NFT
What is a Yat and why are people paying $425K for emojis?
Will emojis become the Web3 version of a username? That’s what Nashville-based tech startup Yat believes and with 160,000 sold worth a combined $20 million, it seems plenty of ordinary people agree. A Yat is a string of between one and five emojis that can be used as your digital username, website URL and as a payment address for your digital wallet. It’s sort of a cross between a nonfungible token (NFT) and domain address — though not all Yats are tokenized. “Yat lets you use emojis as your universal username and identity on the internet,” the company wrote in its Discord server. “Imagine being known as fire-snake or robot-ghost-crown instead of coffeequeen98 or jake2456@emailxyz.com. By owning a Yat — let’s say ocean-trident-palm tree — it’s yours forever. You are the ~only~ one on earth...
RIAA Slams “Scam Operation” HitPiece, Urges NFT Website to Permanently Shutter
HitPiece may have endured the shortest lifespan of any NFT platform thus far, but the implications of its brief existence are still unraveling. Co-founded by entrepreneurs Rory Felton and Jeff Burningham, HitPiece leveraged Spotify’s API in order to list thousands of NFTs for sale corresponding to singles from innumerable different artists. The site quickly caused a stir when artists spoke up on social media en masse, claiming no one from HitPiece had consulted them in regards to monetizing their content in NFT format. The swift rebuke caused HitPiece to take down their site as quickly as it popped up, though they suggested the move is merely a temporary measure. Today, all that remains of the marketplace is a note on the site’s homepage: “We started the conversatio...
What is Harmony (ONE) blockchain and why it is getting so much traction?
Harmony is getting a lot of traction because it addresses core blockchain concerns, is energy-efficient, has cross-chain capabilities, offers lower gas fees and has a huge potential for nonfungible tokens (NFTs). Maintain decentralization and security Harmony thinks its network can scale while maintaining decentralization and security because it uses sharding, which divides validators into multiple groups and allows them to approve transactions and new blocks simultaneously. Harmony can now process 2,000 transactions per second (TPS), which is comparable to Visa, ONE of the world’s largest payment networks. Harmony believes it will process 10 million TPS in the long run. On the other hand, Harmony does not compromise security or decentralization even as it scales. For example, the ne...
Axie Infinity token AXS gains 40% after taking steps to avoid ‘permanent economic collapse’
The price of the Axie Infinity (AXS) token has surged by nearly 40% in three days. AXS rallied to over $65, its best level in more than two weeks, as Axie Infinity revealed a revamped reward structure for its player-vs-player (PVP) competition round. In detail, the play-to-earn startup expanded its number of leaderboard slots to 300,000 and boosted the amount of AXS rewards to 117,676 from the earlier 3,000 for the next season. “This will supercharge the competitive Axie scene and create more demand for quality Axie teams in the ecosystem,” Axie Infinity explained, adding that their move would create a $6 million worth of prize pool for Season 20. AXS/USD daily price chart. Source: TradingView Economic revamp boosts AXS demand AXS serves as a governance token for the Axie ...
The Metaverse calls: NFTs construct virtual economies to stay relevant in 2022
As NFT projects prepare to embark into the Metaverse, it seems they are pivoting from their static imagery to integrating mechanics that provide utility. Notably, Bored Ape Yacht Club has amassed over $1 billion in total volume and announced a mobile play-and-earn game, while fellow primate projects, CyberKongz and SmolBrains continue to announce and integrate new gamification features to their collections. Investors seem to not only be searching for projects with strong communities and utility, but it appears technical capabilities rank high on the list too. This notion was made evident after Cool Cats’ Cool Pets collection experienced back-to-back hiccups with its launch, and has since been in a downtrend as holders await their reveal. Cool Pets 7-day avg. price / volume. Source: OpenSea...
Nike Slaps StockX With Lawsuit Over Alleged Sneaker NFTs Jig
HipHopWired Featured Video Source: Joe Raedle / Getty Nike does not play when it comes to its likeness or its products. StockX is the latest company to find that out. Per NiceKicks, the sportswear industry leader slapped the online sneaker resale website with a lawsuit in federal court on Thursday (Feb.3) for allegedly “selling unauthorized images of Nike shoes marking the latest lawsuit over NFTs and digital assets.” Related Stories The lawsuit claims that StockX’s Vault NFTs “infringe on Nike’s trademarks and will likely confuse customers.” Nike is seeking unspecified damages and is requesting an injunction blocking further sales of the NFTs. The complaint also states StockX sold unauthorized NFTs of its trademarked sneakers, telling customers they would be able to redeem the digital tok...
NFT battles: Nike takes seller of unlicensed NFT sneakers to the court
Popular sneaker maker Nike has started the “licensed NFT” wars by taking an online reseller called StockX to court for trademark infringement or sale of unlicensed nonfungible token (NFT) sneakers. According to a Reuters report, Nike has filed a lawsuit against the reseller in the New York Federal court demanding an undisclosed amount in damages and a halt of sales on such virtual collectibles. StockX reportedly started selling Nike sneaker NFTs in January and promised buyers they can redeem the real-world version of the sneakers in the near future. Nike in its 50-page complaint claimed StockX has sold nearly 500 NFT sneakers with the Nike branding which has dented their reputation and legitimacy. The shoemaker brand also alleged the NFT sneakers were being sold at inflated pri...
Coachella Is Selling Lifetime Music Festival Passes As NFTs
It was only a matter of time: Coachella has officially hopped on the NFT train. Via a partnership FTX US, a massive collection of 11,010 NFTs is slated to hit Coachella’s environmentally friendly marketplace on the Solana blockchain this Friday, February 4th, at 10AM PT (1PM ET). The drop’s crown jewel is the “Coachella Keys Collection,” which consists of 10 NFTs that grant each owner lifetime access to the fabled music and arts festival. Each of these unique collectibles also unlock specific luxury experiences for the 2022 fest, like prime viewing access at the electronic dance music-focused Sahara Tent to a private party on the Coachella grounds. Naturally, there’s also an “Infinity Key” offering its owner a combination of lifetime gu...
OpenSea monthly volumes top $5B as NFTs continue to mainstream
In the last two weeks, Azuki, Bored Ape Yacht Club, CloneX and Mutant Ape Yacht Club have seen significant increases in floor prices and total sales volume. Over the last seven days alone, all four projects have generated an estimated $365.9 million in value, according to data from OpenSea. While the crypto market is steadily recovering from its lengthy bloodbath, nonfungible token (NFT) marketplaces like LooksRare and OpenSea have consistently generated about $100 million in daily total volume. LooksRare vs. OpenSea daily volume. Source: Dune Analytics It seems that crypto Twitter is expressing their speculation on the recent market pump to blue-chip momentum while others are hopeful their holdings will make their appearance in the upcoming SuperBowl a bag pumping event for their po...
John Legend Dives Into NFTs With Our Happy Company’s ‘OurSong’ Platform
John Legend, the great-allrounder who has already completed an EGOT, the youngest person to do so, is spreading his wings into NFTs. The R&B star is named co-founder and chief impact officer at Our Happy Company, which today (Feb. 2) launches OurSong, its social NFT platform. With Legend in his dual-capacity, Our Happy Company has ambitions for OurSong to “build a better system for creators to be discovered, monetize their work, and engage with fans through NFTs,” reads a statement. The new platform is meant to appeal to those of us who don’t possess a degree in computer science, or have, at the very least, a lifelong tech habit. One of its points of difference is ease of use, for artists and consumers. OurSong users don’t need to hold a separate cryptocurrency wallet outside the...
Bitcoin, Ether and NFTs will ‘never become legal tender’ in India, says Finance Secretary
T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the possibility of using them as legal tender. According to a Wednesday tweet from Asian News International, Somanathan said that a digital rupee backed by the Reserve Bank of India, or RBI, will be accepted as legal tender, but major cryptocurrencies have no chance of doing so. The finance secretary added that because digital assets including Bitcoin (BTC) and Ether (ETH) do not have authorization from the government, they will likely remain “assets whose value will be determined between two people.” “Digital rupee issued by RBI will be a legal tender,” said Somanathan. “Rest all aren’t legal t...
Coachella Selling NFTs Granting Lifetime Special Access to the Ultra Rich
Deep-pocketed Coachella festivalgoers who don’t find the VIP section exclusive enough can now level up their experience by purchasing a lifetime guest pass being auctioned as an NFT this Friday, February 4th. There will be 10 such NFTs available as part of the Coachella Keys Collection, each of which offers a pass to one festival weekend each year. Each key has a different perk, like the best spot at the Coachella stage, lifetime luxury “camping” accommodations, or a professionally cooked meal in the Rose Garden. Two other collections are being made available on Friday for those who aren’t quite as ready to dive into the NFT deep end. For $180, buyers of the Desert Reflections Collection get one of 10 digital renditions of a Coachella poster by iconic artist Emek. Each of the 1,000 NF...
