NFT in brief: a weekly review
Another week of high-flying action in the NFTs. Art Blocks and CryptoPunks saw nice increases in sales volume last week, while Axie Infinity and Bored Ape Yacht Club saw less volume week over week but remain firmly in the high position.
Meanwhile, OpenSea has made the headlines for more than one reason. Dapper Labs has found a premium partner with Google. And more than one NFT project made the news this week for charitable giving.
Let’s dive into these stories and more with this week’s “NFTs In A Nutshell”.
News of this week’s non-fungible tokens
OpenSea struck with the Insider Trading Flak
OpenSea came under fire this week after admitting insider trading by product manager Nate Chastain. Chastain was held in high regard by the NFT community, but the beauty of blockchain lies in its inherent transparency in anonymity. Twitter user @ZuwuTV appeared to dive deep into Chastain’s wallets, even pairing Chastain’s CryptoPunk (used as a Twitter avatar and a crypto wallet) to correlate the activity. The allegations, later confirmed by OpenSea, of @ZuwuTV concluded that Chastain was buying OpenSea front page NFTs before they went live, using their front page appearance to generate profit.
OpenSea has since issued statements, concluding with policy changes, a third-party audit, and the request and acceptance of Chastain’s resignation. After the NFT boom we witnessed in August, September has been a tough month for OpenSea, after last week’s Nutshell highlighted the OpenSea “burn bug” that resulted in NFTs. involuntarily burned.
Dapper Labs partners with Google
Dapper Labs, creators of Top Shot, CryptoKitties and the Flow Blockchain, caused a sensation this week with a new premium partner, Google. Google Cloud will be a member of the Flow network as part of an agreement that will strengthen Flow’s ability to scale. Developers on Flow will be able to better integrate with Google Cloud software.
Google and competitors such as Amazon and Microsoft continue to make strides in optimizing integrations with blockchain-based projects. Don’t be surprised if more offers like this continue to emerge.
John Cena’s NFT Flop
WWE professional wrestler and actor John Cena posted an NFT series last month. The result can be aptly described by Cena himself – a “catastrophic failure”.
Cena sold 37 of the 500 available NFTs, priced at $ 1,000 each. The NFTs also included physical items, but Cena himself seemed to recognize the price was just too high. However, the mix is not limited to a simple price. DraftKings and Autograph have done a great job working with sports stars to deliver NFTs with prizes of $ 1000 + and limited supply.
Another testament that NFT assessment is certainly more of an art than a science.
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OpenSea takes NFTs on your mobile device
Despite the drama of the kickoff of the week for OpenSea, the main NFT platform managed to have some good news to balance the week. OpenSea launched an iOS and Android app on Thursday, allowing users to connect their OpenSea profile and discover new NFTs on the market. The app is believed to be potentially in a phased launch phase as buying and selling is not yet supported. The timing of the announcement also raised eyebrows, given this week’s insider trading headlines.
Still, supporting in-app payments is likely to be one of the biggest hurdles for OpenSea’s mobile apps. It will likely take a long time to sustain sales, but a mobile presence is arguably long overdue for the platform.
Solana has become a platform that continues to be in the discussion around new NFT projects. While not all projects have been embraced with a warm welcome, many have come to market with great intentions. | Source: SOL-USD on TradingView.com
A “Trippy” donation of a quarter of a million dollars
Solana found a corner in the NFT market which has carved out a loyal following. While some “duplicate” projects have been criticized, there are a number of projects that have had substantial positive impacts in the Solana NFT community.
One of those projects our team highlighted this week is Trippy Bunny NFT. The project announced this week that 100% of the proceeds from the sale of mint will be donated to the American Foundation for Suicide Prevention. That number is just under a quarter of a million dollars, all going to AFSP through The Giving Block.
TVNs that have a positive impact on society? You like to see it.
Freddie Mercury NFT up for auction
Queen frontman Freddie Mercury would have turned 75 next week. To honor Mercury, four NFTs will air next week on SuperRare for 75 hours. Proceeds will go to the AIDS charity, The Mercury Phoenix Trust, founded by other Queen members and the group’s manager.
Related reading | Survey Finds One in Four U.S. Teens Would Prefer to Invest in Crypto
Featured image from Pixabay, Charts from TradingView.com