Read in this week’s newsletter how the FTX contagion led to collection sales, including high ticket prices. Non-Fungible Token (NFT)Check out the pain in getting artists on Web3 via NFTs and find out about OpenSea’s decision to finally enforce royalties on all collections within the NFT marketplace. In another news, a tool has been released that allows Layer 2 networks to showcase his NFTs on social platforms such as Twitter. And don’t miss his Nifty News this week, featuring Nike’s Dot Swoosh NFT platform.
Deepak.eth, a victim of FTX infection, puts NFT collection up for sale
Deepak.eth, the pseudonymous founder of blockchain infrastructure company Chain, has announced an eight-figure exposure to the FTX exchange, after announcing an NFT collection at $80 to the highest bidder or partially decentralized autonomous organization (DAO). I tweeted that I will sell through. % Ownership.
This collection includes notable NFTs such as characters from the Bored Ape Yacht Club and Mutant Ape Yacht Club. The collection is 8,000 Ether (ethereum), which is about $10 million at the time of writing.
Mainstream Artists Supporting Web3: Triumphs and Struggles
Animal Concerts executive Bernard Alexander, who helped bring celebrities like Snoop Dogg and Billy Ray Cyrus to Web3 through NFTs, told Cointelegraph about the struggles of helping artists get on Web3.
According to Alexander, helping artists understand space remains a major challenge, and people are naturally hesitant to enter the rapidly evolving nascent industry.
After community outcry, OpenSea enforces creator royalties on all collections
After listening to community feedback, NFT marketplace OpenSea has announced that it will continue to enforce royalties on all collections within its platform. On November 7th, the NFT platform launched a tool that allows creators to apply royalties to new collections. However, the new update was not applied to existing collections.
Community members criticized the marketplace for unclear messaging and called on the platform to clarify its stance on creator fees. Some NFT creators have canceled upcoming collection launches until OpenSea makes a decision.
New tool mirrors Optimism NFTs onto Ethereum mainnet for use in verified apps
The developers of Optimism have launched Magic Mirror, an application that allows NFT holders to mirror their NFTs onto the Ethereum mainnet. This will allow users to use her NFTs in apps such as Twitter, where only her NFTs at Layer 1 were previously recognized.
Twitter’s NFT badge feature allows owners to view their hexagonal profile picture to verify NFT ownership. Prior to the app’s release, NFT holders of networks such as Polygon, Avalanche, and Optimism were unable to feature them on Twitter.
Nifty News: Nike unveils NFT platform, Steve Jobs sandals sell for $200,000 and more
Footwear maker Nike has launched an NFT platform called .Swoosh, highlighting that the first digital collection will hit the platform in 2023. Meanwhile, an image of Birkenstock sandals worn by Apple co-founder Steve Jobs was converted into his NFT and sold. At auction for $218,750.
Thanks for reading our digest of this week’s most notable developments in the NFT space. Check back next Wednesday for reports and insights on this actively evolving field.