility to blow over, Hai believes that investors need to become more discerning about what they put their money into. As she explains, not every NFT has tangible value and investors need to take the time to determine which of them are, as they would with the art world. 

Time to Grow

The gist of Hai’s opinions during the interview seems to be that the industry is going through a natural transition that will see it face some ups and downs. However, it will still bounce back and hopefully, with more emphasis on value over vanity metrics.

This shift in attention towards the practical value of NFTs is much more prominent these days. Around the same time of the Hai interview, Ripple CEO Brad Garlinghouse echoed similar sentiments, saying that NFTs are actually underrated when it comes to their potential use cases.

Regardless of your feelings about blockchain, cryptocurrency, or NFTs, there is no denying that there is a solid and sometimes tight-knit community around them. From online forums exchanging trading strategies to users of specific platforms, the blockchain community is known to come together for their common goals. 

One of the more heartwarming examples of this comes from PoolTogether, a DeFi-based lottery platform, which has been able to raise a chunk of its legal fund by selling NFTs. This NFT sale venture was brought about by an ongoing class-action lawsuit brought forward by a man named Joseph Kent. 

Take Me to Court

PoolTogether is notably a no-loss DeFi-based lottery platform. Since decentralized finance (DeFi) blew up a few years ago, several financial products have sprung up that leverage its technology, one of which is no-loss lotteries. 

A no-loss DeFi lottery is one in which the money that is wagered by users is pooled together and used to earn interest on various DeFi protocols. The person who wins gets their money back and some of the interest and those who don’t win just get their money back, with no one ‘losing’.

So, why would anyone sue such a platform? Well, Kent deposited $12 worth of crypto into PoolTogether and then proceeded to sue the project and its founder. His alleged grievance is that PoolTogether is an illegal lottery operating in New York and that its depositing of around 50% of the weekly prize as a reserve means that the project can’t have a positive outcome. 

“PoolTogether Inc. is a defendant in a putative class action lawsuit. A person deposited the equivalent value of $12.00 into the protocol and is now suing PoolTogether Inc. and others for substantial damages,” PoolTogether’s minting page explains. 

On top of this, Kent is believed to be sceptical against cryptocurrency in general. If he wins the suit, he is demanding double the amount he deposited onto PoolTogether and double the cost of his legal fees.

While the management of PoolTogether has stated that the lawsuit does not have any merit, they will need to pay for legal defence either way.

To fund this defence, the platform has taken to selling NFTs. Its goal is 769 ETH, roughly $1.5 million and so far, it has raised about half of that amount, having seen overwhelming support from the community.

The NFTs being sold show a digital purple parrot called Pooly depicted in various situations relating to the lawsuit, including wearing a judge’s wig and taking the witness stand. 

11,010 NFTs have been created, with 10,000 being made for the supporter tier, 1,000 going for the lawyer tier, and 10 being created for the judge tier. 2,416 NFTs have been sold so far, with over $900,000 being raised. 

The Power of Community 

Obviously, we don’t yet know what the outcome of this lawsuit will be. But whatever it is, it is clear that PoolTogether has the support of its community and the power of NFTs.

As much as there are millions of people around the world who love NFTs, there are those who constantly decry them as scams and as overhyped. Every other day, there is someone talking about how NFTs are hyped up by outside forces but are useless at their core.

But according to Brad Garlinghouse, the CEO of Ripple, NFTs are actually underrated on the world stage. In a recent interview with Cointelegraph at the World Economic Forum (WEF) Annual Meeting, Garlinghouse said that NFTs have much more that they can do in terms of use cases and these should be given more attention.

NFTs; Underhyped or Overhyped?

During the interview, Garlinghouse said that there was a noted increase in world leaders embracing cryptocurrency. After flying under the radar for years and even being maligned by business and world leaders, cryptocurrencies seem to have proven themselves.

“As leaders across the world learn how these technologies can actually benefit their constituents, benefit their economies, they’re going to use them. […] I think we’re seeing that happen every day,” Garlinghouse said.

He also took some time to touch on NFTs, their use cases, and their perception by the public. Interestingly, Gralinghouse believes that NFTs are,  “underhyped, in spite of the fact that there’s obviously a lot of hype in parts of the NFT market.”

An example of potential use cases for NFT mentioned by Garlinghouse was carbon credit trading. According to him, leveraging NFTs for this purpose will make the process more transparent and will alleviate fears of foul play. 

 “It could really revolutionize carbon credit marketplaces, the efficacy of carbon credit marketplaces,” he explains. 

Over the last few years, we have seen NFTs be used for far more than speculative buying and trading. NFTs have been used to raise funds for charitable endeavours, to offer fractions of ownership of intellectual property, and even as means of documenting world events. 

Granted, there is still the buying of NFTs on a speculative basis but more emphasis can be placed on their underlying use cases. It can be argued that the reason why many see NFTs as ‘overhyped’ is that they see millions being paid for NFT digital art (which they see as intangible) as opposed to them being used for more ‘practical’ purposes.

If this can be changed, perhaps the public narrative that often surrounds NFTs will be changed as well. 

A Wide NFT World 

With Garlinghouse’s remarks in mind, the next few years have the potential to be very definitive for the NFT space. The speculative part of the industry aside, NFTs can be leveraged in many other sectors for practical use cases and in a way that more consumers can relate to. 

If this happens, we could see NFTs become a bonafide part of our daily lives beyond just media consumption and as money-making avenues. This will, in turn, lead to a more robust landscape where NFTs can secure a long-lasting presence in many different industries and on the world stage as a whole.

Ah, Prada….fashion line, globally-recognized status symbol and now NFT entrepreneurs? 

Along with Hollywood and the sports world, fashion has these days developed a bit of a fondness for NFTs. From Paco Rabanna to Harvey Nichols, many big players in the fashion world have taken the leap into NFTs. 

Prada seems to be the latest of these as it was announced that the legendary fashion line will be launching an NFT collection on June 2, 2022. This NFT collection will be part of a time capsule fashion collaboration with Cassius Hirst, an artist who has worked with NFTs in the past.

Prada’s New NFTs

These NFTs will not be stand-alone offerings but instead, will be tied to Prada’s new Prada x Cassius Hirst collection. This collection will consist of unisex button-down shirts and each NFT will signify ownership of a piece.

Each Ethereum-based NFT will come with a dedicated serial number that is tied to the number of the shirt it is connected to. Once a customer buys any piece from the collection, they will be given an NFT as well which will feature a digital GIF of a white or black capsule.

The price for the NFTs is expected to be announced on the day of the sale itself.

In total, 100 NFTs will be released and this marks Prada’s second NFT project. The brand has previously released its “adidas for Prada re-source” collection in January 2022 which was a collaboration with Addidas and was based on the Polygon blockchain. 

Clearly, the brand plans to keep the NFT train going as those who paid for previous capsule collection pieces can still receive NFTs. As for Cassius Hirst, the artist collaborating with Prada for this collection, he also has past experiences with NFTs.

Damien Hirst, his father, has released NFT collections in the past and the passion obviously runs in the family. NFTs have been leveraged in different ways by fashion brands, from Louis Vuitton’s mobile game to Paco Rabanne’s auction to fund its archives.

But giving NFTs as part of a clothing sale is perhaps a new frontier not just for Prada but for the industry as a whole. It normalizes NFTs in a very grounded way and tying them to a physical product we are all familiar with makes them a core part of the shopping experience. 

Fashionable NFTs

This experimentation with NFTs in the fashion industry is a rather interesting development. Because NFTs are still relatively new in the space, various brands are trying to figure out what exactly to do with them. 

Should they be tied to physical items? Sold on their own? Given away for free? These questions are yet to be answered but as time goes on, we will see even more fashion brands on the level of Prada dive into the space.

For fashion buyers, this is not only an evolution to watch but a unique chance to buy as well, whether on their own or with a capsule collection.

While there are many companies that are taking the leap to invest in blockchain, including Starbucks and Ubisoft, one of the more interesting developments have come from Netflix. 

Just last month, it was reported that Netflix was releasing an NFT collection to coincide with the release of Stranger Things season 4. These NFTs were to be tied to the characters and events within the series and seemed indicative of the company exploring NFT capabilities.

Now, we have yet another NFT-related development from Netflix and this time, a scavenger hunt. Yes, you read that right.

Spot the NFTs

This new NFT development isn’t related to Stranger Things but another Netflix show, Love, Death, and Robots. The show, which premiered its third season in May 2022, is apparently littered with nine unique NFTs for fans to find. 

These NFTs are not being sold on a marketplace or official website but are in the episodes themselves, as well as on billboards. The official Twitter handle of the show confirmed this on May 20, 2022, and more details have emerged about this. 

“9 pieces of art. 9 codes. the hunt begins  #lovedeathandart https://lovedeathandart.com,” the tweet from the account says.

This NFT launch is in collaboration with Feature, a Web3-focused company, and will see 9 NFTs that come with scannable bar codes. Once users find these bar codes and scan them, they will be able to redeem NFTs on OpeSea. 

These NFTs, however, are limited only to viewers in the U.S and gas fees for the Ethereum-based assets will need to be paid for as well. Since this announcement, eagle-eyed fans of the show have been pointing out on social media which episodes or scenes have the NFTs hidden 

NFTs and Audience Participation 

This development from Netflix is very significant because it marks perhaps the first time that NFTs are used for scavenger hunts on this level and by a company this visible. Besides Netflix’s apparent fascination with NFTs these days, this also shows the ways that they can be leveraged to increase audience participation.

Small hidden details, which are often called Easter eggs, are some of the most exciting parts of popular media. The Marvel Cinematic Universe, for example, has built a global following of people who religiously lookout for Easter eggs and discuss them with others. 

By incorporating NFTs into episodes, the show not only fosters more audience participation (with those who discuss the placement of the assets) but makes sure that NFTs are firmly placed into the mix.

If this sort of NFT use is applied to other hit shows, they could firmly become a part of pop culture interactions. Fans of shows could watch, devices in hand, eagerly looking to spot the next NFT QR code as well as the next appearance by a crossover character. 

The financial gain aside, this could mean NFTs’ potential for practical cultural contributions could be highlighted for the world to see on the big and small screens.