In this week’s newsletter, read about how the FTX infection led to the sale of a collection containing High Value Non-Fungible Tokens (NFTs). Learn about the challenges of connecting artists to Web3 via NFT and learn about OpenSea’s decision to finally introduce royalties for all collections in its NFT marketplace. In other news, a tool has been released that allows Tier 2 networks to showcase NFTs on social platforms such as Twitter. And don’t forget this week’s Nifty News about the Nike Dot Swoosh NFT platform.
FTX Infection Victim Deepak.eth Lists Collection of NFTs for Sale
Following the announcement of the eight-figure sum on the FTX exchange, Deepak.eth, the pseudonym of the founder of blockchain infrastructure company Chain, tweeted that they are selling their collection of NFTs either to the highest bidder or through a fractional decentralized autonomous organization (DAO) for 80.% ownership.
The collection includes famous NFTs such as Bored Ape Yacht Club and Mutant Ape Yacht Club characters. The collection is being sold for 8,000 ethers (ETH), which is around $10 million at the time of writing.
Helping Mainstream Artists on Web3: Triumphs and Struggle
Bernard Alexander, chief executive of Animal Concerts, the firm that helped celebrities like Snoop Dogg and Billy Ray Cyrus get into Web3 via NFT, told Cointelegraph about the challenges of helping artists get into Web3.
Helping artists understand space remains a big challenge, Alexander said, as people are naturally hesitant to enter a nascent industry that is growing rapidly.
OpenSea collects royalties from all collections after community outrage
After listening to community feedback, the NFT marketplace OpenSea has announced that it will continue to collect royalties from all collections on the platform going forward. Back on November 7, the NFT platform launched a tool that allows creators to charge royalties for new collections. However, the new update did not affect already existing collections.
Community members have criticized the market for unclear messaging, calling on the platform to clarify its stance on creator fees. Some NFT creators even canceled the launch of their future collections until OpenSea made a decision. After the rejection, the NFT platform decided to finally introduce royalties for all collections.
The new tool reflects NFT Optimism on the Ethereum mainnet for use in verified applications.
The developers of Optimism have launched Magic Mirror, an application that allows NFT holders to mirror their NFTs on the Ethereum mainnet. This allows users to use their NFTs in applications such as Twitter, where only Level 1 NFTs were previously recognized.
Twitter’s NFT badge feature allows owners to verify ownership of their NFTs by showing a hexagonal profile picture. Prior to the app’s release, NFT holders from networks such as Polygon, Avalanche, and Optimism were unable to showcase them on Twitter.
Nifty News: Nike unveils NFT platform, Steve Jobs sandals sell for $200,000 and more
Shoemaker Nike launched its NFT platform dubbed .Swoosh and stressed that its first digital collection will be on the platform in 2023. Meanwhile, an image of the Birkenstocks sandals worn by Apple co-founder Steve Jobs was turned into an NFT and sold. for $218,750 at auction.
Thank you for reading this digest of the most notable events of the week in the NFT space. Check back next Wednesday for more reports and information on this booming space.