NFTs in brief: a weekly review

As we approach the middle of the year, it is possible to reflect on an interesting 6 month growth for NFTs. However, this week? Pure goblin mode.

This new Ethereum project dominated the conversation in an otherwise quiet (well, relatively speaking) week for all things NFT. Meanwhile, there are a lot of phishing issues, Solana has been a star in a mid-market, and that’s “szn conference”. Let’s recap all that action from the past week, and more.

This Week’s Non-Fungible Token News

NFTs go into ‘goblin mode’

What started as an online meme has become the hottest NFT collection of the week. Goblintown.wtf came to market without a roadmap, without big plans, without official channels beyond a Twitter account, and with a lot of mystery. It started the week under 0.5 ETH and embraced full meme status in an unparalleled fashion. Their Twitter account posts in tiny goblin-like letters, Twitter spaces are just a bunch of people making goblin noises, and their community is here blasting every second. As of press time, Goblins are running a cool ~2.7 ETH with over 10 ETH in project volume so far. Don’t hate the goblin, hate the game.

As Solana’s NFTs stay strong, STEPN takes a hit

Solana has held up surprisingly well, boosted by a variety of hot projects such as Okay Bears and STEPN in the past week. The latter, however, has taken a hit in recent days following a ban for users of the application in mainland China.

STEPN has been a hot topic of conversation, especially in the past week, and the platform is reportedly approaching one million daily active users – an unverified but astonishing number if confirmed. STEPN encourages active movement and seeks to reward users with daily earnings based on exercise with NFT sneakers. The project was launched in December and long-term sustainability will arguably prove the biggest headwind.

A hit of $1.4M

29 MoonBirds NFTs were hijacked from an unsuspected holder this week, snatched in an increasingly common phishing scheme that only required a single wallet signature to quickly tweak the owner’s entire batch. NFTs have been flagged for suspicious activity on OpenSea.

Related Reading | Dogecoin Climbs After Elon Musk Tweets SpaceX Will Accept Meme Coin

Solana NFTs were booming this week, but 'walk to earn' platform STEPN took a hit. | Source: STEPN-USD on TradingView.com

A legal perspective: Seth Green, Hermès, etc.

Two interesting emerging stories made headlines this week around NFTs, at very different stages of (potential) legal battles. The first story, certainly in its early stages of development, is the fuss around actor, producer, writer and director Seth Green – and his Bored Ape who seemingly leaves content hostage.

Green’s Ape, #8398, was stolen in a phishing attack that couldn’t have been more timely for Green, who was about to have the ape the center of a new animated series. Leaving the NFT community to wonder where IP rights begin and end, and what kind of move Green can take now to get his Ape back — or if the show will be scrapped altogether.

Meanwhile, much further down the spectrum of “disputes” is the ongoing story of fashion house Hermès and its battle with Mason Rothschild, who released the NFT “MetaBirkins” collection last year. The dispute is currently in federal court, and while the Rothschild collection has been determined to be a form of artistic expression suitable for the First Amendment, the court has yet to decide whether the name of the project has “sufficiently compelling” evidence. ” to show a risk of confusion between the article of the fashion company and the name of the project.

Outside of VeeCon and in NFT.NYC

VeeCon wrapped up last weekend in Minneapolis, NFT’s first ticketed event, and the event and networking buzz likely hasn’t dissipated as we’re less than 30 days away from NFT.NYC.

On-site featured talent like Snoop Dogg, brands like Boardroom and DraftKings, and of course exclusive NFT VeeFriends drops and more. NFT.NYC is expected to expand again after last year’s largest attendance in the short-lived conference, and expect a continued Ethereum-dominant audience.

GameStop launches beta wallet and supports NFTs

It’s been a long time since NFT and GameStop, whose name has been linked to crypto in general for quite some time now. This week, GameStop launched its beta version of its Ethereum-based NFT wallet, with Layer 2 support thanks to Immutable X. An NFT marketplace – which has been in talks for about a year now – is “almost here” according to the webpage and could be the game company’s next offering for the NFT community.

Related Reading | What do we know about the Indian CBDC and its graduated approach?

Featured image from Pexels, Charts from TradingView.com
NFTs in a nutshell.
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

Leave a Reply

%d bloggers like this: