NFT Financial News

In an unexpected development, non-fungible token (NFT) fraud watchdog Rug Pull Finder (RPF) has been successfully targeted by a smart contract exploit that allowed two persons to seize more than 450 NFTs, as per the entity. RPF offers its customers assistance which includes services related to social media platform Discord which has been increasingly used by hackers to steal digital assets. 

Highly anticipated medieval strategy massively multiplayer online (MMO) game Blocklords is out, unraveling iconic characters, pitched battles and engrossing drama. A genre-defining grand strategy game of MetaKing Studio, Blocklords introduces players to a universe where players' actions have a bearing on their characters, other players and the medieval world around them. 

American music giant Sony Music Entertainment has signaled intentions to utilize non-fungible tokens (NFTs) after filing a trademark application covering music and artists under the Columbia Records logo. 

Gaming retailer GameStop is partnering with United States crypto exchange FTX US to bring more customers to crypto and work together on online marketing initiatives. 

In this week’s nonfungible token (NFT) newsletter, read about OpenSea and its commitment to the Ethereum Merge. Check out a project that aims to introduce Web3 to the opera scene and how ENS domains surpassed Bored Apes in terms of trading volume. In other news, learn about how the NFT giveaway of Rug Pull Finder was exploited. And, don’t forget about this week’s Nifty News roundup featuring how American actor Bill Murray’s wallet was attacked after his NFT drop. 

According to data from cryptoslam.io, the number of unique buyers for the nonfungible tokens (NFT) collection Bored Ape Yacht Club (BAYC) has fallen to 263 for the month of August, with 438 total transactions. These metrics were the second-lowest on record since the collection's launch in April 2021. 

The metaverse has potential to transform the way we work, socialize, party and even do business — but looking at the infrastructure that exists right now, and some would accuse this industry of running before it can even walk.

All facets of a token's production and management, including its allocation to various stakeholders, supply, token burn schedules and distribution, are managed through tokenomics analysis. Tokenomics help to determine the potential value of decentralized finance (DeFi) projects. Since the law of supply and demand cannot be changed, tokenomics dramatically impacts the worth of each nonfungible token (NFT) or cryptocurrency.

The Argentine Grand Lodge of Free and Accepted Masons is jumping into nonfungible tokens (NFTs), but with a philanthropic twist. The secretive society is releasing 77 digital art NFTs under the name CryptoMasons, with profits going back to local charities supported by the chapter. 

Lucky Block is an NFT-based competition that implements unique blockchain-based rewards to incentivize new investors and participants. 

crypto tokens as traded in a narrow band around $20,000the entire week, the longest stretch that it has dipped under that level since the market was rocked by turmoil in July. Investors continue to debate the implications of rising borrowing rates for riskier assets after the Fed Chair's hawkish commentary. Bitcoin is down roughly 60% this year and some other tokens have lost even more. Other cryptocurrencies including Polkadot and Dogecoin also declined. However, Ether was surging in anticipation of a groundbreaking software upgrade to its blockchain. Here's a weekly roundup of all the noteworthy stories from the crypto space:1. Meta rolls out NFT feature on Instagram and Facebook Users of Instagram and Facebook can now display their NFTs on the platform, according to a recent announcement from Meta.

Ethereum Name Service (ENS) domain names have surpassed Bored Ape Yacht Club (BAYC) as the most traded asset on NFT marketplace OpenSea over the last seven days — seemingly ahead of the Ethereum Merge. 

 

The first known case of a nonfungible token (NFT) created and shared by a “terrorist sympathizer” has come to light, raising concerns that the immutable nature of blockchain tech could help the spread of terrorist messages and propaganda. 

As crypto evangelists and investors adapt to Indian tax rules and operational protocols, and the virtual currency market stabilises, the focus has now shifted to the much-talked-about Web3 space. Experts say with India having a large number of retail crypto customers and Web3 developers, it’s in a unique position to play a key role. A quick 5G rollout and government support will boost India’s play, Partha Sinha reports… Two months after the crypto crash, the virtual currency market is showing signs of stability with the price of Bitcoin, the oldest and the most popular one, hovering around the $20,000-mark for weeks now. In India, crypto exchanges, facilitators, and investors are adapting to new tax rules and operational guidelines. With talks of an existential crypto crisis mitigating, tech entrepreneurs and developers who are in the Web3 space are once again becoming hopeful. According to industry leaders, India has played a key role in the Web2 space globally. While Web 2 are websites and applications that make use of user-generated content like Facebook and Wikipedia, Web3, at its core, uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership of digital assets. Thoughthese are early days, there are indications that Indians will once again play an important role in the development and growth of Web3, metaverse, and the blockchain space, say industry experts.ENTER YOUNG ENTREPRENEURS Did you Know?From tracking sustainability

Merge' by the crypto community. 'The merge' will shift Ethereum to a proof-of-stake (PoS) mechanism from its existing proof-of-work (PoW) mechanism, making it more energy efficient and carbon effective. Vikram Subburaj, CEO, Giottus Crypto Platform, said that the Merge will change the consensus mechanism but it will not increase the capacity of the Ethereum network. Merge may lead to forked chains similar to Ethereum Classic (ETC) that split from Ethereum in 2016," he said.

A new NFT and metaverse project is being built on the Ethereum blockchain — with a cutting-edge difference that could set it apart from rivals.

As the date for the Ethereum Merge approaches, nonfungible token (NFT) marketplace OpenSea has announced that it will focus on supporting only the NFTs that are on the upgraded proof-of-stake (PoS) blockchain. 

Venture capital firm Andreessen Horowitz (A16z) announced Wednesday that it had devised a set of six licenses tailored to nonfungible tokens (NFTs) that are based on the model pioneered by Creative Commons. Like Creative Commons licenses, there is a range of rights available through a variety of the proposed NFT licenses, titled Can’t Be Evil licenses.

According to Flow, a digital engagement layer-1 blockchain created by Dapper Labs, Live Nation's subsidiary Ticketmaster has unveiled nonfungible tokens (NFTs) tickets for event organizers minted on its blockchain. The primary purpose of the NFT tickets will be for commemorative value. But aside from being used as mementos, they can also be used as proof of attendance at notable concerts. 

In this week’s newsletter, read about Meta’s newest update on the integration of nonfungible tokens (NFTs) on Facebook and Instagram. Check out how the NFT trading volume on OpenSea has plummeted by 99% and how despite the downturns, digital artists still firmly believe in the future of NFTs.