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Coatue Management, a US-based tech investment firm, has significantly reduced the valuation of its investment in the NFT marketplace OpenSea by 90%. According to reports on Nov. 7, Coatue has slashed its stake from an initial $120 million to a mere $13 million. This adjustment suggests that OpenSea’s valuation is now approximately $1.4 billion. Coatue has also revised the value of its investment in MoonPay, a web3 payment provider, reducing it by the same margin of 90%. In January 2022, OpenSea secured $300 million during a Series C funding round. The round was spearheaded by Paradigm and Coatue, catapulting the valuation of the NFT platform to $13.3 billion at that time. You might also like: OpenSea rolls out Pro version on Polygon, adds support for cross-chain swaps NFTs, which are unique crypto assets, enable owners to authenticate their ownership of various items, whether tangible or digital. The NFT sector, however, has not been immune to the prolonged bear ma...

Bored Ape Yacht Club (BAYC) creator Yuga Labs has advised a number of attendees of its recent ApeFest event to “seek medical attention” after they reported disturbing issues, including “burned skin,” loss of vision, and severe eye pain. It’s been speculated that these unfortunate effects could have been caused by overly powerful UV lighting used at the three-day event. ApeFest, held in Hong Kong from 3-5 November, was billed as “three days of meetups and mayhem” and was, according to the event’s website, intended to be “Less of a music festival, more of an epic, unhinged family reunion.” However, things appear to have been a little more unhinged than expected with members of the BAYC ‘family’ who attended taking to X (formerly Twitter) to report that organizers have, in essence, blinded them . Anyone else’s eyes burning from last night? Woke up at 3am with extreme pain and ended up in the ER. I saw a couple reports but just trying to figure out if there was a common thread. ...

SEC commissioners Hester Peirce and Mark Uyeda described the NFT sales as a "common phenomenon" in the world of creators. The United States Securities and Exchange Commission (SEC) charging nonfungible token (NFT) project Stoner Cats sparked feedback from commissioners Hester Peirce and Mark Uyeda, arguing that the project’s activity constitutes fan crowdfunding , which they believe is common for artists.  On Sept. 13, the SEC charged Stoner Cats 2 LLC, the firm behind the animated series dubbed “Stoner Cats,” with conducting an unregistered crypto- securities offering using NFTs. Stoner Cats 2 LLC agreed to a cease-and-desist order and other imposed measures by the commission. Making its case, the SEC argued that the NFTs were marketed by the company as having potential for secondary sales and implied that their value would rise. In addition, the SEC pointed out that the company will receive a 2.5% royalty on every secondary sale. The SEC highlighted that the company sold...

The Castello di Rivoli Museo d’Artte Contemporanea in Italy has made a significant addition to its permanent collection , marking a milestone in the world of digital art. The museum has acquired its first non-fungible token (NFT) artwork , a provocative piece created and donated by the renowned digital artist Beeple. The artwork, named “FTX Board Meeting, Day #5676 11.13.2022 (2023),” is a unique blend of digital and traditional art forms. It exists both as a one-of-a-kind NFT and an oil painting. The piece, rendered in Beeple’s distinctive hyperreal style, imagines a day in the server room of the now-defunct crypto exchange, FTX. Carolyn Christov-Bakargiev, the museum director, expressed her appreciation for Beeple’s work, stating it represents a significant contribution that brings a 21st-century medium into the museum’s collection. The artwork, she noted, combines the digital and physical realms in a compelling way. The piece is not withou...

The German foreign service created a dog-themed NFT collection in the form of a treasure hunt to recruit and test new cyber talent. In this week’s newsletter, read about the German foreign intelligence agency issuing a dog-themed nonfungible token (NFT) treasure hunt and check out the new NFT stamp collection from the autonomous territory of the Faroe Islands. Find out about Hermès latest win in its infringement case against MetaBirkins, and don’t forget this week’s Nifty News, featuring the NFT Web3 card game Gods Unchained being added to the Epic Games store, and why the United States Secret Service created an NFT collection. German intelligence service launches dog-themed NFTs to fetch cyber talent The German foreign intelligence agency, the Bundesnachrichtendienst (BND), launched a collection of dog-themed NFTs on June 19. Aside from cartoon depictions of dogs, the collection Features an on-chain treasure hunt to recruit cyber talent . Dogs of BND NFTs are only collectible by ...

The NFT market has not been faring that well. On one hand, trade volume has been on the decline. On the other hand, the number of sellers has been eclipsing the number of buyers, making it another cause of concern. According to press time data, the market welcomed over 7,838 buyers over the past 24 hours. In the same time period, however, the market was characterized by 8,542 sellers. Even in the midst of such a turbulent environment, Yuga Labs, the creator of the Bored Ape Yacht Club, continues to dominate the NFT market. A recent report from DappRadar noted that it accounted for around 35% of the total NFT trading volume. This was during the six-month period from October 2022 to March 2023. Apart from Bored Ape Yacht Club , Yuga Labs ’ name is also associated with Mutant Ape Yacht Club and Otherside for Metaverse NFT collections. The company also went on to acquire CryptoPunks and Meebits from Larva Labs last year. All of Yuga Labs ’ projects generated around one-third of the tota...

In 2022, sales of non-fungible tokens (NFTs) experienced a general decline. However, the market experienced a surge of interest when news emerged about the launch of Donald Trump ’s NFTs. On December 15, 2022, Trump unveiled his first NFT collection, titled the “ Donald Trump Digital Card Collection,” which Features artistic representations of his life and career. The collection generated significant interest and quickly sold out the following day, resulting in an increase in the NFTs’ value from their initial price point of $99. To cash in on the popularity, Trump has launched the second series of his NFT collection. Also read: Gary Gensler Expresses Concerns of Crypto Realm in Recent Testimony JUST IN: Former President Donald Trump launches second series of his NFT collection. pic.twitter.com/V4SkDu5EDB — Watcher.Guru (@WatcherGuru) April 18, 2023 Donald Trump launches second series of NFT collection Even though Trump was indicted recently, his NFT game i...

Some pundits have argued the trader mistakenly put up a bid for 100 ETH which was quickly snapped up, while others believe the sale was a wash trade. A nonfungible token (NFT) trader has seemingly fat-fingered a trade for a free NFT, buying it for 100 Ether (ETH), currently valued at $191,239, representing a 250,000% increase on the floor price of 0.04 ETH. The token was part of NFT marketplace OpenSea’s Gemesis NFT collection — free NFTs intended to commemorate the launch of OpenSea Pro on April 4. OpenSea Pro is a Marketplace aggregator tailored to professional users by providing them with what OpenSea calls “a vastly improved” suite of Features such as live cross- Marketplace data and advanced orders. A record of the transaction on an Ethereum blockchain explorer. Source: Etherscan While some have argued the sale was wash trading, Twitter user “0xSun” believed the sale — which occurred on the NFT marketplace Blur — happened because the trader wanted to bid $100 as an amount, but a...

A community member believes that the move will enhance user experience in the space, while another thinks that OpenSea “failed to rock the boat.” In another attempt to win back its users from its budding nonfungible token (NFT) marketplace competitor Blur, OpenSea rebranded Gem v2 into OpenSea Pro, triggering mixed responses from the community.  On April 4, OpenSea launched its advanced NFT marketplace aggregator, OpenSea Pro. The platform introduced new features and tools and allowed users to list in OpenSea through the new platform with 0% fees for a limited time. Many were excited about the new platform and expressed their sentiments on Twitter. A community member congratulated the NFT Marketplace and said it would enhance users’ experience within the NFT space. Another user said they’ve always liked Gem as an NFT aggregation platform. The community member added that they like it more now because OpenSea is giving it the proper priority. Related: Blur runs after OpenSea market sh...

Olympic champion boxer Oleksandr Usyk partners with a new blockchain-powered tokenized ecosystem platform aimed at supporting aspiring boxers. IBF, WBO and WBA heavyweight boxing champion Oleksandr Usyk has put his weight behind a blockchain platform that aims to tokenize and support the boxing industry. The Olympic gold medalist has teamed up with Ukrainian-based cryptocurrency exchange Qmall to develop the Ready to Fight platform. The browser-based platform makes use of blockchain technology to help boxers tokenize their brands to receive donations and investments as well as a means to deliver exclusive content. Ready to Fight introduces a novel means of supporting and connecting the wider boxing industry. The platform features a tokenomics ecosystem making use of its proprietary RTF tokens. Qmall is using a fork of the Ethereum blockchain to develop the in-house platform. #CRYPTO meets #BOXING! The teams of @usykaa, Lapin, & @QmallExchange unite to revolutionize the boxing in...

“Degen Zoo” has seen more than 115,000 wallets register to join the game, pledging over $700 million. Degen Zoo, an NFT game inspired by YouTuber Logan Paul’s controversial Crypto Zoo concept, has seen more than 115,000 wallets register to join the game, with pledges of over $700 million. DAO Maker founder Christoph Zaknun took on the challenge of building his variant of the shelved zoo-themed game in just 30 days. In August 2021, Logan Paul announced a project called Crypto Zoo, which involved buying nonfungible token eggs that would supposedly hatch into animals, allowing owners to earn passive income through zoo tokens. The project reportedly raised over $3 million in NFT sales and tens of millions in zoo tokens. However, the project failed to deliver as promised, leaving many participants feeling that they had been rug pulled by the influencer. Inspired by Paul’s Crypto Zoo game, which critics have called a “scam," Christoph Zaknun’s "Degen Zoo” game simulates the impac...

The conference known as “Proof of Conference” was slated to run in May has been canceled due to “less interest than anticipated,” according to co-founder Kevin Rose. ‘Less interest than anticipated’ — PROOF cancels NFT event Kevin Rose, the co-founder of the nonfungible token (NFT) collection Moonbirds has confirmed that their flagship conference “Proof of Conference” scheduled for May has been canceled, citing “less interest than anticipated.” We made a tough decision today, I want to apologize to everyone that planned on making the trip out. Full ETH refunds have been processed, hotels are refundable, and contact us about flights. (details below) https://t.co/tV4ba85648 — KΞVIN R◎SE (,) (@kevinrose) February 20, 2023 The Conference was first announced in early November. It was scheduled to run on May. 11 to May. 13 in Los Angeles. However, Rose explained in a Feb. 20 letter to ticket holders that it wasn’t “the right time” for the conference: “As you know, in the world of NF...

NFT marketplace tokens are gaining the market’s attention and Blur’s recent airdrop could extend the trend. Cumulative NFT trading volume trended higher in January and data from a recent Delphi Digital report showed monthly volumes reaching an eight-month high above $1 billion. The key factor that influenced NFT trading was Blur token airdrop on Feb. 14. Since its launch last year in Q3 2022, Blur has rewarded users with “care packages,” which can be redeemed for tokens starting Feb. 14 at 12 p.m. EST. Many users have tried to farm these airdrops, increasing the platform's trading volume. Since the start of 2023, Blur’s trading volume has surpassed that of OpenSea, the market leader in the NFT trading space. NFT Marketplace market share by 7-day volume. Source: Dune Airdrops often create excitement in the market of thrilled users who receive free money and FOMO from those who missed out. It’s likely that the next step for the Blur team will be to launch new liquidity mining campai...