Category: News

Despite the wealth of benefits that come with NFTs, there are a few downsides that the industry has to deal with. One of these is constantly being the target of attacks from hackers and thieves. 

This is to be expected to an extent. Any asset that is valuable will be targeted by criminals and given how profitable NFTs have gotten in the last few years, some targeting was inevitable. Unfortunately, even the most secure platforms and institutions in the blockchain industry suffer some hiccups. 

One of the recent of these was the Bored Ape Yacht Club which confirmed an attack on its Discord servers on April 2, 2022. 

The Ape Club Under Attack 

As confirmed by the Bored Ape Yacht Club’s official Twitter account, its Discord channel was targeted in a phishing scheme. Unfortunately, the scheme was able to gain access to the channel and then tried to trick users into minting fake NFTs.

After confirming the attack, the Ape Club warned users not to mint any NFTs from the channel. The club also noted that no April Fools’ promotion was ongoing, contrary to rumours spread by the attackers. 

“Do not mint anything from any Discord right now. A webhook in our Discord was briefly compromised,” the tweets said, “We caught it immediately but please know: we are not doing any April Fools stealth mints/airdrops etc. Other Discords are also being attacked right now.”

As the tweet explained, this attack appears to have been a coordinated effort on several top NFT collections. Reportedly, Doodles, Shamanzs, and Nyoki, popular collections, also suffered similar attacks.

How the attack took place was that the ticket confirmation system, which is used to send messages to people within the channel, was compromised. The attackers then sent out a malicious link, asking users to click on it to mint an NFT.

If the user did click on the link thinking they could mint an NFT, their account could be compromised and their digital assets stolen. So far, at least one NFT has been reported to have been stolen, though the Bored Ape Club seems to have gotten the situation under control.

Securing NFTs

While these sorts of incidents are unfortunate, they are sadly not uncommon. From phishing scams trying to get crypto wallet details to fake giveaways, there are many people trying to steal others’ digital assets.

With NFTs being one of the top digital assets in the world right now, they are an obvious target. This is even more obvious when it comes to collections like the Bored Ape Club. Pieces in collections of that calibre go for hundreds of thousands and even millions of dollars. 

If an attacker could steal even one NFT, they could make a huge profit. Fortunately, the management of the Ape Club was able to notice the stop the scheme before any more losses were recorded. 

For NFT users, this is yet another reminder to be very cautious about suspicious messages and to safeguard their NFTs.

Earlier this year, Samsung sent NFT lovers into a frenzy when it announced that its incoming television line will have NFT functionality. At the time the announcement was made, the company explained that users would be able to purchase and even interact with NFTs from their Samsung TVs. 

“In 2022, Samsung is introducing the world’s first TV screen-based NFT explorer and marketplace aggregator, a groundbreaking platform that lets you browse, purchase, and display your favorite art — all in one place,” the company said at the time. 

Now, Samsung has made progress on its promise with the announcement of a new partnership with Nifty Gateway, an NFT auction platform. 

NiftyXSamsung

According to the press release, Nifty is now fully integrated into Samsung’s 2022 product line such as the QLED and Neo QLED TV. Now, Samsung users can browse and interact with NFTs using these TVs. 

More than this, users can even buy and sell NFTs from their Nifty Gateway accounts. The over 6,000 NFTs that they will have access to will all be verified and will feature pieces from top artists like Beeple, Daniel Arsham, and Pak. 

If they choose to buy any of these NFTs, they can be stored securely in the Omnibus wallet. They can also be bought using debit cards, credit cards, and cryptocurrency. 

This move is more than just Samsung partnering with another company or adding another feature to its televisions. Samsung’s embracing of NFTs at this scale first helps to further normalize and promote NFTs. 

The influence of Samsung as a company cannot be overstated. Past additions that have been made by companies like Samsung, from emoji changes to crypto wallets, have always acted as  a sign of the times. 

Thus, this new addition of NFTs shows just how far the sector has gone. By making NFTs accessible to televisions, Samsung is also removing barriers to entry for both the creators and the consumers. 

“Nifty Gateway’s mission is to bring NFTs to a billion people by empowering creators and simplifying the way customers buy, sell, create, and hold NFTs. We are committed to making NFTs accessible and NFT purchasing more seamless than ever before,” said Duncan Cock Foster, co-founder, Nifty Gateway, in the press release. “With our mission in mind, we couldn’t be more excited to partner with Samsung to develop a groundbreaking NFT collecting experience.”

NFTs All Over the World

One of the biggest and most consistent questions from NFT critics or newbies is about what you can ‘do’ with NFTs. Well, this new development from Samsung partially helps to answer the question. Now, you can display and interact with them from your TV. 

Want to show off your favorite Beeple piece to guests? Want to interact with an NFT you own from a bigger screen? Now you can with a Samsung TV. 

With Samsung making this bold move, we might also see top tech companies infusing NFT capabilities into their devices. Soon, we might all be able to experience the magic of NFTs from our TVs.

It’s hard being a music fan. Sometimes you want to get as close to your favorite artists as possible. You buy their music, go to their shows, buy their merchandise, and follow them on social media. 

But what if that isn’t enough and you want more? Well, you can always buy one of their body parts. As an NFT, that is. 

You read that right; you can now buy the body part of your favorite musician thanks to a new NFT project announced by rapper Snoop Dogg. According to a statement from Snoop Dogg, he will be releasing an NFT collection with 17 limited edition pieces. 

But unlike your traditional NFT collection, it will not feature artwork or music but body parts. 

Details About the Project

As per the statement, each piece in the collection will represent a part of his own tokenized body. Once the collection drops, fans can purchase pieces using Snoop Dogg’s own $DoggPound tokens. These tokens can be gotten from the rapper’s Metavizzle BroadusBanks.

The ‘bank’ can be accessed on several platforms including The Sandbox, Fortnite and The OASIS. The presale for the collection will close at midday, April 1, 2022.

This NFT collection is not the only project that Snoop Dogg will be releasing. An EP featuring a reworking of some of his most iconic tracks such as ‘The One and Only’ and ‘Still D.R.E.’ will be released at the same time. The updated lyrics will make reference to the metaverse and blockchain. 

Some of the new lyrics include “I’m the OG of web3, swapping the thug life for the debug life with my fans at the coding controls. While my mind’s on my money, now your money can own my mind. Or my shoulders, knees, toes…”

This new project is part of a collaboration between the rapper and Looflirpa Ventures. This is also not the first time that Snoop Dogg has gotten involved with crypto and blockchain. Besides his aforementioned Metavizzle BroadusBanks, he has also bought a property in the metaverse, launched several NFTs, and has a crypto portfolio reportedly in the millions. 

While many celebrities are getting into blockchain and crypto these days, few are quite as passionate about the industry as Snoop Dogg. This new collection that tokenizes body parts, however, is perhaps one of the more experimental projects he or anyone else has put out into the market. 

Digital Bodies  

We buy a lot of things as an NFT; memes, pictures, and even songs. But what do you do with an NFT of a body part? If you had the NFT of Snoop Dogg’s mouth, do you have any rights to the songs he’s performed? Or do you just get bragging rights and the joy of having a (digital) piece of your favourite rapper?

Either way, Snoop Dogg is certainly one of the most creative people in the NFT space. Not only is a project like this pushing the boundary of what we can do with NFTs but the rapper’s star power shines a light on NFTs as a whole.

From everyday people on the internet to the worlds’ biggest celebrities, it seems everyone loves NFTs these days. In just a few short years, they’ve gone from a novel concept that only hardcore blockchain lovers knew about to a cultural phenomenon that has taken over the world. 

However, not everyone in every part of the world is a fan of NFTs. Just recently, WeChat, one of the biggest messaging services in China, suspended a number of accounts that were linked to NFTs. This ban reinforces not only the platform’s official policy but also China’s attitude towards blockchain as a whole. 

NFTs’ Treatment in China 

For the longest time, China’s relationship with blockchain has been a complicated one. Cryptocurrencies outside the state-backed digital yuan token are banned in China. In the last few years, Chinese authorities have also begun seizing crypto mining equipment throughout the country. 

NFTs are a rather tricky affair in China because while they are not outright banned, they are not used as freely as in other parts of the world. While most NFTs in circulation are based on privately-created blockchains with little government interference, NFTs in China are built on blockchains approved by the Chinese state. 

NFTs can also only be bought with the yuan, China’s national currency. This, of course, shows how strict China has remained with its cryptocurrency ban.

As such, platforms in China have to be very cautious about what blockchain or crypto-related content they allow. According to Tencent, the parent company of WeChat, it removed several public accounts to enforce its official NFT rules. The now-banned accounts had apparently been reported to WeChat management by users. 

The rules in question are that WeChat accounts can list digital assets but can’t offer secondary sales of them. This is to avoid promoting speculation about crypto-related transactions. Those who list the assets also have to provide a certificate confirming that they are registered with a Chinese regulatory body. 

Within the NFT world, it is not uncommon for assets to be sold through messaging channels like WhatsApp and Telegram. While there are official NFT marketplaces like OpenSea, the industry is still largely unregulated. 

In China, however, the government’s approach to blockchain and crypto seems to extend to the NFT sector as well. In a statement, Tencent confirmed that mini programs, which act as mini apps within the WeChat ecosystem, can only display NFTs. 

China’s Place in the NFT World 

It is clear that as much as blockchain and all its products, including NFTs, are becoming more popular, China will not be budging on its stance. Years since the initial declaration, cryptos continue to be banned and blockchain regulation continues to be strict. 

Despite all of this, the demand for crypto products has not been quelled. In fact, China continues to rank high in crypto trading volume, powered by Chinese citizens using VPNs. While NFT regulations or bans in China have not yet been announced, we can expect that the NFT space will find its footing in the region regardless.

After the latest Batman movie achieved worldwide acclaim and raked in millions of dollars at the box office, DC Comics, who own the rights to Batman has been on a high. Batman as a character is more beloved than ever before and fans can’t seem to get enough of him.

Now, fans can get their hands on more Batman and even own a piece of Batman history. This comes as DC Comics has announced a new NFT collection that features exclusive content from the Batman universe. 

Into the Batverse

As per the latest reports, the new NFT collection will be launched by the comic book giant in collaboration with Palm NFT Studio and will be called Bat Cowls. As the name implies, the collection will feature some of Batman’s iconic cowls. 

Over the 80 plus years that Batman as a character has existed, he has had several iterations of his iconic suit and cowl. In fact, a major event with every Batman movie release is the unveiling of the newest version of the caped crusader’s cowl and suit.

“While Batman is one of the world’s most iconic Super Heroes, garnering hundreds of millions of fans all around the globe – his appearance has changed and shifted over the past 83 years,” said DC Publisher and Chief Creative Officer Jim Lee.

The NFTs have been minted on the Palm blockchain, which is a sidechain of the Ethereum network. In total, 200,000 cowls will be offered for sale and each will be sold for about $300. This means that should they all sell out, DC Comics could make up to $60 million in revenue from this venture. 

But fans will be getting not just the digital cowls. By owning an NFT, fans will be granted access to an exclusive members’ forum. In this forum, they can enjoy behind-the-scenes content, exclusive merch, collectables, and access to DC Comics events. 

There are also plans to incorporate the cowls in the DC Comics metaverse over time and those who already have DC FanDome NFTs can enter the cowls’ presale. The sale of this new NFT collection will begin on April 26, 2022.

NFTs, the New Marketing Tie-In?

As exciting as this is, it is not the first time that a superhero or comic book company has leveraged NFTs. Last year, exclusive Spiderman NFTs were released to tie in with the release of Spiderman: No Way Home. 

Comic book and superhero fans will tell you how important merchandise and promotional tie ins are when a blockbuster movie is released. At this point, most of us know the drill; fast-food chains with limited edition items connected to the movie, toys for children, and clothing merchandise. 

But NFTs now seem to be making their way into the mix. Considering how passionate superhero fans are about having a piece of their favorite franchise, we can expect these collections to be successful. More than that, we can expect NFTs to be even further embedded into not just superhero culture but pop culture as a whole.

It’s always a good sign for an industry when large corporations begin publicly associating with and financially backing them. It proves not only is the industry reputable enough to support but also profitable enough to invest in. 

This is why Visa’s recent announcement of a new creator program specifically geared towards the NFT sector is so important. The program in question was announced on March 30, 2022, and will be dubbed the Visa Creator Program.

The purpose of this program is to help small business owners, specifically artists, designers, filmmakers, and other creatives to develop their businesses and better navigate the NFT space. 

Details About the Program 

As per the press release, the goal of the program is to help creatives better understand the technological and social aspects of NFTs and also how to better navigate them. By equipping creators with this knowledge, they can better leverage NFTs to grow their audience and income. 

Innovators will be selected for the program and once accepted, will be developed in five major areas. The first will be technical and product mentorship with support from Visa’s crypto product and strategy team. This will help the participants better understand the underlying structures behind blockchains and their by-products like smart contracts and NFTs. 

Then there will be community support in which participants can share ideas and solve problems with other artists who are already leveraging blockchains. Leaders in the fields of digital commerce, web3, and cryptography will also be on hand to give guidance and support to program participants. 

Those in the program will also be exposed to Visa’s client and partner network and get a first-hand experience in the use of Visa’s interfaces. Finally, Visa will be giving each participant a one-time stipend to support their creative and professional efforts.

Needless to say, participants in the Visa Creator Program will be getting a robust and in-depth support experience. 

Why Creatives are Needed 

As the NFT sector continues to soar, it is important to keep in mind that much of its progress has been pushed forward by creatives. When we hear of NFTs being sold for hundreds of thousands or millions of dollars, they are usually NFTs of some sort of artwork, video clip, meme, and so on. 

Most of the time, the value of the creative work and the cultural significance they create is why people are willing to invest so much in NFTs in the first place. Moving forward, it is important for all artists, not just the very successful ones, to have access to all the benefits of NFTs. 

With this program, Visa believes that it is serving the creator economy. As Cuy Sheffield, the head of Crypto at Visa, explains regarding the new development, “We’ve been studying the NFT ecosystem and its potential impacts on the future of commerce, retail and social media. Through the Visa Creator Program, we want to help this new breed of small and micro businesses tap into new mediums for digital commerce.”

We’ve all heard of the concept of selling one’s soul. But what is the value of a soul? Worldwide fame? A huge fortune? Well, for one Hague art academy student, the value of his soul is the cost of an NFT.

You read that right; Stijn van Schaik, a student of the Hague art academy, has listed an NFT for sale on OpenSea. This NFT is not for a piece of art, a meme, or a digital item. Instead, it is for his own soul. 

Deals With the Devil

On Schaik’s profile, a message reads, “Hello person, welcome to my profile. I am selling my soul on here. Feel free to ask me anything about me or my soul while I still own it.”

The soul in question is minted on the Polygon blockchain and is being sold for .11 ETH. So, what do you get when you buy the NFT of a soul? According to Schaik’s official website and profile, the owner of his soul NFT gets the right to publicly declare themselves the owner of his soul.

They might also transfer ownership of his soul to anyone else that they desire, sacrifice it to a deity, and use the soul in any way they wish. While this might seem like an elaborate prank, it is very real.

It is not clear how or if the contract can be enforced but there is a rather interesting disclaimer attached to the terms and conditions. 

“In the event that Stinus’ ‘Soul’ does not exist as an independent entity outside of the whole “one-ness” of reality as commonly described in some belief systems, and in the event that this belief about the nature of reality reflects actual reality, this contract will remain in effect for whatever period of time or non-time and to whatever degree that Stinus’ immaterial essence is distinguishable in any form, manner, or state of being from the sum whole of immaterial or material existence.”

This disclaimer suggests that the contract is only binding for as long as the ‘soul’ itself of the seller continues to exist. While this might spark a complicated discussion on the validity of souls and the ethics of selling them, this whole incident does test the limit of what we can or should do with NFTs. 

The Worth of a (Digital) Soul 

Believe it or not, this is not the first time that a person is trying to sell their soul online. Back in 2004, a man listed his soul for sale on eBay but the listing was eventually taken down. While this new listing by Schaik makes for a funny pop culture moment, it does bring into question the limits of NFTs. 

It’s been said in the past that practically anything can be minted as an NFT. We’ve seen it with things like memes and tweets but a soul is perhaps one of the more interesting on the market. For now, it is only a matter of time before you find out if anyone bought Schaik’s soul and if others will be listing theirs.

Earlier this month, the NFT space was sent into a frenzy when Meta CEO Mark Zuckerberg announced that Instagram would be introducing NFT-related features in the near future. During a conversation with Daymen John, the CEO explained that these new features would be geared towards introducing NFTs to a wider audience. 

“I’m not ready to announce exactly what that’s going to be today, but, over the next several months, the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment,” he said at the time. 

Now, Deutsche Bank has reported that once these features launch, they could play a major role in bringing NFTs to the mainstream.

NFTs on the ‘Gram?

As per the report, bringing NFTs, whether it is the ability to buy, sell, or even mint them, to Instagram can take the industry mainstream. This is because by creating access to NFTs on Instagram, one of the major barriers to entry is essentially removed. 

In turn, this means that more of them can be sold to the hundreds of millions of people who use Instagram. Up until this point, NFTs have mainly been a niche affair but few things are as mainstream as Instagram. 

Along with this, the sheer size of Instagram’s audience will likely have a financial impact on the industry. As per the bank’s estimates, up to $8 billion in net annual revenue can be expected to flow into the NFT space from the integration of the features. 

Then there is the legitimacy that being listed on Instagram offers. In many ways, the features that Instagram chooses to add to its platform is indicative of the state of popular culture. When Instagram stories were added, it signalled that people were engaging in more micro-posting of disappearing content thanks to Snapchat. 

The recent addition of Reels is indicative of the global craze for short video content brought on by TikTok. As such, Instagram adding NFT features is indicative of not only how much people are investing in digital assets but also how legitimate they have become. 

As Deutsche puts it, this development will “erode buying hesitancy across the company’s broader audience.” This is also a very timely development given that the NFT space is in a hypergrowth stage, according to the bank. In 2021, the reported revenue for the NFT industry was $25 billion, significantly higher than the $495 million from the previous year. 

Coming Soon

While there are a lot of possibilities when it comes to what NFT features Instagram will be introducing, the fact that they are coming is a big deal for the industry. Not only will they give NFTs a new level of visibility and legitimacy, but they will also drive more money toward the industry. 

For creators, this will mean being able to market and sell their NFTs from a single place and for fans, it means easier access to the content that they enjoy.

Globally, there are a number of causes that most of us are aware of, one of which is the Amazon rainforest. From award-winning documentaries to years-long calls for donations, quite a few of us know about how important the Amazon rainforest is and the ways that it is at risk. 

Now, it seems we might be able to save the rainforest through the power of blockchain. A Brazilian company, which owns 410 square kilometres of land in the Amazon rainforest, has announced a new initiative to raise funds for conservation through the sales of NFTs.

NFTs to the Rescue 

The company, Nemus, announced on March 25, 2022, that customers can choose to sponsor a piece of the land they own for conservation. The funds that are paid will be used for the preservation of the trees and regeneration of the land. 

How this will work is that Nemus will issue NFTs that represent different sizes of land plots. When a person opts to buy these NFTs, they don’t own the land being represented but agree to ‘sponsor’ the land’s conservation efforts. The amount paid for the NFT will then go towards these efforts. 

The idea of ‘sponsoring’ a worthy cause is something that has existed for decades. Many charities offer the chance to ‘sponsor’ a child in need or an endangered animal for a certain amount of money and get updates on their progress over time. Nemus is doing something similar with vital information and satellite imagery of the pieces of land being provided to buyers. 

When a customer buys an NFT, they receive the image of an Amazonian plant or animal and can find information about the project on a blockchain. 

Apparently, it has already been a hit with customers, with over 10% of the 8,000 hectares for sale being bought up on the first day. Nemus is selling anywhere from one to 81 hectares of land to users and is hoping to buy a further 2 million hectares of land with the funds raised as well as preservation. 

Nemus founder Flavio de Meira Penna has also said that he expects even more sales in the coming weeks and months. 

Transparency Through Blockchain

Obviously, charity initiatives have existed for decades before now but the inclusion of blockchain in this project by Nemus adds a new layer. More specifically, it creates higher levels of accountability. 

We’ve all heard the stories of charity donations not reaching the intended beneficiary but with blockchain, this is less likely to happen. With transactions and data regarding the plots of land recorded on the blockchain, those who buy into an initiative like Nemus’ can be assured of what they are getting and where their donations are going. 

NFTs are also fast becoming a popular way to raise funds for charitable projects and good causes. From the Ukrainian government selling NFTs to support their troops to this private initiative from Nemus, this certainly seems to be the latest trend.

If there is any surefire way to get eyes on your project or business, it is through a celebrity endorsement. For decades, celebrity endorsements have been used as a way to sell everything from makeup to automobiles. Having a popular celebrity attached to a project or business can bring in not only attention from their fans but a certain level of credibility as well. 

Within the blockchain and crypto space, celebrity endorsements have been leveraged. In the past, celebrities have acted as spokespersons for cryptocurrencies, crypto exchanges, and even NFTs. The latest of these comes from football star David Beckham who has been announced as a new ambassador for DigitalBits blockchain.

David Beckham Turns to NFTs

According to the official announcement, Beckham will not only be an ambassador of the blockchain but will also launch a number of digital assets, including NFTs. 

Speaking on the announcement, Beckham said on Instagram, ‘Stepping into an exciting new world today!!! Thrilled to start my journey in the metaverse with @digitalbitsorg.” 

The DigitalBits blockchain is known for being a very eco-friendly one and this is dubbed to be a major part of Beckham’s campaigns moving forward. While the details about the types of NFTs that will be released have not been made public, Beckham will be joining an ever-growing list of celebrities getting into the NFT space. 

Plus, there is virtually nothing that can’t be turned into an NFT so it will be interesting to see what this partnership brings. Perhaps NFTs of his greatest moments as a footballer? Maybe even some more personal content tokenized and sold? 

Either way, Beckham fans are likely in for a treat because as Beckham puts it, the goal of this collaboration for him is the benefit of his fans. 

“I am always keen to find new ways to connect with my fans across the world. The moment I spoke with Al and the DigitalBits team, I knew that this was a major opportunity to create new experiences for my fans online,” he explained. 

How Celebrities Can Bring NFTs into the Mainstream 

It should come as no surprise that not everyone quite understands what an NFT is. Over a decade after they’ve been in the public eye, many still don’t understand how blockchain and cryptocurrency work.

As such, the idea of a digital collectable of an ape picture being sold for millions might confuse the average person. But there is where the power of celebrity can be leveraged. 

The everyday person might not feel inclined to look into NFTs for no reason but might be interested in DigitalBits because their favourite footballer endorsed it. Like it or not, the legitimacy of a celebrity endorsement can do wonders for a project. 

As Al Burgio, the founder of DigitalBits, explains, ‘I’m looking forward to working with Beckham to bring the transformative power of Blockchain technology to mainstream audiences and help people around the world understand the true potential.’

From the looks of it, we might be seeing more footballers get into NFTs soon.