In this week’s newsletter, read about how the FTX contagion led to the sale of a collection containing high-ticket nonfungible tokens (NFTs). Check out the struggles in onboarding artists to Web3 through NFTs and find out about OpenSea’s decision to finally enforce royalties on all collections within its NFT marketplace. In other news, a tool that allows layer-2 networks to showcase NFTs on social platforms like Twitter was released. And don’t forget this week’s Nifty News featuring Nike’s Dot Swoosh NFT platform.
FTX contagion victim Deepak.eth puts NFT collection up for sale
After announcing an eight-figure exposure to FTX exchange, Deepak.eth, the pseudonymous founder of blockchain infrastructure firm Chain, has tweeted that they are selling their NFT collection either to the highest bidder or through a fractional decentralized autonomous organization (DAO) for 80% ownership.
The collection includes prominent NFTs such as Bored Ape Yacht Club and Mutant Ape Yacht Club characters. The collection is being sold for 8,000 Ether (ETH), which is around $10 million at the time of writing.
Helping mainstream artists into Web3: The triumphs and struggles
Bernard Alexander, an executive at Animal Concerts — the firm that helped onboard celebrities like Snoop Dogg and Billy Ray Cyrus to Web3 through NFTs — spoke with Cointelegraph about the struggles of helping artists get into Web3.
According to Alexander, helping artists gain an understanding of the space remains a big challenge, as people are naturally hesitant to get into a nascent industry that is evolving rapidly.
OpenSea to enforce creator royalties on all collections after community outcry
After hearing feedback from the community, NFT marketplace OpenSea announced that going forward, it will continue enforcing royalties across all collections within the platform. Back on Nov. 7, the NFT platform launched a tool to allow creators to enforce royalties on new collections. However, the new update did not apply to already existing collections.
Community members criticized the marketplace for having unclear messaging, urging the platform to clarify its stance on creator fees. Some NFT creators even canceled the launch of their upcoming collections until OpenSea made a decision. Following the pushback, the NFT platform decided to finally enforce royalties on all collections.
New tool mirrors Optimism NFTs to Ethereum mainnet for use in verified apps
Optimism developers launched Magic Mirror, an application that lets NFT holders mirror their NFTs to the Ethereum mainnet. This allows users to use their NFTs in apps like Twitter, where only layer-1 NFTs were previously recognized.
The NFT badge feature in Twitter allows holders to verify ownership of their NFTs, showing a hexagonal profile picture. Before the release of the app, NFT holders from networks like 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
Footwear manufacturer Nike launched its NFT platform, dubbed .Swoosh, and highlighted 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 in an auction.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.