Browsing:NFT News

Dapper Labs, the company behind the popular non-fungible token (NFT) collection, NBA Top Shot, has been denied its request to dismiss a lawsuit alleging that the collection is an unregistered security.
1 year ago 1 min read

Court rejects Dapper Labs’ motion to dismiss NBA Top Shot securities case

Dapper Labs, the company behind the popular non-fungible token (NFT) collection, NBA Top Shot, has been denied its request to dismiss a lawsuit alleging that the collection is an unregistered security. District Judge Victor Marrero ruled that the NBA Top Shot collection appears to meet the requirements of a security under the Howie Test. The collection allows users to collect video highlights from the National Basketball Association in the form of NFTs called “Moments”. The lawsuit was filed in May 2021 by a plaintiff who claimed that the Top Shots collection violated securities law by not registering them with the

This is not Ubisoft’s first venture into the Web3 world
1 year ago 1 min read

Ubisoft Expands Web3 Presence with Launch of Rabbids NFTs on The Sandbox

Ubisoft, the video game publisher behind popular franchises such as Assassin’s Creed and Just Dance, has released Rabbids NFT avatars for The Sandbox, an Ethereum metaverse game. This is not Ubisoft’s first venture into the Web3 world, as it previously released in-game NFT items for Ghost Recon Breakpoint. The Rabbids NFT avatars are being sold for 100 SAND, or about $78, each on the Ethereum scaling network Polygon. The sale is themed after the Lunar New Year, and buyers will get to see various designs on Friday. The avatars are a “key to future utility” in The Sandbox and provide

OpenSea
1 year ago 1 min read

OpenSea Eliminates Trading Fees, Reduces Creator Revenue

OpenSea, the leading NFT marketplace, has announced a set of changes to its fee and royalty structure. These changes will have a significant impact on user activity, including that of collectors and creators. OpenSea tweeted on Friday, February 17, that it would be implementing a 0% transaction fee policy, albeit only for a limited time. Previously, OpenSea had charged a 2.5% trade levy that formed a substantial part of its revenue. In conjunction with this announcement, OpenSea also tweeted that it would be employing an “optional creator earnings,” mandating collectors to pay only a 0.5% royalty fee on all new

Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC)
1 year ago 2 mins read

BAYC Community Accuses Yuga Labs of IP Theft for Trademarking Logo

Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has been accused of illegally trademarking the BAYC wolf skull logo without proper licenses. The logo was allegedly taken from a company specializing in drawing tutorials for beginners and children. NFTs were created to protect artists and their intellectual property. However, Yuga Labs has been accused of the very thing NFTs were created to prevent. Crypto Twitter member and NFT artist @Jdotcolombo discovered a post from April 5, 2021, where Easy Drawing Guides advertised an easy step-by-step drawing tutorial for a wolf skull. The art

Napster Takes Web3 Leap with Acquisition of Mint Songs
1 year ago 1 min read

Napster Expands Web3 Presence with Acquisition of Mint Songs

The Napster brand, known for its controversial peer-to-peer music-sharing platform in the late 90s and early 2000s, is taking its next step into Web3 with the acquisition of startup Mint Songs. Napster announced its move into blockchain last June with a plan to launch a token using the Algorand blockchain, and today, the Mint Songs acquisition will be the foundation for the company’s first Web3 offerings. Mint Songs co-founder and CTO Garrett Hughes will join Napster as an advisor to help build a new platform that will offer digital collectibles and connect artists with their fans. The platform will allow

Square Enix the creators of Final Fantasy
1 year ago 1 min read

Square Enix, the creators of Final Fantasy to Release NFT Game on Polygon Blockchain

Japanese video game publisher Square Enix, the creators of Final Fantasy, Dragon Quest, and Kingdom Hearts, has announced that it will launch its upcoming NFT-based game, Symbiogenesis, on Polygon. The company previously stated that the game would launch on Ethereum, but has now chosen Polygon due to its faster transaction speeds, low gas fees, and user-friendliness. Symbiogenesis will feature 10,000 character NFTs tied to strategic game mechanics, along with other NFTs, but owning a character NFT is not required to play the game. The game takes place on a floating continent above a polluted future Earth, where a dragon threatens

A BAYC NFT was burned by its owner
1 year ago 1 min read

Bored Ape NFT owner burns $169K artwork to move it from Ethereum to Bitcoin

Over the weekend, a Bored Ape Yacht Club (BAYC) NFT was burned by its owner, Jason Williams, as a symbolic move to transfer its underlying blockchain from Ethereum to Bitcoin. The Ape, #1626, was previously sold for 108 Ethereum or nearly $432,000 in November 2021, and its recent burning means it cannot be traded on Ethereum’s network again. NFTs are unique digital assets that signify ownership of a specific item, often in the form of digital art, with the ownership recorded on the Ethereum network. The act of permanently removing a digital token from circulation is called “burning,” which Williams

OnChain Monkey
1 year ago 1 min read

OnChain Monkey NFTs See Surging Demand on Bitcoin Blockchain

The buzz surrounding Bitcoin-based NFTs continues to grow, with the recently-launched Ordinals protocol leading the charge. One established Ethereum NFT collection, OnChain Monkey, has taken advantage of this new technology, revealing Bitcoin-based counterparts for its artwork and seeing its prices soar as a result. OnChain Monkey is a collection of 10,000 Ethereum NFT profile pictures (PFPs) minted in 2021. Using the Ordinals protocol, the collection was “inscribed” onto the Bitcoin blockchain, allowing NFT holders on Ethereum to also say that their respective collectibles live on Bitcoin. The result of this move has been a tremendous increase in demand for the

Rihanna's popular hit single has been offered as a non-fungible token (NFT)
1 year ago 1 min read

Rihanna’s Hit Song Now Available as NFT with Royalty Sharing Before Super Bowl

Rihanna’s popular hit single “B**** Better Have My Money” has been offered as a non-fungible token (NFT) by Web3 music startup anotherblock. This innovative platform works with rights holders, including artists, producers, and writers, to divest a portion of their streaming royalty rights, which are then offered as fractionalized NFTs. Music producer Deputy, who was involved in the production of the hit single, is granting a portion of his streaming royalties to collectors through anotherblock. The song has received almost 1 billion streams across different music sharing platforms and has gone triple platinum in the US. On Thursday, 300 royalty-linked

Robert Acres has accused OpenSea
1 year ago 1 min read

OpenSea in Hot Water as User Files Lawsuit for $500,000

A prominent NFT creator and collector, Robert Acres, has accused OpenSea, the leading NFT marketplace, of negligence and extortion. Acres was the victim of an NFT phishing attack that resulted in the theft of two NFTs, which were then sold on OpenSea. Acres alleges that instead of promptly helping him retrieve his property and prevent resale by the thieves, OpenSea locked him out of his account for three months, causing him significant losses on the remaining 58 NFTs in his account. Furthermore, he estimates his losses to be as much as $500,000 and is suing OpenSea to make good those

The verdict in the Hermès vs. Rothschild NFT trial has been reached
1 year ago 1 min read

Hermès Secures Victory in Trademark Dispute Against MetaBirkins NFTs

The verdict in the Hermès vs. Rothschild NFT trial has been reached, and the French luxury brand has come out on top. A nine-person jury ruled in favor of Hermès, awarding $133,000 in damages and determining that Rothschild had indeed profited from the brand’s goodwill by producing NFTs based on its Birkin bags. This case sets a powerful precedent for NFT creators and will have a lasting impact on intellectual property (IP) law as it relates to digital creations. Rothschild’s NFT collection, MetaBirkins, was at the center of the lawsuit. The jury decided that the NFTs were not protected under

The Bored Ape Yacht Club NFT collection has frozeng the leaderboard for its latest addition to the brand
1 year ago 1 min read

Dookey Dash Leaderboard Freezes as BAYC Dominates with $73 Million Trading Volume

The Bored Ape Yacht Club, a well-known blue-chip NFT collection, has made headlines again by freezing the leaderboard for its latest addition to the brand: the video game “Dookey Dash.” The game was inspired by the popular Bored Apes NFTs and allowed players who possessed the “Sewer Pass” NFT to play and compete for the highest score. According to CryptoSlam, sales volumes for the NFTs reached nearly $73 million before the leaderboard was locked. While the process for awarding the gamers is still shrouded in mystery, Bored Apes’ creator, Yuga Labs, has hinted that the top scorer will receive a

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