Browsing:NFT News

These two NFT artists were ordered to pay $9 million in disgorgement against Yuga Labs
2 months ago 1 min read

These two NFT artists were ordered to pay $9 million in disgorgement against Yuga Labs

Ryder Ripps and Jeremy Cahen, NFT artists, received a negative ruling in their lawsuit against Yuga Labs, the developer of the well-known Bored Ape Yacht Club. The verdict not only dismissed their counterclaims but also imposed a $9 million penalty, complicating their legal situation. The legal battle began in April 2023, when Yuga Labs sued Ripps and Cahen, alleging copyright infringement due to unauthorized copies of BAYC NFTs. The dispute arose following the release of the Ryder Ripps BAYC (RR/BAYC) collection in May 2022, in which the artists incorporated the BAYC brand into their work. The initial litigation resulted in

Donald Trump's NFTs Surge Amidst NFT Market Dip in January
2 months ago 1 min read

Donald Trump’s NFTs Surge Amidst NFT Market Dip in January

In the third week of January, the NFT market experienced a dip, with trading volumes falling to $223 million, a 23% decrease from the previous week. Despite the overall downturn, the number of NFT enthusiasts continues to grow, with over 730,000 collectors actively participating, representing a 35% increase in interest. Despite the difficulties encountered by various NFT collections, there is one exception: Donald Trump’s NFTs. The former president’s NFTs are doing well on the Polygon network, where sales increased by over 72% this month. The Trump Digital Trading Card Series 2 saw a 24% increase in price, thanks in part

NFT platform MINCL
3 months ago 1 min read

South Korea’s KT Corp shuts down NFT platform MINCL

KT Corporation, South Korea’s telecommunications giant, has decided to close its NFT platform, MINCL, citing changing business conditions as the primary reason. This move is consistent with a larger trend in the region, in which several companies are reconsidering their participation in Web3 projects. MINCL users are urged to transfer their NFTs to alternative e-wallets before the platform is shut down on March 4. MINCL, which launched in April 2022, offered users NFT services such as non-fungible token creation and trading. KT Corporation has yet to provide detailed comments on the closure of MINCL or the specific factors that influenced

3 months ago 1 min read

OpenSea NFT Marketplace Disables Ledger Connect Amid Ledger Connect Security Breach

The security breach at Ledger Connect has sent shockwaves through the community, with many NFT enthusiasts worried about potential losses. The incident has had a significant impact on users such as Muro, an OpenSea user who suffered a $50,000 financial setback and lost some NFTs. As the crypto world deals with the aftermath, OpenSea, a major NFT marketplace, has taken proactive steps to protect its users. OpenSea, a leading NFT marketplace, quickly responded to the Ledger Connect security breach. The platform quickly responded by temporarily suspending the use of Ledger Connect on its website and mobile app. This proactive step

X (Twitter) Deactivates NFT Profile Images Feature for Users
3 months ago 1 min read

X (Twitter) Deactivates NFT Profile Images Feature for Users

In an unexpected move, Twitter, dubbed the “X” of the online world, has disabled support for non-fungible tokens (NFTs) in its premium membership section. Premium subscribers initially had the unique ability to showcase their NFT holdings through personalized profile pictures, adorned with a distinct hexadecimal profile photo. Users could seamlessly feature an NFT as their profile image after establishing a temporary link to their cryptocurrency wallets. When finished, the digital asset would take on a distinct hexagonal shape, serving as a visual reminder of the user’s ownership. However, as of the time of publication, the option to display NFTs had

Logan Paul Keeps Pledges $2.3M for CryptoZoo NFT Refunds Amid Lawsuit Drama
3 months ago 1 min read

Logan Paul pledges $2.3 million to refund CryptoZoo NFT investors

Logan Paul is stepping up to the plate, pledging over $2.3 million to compensate investors who were let down by his doomed NFT project, CryptoZoo. Paul took to X to announce a buy-back program, admitting the project’s failure and pledging to make things right. Despite admitting that the venture fell short of expectations, Paul blamed CryptoZoo’s demise on “bad actors.” Despite initial excitement and comparisons to popular games, the project was met with harsh criticism for unfulfilled promises and financial setbacks for investors. Taking full responsibility for the outcome, Paul is now on a mission to compensate CryptoZoo’s investors for

Nifty Island
4 months ago 1 min read

Nifty Island Launches $ISLAND Token for Public Access to Social Metaverse Game

Nifty Island, Nyft Studio’s open social metaverse game platform, has announced plans to launch its native token, $ISLAND. This scarce digital commodity aims to turn Nifty Island into a public good that can be accessed by communities all over the internet. The token distribution event is set to begin on January 17, 2024. In contrast to traditional methods such as minting or pre-sale, $ISLAND tokens will be distributed via a Play-to-Airdrop (P2A) event, which is intended to increase user engagement and interaction. The entire web3 community will be able to farm $ISLAND tokens, with special consideration given to members of

OKX's NFT has outperformed major players such as OpenSea
4 months ago 1 min read

OKX NFT Marketplace Surpasses $50M Daily Trading Volume

OKX‘s NFT has outperformed major players such as OpenSea, Blur, and Magic Eden, with a staggering daily trading volume exceeding $50 million. This milestone, reported by DappRadar, occurred around 10:00 a.m. UTC on December 18, demonstrating OKX NFT Marketplace’s market dominance. While the platform’s daily trading volume has decreased slightly to $35 million, it still has a significant lead over other well-known NFT markets. The combined 24-hour trading volume of Blur, Magic Eden, and OpenSea is around $24 million, highlighting OKX NFT Marketplace’s current dominance. The increased trading volume can be attributed to the platform’s introduction of Bitcoin Ordinals trading.

The peer-to-peer trading platform NFT Trader was hacked in a major security breach
4 months ago 1 min read

Massive NFT Heist: NFT Trader Platform Hacked, Millions Worth of NFTs Stolen

The peer-to-peer trading platform NFT Trader was hacked in a major security breach, resulting in the theft of numerous valuable NFTs, including those from the renowned Bored Ape Yacht Club (BAYC). Following the incident, NFT Trader contacted its user base urgently, urging them to revoke access to two compromised smart contracts to prevent further exploits. In a Twitter post responding to the hack’s aftermath, NFT Trader emphasized the importance of user vigilance in protecting their digital assets. The primary hacker, whose identity has not been revealed, communicated via the blockchain, claiming that the initial goal of the hack was to

Donald Trump Launches 'Mugshot Edition' NFTs at $99, Offering Unique Rewards
4 months ago 1 min read

Donald Trump Launches Exclusive ‘Mugshot Edition’ NFTs at $99, Offering Unique Rewards

Donald Trump, the former President of the United States, has again entered the world of NFTs with a new ‘Mugshot Edition’ collection priced at $99 each. This announcement has not only sparked interest among collectors, but it has also resulted in a price increase for Trump’s previous NFT releases. The ‘Mugshot Edition’ NFT collection is inspired by Trump’s legal history and includes one-of-a-kind cards, some of which are personally signed by the former president. According to the project’s official website, this edition adds a unique twist to Trump’s NFT offerings. Buyers who purchase 47 or more cards from this new

Cristiano Ronaldo Faces Lawsuit Over Binance Crypto Promotions Amid SEC Charges and $4.3B Fine
5 months ago 1 min read

Cristiano Ronaldo Faces Lawsuit Over Binance Crypto Promotions Amid SEC Charges and $4.3B Fine

Cristiano Ronaldo, the football sensation, is now at the center of a lawsuit over his promotion of the crypto exchange Binance. The lawsuit, filed in Florida on November 27, alleges that Ronaldo promoted and sold unregistered securities in collaboration with Binance. Binance collaborated with Ronaldo in 2022, using the football star’s celebrity to promote a series of non-fungible tokens (NFTs) featuring the renowned athlete. According to the lawsuit, Ronaldo’s support for Binance encouraged more users to invest in the platform, including unregistered securities such as Binance’s BNB and crypto yield programs. According to the plaintiffs, Ronaldo’s powerful promotion significantly increased

$1.2M Penalty in NFT Theft via Apple Support Pretense
5 months ago 1 min read

Crypto Scammer Faces $1.2M Payout for NFT Theft through Apple Support Deception

In the most recent crypto-related case, Amir Hossein Golshan, a 25-year-old Los Angeles man, was sentenced to eight years in federal prison and ordered to pay $1.2 million in restitution. Golshan orchestrated a series of scams in which he posed as an Apple support representative, stealing non-fungible tokens (NFTs) and crypto through tactics such as SIM swapping and social media account takeovers. Over the course of several years, Golshan’s crimes targeted hundreds of victims, resulting in approximately $740,000 in losses. He gained unauthorized access to victims’ digital accounts by tricking them into disclosing personal information such as SIM card details