NFT News

A judge allows a class-action lawsuit against DraftKings over its NFTs to proceed

July 4, 2024 1 min read

A federal judge in the United States has denied DraftKings’ request to dismiss a class-action complaint brought by purchasers of the company’s Non-Fungible Tokens (NFTs). The lawsuit alleges that DraftKings, together with its CEO, CFO, and president, have engaged in the sale of NFTs that should be classified as unregistered securities, so contravening federal securities laws. Justin Dufoe initiated the legal action in March 2023, contending that DraftKings’ NFTs meet

Digital collectibles on Bitcoin (BTC) reaches a milestone of over $4 billion

June 5, 2024 1 min read

Digital collectibles on Bitcoin reached a milestone despite a 54% drop in non-fungible token (NFT) sales in May. On June 4, NFT data tracker CryptoSlam reported an all-time high of over $4 billion in Bitcoin blockchain NFT sales. It comprised $3.97 billion in NFTs and $82 million in wash sales. The greatest 30-day sales volume of blockchain-based NFTs was $171 million for Bitcoin. Ethereum was next with $159 million, then

OpenSea CEO remains optimistic about the future of NFTs, emphasizing growth

May 30, 2024 1 min read

Despite market volatility, OpenSea CEO Devin Finzer remains optimistic about NFTs. Finzer told BeInCrypto that digital assets are growing, trends are evolving, and new collaborations are underway. Due to rising gaming and physically supported NFT demand, Finzer said NFTs are not declining. OpenSea has worked with Courtyard on Pokémon card initiatives and Parallel and Revolving Games. “We see emerging use cases popping up on OpenSea all the time,” he added.

Adidas remains committed to the metaverse, launching NFTs as others exit

April 22, 2024 1 min read

Amidst the waning enthusiasm for NFTs and the metaverse, many firms have chosen to withdraw, with prominent individuals either leaving or redirecting their attention elsewhere. However, Adidas has chosen to stay. The compay has collaborated with the STEPN program, which allows users to earn rewards by being physically active, to introduce 1,000 non-fungible tokens (NFTs) that symbolize Adidas footwear on the Solana blockchain. The digital assets necessary for STEPN’s activities

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

February 4, 2024 1 min read

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

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

January 31, 2024 1 min read

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

South Korea’s KT Corp shuts down NFT platform MINCL

January 26, 2024 1 min read

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,

OpenSea NFT Marketplace Disables Ledger Connect Amid Ledger Connect Security Breach

January 25, 2024 1 min read

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

X (Twitter) Deactivates NFT Profile Images Feature for Users

January 11, 2024 1 min read

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

Logan Paul pledges $2.3 million to refund CryptoZoo NFT investors

January 7, 2024 1 min read

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

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

December 22, 2023 1 min read

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

OKX NFT Marketplace Surpasses $50M Daily Trading Volume

December 19, 2023 1 min read

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