NFT Financial News

Non-fungible token project y00ts is again switching blockchain networks, only four months after bridging the majority of its NFTs from Solana to Polygon.

Crypto app developers hoping for a loosening of Apple's App Store rules will have to wait longer after a United States Supreme Court held off on granting a request to let apps direct users to payments outside of Apple’s ecosystem.

In this week’s newsletter, read about how the team behind Bitcoin Ordinals plans to drive the development of nonfungible tokens (NFTs) on Bitcoin and find out why metaverse platform The Sandbox requires Know Your Customer (KYC) checks for staking. In other news, learn why NFT gas usage is on a downward trend, and don’t forget this week’s Nifty News, featuring an NFT trader tricking a bot and bagging $1.5 million in profit. 

The United States Patent and Trademark Office (USPTO) has accepted CBS Studios’ application for the Star Trek name to be used in nonfungible tokens and crypto collectibles connected to its Continuum series.

An NFT trader that goes by the name Hanwe Chang has made 800 ETH, worth almost $1.5 million, after tricking a bot into buying his NFTs at elevated prices.

YouTuber and nonfungible token (NFT) trader Hanwe Chang said he scored 800 Ether (ETH), around $1.5 million, by tricking a rival trader’s bot into buying his own inflated NFTs.

The NFT market is experiencing a tumultuous slump, with tensions rising between traders and creators of digital collectibles rising amid controversy surrounding royalties. 

The Federal Bureau of Investigation has warned of criminal actors that are hijacking social media accounts and posing as legitimate people in the nonfungible token and crypto space.

Nonfungible token finance (NFT-Fi) protocol JPEG’d has confirmed that 5,495 Ether (ETH), worth roughly $10 million at current prices, has been returned by the Curve Finance hacker.

A blockchain security firm tried to warn users of an imminent rug pull surounding a crypto project. Investors became angry and fired back. The firm rescinded the security alert. Then, the project it accused of being a rug pull, pulled the plug.

Coinbase’s Base network has released a user interface (UI) for its official bridge, allowing end users to onboard for the first time without relying on developer tools, according to an Aug. 3 announcement. The team has set Aug. 9 as Base’s “official” release date. The team will award over 100 Ether (ETH), worth approximately $184,000, in grants to developers and content creators as part of a month-long launch event called the “Onchain Summer.”

Ethereum gas consumption of nonfungible tokens (NFTs) has gone through significant drops since its highs in 2021. Marketplaces and NFT projects that occupied top spots in terms of gas consumption at the time have since shown a sharp decline in two years. 

Beeple, the creator of a $69 million non-fungible token (NFT), has bought his very first profile-picture (PFP) NFT - and it's from one of the world's most popular collections, CryptoPunks.

Popular video game retailer GameStop has announced plans to shut down its NFT wallet due to regulatory uncertainty in the crypto space. 

In this week’s newsletter, read about why the food and beverage nonfungible token (NFT) market is set to exceed $2 billion by 2032, check out the Bruce Lee avatar that has made its way into the metaverse, and how the British Museum uses the virtual universe to teach world history. In other news, find out how NFT-styled debit cards can be the future of Web3, and don’t forget this week’s Nifty News, featuring Yuga Labs acquiring a metaverse studio. 

A non-profit organization dedicated to growing the development of nonfungible tokens (NFTs) on Bitcoin (BTC) has been launched by the team behind the Bitcoin Ordinals protocol.

In a recent interview with Fandango, Margot Robbie, the lead star of this summer's blockbuster sensation "Barbie," mocked the world of cryptocurrency, particularly Bitcoin. 

Nonfungible token (NFT) conglomerate Yuga Labs has agreed to acquire the metaverse-building startup Roar Studios as Yuga looks to bolster its Otherside metaverse.

Computer scientist Adel Khelifi, of the University of Abu Dhabi, and archaeologist Mark Altaweel, from University College London, recently announced the development of a Web3-based verification-as-a-service model for determining and recording the authenticity and provenance of cultural artifacts. 

Fashion giant Gucci has decided to reward some of its non-fungible token (NFT) holders with special physical items.

ITR) in India approaches (July 31), it is crucial to address specific concerns around taxation on investments in crypto and other virtual digital assets (VDA), including NFTs. Navigating the tax landscape can look complex but with the right knowledge and guidance, you can ensure a smooth and compliant filing process.Gist of crypto taxation VDA transactions, including sales, are subject to a 30% capital gains tax in India. A capital loss in one VDA can’t be offset against profit in another– essentially, you pay 30% capital gains on profitable assets of that financial year. Additionally, a 1% Tax Deducted at Source (TDS) is also charged on VDA sale/transfer between assets. These are deposited to your PAN number by compliant Indian exchanges which you can use to reduce your tax liability or get a refund via your ITR filing.Key pointersTo help you in this tax filing season, we enlist some additional pointers for preparing your ITR.