Candy Digital and Getty Images to launch unique collection

Hector Andrews on November 27, 2023

Candy Digital – Non-fungible tokens (NFTs) exploded onto the scene in 2021, with thousands of companies leveraging on the trend.

Although many initiatives focused on providing original digital assets, Candy Digital seized on one of the most popular sports in the United States by developing a collection centered on Major League Baseball.

They created the official line of MLB NFTs, which debuted in 2021.

Candy Digital, having established itself as a pioneer in the NFT space, is launching a new line.

This time, though, they want to collaborate with Getty Images to develop an NFT collection in the hopes of scoring another massive success.

The collection

Candy Digital produced a selection of photographs after searching through Getty Images’ enormous stock photo database.

They want to focus on some of the most famous musicians from the 1970s, as well as the photographers who captured their images, for the collection.

James Brown, John Lennon, and Elvis Presley are among the luminaries they hope to digitize.

One of the most interesting aspects of the impending collection is that it is grouped around six photographers, such as David Redfern and Fin Costello, rather than musical talents such as Jimi Hendrix or the Rolling Stones.

Also, the collection is not restricted to a specific number of items.

The newest Candy Digital collection will be available as an open-edition mint on March 21.

It also comes after Candy Digital and Getty Images announced a collaboration in May 2022.

Potential customers will be able to purchase the collectibles, which range in price from $25 to $200, during a months-long mint availability window.

The partnership

Candy Digital has previously created collections focusing on sports and entertainment.

It struck agreements with Netflix and World Wrestling Entertainment.

The Getty Images partnership, according to CEO Scott Lawin, is aimed at music and photography aficionados.

“We’re really excited about the fact that we’re talking to a different type of audience,” he said.

“The way we’ve thought about our partnerships, it really is creating opportunities for people not to just go deep in a category that they love, but also discover and collect across different types of content and IP.”

According to academic studies, sports enthusiasts are the best audience for digital asset ownership.

Lawin, on the other hand, defined Digital Candy’s cooperation with Getty as a long-term relationship that he and the team hope to expand on over time.

They also mentioned that the Getty collection has millions of pictures spanning decades and covering a wide variety of subjects.

The firm

Michael Rubin started Candy Digital in June 2021.

Fanatics, a sports franchise firm, is led by Rubin, who is joined by NFT entrepreneur Gary Vaynerchuck and Galaxy Digital founder and CEO Mike Novogratz.

Fanatics was a majority stakeholder of Candy Digital due to Rubin’s participation.

Months after its debut, the company boasted a $1.5 billion value by October 2021.

It also reported at the time that it had received $100 million in a Series A round from Insight Partners and Sofrbank’s Vision Fund 2.

Despite its success, Candy Digital was hit by crypto winter.

Sportico claimed in November that it had cut off more than a third of its 100-person workforce.

Other NFT markets, such as OpenSea, as well as NBA Top Shot and NFL All Day developers Dapper Labs, were also laid off.

A change in the winds

Fanatics sold more than 60% of its majority ownership in Candy Digital to a group of investors in January.

Galaxy Digital headed the group, which also included ConsenSys Mesh and 10T Holdings, an equity firm.

Michare Rubin said in a Fanatics document that NFTs are unlikely to survive as a separate business in a collapsing NFT market where transaction volumes and pricing for independent NFTs are falling.

While their perspectives differ, Scott Lawin believes Fanatics was a terrific partner to begin the adventure with since they leaned first into the sports area.

He went on to say that the sale was a logical progression in a difficult market.

Trading

While NFTs may be exchanged on a variety of platforms, Candy Digital NFTs are only available on Palm, an Ethereum sidechain.

Yet, Lawin believes that the restriction will be lifted in the long term.

“Part of our roadmap [is] to allow our customers to take custody of their assets and potentially trade those in different marketplaces,” he said.

“It isn’t going to be a flip of the switch. It’s going to be something that we’re spending a lot of time internally with our technology partners, our communities, and our IP partners to do it the right way.”

Momoguro joins NFT space under Baobab Studios

Stephen Reynolds on November 27, 2023

Momoguro – The NFT boom has created a unique environment that is attracting individuals from all walks of life to share their passion for Web3.

Numerous independent initiatives achieved remarkable success, attracting the attention of significant brands and corporations from a variety of industries.

Baobab Studios, an award-winning company, has dabbled in VR and is now focusing on building a name for itself in the Web3 area.

The news

Baobab Studios is well-known for creating short films that have received nine Emmy Awards.

After its foray into VR, the company is now focusing on Web3 with a family-friendly project named “Momoguro.”

The project will be accompanied with an Ethereum NFT collection.

Martin Allais and Nico Cassavecchia designed the Momoguro NFT line.

Cassavecchia is a writer and director, whereas Allais is a multimedia director and animator.

The project

Momoguro has set an astonishing twofold goal: NFTs and an NFT RPG that allows gamers to explore the universe of Uno Plane.

The project is a vibrant fantasy world populated with Momos, which players may combine to create hybrid characters.

Momoguro is selling genesis NFTs for 0.22 ETH each.

The mint website refers to them as “Holoselves,” which players may use on the Uno Plane.

Furthermore, the Momoguro RPG will be built using ImmutableX, a layer-2 Ethereum scaling solution.

It will make use of NFTs as a fundamental game element.

The RPG is also expected to be released in the second quarter of 2023.

The studio

Baobab Studios was established in 2015, and since then it has created a number of popular indie animated films.

It is led by Eric Darnell, who was involved in the creation of Antz and the four Madagascar flicks.

The company has signed some of Hollywood’s greatest names, including:

Oprah
Lupita Nyong’o
Jennifer Hudson
Ethan Hawke
Kate Winslet
Daisy Ridley

The project’s success has allowed it to go further, with projects being converted into novels, comics, games, movies, TV shows, and more.

Exploration

Baobab Studios has said that it is not a Web3 firm.

But, the company is looking at how NFTs may interact with consumers to create unique storytelling experiences.

According to Maureen Fan, CEO and co-founder of Baobab Studies, in a statement: “We believe stories can transcend mediums.”

“Baobab Studios’ mission is to inspire you to dream and bring out your sense of wonder. Make YOU matter.”

“This begins by creating great characters and stories, like Momoguro, where you can be part of the story,” she added.

“We aspire to bring the Momoguro IP to as many channels, streaming platforms, and widespread media as possible.”

Furthermore, the creators of Momoguro think that the project’s narrative conveys an essential message.

“Community plays a big part in this,” said Cassavecchia.

“Inclusivity is paramount for the franchise, from ethnicities, genders and body-types, Momoguro’s ethos is that everyone is welcomed.”

According to Crunchbase statistics, Pixar cofounder Ed Catmull and Twitch cofounder Kevin Lin serve on the board of Baobab.

The initiative has already received over $31 million in investment from Disney, Samsung, and Comcast.

Hollywood studios and NFTs

Baobab Studios isn’t the only Hollywood studio to experiment with NFTs or Web3.

Warner Bros. produced an NFT collection centered on The Lord of the Rings last year, allowing customers to swoop in for a digital copy of the first film.

Several studios have also tried with NFT projects employing their most valuable assets, such as:

Lionsgate
Netflix
Paramount

Although some initiatives aim to make more income, Baobab Studios is more concerned with fostering a feeling of community.

Momoguro has already generated admirers at a Twitter Space event.

The project quickly developed a large Twitter following, with around 50,000 members coming to its official Discord server.

Gaming company Ubisoft goes back on NFT project and claims it’s in ‘research mode’

Hector Andrews on November 27, 2023

Although non-fungible tokens (NFTs) have been successful, they have also received quite a bit of criticism.

Even the big brands that jumped on the NFT hype have faced backlash from fans, and Ubisoft is the latest to find out what that feels like.

Ubisoft

Yves Guillemot, the gaming giant’s CEO, appears to be dying down the company’s enthusiasm for NFTs.

The decision comes months after a strong push back for Ubisoft’s NFT project, Quartz.

In a recent interview, he said the company was in “search mode” regarding Web3 technology integrations.

Previous sentiments

Guillemot’s words are far from what Ubisoft executives said earlier.

In October, CFO Frederick Duguet said blockchain integrations would allow users to own and earn content.

Duguet also noted that Ubisoft wants to be “one of the key players here.”

Backtrack on their sentiments

In an interview on Saturday, Guillemot pointed out that the company’s current focus is to determine how NFTs can be applied to games and the potential benefits they bring to players.

“We are very much on cloud, on the new generation of voxels, and we’re looking at all the Web3 capabilities,” he said.

“We tested a few things recently that are giving us more information on how it can be used and what we should do in the universe of video games.”

“So we are testing ground with some games and we’ll see if they really answer the players’ needs,” he added.

“But we are still in research mode, I would say.”

First push with NFTs

Ubisoft got involved in NFTs last December when it released a beta version of Ubisoft Quartz. Ubisoft Quarts is designed to provide players with playable NFTs for use in games such as Tom Clancy’s Ghost Recon Breakpoint.

The decision drew heavy criticism from members of the gaming community, especially those who are adamantly opposed to NFTs.

Critics accused the company of “milking” every penny it could from its popular game franchises by releasing NFTs.

Nicolas Pouard, vice president of Ubisoft’s Strategic Innovations Lab, defended the NFT effort.

“I think gamers don’t get what a digital secondary market can bring to them,” he said.

Referring to the company’s NFT deployment, Guillemot says the companies ultimately failed to effectively communicate their approach to the project.

“We probably were not good at saying we are researching this,” he explained.

“We should have said we were working on it, and when we have something that gives you a real benefit, we’ll bring it to you.”

Gamers also urged Ubisoft’s CEO on the environmental impact of blockchain technology.

Since the NFT boom, gamers have generally confused energy-intensive Proof-of-Work (PoW) chains as the industry standard for all projects.

Guillemot also said he is cautious about the environmental impact of the industry, adding that he is optimistic that the problems will be resolved over time.

“Like so many things, at the beginning it’s not as good as it could be, but like other new technologies they will find the right way.”

Reference:

Ubisoft cools off on NFT and blockchain, says it’s in ‘research mode’

Cool Cats unveils 2023 plans, and it gets better

Stephen Reynolds on November 27, 2023

Cool Cats: The NFT industry had a tremendous rise in late 2021, and a number of projects witnessed a surge in popularity.

Many of the NFTs were subsequently utilized as social media profile pictures.

Cool Cats ranked high among the most well-liked NFTs, reaching record levels.

The prices did, however, drop drastically last year, and collectors’ complaints began to increase.

The owners of Cool Cats recently revealed a new strategy for moving the project along with fresh branding.

They also implied fully customizable avatars as a possible future extension outside of Ethereum.

“With our new strategic direction and rebrand, we want to convey to the community and the broader Web3 space that Cool Cats is here to stay,” said CEO Stephen Teglas.

“We’re not just building for the next year, or the next five years – we’re planning for the long term.”

What’s coming?

In the near future, holders of Cool Cats and Cool Pets NFTs will receive a complimentary Fracture NFT through airdrop.

The free NFT, according to project co-founder and head of content Robert Mehew, are dynamic tokens that enable a brand-new storytelling experience through digital artifacts.

The Fracture NFTs will develop when holders complete objectives (or Journeys) in the “World of Cooltopia” story.

They eventually make possible rewards public.

But later in 2023, the Explorers NFTs will represent a larger extension of the Cool Cats initiative.

Users may post fully editable avatars of their entire bodies on various blockchain networks.

The NFTs may also be utilized with a variety of platforms and apps that are supported.

Functionality

The project is similar to the Ethereum NFT project Doodles, which released Doodles 2 before revealing the entire scope of the Explorers capability.

Old profile pictures are transformed into completely customizable avatars that can update the NFT’s virtual attire as part of the project’s bridge to a new blockchain (Flow).

A spokesperson for Cool Cats added that the Explorers NFTs would function on a variety of layer-1 blockchains and layer-2 scaling networks.

Some of the blockchains are incompatible with the EVM, or Ethereum Virtual Machine.

The platforms will be made available all year round.

The Ethereum sidechain network Polygon was previously utilized by Cool Cats to drop limited-edition NFTs and introduce a mobile game.

“Our goal is to remove as much fraction as possible,” a representative said, addressing the movement of avatars across various blockchains.

The Cool Cats also intend to collaborate with community members and create resources that may be applied to the Explorers project.

Rebranding

The most recent statement was aligned to the Cool Cats project’s redesign in marketing materials and social media.

The rebranding is connected to new narrative material that centers on Blue Cat, the project’s main character.

“Our new logo features a forward-facing cat, a nod to our focus on building for the future,” said Colin “Clon” Egan, the co-founder and Creative Director of Cool Cats.

Progress

The floor price for Cool Cats rose to about 14 ETH (around $48,000) in October 2021 as a result of the NFT market’s overall spike in late 2021.

A prominent Hollywood agency, Creative Artists Agency, signed the project last year in an effort to seek licensing and media arrangements.

However, a lot of factors, like the following, caused the Cool Cats price to drop:

Leadership departures
Mixed reception to Cooltopia
Complaints of the founders not doing enough to support the project

According to NFT Price Floor statistics, the NFTs floor price was just 2 ETH prior to the announcement.

Due to the low price of Ethereum, the price was worth less than $3,200.

Cool Cats produced more than $377 million in secondary market trade volume, according to CryptoSlam.

Over $105 million was contributed by the Cool Pets offshoot.

The project worked with Time Magazine to create limited-edition NFTs in 2021.

They just disclosed a marketing agreement with hardware wallet manufacturer Ledger.

“We ultimately believe that scaling Cool Cats’ brand awareness and onboarding more members into the brand is one of the most effective ways for us to deliver on the expectations of our community,” said Stephen Teglas.

Chainspace creates NFT portals connecting Bitcoin and Ethereum

Stephen Reynolds on November 27, 2023

Chainspace – Bitcoin NFTs have become the hottest topic in the Web3 space as the Ordinals project sparks a new wave of creativity.

Among the most popular projects today is Chainspace, an experimental project connecting Bitcoin and Ethereum via lo-fi video rendering from an app linked to the two chains.

The project

Chainspace comes courtesy of pseudonymous co-creators Timshel and el-ranye, who have touted it as a digital object that “emits infinite art.”

The project spans 800 total on-chain apps.

Each web app functions similar to a Snapchat filter, manipulating the image from the computer or mobile device’s camera.

The app also lives on the Bitcoin blockchain through an Ordinals inscription.

Chainspace takes detailed selfie camera footage to render the image into ASCII art.

The result uses letters and symbols to create a real-time video view of the user in an abstract style.

Chainspace portals are unique and create different effects, with some being inspired by Web3 projects like Loot and Terraforms.

A sense of community

Co-creator Timshel is a key figure in the developing Lootverse gaming community, often participating in on-chain publishing efforts.

He said Chainspace creates a way for Web3 users to share a part of their humanity with communities without entirely putting themselves out there.

Timshel illustrated his point with a Chainspace-derived screen users shared in its Discord.

“This is beautiful because this ‘GM’ [good morning] is much more essential and resonant and human than [a] random Pepe emoji,” said the co-creator.

“There’s something really cool and special to see how people are using this, sharing their feelings, their selves, and their faces.”

Portals

The NFT/inscription isn’t an “access pass” to experiences hosted in other blockchains.

Due to Ordinals’ capability of holding more on-chain data than Ethereum NFTs, the complete web app is inscribed on the Bitcoin blockchain.

Each Chainspace portal acts as its own Ordinals inscription that are transferable among owners.

“The Ordinals innovation and the idea of inscribing up to now 4MB of content onto a single Satoshi on Bitcoin – it just immediately clicked to me,” said Timshel.

“It opened up a whole blossom of ideas in my head about things you can do that are higher fidelity that what’s possible on ETH, but still create a token on ETH that’s tradable and ownable.”

Cross-chain

Timshel’s comments hint at Chainspace equation’s Ethereum component.

However, the implication appears to be riddled with layers.

The Thursday NFT mint is set to occur on Ethereum.

Each portal is represented by an Ethereum NFT that’s mintable through Zora and can be traded via major marketplaces.

The Ethereum NFT is linked to the Bitcoin-based Ordinal on-chain via smart contract.

The smart contract holds the code powering decentralized apps and NFT projects, developed by Iain Nash, a software engineer from Zora.

The Ethereum artworks seen on marketplaces like OpenSea are really screenshots generated from the Ordinal inscription.

However, the NFT/Inscriptions are paired so NFT buyers can choose to trade in Ethereum and take custody of the Bitcoin Ordinal.

Swapping

There is currently a manual process that Timshel and el-ranye can handle.

However, they are looking to make an easier automated process when more Ordinals infrastructures go live.

Furthermore, Timshel said Chainspace is “200% on-chains,” which means the experience is intertwined on Bitcoin and Ethereum.

However, the swap of the Ethereum NFT for the custody of the Bitcoin Ordinal is one-way.

It doesn’t allow users to swap back and forth or hold the two versions simultaneously.

Timshel also warned that the ability to swap partly depends on the state of Ordinals, which has proven to be contentious for some Bitcoin aficionados.

Accessibility

Chainspace portals are accessible to the public to clarify that NFT collectors aren’t buying an exclusive pass.

Anyone can use any of the portals to capture a still image from the video feed and do whatever they want with the images.

Timshel and el-ranye will put 620 NFTs on sale on Thursday, giving active Discord users priority on the allowlist.

They will then be able to mint an Ethereum NFT for 0.33 ETH ($550) while another 100 NFT will be airdropped to Web3 builders who participated or influenced Chainspace.

Meanwhile, 60 NFTs are reserved exclusively for the team.

Dandelion Philosophy Makes History: Pioneering Charity Utilizes NFT Art to Fight Poverty

Hector Andrews on July 11, 2023

The Dandelion Philosophy, a global social enterprise committed to creating lasting change, is making waves with its innovative use of NFT art and its partnership with the Cambridge Youth Society (CYS). The organization is proud to introduce the UKOO project, a virtual world that acts as a means of self-funding their philanthropic work. UKOO serves as a platform to showcase diverse African tribes, cultures, and traditions, reaffirming their importance and preserving their wisdom for future generations.

“The Dandelion Philosophy is the first nonprofit in the world to create its own NFT art collection for the purpose of funding its philanthropic work through sustainable innovation,” says Nazeem Harvey, Founder of The Dandelion Philosophy. This groundbreaking initiative showcases their commitment to leveraging cutting-edge technology to support their mission of creating positive change.

Through their groundbreaking UKOO NFT project, The Dandelion Philosophy is making significant strides in combining art and philanthropy to create sustainable change. The organization’s NFT Art Program empowers talented artists in developing countries, providing them access to a global art platform and new income streams that give back to impoverished communities. By introducing unique and creative approaches, they are paving the way for a brighter future, not just for Cambridge Village, but for communities around the world.

Illustrated by talented designer Ramon Agulhas, the first range of UKOO NFT art comprises 2550 pieces inspired by indigenous Southern African tribes. To celebrate the launch of the UKOO project, The Dandelion Philosophy will be giving away a series of NFTs to their volunteers, selected entrepreneurs, change-makers, and leaders. This initiative reflects the organization’s ethos of celebrating individuals who are making a difference and inspiring positive change.

However, The UKOO NFT project is just one of The Dandelion Philosophy’s exciting endeavors. In partnership with CYS, they are spearheading the Healing Hub, a flagship project aimed at addressing multiple challenges in Cambridge Village, Eastern Cape, South Africa.

The Healing Hub is set to be a transformative haven for the community, offering Afrocentric holistic healing programs and practical training. This dynamic space will house a community center, an educational hub, a farm shop, and a fertile farm. By cultivating diverse produce and providing local employment opportunities, the farm not only generates revenue but also offers invaluable hands-on experience to dedicated volunteers. The Healing Hub will serve as the headquarters for The Dandelion Philosophy, supporting their ongoing initiatives while positively impacting the lives of community members.

At the core of The Dandelion Philosophy’s approach is the creation of food security, opportunity, new perspectives, healing, and independence. Their innovative model disrupts traditional philanthropic models by focusing on long-term independence and autonomy. To achieve this, the organization’s Empower Pods ensure consistent access to nutritious and high-quality meals. Furthermore, The Dandelion Philosophy trains community members in customer care and emotional intelligence, aiming to create jobs and foster a sense of ownership within the communities they serve.

“Our mission is to rewrite the rule book on combating poverty and empower communities to become self-reliant,” says Nazeem, the organization founder. “Through our collaborative efforts in Cambridge Village and the innovative UKOO NFT art project, we aim to create lasting change, address social challenges, and celebrate the wisdom of indigenous cultures in Africa and around the world.”

By utilizing sustainable philanthropy, The Dandelion Philosophy has set itself apart as a leader in the fight against poverty. Their disruptive approach, coupled with their commitment to intention, research, understanding, innovation, alignment, and collaboration, has enabled them to effectively address 16 out of the 17 United Nations Sustainable Development Goals.

For more information about The Dandelion Philosophy and their initiatives, please visit their website.

Proof co-founder shares new focus: art is now a priority

Clara Emily on June 19, 2023

Proof — The scene has altered considerably in the year after NFT project Moonbirds launched their compilation.

During NFT NYC 2023 week, Proof co-founder and CEO Kevin Rose was spotted outside a gallery put up by the initiative.

He described why his Web3 business recently shifted its attention to the art industry, with a concentration on digital art, artists, and collectors.

“When everything is just ‘up and to the right’ and crazy and chaotic – like the whole crazy run-up that we saw [in the NFT market] – it’s easy to lose your north,” he said.

“Because you’re just running, running, running, running, and you’re so busy with all the chaos that you don’t have time to sit down and say, ‘Okay, what do we really stand for?’”

Rise to the top

Kevin rose to prominence in the Web2 arena after co-founding Digg.

He ultimately joined Google as part of an acquisition before becoming a venture investor with Google Ventures and then True Ventures.

Working in the arena of Web3 and building in the open, according to Rose, has been a shock to the system.

“No one’s been a part of something like this that’s been this much of a roller coaster like that,” he said regarding the NFT market.

“Out of, say, the stock market in general – but even that is way more defined and more stable than what this has been.”

He also noted that for every NFT collector who bought cheap and sold high, there is someone on the opposite side who bought high and is unhappy.

Although Proof cannot control market fluctuations, one of the lessons learned in the last year is when and how to communicate with collectors.

“As an entrepreneur, it’s a really weird dynamic,” Rose admitted.

The Moonbirds mint

Proof has had an up and down year since its April 2022 launch.

During their first two days of operation, the Ethereum-based profile photos (PFP) NFTs saw tremendous demand, earning around $280 million in transactions.

Proof then made more money following its highly anticipated premiere and for months thereafter.

With high aspirations, the company quickly expanded its workforce.

However, shortly after the mint, the NFT market suffered a setback.

Several holders objected to Proof’s decision to open-source the Moonbirds artworks, allowing anyone to use and commercialize them.

Some of the company’s plans were derailed.

The 2023 Proof of Conference, for example, was canceled owing to a lack of interest.

A Project Highrise “social universe” platform was proposed, but was later discontinued.

“It’s a lot of work to do,” said Rose. “Great businesses take many years to be built, it turns out. It can’t be done in less than a year.”

“I know we get some shit sometimes… [but] building in public is really difficult.”

“And so, if you show all your dirty laundry, your community has to be willing to understand that it’s messy along the way.”

Advice and new focus

Kevin Rose was formerly counseled by Ben Horowitz, mentor and co-founder of venture capital company Andreessen Horowitz.

According to Horowitz, “it’s better to be right than consistent.”

Proof would benefit from focusing on digital artwork and collecting.

Projects that were not moving well or that did not support the firm’s focus will be axed.

During the New York Fashion Week, Proof used its resources and connections to organize exclusive events for collectors.

The gallery show

“Evolving Pixels,” a gallery exhibition, was held at Venus Over Manhattan.

The exhibition was organized by Emily Xie, a generative artist who created “Memories of Qilin” on Art Blocks.

Evolving Pixels also features generative and AI-assisted artists’ work.

Rose claims that Proof was already working on curation with a point of view.

Its one-of-a-kind Grail mints for Proof Collective NFT holders demonstrate its dedication.

It also wished to expand outside its own ranks and work with other famous curators.

Proof also sponsored a private event honoring 400 of its community members, including the artist who made the top NFT sale, Mike “Beeple” Winkelmann.

Beeple created a piece of artwork while taking public feedback.

Only ten of the artworks were minted as NFTs and distributed to a select group of attendees.

NFT NYC 2023

The main NFT NYC 2023 event was more subdued than the 2022 event.

Several side events hosted by projects, communities, and startups, on the other hand, kept the spirit of Web3 alive and well.

According to Rose, the mood at the gatherings he organized or attended remained upbeat, although he noted that the NFT bear market was still on the minds of nearly every creator.

“Holy shit have the last few months been tough, right? Every NFT collection has been impacted in some way,” said Rose.

“But we’re finally getting to a place where I think we’re kind of bottoming out, and people are like, ‘Okay, these are the people that are going to continue to build this space, and they’re going to be for the next decade to come.’”

Yuga Labs continues dominating NFT sales, 35% share reported

Stephen Reynolds on June 19, 2023

Yuga Labs — Yuga Labs and Bored Ape Yacht Club (BAYC) dominated the NFT area by establishing a distinct and in-demand collection of digital art.

Yuga Labs developed the CryptoPunks, a collection of 10,000 distinct pixelated characters that became one of the first and most expensive NFT collections.

BAYC made a collection of 10,000 unique and extremely detailed ape-themed NFTs, which caused quite a stir in the NFT world.

These collections have a tremendous following and have sold for millions of dollars, firmly establishing them as prominent players in the NFT industry.

2022 domino effect

In 2022, the crypto industry saw significant setbacks, resulting in a decline in cryptocurrency values.

As a result, the values of NFTs dropped from thousands to hundreds of dollars.

Like most markets, there would be occasional price spikes before prices dropped, with some falling even further.

The Bored Ape Yacht Club, on the other hand, saw a rebirth in late 2022.

Keeping the crown

Yuga Labs continues to dominate the NFT industry, according to DappRadar.

According to the research, the Bored Ape Yacht Club will account for over 35% of total NFT trade volume between October 2022 and March 2023.

Yuga Labs has also been extending its empire, purchasing Larva Labs’ CryptoPunks and Meebits NFT project IPs in 2022.

The projects have now been included to the Mutant Ape Yacht Club and Otherside metaverse game land deeds.

According to the study, Yuga Labs’ initiatives earned more than $2 billion in trade volume in the past two quarters.

The figures reflect 34.6% of overall market volume throughout that time period.

DappRadar

Skirmantas Januskas, Justas Pikelis, and Jonas Semenas launched DappRadar in Vilnius, Lithuania, in 2018.

The trio saw a need for a trustworthy platform that could give accurate and transparent statistics about decentralized applications (dapps) for the rapidly growing blockchain sector.

They identified an opportunity to provide a reliable source for consumers to discover, assess, and track the success of dapps on various blockchain networks.

DappRadar has developed to become one of the most extensively used systems for tracking dapps, with collaborations with important companies in the industry and millions of monthly visits to its website, with a purpose to empower the decentralized future.

Support

DappRadar commended Yuga Labs for its assistance with the company’s initiatives and associated communities.

The business proposed some reasons why consumers might continue to acquire the projects through secondary sales.

“While some projects have ‘rug pulled their communities, abandoning development or reneging on promises made to holders, or simply failing to live up to high expectations,” the report said.

“Yuga Labs has emerged as a leading example of commitment to providing value and nurturing its NFT holder community.”

The BAYC

The NFT profile picture (PFP) market is still led by the Bored Ape Yacht Club.

It has a low secondary market price of 51.45 ETH ($99,000).

Meanwhile, CryptoPunks is trailing them with 49.49 ETH (approximately $95,150).

The Bored Ape Yacht Club (BAYC) rose to prominence owing to its one-of-a-kind and intricate collection of 10,000 ape-themed NFTs, each with its own distinct characteristics.

The BAYC community expanded fast and became very involved in events and activities such as gatherings, item drops, and so on.

BAYC became one of the most popular and valuable NFT collections due to the rare and highly wanted nature of the NFTs, as well as the strong community.

In April 2022, the project’s floor price reached 152 ETH (about $429,000).

BAYC generated $504 million in NFT sales in the past two quarters, according to the study.

Mutant Apes nearly reached $483 million in deals, while Otherside land deeds brought over $322 million in exchanges.

Yuga Labs released TwelveFold in February, following some dissatisfaction with the Ethereum network.

TwelveFold is a collection of 300 generative NFTs with Ordinals Inscription on the Bitcoin network.

The original auction brought in more than $16.5 million in sales.

A landmark victory

Because of the popularity and profitability of NFTs such as BAYC, a cottage industry of borrowing money against NFTs has emerged, which is currently worth $1 billion.

Yuga Labs is known for allowing NFT holders to build and sell derivative projects and goods, but the business has also protected its intellectual property in court.

Yuga Labs scored a “landmark legal victory for Web3” last week when a judge decided in favor of the company against artist Ryder Ripps and partner Jeremy Cahen.

The paid released RR/BAYC, a counterfeit collection of the BAYC that they said was a spoof of the original collection.

“Investors and enthusiasts should take note of Yuga Labs’ approach, seeking out projects with a track record of fulfilling their promises and a doxed team to ensure accountability,” said DappRadar.

Nate Chastain’s lawyers push against ‘insider trading’ label

Josh Barter on June 19, 2023

Nate Chastain — In 2022, the dominating NFT marketplace OpenSea faced a host of issues, including allegations of insider trading stemming from questionable NFT trades.

Nate Chastain, a former OpenSea product manager, was charged with wire fraud and money laundering.

He presumably bought hundreds of NFTs before they appeared on the OpenSea website.

In 2022, FBI Assistant Director-in-Charge Michael J. Driscoll made the following statement:

“With the emergence of any new investment tool, such as blockchain supported non-fungible tokens, there are those who will exploit vulnerabilities for their own gain.”

“The FBI will continue to aggressively pursue actors who choose to manipulate the market in any way.”

Nate Chastain’s trial began this week, and the former head of product defended himself against “insider trading” allegations.

The charges

Insider trading is the illegal purchase or sale of stocks based on non-public information that the general public does not receive, giving insiders an unfair advantage over other investors.

The claims have been dubbed the “First Ever Digital Asset Insider Trading Scheme.”

Nate Chastain, according to the Department of Justice, used private information to benefit himself by learning about the NFTs that would be published on OpenSea’s homepage.

In the indictment, the DOJ indicated that it planned to have Chastain surrender any and all property or earnings derived from the alleged fraud and money laundering NFT activities.

If Chastain is found guilty, he could face more than 20 years in prison for each of the claims leveled against him.

Nate Chastain was initially charged with wire fraud and money laundering, but DOJ prosecutors expanded their charges to include “insider trading.”

Defense

Nate Chastain’s lawyers have battled the allegations and the words used to describe them tenaciously.

They argued that the case should be dismissed because of the unclear legal environment around NFTs, as well as a lack of legal precedent or regulatory certainty concerning their status as securities or commodities.

“As alleged, acting with purported criminal intent, Mr. Chastain exploited his advanced knowledge of which NFTs would be featured on OpenSea’s homepage by purchasing certain NFTs before they were featured and selling them at a profit after they were featured,” their 2022 filing said.

“The rub, however, is that the NFTs are neither securities nor commodities.”

The marketplace

OpenSea is a decentralized marketplace where non-fungible tokens (NFTs) and other digital assets may be purchased, sold, and discovered.

It allows users to create, list, and trade NFTs representing a variety of digital assets such as art, music, domain names, virtual real estate, and more.

The Ethereum blockchain is used by OpenSea to allow users to transact without the use of intermediaries or centralized authority.

It also provides NFT developers and buyers with a wide range of tools and services, including customisable smart contracts, analytics, and broad search capabilities.

OpenSea has gained in popularity in the NFT space, attracting hundreds of creators and collectors to its platform.

Proposals

During a pre-trial hearing last week, Judge Jesse M. Furman asked that Nate Chastain’s attorneys produce a set of jury instructions.

On Sunday, April 23, the defense team submitted the judge with a letter containing numerous opinions that differed from those of the prosecution.

According to Chastain’s lawyers, he is not charged with “insider trading,” hence the charges against him should not use that term.

“The defense disputes that Mr. Chastain’s conduct can be described as ‘insider trading,'” attorney David Miller wrote.

“Whatever understanding you may have about what ‘insider trading’ may be, you should not concern yourselves with it.”

During a pre-trial hearing last week, Judge Jesse M. Furman asked that Nate Chastain’s attorneys produce a set of jury instructions.

On Sunday, April 23, the defense team submitted the judge with a letter containing numerous opinions that differed from those of the prosecution.

According to Chastain’s lawyers, he is not charged with “insider trading,” hence the charges against him should not use that term.

Second proposals

The second set of suggestions from Nate Chastain’s counsel is about those who were harmed by his actions, which is a difficult issue in the trial.

Individual consumers were harmed as a result of Chastain’s actions, according to the DOJ, which urged them to participate in the court case.

Chastain’s defense team, on the other hand, claimed that OpenSea was the sole victim.

They contended in their letter that the jury should only hear from the NFT marketplace.

Judge Furman allowed the Department of Justice permission last Monday to refer to Nate Chastain’s charges as “insider trading.”

Box Office joins NFT ticketing as new platform

Hector Andrews on June 12, 2023

Box Office — Sports Illustrated Tickets is an online ticket exchange where fans can buy and sell tickets to a variety of sporting events, such as:

Football
Basketball
Baseball
Hockey

The platform gives fans a safe and dependable means to get premium seats, hospitality packages, and exclusive experiences for live sporting events.

Sports Illustrated Tickets also provides a variety of tools and features to assist fans make educated ticket purchasing decisions, such as real-time inventory updates, interactive seating charts, and full event information.

Sports Illustrated Tickets is an easy and fast option for die-hard fans and casual watchers to acquire tickets to the greatest sporting events around.

A new platform

Box Office, a new NFT ticketing platform from Sports Illustrated Tickets, was just released.

It is based on the Polygon Ethereum scaling network.

The decision marks the brand’s foray into primary ticket sales, after the introduction of its SI Tickets secondary marketplace in 2021.

Box Office is a component of SI Tickets, which is part of the larger Sports Illustrated magazine and media brand.

Diverse events

Box Office caters to ticket listings from smaller community events rather than focusing on famous sports and music events.

Such events are often listed on websites such as DICE or Eventbrite.

“We’re not here to compete against Ticketmaster, SeatGeek, or AXS,” said SI Tickets CEO David Lane.

“We’re going after the self-service event market.”

“We’re trying to create the first mass-market adoption of NFT ticket so that everyone from a 15 year old to a 90 year old can buy their first NFT ticket without having to go through a crypto tutorial on blockchain, or have to get a wallet and understand any aspects of it.”

Box Office

Box Office was created in collaboration with ConsenSys, an Ethereum software firm.

The NFT tickets are available on the SI Tickets mobile app, which includes a variety of features.

In addition to granting users entrance, event organizers can customize tickets with the following features:

Photo and video highlights
Collectibles
Personalized messages
Promotional offers
Loyalty rewards

The features allow fans to interact with one another and even with the performances.

They may also record and upload before, during, and after an event.

Tickets for an upcoming Texas youth football championship game, for example, would appear on Box Office.

Aside from youth sports, Box Office anticipates listing free and paid tickets from partners such as:

Music venues
Nightclubs
Business conferences
Private parties
Fitness studios
Yoga studios
Comedy clubs
Religious retreats
Charity organizers

“As the global economy continues to recover from the pandemic, we expect that live events, converts, and sporting events will regain their pre-pandemic popularity,” said global co-head of ConsenSys NFT Johnna Powell.

“The combination of these factors suggest that consumer demand for NFT event ticketing will increase in the coming years.”

Fee structure & revenue

Box Office, according to David Lane, has a 20% cheaper cost structure than Eventbrite.

Fans may also resell their Box Office NFT tickets by transferring their tickers to NFT markets and secondary ticket platforms such as Vivid Seats, SeatGeek, and Stubhub.

In addition, Sports Illustrated agreed to a 50-50 income split with event organizers and performers on resales.

The split is accomplished by following the on-chain data from Box Office transactions.

“You always get paid when your ticket sells, but you don’t participate in the resale of that on the secondary market – but that’s what changes here,” said Lane.

“We’re splitting 50-50 with our partners. They’re gonna get 50% of the resale revenue.”

“For the events that have resale value, this is one of the great advantages of NFT ticketing,” he added.

“That’s why I really do believe that this will become the standard as we go forward.”

Users will earn a $10 incentive for purchasing tickets to any of the 250,000 big events on the SI Tickets secondary marketplace.

“Your event is going to be listed on our site next to the biggest sports, concerts, and theater events in the area,” said Lane.

“[Organizers] are no longer relegated to a hyperlocal Eventbrite-type of landing page. You’re literally alongside Taylor Swift, Billy Joel, and the Knicks.”

“It gives great visibility to any event that wants to partner with us.”