TronWeekly

Crypto World News

You are here: Home / Search for "nft"

Search Results for: nft

Stoner Cats NFTs Face Trading Ban Amid SEC Charges

by

In a stunning turn of events, the Stoner Cats NFT project has been slapped with a trading ban on prominent marketplaces like OpenSea, Blur, and Rarible. The ban came hot on the heels of an announcement by the United States Securities and Exchange Commission (SEC) charging the creators with selling unregistered securities.

Stoner Cats, Animated Series

Originally sold in 2021, these Ethereum-based NFTs were linked to a star-studded animated series featuring celebrities like Mila Kunis, Ashton Kutcher, Chris Rock, and Ethereum founder Vitalik Buterin. The NFTs allowed access to the six-episode web series, which revolves around the misadventures of cartoon cats with a penchant for getting high.

The SEC’s allegations were centered on the fact that the non fungible tokens were sold as unregistered securities, triggering a significant setback for the project. While the ban has caused the NFTs to vanish from OpenSea, Blur, and Rarible, they still linger on the blockchain and in the wallets of their holders.

OpenSea’s representative confirmed that the platform has disabled trading but opted to keep the project page accessible, given its role as a blockchain explorer for non-fungible-tokens. Rarible also corroborated the ban, citing market monitoring as the basis for their decision, while Blur has yet to comment on the matter.

Remarkably, Stoner Cats NFTs can still be bought and sold on marketplaces like LooksRare and X2Y2, which continue to host active listings. This resiliency reflects the enduring popularity of the project, despite the legal troubles it now faces.

NFT Sales Soar: Stoner Cats’ Lucrative Debut

During the initial sale in July 2021, Stoner Cats managed to sell 10,420 NFT passes, amassing over $8 million. Subsequently, the project creators profited from over $20 million in secondary market sales. However, the SEC stepped in, alleging unregistered securities sales and imposing a $1 million civil fine on the creators.

Part of the settlement agreement involves using the fine to establish a Fair Fund to reimburse investors, with eligibility details yet to be revealed. Additionally, the creators have pledged to destroy any remaining non-fungible tokens in their possession, further complicating the future of these unique digital assets.

In the wake of the SEC charges, the NFT market for Stoner Cats experienced a surge in sales and prices. Floor prices skyrocketed from $30 to $131 before settling at around $61 as the non-fungible tokens disappeared from major exchanges.

The Stoner Cats NFT saga is a stark reminder of the regulatory uncertainties surrounding the non-fungible tokens space. As this project’s fate hangs in the balance, it underscores the need for increased clarity and adherence to securities regulations within the cryptocurrency and blockchain industries. The next chapter in this high-profile NFT journey remains uncertain, but it is certain to attract further attention in the ever-evolving world of digital assets.

Soul-Bound NFTs: Coinbase Ventures’ Bold Leap Into Web3 LinkedIn

by

Coinbase founder Brian Armstrong has announced that the company received an overwhelming response of more than 150 project applications in response to their call for promising crypto ideas. 

In a recent tweet, Armstrong revealed his intention to add an 11th startup idea to the mix, and it’s nothing short of groundbreaking – a Web3 version of LinkedIn.

The innovative twist in this proposed Web3 LinkedIn is using soul-bound NFTs (Non-Fungible Tokens) to verify employment or credentials. While traditional LinkedIn relies on textual claims, this new approach aims to introduce blockchain technology to professional networking.

In his tweet, Armstrong outlined the vision for this Web3 LinkedIn, stating, “It would be great if companies could issue soul-bound NFTs to verify employment or credentials.” It implies that users’ professional profiles will be anchored to NFTs, ensuring authenticity and trustworthiness. 

Additionally, he highlighted the importance of building a user-friendly front-end interface and mechanisms to bootstrap the network effect, possibly by allowing users to mint their NFTs upon verifying their company-issued .com email addresses.

This ambitious venture by Coinbase adds another layer to the rapidly evolving landscape of blockchain technology, emphasizing the potential of NFTs beyond the realm of art and collectibles.

The Coinbase Ventures Initiative

The call for project applications was part of a broader initiative by Coinbase Ventures, which, on August 30th, shared the “10 ideas I’m most excited about in crypto right now,” as Armstrong put it. The company believes these ideas are essential for the crypto space to nurture the next generation of startups.

Armstrong also emphasized the significance of bear markets as an opportune time for innovation and development. Coinbase is actively building various products and services internally but acknowledges an abundance of untapped potential in the crypto sphere, hence its call for external contributions.

Furthermore, Coinbase Ventures has announced its inaugural Coinbase Ventures Summit, scheduled to take place in Los Angeles this October. This event will assemble top aspiring builders in an intimate setting to facilitate discussions on advancing the crypto space. 

It offers a unique opportunity for crypto enthusiasts to interact with Brian Armstrong and the Ventures team and contribute to the evolution of the cryptocurrency industry.

However, Coinbase’s foray into Web3 LinkedIn with soul-bound NFTs indicates a promising future where blockchain technology underpins professional networking and credential verification.

Related Reading | Bitcoin Maintains Remarkable Stability in 2023: A Decade of Low Volatility

Justin Bieber’s NFT Surprise: Fans Can Own a Piece of ‘Company’ Royalties

by

Justin Bieber enthusiasts are in for an extraordinary experience as one of his chart-topping songs is about to undergo a transformation into a nonfungible token [NFT]. This exciting development is the result of a collaboration between the blockchain-focused music technology platform Anotherblock and the co-producer of the track, Andreas Schuller, better known as Axident.

Scheduled for launch on September 7, this initiative will see the release of the song “Company” as a limited-edition NFT, with just 2,000 units available. Fans who acquire an NFT of this track will not only possess a unique piece of digital art but will also become eligible for a 1% royalty share in the song’s streaming revenue. This groundbreaking move signifies the intersection of blockchain technology and music rights, opening up a world of new possibilities for fan engagement.

Michel D. Traore, the co-founder and CEO of Anotherblock, emphasized the significance of this initiative in an interview with a prominent cryptocurrency media outlet. He pointed out that the royalty share is being offered by Axident, shedding light on the often-underappreciated creators behind the music.

Justin Bieber’s Company NFTs Will Boost Web3 Interactions

“Company” was originally featured on Justin Bieber’s fourth studio album, “Purpose,” released in 2015. As an album track, it achieved respectable chart positions in multiple countries, including New Zealand, where it debuted at number 30 and reached its peak position at number 18.

Besides Justin Bieber, Anotherblock has already ventured into the Web3 landscape with major figures in the music industry, including global sensations like Rihanna, Martin Garrix, and The Weeknd.

This move towards Web3 technology is a trend embraced by music giants worldwide. Recently, Abel Makkonen Tesfaye, better known as The Weeknd, announced his “After Hours Til Dawn” tour scheduled for November and December 2023 in Australia and New Zealand. This partnership between one of the world’s biggest pop stars and a leading exchange aims to infuse Web3 technology into the experiences of music enthusiasts attending the concerts.

 

Cardano Founder’s Unbiased Stance on NFT Ventures

by

Charles Hoskinson, founder of the Cardano blockchain and engineering firm Input Output Global, shed light on his position concerning his involvement in NFT [Non-Fungible Token] initiatives. In a YouTube video, Hoskinson clarified that he does not endorse or receive any sort of payment from NFT pioneers.

Pointing out a huge painting of Apes Society artwork in his office, the founder stated that he received it as a gift. He also denied owning any NFTs linked to projects within the Cardano sphere.  With transparency at the forefront, Hoskinson asserted that his appreciation of the NFT art he’s received should not be misconstrued as an endorsement of any specific project. 

Moreover, his decision to stay away from these NFT ventures stems from his commitment to establish an impartial foundation. In order to prevent any perception of bias towards a particular NFT endeavor, he remained steadfast in never publicly revealing an address to receive NFTs, despite numerous offers.

Further, the founder called for collaboration among communities, urging open discussions about their collective needs as NFT enterprises. Even though he would not be involved in the day-to-day decisions of any specific NFT project, he still enjoys interacting with various NFT creators and communities, particularly during Cardano-focused conferences.

In the larger context, the non-fungible token arena has expanded exponentially, growing into a billion-dollar sector primarily dominated by Ethereum. In contrast, Cardano has faced criticism from various quarters, often labeled a “ghost chain” due to its lack of a developed DeFi and NFT ecosystem. Nevertheless, the dynamics within the NFT sphere are undergoing a transformation.

Cardano’s Evolving NFT Landscape

As evidenced by the weekly chart shared by Stocktwits NFTs, the floor price index for Cardano NFTs now stands 22% higher than that of Ethereum. The most recent update from the platform underscores a notable shift in sentiment, indicating an increasing inclination among market participants to consider Cardano as a significant hub for NFTs.

A pivotal element that significantly contributed to boosting the ecosystem’s trajectory was the Vasil upgrade. This upgrade played a vital role in propelling Cardano to secure the position of the third-largest NFT protocol, following Ethereum and Solana, as of last September.

Polygon Blockchain Chosen by Lufthansa for Groundbreaking NFT Loyalty Program

by

The cryptocurrency sector is experiencing a significant surge, and this is particularly evident in the world of aviation. Non-fungible tokens (NFTs) are attracting considerable attention as they continue to make headlines. Illustrating this trend, the Lufthansa Group, the parent company of the renowned global airline, has officially launched an innovative loyalty scheme. What makes this loyalty program noteworthy is its unique focus on NFTs.

So, who is eligible to participate in this groundbreaking initiative? All airlines under the Lufthansa umbrella, including Lufthansa itself, Austrian Airlines, and Swiss International Air Lines, to name a few, have the opportunity to be part of this program. They are actively engaged in the Uptrip loyalty project. This implies that travelers flying with any of these airlines can collect digital collectible cards while they embark on their journeys.

Lufthansa and Polygon

Uptrip constitutes a segment of the Lufthansa Innovation Group and was founded on the Polygon blockchain platform. The initial stage of Uptrip encompassed its rollout, during which it underwent a trial period involving upwards of 20,000 participants. Over the course of this timeframe, these users collectively acquired in excess of 200,000 digital tradeable cards.

The newest initiative introduces an innovative approach to recognizing involved travelers. By bestowing these passengers with distinctive digital assets, the project opens the door to extra benefits and privileges. The collectible items are crafted around particular destinations, aircraft from the airline’s fleet, and even specific holidays.

Once users of Uptrip have amassed all the required cards for specific themed sets, they gain access to exclusive advantages provided by Lufthansa. These advantages include complimentary in-flight internet access and entry to airport lounges. Furthermore, redeemable airline miles and other benefits are also incorporated into the program. But that’s not all. Uptrip also plans to introduce a trading feature that allows users to complete their collections by swapping cards with others.

Potential Impacts on Polygon’s NFT Ecosystem

Lufthansa Group’s Miles and More loyalty program presently has approximately 36 million participants. This entity is one of the latest to embrace the Polygon platform, following Starbucks, Nike, and other notable names. Despite this, Ethereum (ETH) and Solana (SOL) have held a prominent position in the NFT sector. In the hierarchy of NFT sales volume, Polygon holds the third position. However, according to the graph, the network boasts the highest number of purchasers. This tendency could receive further enhancement through Lufthansa’s recent undertaking.

Polygon

OpenSea’s Ethereum-Powered Revolution: Unveiling a New Era of Redeemable NFTs

by

OpenSea, the renowned digital marketplace for non-fungible tokens (NFTs), has unveiled a significant development in the world of NFTs with the publication of two Ethereum Requests for Comment (ERC-7496 and ERC-7498) and two Seaport Improvement Proposals (SIP-14 and SIP-15). This strategic move aims to ignite the evolution of the redeemable NFT ecosystem.

Redeemable NFTs have rapidly gained traction across various sectors, including fashion, gaming, and collectibles. These NFTs combine artistic value with practical utility, allowing creators to offer unique experiences to their audience. Nevertheless, a lack of standardized protocols has hindered their widespread adoption. Consequently, creators have been compelled to devise individualized, often isolated, experiences, leading to challenges in discoverability and user-friendliness.

Elevating NFTs With Ethereum

To address this issue, OpenSea is introducing a pioneering open standard for redeemable NFTs. This innovation caters to on-chain (NFT to NFT) and off-chain (NFT to tangible goods, services, or experiences) redemption models. The goal is to simplify the creation, exploration, exchange, and redemption of these enhanced NFTs directly within the OpenSea platform.

The concept behind redeemable NFTs is intriguing. These tokens possess inherent value or functionality that can be exchanged for another digital or physical item. It facilitates stronger relationships between creators and their communities, enriches membership experiences, and unlocks new possibilities within Web3 technology.

Historically, redeemable NFTs required the initial NFT to be “burned” in exchange for a new item, whether a digital asset or an NFT. OpenSea’s groundbreaking redeemable standard aims to augment this convention by introducing the concept of trait redemption. This enhancement allows users to redeem an item without necessarily forfeiting the original NFT, enabling a more flexible and expansive system.

Ethereum’s Utility in Action

The release of Ethereum Requests for Comment (ERC-7496 and ERC-7498) and Seaport Improvement Proposals (SIP-14 and SIP-15) signals OpenSea’s commitment to nurturing the redeemable NFT ecosystem. Developers and creators will collaborate to refine these standards per the community’s needs. OpenSea’s redemption roadmap includes a series of upcoming initiatives designed to empower creators and developers to build innovative redeemable NFT projects.

OpenSea’s vision for redeemable NFTs goes beyond the digital realm. The platform intends to bridge the gap between on-chain and off-chain experiences, allowing creators to offer physical merchandise and experiences alongside their digital creations. By fostering an open, user-friendly environment, OpenSea strives to usher in a new era of NFT utilization and accessibility, empowering creators and engaging users on a grand scale.

Related Reading | Ethereum’s Metrics Signal Mixed Fortunes Amid Crypto Turmoil

Disney: ‘Mickey and Friends’ Now In NFT Avatar

by

In a groundbreaking partnership between entertainment giant Disney and web3 startup Cryptoys, the beloved character Mickey Mouse is undergoing a digital transformation into crypto collectibles. This collaboration, fueled by a $23 million Series A funding round supported by toymaker Mattel, introduces the “Mickey and Friends” NFT collection, set to launch next month at a price of $39.99.

Comprising 15 distinct pieces, each with varying “skin designs” and levels of rarity, the collection represents a fusion of Disney’s timeless charm with the innovative possibilities of blockchain technology. This move follows Cryptoys’ prior success with Star Wars collectibles, which is soon to welcome the iconic Yoda into its digital fold.

While the NFTs run on the Flow blockchain, precise on-chain sales data remains unavailable for public scrutiny. Nevertheless, this venture is a promising one, especially considering Disney’s strategic shift away from its metaverse endeavors following leadership changes and the dissolution of its metaverse division.

Disney Characters Casted in Platinum For Its 100th Anniversary

Disney’s foray into the metaverse arena commenced in 2022, choosing Polygon as its blockchain platform and showcasing its commitment through specialized hiring for non-fungible tokens (NFTs) and decentralized finance (DeFi). The company’s century-long legacy of captivating imaginations took a next turn on March 20, when it joined forces with a digital platform VeVe to unveil the 100 Collection.

This exclusive assortment celebrated Disney’s 100th anniversary by incorporating classic characters such as Mickey Mouse, Minnie Mouse, Donald Duck, and Dumbo in a dazzling platinum series of collectible posters.

The collection was dropped on March 22nd at 8 AM PT at a list price of $60. The Minnie Mouse NFT was an ultra-rare nft with 2,100 editions, whereas Dumbo was a secret rare drop with only 1,100 editions. Mickey Mouse was slated to be an uncommon drop with 4,100 editions and Donald Duck was a rare drop with 3,100 editions.

In addition to the existing VeVe 2.5% secondary market fee, a 6% licensor fee was imposed on Disney sales in the secondary market.

Donald Trump’s Mugshot NFT Rockets Sales Up by 163%

by

This week, the media spotlight once again focused on the actions of Donald Trump, the former President. Today, Trump made a reentry into the public sphere by resuming activity on his past platform, X [referring to his former Twitter account]. What particularly intrigued internet users was his latest post on X. In this post, Trump shared his own mugshot and accompanied it with a statement regarding potential election interference.

As of the current moment, the tweet had accumulated about 77.1 million views, with roughly 807,000 likes, 207,000 shares, and 24.1K saved bookmarks. The photo of his arrest became public subsequent to his apprehension on August 24. Trump was arrested based on allegations related to his efforts to impact the outcome of the 2020 presidential election in Georgia. Following his detainment, he underwent standard processing procedures at Fulton County Jail, a facility notorious for its unfavorable conditions for inmates. Regarding the widely circulated mugshot of Donald Trump, Fulton County Sheriff Pat Labat commented, “Unless someone informs me otherwise, we are adhering to our usual protocols, so an individual’s status doesn’t affect our readiness to take a mugshot.”

Significant Jump: NFT Collection by Donald Trump Registers Major Increase

Following the former President’s discussion with media personality Tucker Carlson, there was a remarkable upswing in the value of his NFT collection. Surprisingly, within just a day, his NFT sales, the minimum price for listings, and the overall trading activity all underwent a substantial increase. It seems that the notable image of Donald Trump’s mugshot, mentioned earlier, played a significant role in driving this surge. As illustrated in the image provided above, there was a noteworthy 163% rise in Trump’s sales percentage, attributable to a total of 208 transactions.

Donald Trump

Additionally, the trading volume and the lowest listed price for items within this collection experienced impressive growth, ascending by 222% and 63% respectively. Currently, the most affordable available price for items in this collection stands at 0.1928 ETH.

Polygon’s Flourishing Q2 2023: NFTs, Security, & Innovation Collide

by

The Polygon network has emerged as a beacon of innovation and progress in the rapidly evolving crypto and blockchain technology landscape. The recently released Nansen’s Polygon Quarterly Report for Q2 2023 offers an intricate analysis of the network’s performance and a detailed insight into the developments that have propelled its growth.

Polygon’s Q2: A Period of Flourishing Activity

Throughout the se­cond quarter of 2023, the network has experie­nced a significant surge in activity and adoption. This growth has attracted major playe­rs from various sectors, including the noteworthy NFT proje­ct y00ts. Previously based on Solana, y00ts made a mome­ntous decision to move its NFTs to Polygon. By doing so, users we­re able to stake the­ir NFTs and tap into a larger collector community. As a result, se­condary sales volume skyrockete­d, and Magic Eden’s NFT sales saw a substantial uptick.

Security has be­come a central focus as Eleos Labs partne­rs with Polygon to integrate their FailSafe­ cybersecurity system. This collaboration, in conjunction with GrabDe­fence, aims to enhance­ blockchain security by proactively interce­pting malicious transactions and thwarting potential threats. This strategic move­ addresses the pre­ssing need for practical security solutions in We­b3 technology.

The ecosystem’s collaborative spirit is evident in its partnership with Regen Network. Together with the Toucan protocol, they have introduced a bridge connecting their public chain to the network. This integration tackles scalability and cost issues while fostering a stronger sustainability commitment.

Institutional involveme­nt has become prominent in the­ forefront. Franklin Templeton’s Franklin OnChain U.S. Gove­rnment Money Fund (FOBXX) is utilizing Polygon’s blockchain for transactions and share owne­rship, marking a historic milestone. This significant deve­lopment highlights the operational e­fficiency and security advantages of blockchain te­chnology.

Solid World, a virtual platform built on blockchain technology, utilize­s its PoS network to offer users an imme­rsive virtual experie­nce. This integration aligns with the platform’s goal of scalability and cost-e­ffectiveness by e­nsuring low transaction fees.

The collaboration be­tween Flipkart, Hang, and Polygon Labs led to the­ launch of FireDrops 2.0, an innovative loyalty program. This strategic partne­rship combines web3 technology and its blockchain infrastructure­ to enhance customer e­ngagement and foster brand loyalty.

The re­port explores esse­ntial data, including fluctuating gas fees and transaction counts, providing valuable insights into ne­twork usage. The stability of daily active addre­sses indicates a steady use­r base while comparing gas fee­s with Ethereum underscore­s the network’s cost-efficiency advantage.

The se­cond quarter of 2023 brought several notable­ occurrences within Polygon. Undoubtedly, the­ release of Polygon Supe­rnets v0.9 and the announceme­nt of Polygon 2.0 stole the spotlight. This significant upgrade e­nhances security, performance­, and interoperability by adopting zkEVM validium. Moreove­r, Q2 witnessed impressive­ advancements across various sectors and industrie­s, showcasing the immense progre­ss made by Polygon during this period.

Related Reading | ChatGPT’s Financial Woes: Impending Bankruptcy Spells Trouble for Crypto

Trump’s Crypto Epiphany: From Bitcoin Bash to NFT Enthusiast

by

Crypto has left the world baffled once again with a surprising turn of events. Former President Donald Trump, renowned for his frank (and frequently peculiar) social media posts, possesses a trove of cryptocurrency valued at a staggering half a million dollars. The paradox in this disclosure is as substantial as the blockchain underpinning these virtual assets.

Trump’s financial disclosure form, spanning a jaw-dropping 82 pages, included a casual mention of a “cryptocurrency wallet (Ethereum)” with a value range that could fund a small country’s annual budget. Apparently, the ex-commander-in-chief has been quietly diversifying his portfolio in the virtual realm while the rest of us were left pondering his hair choices.

Trump’s Crypto NFT Carnival

Trump’s digital dalliance takes the form of non-fungible tokens (NFTs) – those virtual trading cards that make even less sense than his midnight Twitter rants. These NFTs depict Trump as a superhero, cowboy, astronaut – basically any character he wasn’t during his time in the Oval Office.

These digital masterpieces were launched for a mere $99 each, because clearly, there’s no better way to make a political comeback than by selling glorified JPEGs. The sales of these tokens took off like a rocket, soaring higher than Trump’s claims of crowd sizes, until they plummeted faster than his approval ratings after his second batch flopped spectacularly. It’s almost poetic how his NFTs experienced the same rollercoaster ride as his presidency.

What’s even more entertaining than Trump’s NFT venture is his swift about-face on the topic of digital assets. The man who once proclaimed Bitcoin was “just a scam,” now holds a cryptocurrency wallet heavier than his signature golden curtain rods. His disdain for cryptocurrencies was only rivaled by his affinity for Twitter typos.

Source: X

But let’s not forget his Republican comrades who have been eagerly embracing the world of crypto like it’s a long-lost relative returning with a suitcase full of untraceable cash. While Miami’s Mayor Suarez and his ilk have been showing crypto some love, it’s Trump who’s now the unlikely poster boy for virtual wealth. A true man of the people.

In a world where politicians are known for flip-flopping faster than a fish out of water, Trump’s crypto escapade takes the cake. From condemning digital currencies to embracing NFTs, he’s proven that the only thing more volatile than his opinions are the markets he’s now invested in.