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Non-Fungible Tokens

NFT Craze Skyrockets: Simpsons Episode Sparks FOMO Frenzy

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NFTs, or Non-Fungible Tokens, have once more infiltrated popular culture, thanks to The Simpsons. In a recent episode titled “Wild Barts Can’t Be Token,” part of the beloved “Treehouse of Horror” series, the show humorously explores the crypto world.

In this episode, Bart Simpson finds himself accidentally “digitized” into an NFT, leading his mother, Marge, on an adventure into the blockchain-powered realm to rescue him. As the story unfolds, viewers are treated to references to iconic NFTs and artists, including the Bored Ape Yacht Club and the renowned digital artist Beeple. The show creators cleverly satirized the speculative nature of certain non-fungible tokens, with Homer’s initial distress at Bart’s digitization transforming into jubilation as he discovers the Bart NFT’s staggering value of $1.5 million.

Source: X

The inclusion of these references to the real world of non-fungible tokens, which have gained widespread popularity in recent years, highlights how blockchain technology and digital assets have firmly planted their feet in the cultural zeitgeist. The Simpsons, known for its keen social commentary and satire, didn’t miss the opportunity to poke fun at the ever-evolving landscape of digital collectibles.

In the broader NFT world, the episode’s broadcast had a ripple effect. The floor price of the Bored Ape Yacht Club (BAYC) NFTs experienced a modest increase of 1.59% in the 24 hours following the episode. Meanwhile, the Mutant Ape Yacht Club’s floor price also rose by 1.83%. These fluctuations in the prices show the impact popular culture can have on the market, as fans and collectors scramble to own a piece of their favorite non-fungible tokens.

NFT Influence: Past Simpsons Ventures into Crypto

This isn’t the first time The Simpsons has delved into the world of cryptocurrencies and blockchain technology. In a 2020 episode titled “Frinkcoin,” Professor Frink introduced cryptocurrency to Lisa Simpson, with a guest appearance by Mr. Jim Parsons, known for his role as Sheldon Cooper in The Big Bang Theory. This episode provided a simple yet insightful explanation of how cryptocurrencies and blockchain work, offering educational content alongside its humor.

The latest episode of The Simpsons further underscores the growing influence of NFTs and blockchain technology in our society, as they continue to captivate the imagination of both investors and the general public. With NFTs now finding a place in popular culture, it’s clear that these digital assets have become more than just a niche trend; they’re here to stay.

Crypto Revolution: Grand Theft Auto’s Maker’s Sugartown Surpasses $5M

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In a groundbreaking move into the world of crypto gaming, Zynga, a subsidiary of Take-Two Interactive, announced its pioneering Ethereum-based game, “Sugartown,” in August. The industry has been buzzing with excitement ever since, and the results are nothing short of remarkable.

Within just three weeks of its release, thousands of Sugartown’s access tokens, known as Oras, have traded hands, collectively amassing over 3,000 ether (approximately $5 million) in trading volume, according to data from OpenSea. This impressive achievement stands in stark contrast to the broader NFT market, which has been experiencing a noticeable decline in both trading volume and active traders.

At present, the floor price for Oras tokens is hovering around $430, cementing its status as a hot commodity within the NFT ecosystem. The enthusiasm surrounding Sugartown and its native crypto asset has left the gaming and crypto communities in awe.

Zynga, renowned for titles like FarmVille, and its parent company, Take-Two Interactive, known for the iconic “Grand Theft Auto” franchise, joined forces to dive into the world of web3 gaming. While initial plans suggested the release of 10,000 tokens, only 6,000 NFTs were launched last month, as confirmed by OpenSea data. These NFTs made their debut on September 13, creating a stir in the crypto and gaming worlds.

Zynga Leads Crypto Gaming Charge with Sugartown’s Triumph

Oras, an Ethereum-based ERC-721 token, serves as the gateway to “Sugartown,” allowing players to earn in-game currency while immersing themselves in the virtual world. Zynga and Take-Two Interactive’s ambitious foray into crypto gaming promises not only an innovative gaming experience but also a potential paradigm shift in how gamers interact with digital assets.

With the success of “Sugartown,” Zynga and Take-Two Interactive have planted a flag in the burgeoning landscape of crypto gaming, proving that the fusion of blockchain technology and traditional gaming can yield impressive results. As the industry continues to evolve, one thing is clear: the future of gaming is crypto, and Zynga is leading the charge.

Stoner Cats NFTs Face Trading Ban Amid SEC Charges

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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.

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

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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.

Solana Shines: NFT Sales Surge, Leaving Bitcoin in the Lurch

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Currently, traders are closely monitoring popular assets such as Bitcoin and Ethereum. Despite the recent rally in other cryptocurrencies like Dogecoin, they appear to be disregarding them. However, Solana remains a topic of intense discussion among community members. The Solana ecosystem experienced some turbulence due to the delistings by Robinhood and Revolut. Nonetheless, SOL has swiftly moved past those challenges. With a notable increase of 20% in value over the past week, SOL ranked as the sixth-highest gainer in the weekly rankings at the time of reporting.

Solana has been making significant strides in the NFT space, demonstrating its strong commitment. According to data from CryptoSlam, Solana surpassed Bitcoin in terms of NFT sales volume this week. Previously, due to the popularity of projects based on Ethereum, Bitcoin had displaced Solana and other blockchains to closely accompany Ethereum.

Nevertheless, thanks to a remarkable increase of 271% in sales, Solana has now secured the second position. In the previous week, the total value of settled NFTs on the Solana blockchain reached $41 million, with only a minimal 2.1% attributed to wash trades. Comparatively, Ethereum recorded approximately $300 million, but more than 54% of its volume was associated with wash transactions. Bitcoin, on the other hand, had the lowest settlement volume among the three, with wash trades accounting for nearly 4% of its total.

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Solana’s DeFi Delight: TVL Grows, Bullish Sentiment Takes Flight

Solana has also experienced positive performance in the realm of decentralized finance (DeFi). In the previous week, it successfully increased its Total Value Locked (TVL) by over $20 million. On a year-to-date basis, the TVL has grown by 33.3%, surging from $205.11 million to $273.56 million. This upward trend signifies an increasing number of users locking funds within the SOL ecosystem.

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SOL has experienced a significant decline of approximately 53% from its year-to-date (YTD) peak of $27.12. Currently, SOL is facing a critical test at the 38.2% Fibonacci (Fib) level. If the asset maintains its bullish momentum and fundamentals improve, there is a possibility of retesting the peak by surpassing $19.8 and $22.6 along the way. Conversely, a bearish trend could lead to correction levels at $17.5 and $15.3.

OpenSea Attempts To Win Battle Over Blur With 0% Fees: Details

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As competing marketplaces continue to erode its once-dominant user base, major nonfungible token (NFT) marketplace OpenSea announced a significant restructuring around lower platform fees and higher creator earnings.

According to Nansen data, on February 18, the NFT marketplace Blur overtook OpenSea in terms of daily Ethereum (ETH) trading volume as customers sought for a trading environment that benefited them in anticipation of higher returns on their NFT investments.

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OpenSea responded by announcing three significant adjustments in an effort to retain its customers who were migrating. The measures include introducing optional creator earnings, a temporary 0% fee, and leniency for other operators.

OpenSea acknowledged that it was losing customers to “NFT markets that don’t properly enforce creative earnings,” and the new initiatives are an effort to regain its market leadership. Further adding,

“Recent events – including Blur’s decision to roll back creator earnings (even on filtered collections) and the false choice they’re forcing creators to make between liquidity on Blur or OpenSea – prove that our attempts are not working.”

While reiterating its support for Operator Filter, a feature designed to assist artists in securing their revenue for the resale of their work, the firm thinks that it successfully defended creator earnings on all collections. Yet, this filter deliberately disallowed marketplace recommendations that had the same policies.

Blur’s new royalty policy, which highlights the variations in royalty payment alternatives between its platform and the world’s biggest NFT marketplace, can be credited with the company’s dominance in daily trading volume. It said,

“OpenSea’s current royalty policy prevents collections from being able to earn royalties everywhere. They have cited various reasons for this (see FAQ), but the end result is that creators are limited to earning royalties on only one platform at a time.”

Anticipated Fee Hike At OpenSea

Community members emphasized the value of competition in the sector amid the royalty battle between the two marketplaces. Without marketplaces that charge no royalties, larger companies like OpenSea would eventually raise their fees, which would be bad for both creators and collectors.

Also, OpenSea intends to keep evaluating the model to see what functions best for the organization and the community. If the famous NFT marketplace is successful in gathering its lost clients, community members anticipate that it would likely boost its platform fees in the future—a predatory approach frequently observed in markets with less competition.

Neal Mohan’s selection as YouTube’s new CEO was seen by the crypto community as a victory because of Mohan’s propensity to embrace NFTs and Web3 as revenue sources for producers.

NFT Minting And Trading To Soon Be Available On Instagram

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Non-Fungible-Tokens (NFT) has become extremely popular in the last year or so. Over 1 billion NFTs are already available on the market, and an average of 8 million new ones are produced each month. As more people become aware of how valuable they may be in transferring value, this figure is anticipated to increase even higher.

Instagram, the famous social media network, is getting ready to launch a number of tools connected to NFTs that will let creators produce, display, and trade NFTs.

At its Creator Week, 2022 event on 2 November 2022, Instagram parent firm Meta said that the network would let its creators produce “digital collectibles” and sell them “both on and off Instagram.”

Meta has picked the Polygon blockchain as an initial partner for this functionality, claiming that creators will have an “end-to-end toolkit” for developing, presenting, and finally selling NFTs within the platform.

It states that only a “small group” of American authors will be permitted to test the new capabilities and that expansion to other nations will follow, although it makes no mention of when this will happen.

In addition to the blockchains it now supports, such as Ethereum, Flow (FLOW), and Polygon, Meta recently announced support for the Solana blockchain and the well-known Phantom wallet.

Selected NFT to be pulled from OpenSea

Additionally, metadata for specific non-fungible token collections, including names and descriptions, will be retrieved from the NFT marketplace OpenSea. Support for video digital collectibles will also be introduced.

The blockchain gas fees for buyers will be covered by Meta “at launch,” according to Stephane Kasriel, head of commerce and financial technology at Meta, who did not specify how long the launch timetable would be. Meta will not charge fees to manufacture or sell NFTs until 2024, he added.

According to Kasriel, these deals would still be subject to “app store fees,” which refers to Apple’s 30% royalty on the sales, which has come under fire for being higher than the typical 2.5% charge imposed by marketplaces like OpenSea.

Given that both Apple and Google only permit in-app transactions made using fiat currencies and both restrict buttons, external links, and other actions that provide customers a method to avoid their commissions, buyers apparently won’t be able to buy Instagram NFTs using cryptocurrency through the Instagram app.

It is unknown if Meta will follow the recent moves from marketplaces to migrate to opt-in royalty models because Meta has not disclosed how much of a commission it expects to take from NFT sales or what its creator royalties scheme would look like.

Apple’s NFT Transactions Gain Clarity: App Store Reviews Guidelines

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Recent revisions to Apple’s App Store Review Guidelines have been made public. The same included a section devoted to explaining Non Fungible Tokens, or NFTs.

NFTs are thus permitted to be present in apps on the App Store. They are unable to access any extra features or content, though. The recently announced rules stated,

“Apps may use in-app purchase to sell and sell services related to non-fungible tokens (NFTs), such as minting, listing, and transferring. Apps may allow users to view their own NFTs, provided that NFT ownership does not unlock features or functionality within the app.”

Additionally, developers are not allowed to make “buttons, external links, or other calls to action” that direct users to other platforms in order to purchase NFTs instead of the App Store. The App Store prefers that customers buy things inside of apps.

Additionally, it forbids apps from utilizing tools like “QR codes, cryptocurrencies, and cryptocurrency wallets” that might be used to unlock content or functionality within an app.

A request to exempt NFTs from its “Apple Tax” on purchases was also rejected by the American multinational technology company. This indicates that the usual 30% commission charge on NFT purchases will be in effect.

Social media sites often saw a range of community responses. Tim Sweeney, CEO of Epic Games, noted both extreme viewpoints in a tweet:

It’s important to remember that Magic Eden just deleted its service from the App Store due to its rules and excessive commission. The executive voiced his opinion on the subject, saying Apple should be restrained from “killing” another emerging technology.

Here’s How Apple’s New Update Affects Crypto Exchanges

Along with NFTs, the big-tech firm gave clarity regarding crypto exchange apps. The guidelines stated,

“Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered only in countries or regions where the app has appropriate licensing and permissions to provide a cryptocurrency exchange.”

However, Apple did not respond to the comments, according to sources.

SEC takes on NFTs: Yuga Labs under investigation

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Non-Fungible Tokens are now not in the best condition. There has been a noticeable decline in NFT sales on various NFT markets, notably OpenSea, indicating that the enthusiasm surrounding the technology has worn off. However, as evidenced by the SEC’s probe into Yuga Labs, the attention surrounding NFTs doesn’t seem to be abating.

Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), is under investigation by the US Securities and Exchange Commission (SEC), according to Bloomberg. The goal of the investigation is to determine whether the Non-Fungible Tokens collection from the Bored Ape Yacht Club broke any federal laws.

BAYC NFTs categorized as securities?

According to the information provided by the person with knowledge of the situation, the SEC is considering whether any of the NFTs offered by Yuga Labs are comparable to securities and whether they need to adhere to the same regulations.

BAYC NFTs

The SEC is also investigating the manner in which ApeCoin was given to members of the Bored Ape Yacht Club and related NFTs. The investigation has not yet been made public, and it does not establish any wrongdoing on the part of Yuga Labs.

Yuga Labs stated,

“It’s well-known that policymakers and regulators have sought to learn more about the novel world of web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem.” “As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way.”

The SEC is also investigating the potential that a security-like property exists in ApeCoin. In addition to giving the holders APE, BAYC gave them a say in their DAO.

The regulators are now paying more attention to digital assets, crypto companies, and the overall crypto sector. It is a part of ongoing efforts to make sure that crypto businesses and the entire market abide by the rules.

NFTs that “melt in your mouth”: BAYC partners with M&Ms

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The creators of the Bored Ape Yacht Club (BAYC) have exploited their permissive commercialization rights to incorporate their Ethereum NFT graphics into a variety of products, including toys, clothing, restaurants, and alcohol packaging. However, special edition M&Ms now allow you to consume a few Bored Apes.

Today, the candy company Mars revealed that it has reached an agreement with the label 10:22PM of Universal Music Group (UMG) to produce limited-edition M&Ms based on Kingship, a virtual band made up of the Bored Ape Yacht Club and Mutant Ape Yacht Club avatars.

Jane Hwang, vice president of Mars Wrigley Global, stated,

“Consumers’ expectations for what they want from their favorite brands [have] shifted, and at Mars, we know we need to be more innovative than ever with such a culturally famous brand like M&M’s.”

Jimmy “j1mmy” McNelis, an investor and businessman, founded the “metaverse band” known as Kingship using NFTs. This information was made public last November.

Following the example of the well-known virtual band Gorillaz, the label 10:22PM has developed characters based on the Bored Ape paintings and is writing unique music for the group, which will perform concerts in metaverse realms.

The band has also made available its own NFT “key cards” that grant owners exclusive privileges and access. Owners of NFT devices were granted priority access to the confectionery M&M’s.

As part of the agreement, Mars has produced branded M&M’s chocolate candies in restricted quantities that bear artwork of the Bored Apes and Kingship insignia. Just 10,000 of the candies in gift boxes and gift jars will be sold overall by Mars.

Partnership does not involve Yuga Labs NFT brand

The most well-liked project in the area is perhaps The Bored Ape Yacht Club. According to data from CryptoSlam, the NFT collection of Yuga Labs has produced almost $2.4 billion in secondary trading volume to date. Bored Ape-related NFTs have so far generated more than $5.6 billion in secondary trading when combined with follow-up and spin-off projects.

To be clear, neither Yuga Labs nor the genuine Bored Ape Yacht Club brand are partners in this M&M’s transaction. Instead, Bored Ape NFT owners can utilise their own photographs to make items and projects and, if they so choose, can licence that artwork to brands.

One such licence agreement is the Kingship agreement with UMG’s 10:22PM label, and this new Mars connection adds another layer to it. Additionally, photos of the bored ape have been used on the packaging of alcohol, marijuana, apparel, souvenirs, and more.

Bored Apes have also generated a lot of buzz in the music industry. Along with Kingship, popular producer and musician Timbaland has also created music centered upon his own Bored Ape alter ego. They further established a record label to encourage other musicians to follow suit.

Snoop Dogg is launching a dessert shop that is styled after one of his apes. The God of Rap, Eminem along with Snoop Dogg has also recorded a music video together that features their apes.