NFT News

China’s Hainan Province Tightens NFT Regulations

January 30, 2023 1 min read

Hainan Province in South China announces a plan to regulate NFTs, citing concerns over fraud, money laundering, and illegal fundraising. The province’s market regulator and 9 other state agencies have called for digital collectible firms to register with relevant authorities and have their operations approved based on artwork, internet and blockchain information management rules. The authorities aim to monitor and prevent financial risks related to NFT trading platforms in Hainan,

Azuki NFT Project Hit by Twitter Hack, Loses $750K

January 28, 2023 1 min read

Hackers have taken over the Twitter account of the top non-fungible token (NFT) project, Azuki, and have stolen over $750,000 worth of crypto assets. The hackers posted a wallet-draining link disguised as an invitation for users to participate in a virtual land mint in The Garden, Azuki’s native metaverse platform. Wallet drainers are phishing mechanisms that trick victims into approving transactions that transfer crypto assets from their wallet to that

Amazon to Launch NFT Platform

January 27, 2023 1 min read

Amazon is reportedly planning to launch a new initiative using non-fungible tokens (NFTs) in the spring, according to a report by Blockworks. The initiative is said to have over a dozen partners, with a focus on gaming. The report suggests that the platform may involve a push to get Amazon customers to play crypto games and claim free NFTs. The initiative is still in development and a launch date of

Yuga Labs Takes Action: Blacklists NFT Marketplaces that Don’t Support Royalties

January 19, 2023 1 min read

Bored Ape Yacht Club (BAYC) creator Yuga Labs has taken a stand on the ongoing debate around NFT royalties by blacklisting certain addresses related to marketplaces that do not support royalties for NFTs. These marketplaces include LookRare, SudoSwap, Blur, and NFTX. Royalties are payments made to NFT creators each time their assets are sold on a marketplace. Some platforms, like OpenSea, mandate creator royalties of up to 10%, while others

Yuga Labs Confirms Mailchimp Hack, Assures NFTs Remain Secure

January 19, 2023 1 min read

On January 19th, Yuga Labs, the company behind popular NFT projects such as Bored Ape Yacht Club, Meebits, and CryptoPunks, announced that their Mailchimp account had been hacked. However, they were quick to assure the community that the hack did not impact their NFTs in any way. In a tweet, Yuga Labs confirmed that the hack had occurred on January 11th and that an unauthorized actor may have accessed data

Digital Fashion Brand Syky Secures $9.5 Million in Series A Funding Led by Seven Seven Six

January 18, 2023 1 min read

Digital fashion brand Syky has raised $9.5 million in a Series A funding round led by Seven Seven Six. The round also saw participation from Brevan Howard Digital, Leadout Capital, First Light Capital Group, and Polygon Ventures. Syky, led by former Ralph Lauren Chief Digital Officer Alice Delahunt, aims to build a blockchain-enabled luxury platform that will equalize creative opportunities for aspiring designers and showcase the best of fashion from

Polygon-based Intella X raises $12 million before Q1 launch

January 18, 2023 1 min read

Web3 gaming platform Intella X has raised $12 million in funding ahead of its launch on the Polygon blockchain. The platform, developed by South Korean gaming firm Neowiz in partnership with Polygon, aims to remove high entry barriers and improve user experience in web3 gaming through features such as streamlined wallet creation and meta transactions. A number of prominent investors participated in the funding round, including Animoca Brands, Magic Eden,

South Korean Court Rules NFT Game Items Unfit for Trading

January 17, 2023 1 min read

On Friday, a court in South Korea ruled against the release of a blockchain-based play-to-earn (P2E) game called Five Stars. The Seoul Administrative Court dismissed the developer’s appeal against the Game Rating Administration Committee’s decision not to process the age rating for the game. At the heart of the issue is the use of non-fungible tokens (NFTs). The court ruled that NFTs are not game items if they are traded

Yuga Labs turns NFT minting into a game with ‘Dookey Dash’

January 12, 2023 1 min read

Yuga Labs, the creator of the popular Bored Ape Yacht Club NFT collection, has announced plans to gamify the process of minting NFTs. The startup has created an online game called “Dookey Dash,” in which players navigate a sewer to claim rewards in the form of NFTs. The game will be available starting Jan. 17 and players will have until Feb. 8 to record a high score and claim power

Yuga Labs’ Lawsuit Against Bored Ape Could Have Far-Reaching Implications

January 10, 2023 1 min read

A federal judge has ruled that the co-founders of Yuga Labs, the company behind the popular Bored Ape Yacht Club NFT collection, must face deposition in the company’s ongoing trademark infringement lawsuit against conceptual artist Ryder Ripps. This ruling comes as a continuation of a legal battle between Yuga Labs and Ripps which began in early 2022, when Ripps alleged that the Bored Ape Yacht Club NFTs contained latent, intentional

Rolls Royce collaborates with artist to unveil ‘Six Elements’ NFT series

January 10, 2023 1 min read

Rolls-Royce Motor Cars has collaborated with renowned artist Sacha Jafri to produce a series of six unique hand-painted Phantom Extended Series II cars, named “The Six Elements.” These cars draw inspiration from Jafri’s “Journey of Humanity” painting, embodying the emotion of each elemental force. The collaboration also includes an NFT (non-fungible token) initiative, “Rolls-Royce That Keeps on Giving,” where each car is associated with a unique NFT featuring flythrough animations.

OpenSea expands platform capabilities with Arbitrum Nova integration

January 9, 2023 1 min read

OpenSea NFT marketplace has implemented Arbitrum Nova, a Layer 2 blockchain designed to provide low-cost data availability. Through this integration, OpenSea customers will now have an economical way to purchase and sell digital collectibles compared to transactions on Ethereum. This integration follows OpenSea’s implementation of Arbitrum, another scaling network developed by Offchain Labs, in September of 2022. All collections on the Arbitrum Nova blockchain will be organized with the other