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ART & COLLECTABLES

As the NFT Craze Continues, the Single “EtherRock” Sells for Over $1.3 million

The game of rock, paper, scissors is about to get a lot more expensive.

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Yesterday, a pixelated image of a rock from the EtherRock collection sold for more than $1 million. However, it wasn’t a Hollywood star-studded rock success story but a live-action event taking place on the Ethereum blockchain.

The image above sold for almost 400 ETH, or well over $1.3 million in today’s ETH value. It’s a non-fungible token —blockchain-based representations of real-world or virtual unique objects that indicate their holders are the true owners of whatever underlying asset they represent, which can range from crypto collectibles to in-game assets to real estate.

According to their own website, “These virtual rocks have NO PURPOSE beyond being able to be bought and sold, and giving you a tremendous sense of pride in being an owner of 1 of the only 100 rocks in the game :)” EtherRocks have no intrinsic worth or purpose.

That hasn’t stopped people from paying astronomical amounts to buy a piece of the supply. Justin Sun, the founder of Tron, recently purchased one of these JPEGs for nearly $500,000, which he customized with “laser eyes” for use on Twitter.

What is it about EtherRocks that makes it so expensive?

So, what motivates such a high level of value? EtherRock has been around since 2017 on the Ethereum blockchain, and it’s making a comeback alongside other classics like Curio Cards and CryptoPunks.

The revolving supply of the rock adds to the appeal of having it. But, unfortunately, only 100 of these pebbles exist, making them one of the earliest and most valuable Ethereum assets.

But, despite the punks’ or rockers’ childish appearances, the industry isn’t all hilarity. VISA announced its first-ever NFT purchase yesterday, paying $166,000 to a pseudonymous NFT collector for CryptoPunk #7610, claiming the move was appropriate given the company’s entry into leading alternative assets.

The market for NFTs has become quite hot. It had a market capitalization of a few tens of millions of dollars in 2019.

This grew to more than $25 billion at the start of this year, with marketplaces like OpenSea bringing in more than $1 billion in August 2021 alone. Who’d have guessed pixel art would have its day?

ART & COLLECTABLES

The Beatles and John Lennon’s Music History Collection will be Auctioned as NFTs

The “Lennon Connection: The NFT Collection” would offer each NFT as an audio-visual collection, told by Julian Lennon himself.

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#nft #nfthours #thebeatles #johnlennon

Julian Lennon, John Lennon’s eldest son, is selling some of the most valuable items of music history from his collection.

Some of the most sought-after Beatles artifacts available for auction are John Lennon’s coat from the film “Magical Mystery Tour,” his cape from “Help!,” three guitars, and Paul McCartney’s handwritten arrangement notes for “Hey Jude.”

The “Lennon Connection: The NFT Collection” NFT series, in conjunction with NFT marketplace YellowHeart and Julien’s Auctions, began bidding on Monday and will start on February 7. The White Feather Foundation will get a percentage of the proceeds from the NFT auction.

Julian would keep the tangible things, but the buyer would be the owner of the rights to the one-of-a-kind NFT. Every NFT in the collection would be available as an audio-visual collectible narrated by Julian Lennon.

The handwritten note by Paul McCartney for “Hey Jude” is thought to be the most famous piece that is expected to draw the highest bid. The item’s NFT starts at $30,000 and goes up from there.

Julien’s Auctions has sold other Beatles items in the past, bringing in millions of dollars. However, one of John Lennon’s acoustic guitars, which sold for $2.4 million, Ringo Starr’s drum kit, which sold for $2.2 million, and the drum head Ringo used on the “Ed Sullivan Show” in 1964, which sold for $2.1 million, is among the essential items.

NFTs are the newest crypto fad, and many believe they will disrupt the art business. NFTs have become the latest trend in the art world, with mainstream artists and celebrities abandoning traditional auctions in favor of NFTs.

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ART & COLLECTABLES

Due to a UI Glitch, OpenSea is Reimbursing Users Who Sold NFTs for Less Than Market Value

Due to a UI glitch, several OpenSea customers saw their NFTs sold for far less than market value this week. The NFT marketplace is currently compensating affected users and updating certain aspects of its user interface design.

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#nft #nfthours #opensea #reimbursement

Some OpenSea customers were horrified to discover that their valuable NFTs had been sold for pennies on the dollar earlier this week. And many people were understandably devastated.

“Guys, I just lost an ape…. I’m in tears…. How did this happen so quickly???? “On Monday, an OpenSea user known as TBALLER posted 15 sobbing emoticons.

Due to a UI glitch on the NFT marketplace, TBALLER’s Bored Ape Yacht Club (BAYC) NFT was sold for about $1,800 on OpenSea – 99 percent below the floor price. The bidder who snatched the NFT instantly resold it for nearly $200,000, generating a $198,000 profit in less than an hour.

While the problem isn’t new, it has reappeared in a significant way this week. Elliptic, a blockchain analytics startup, discovered at least three attackers who bought over eight NFTs valued over $1 million for a fraction of their market value on Monday. Those NFTs were from the BAYC, Mutant Ape Yacht Club, Cool Cats, and CyberKongz collections, among others. According to blockchain security startup PeckShield, one attacker got 332 ether (worth over $800,000) by acquiring NFTs below market value owing to the flaw.

The company is “currently reaching out to and reimbursing affected users,” according to an OpenSea spokeswoman, who saw their NFTs sold below market value due to the “confusing UI” issue. Simultaneously, the marketplace is attempting to address the issue by raising awareness and providing consumers with more visibility and control over their NFTs.

What is the issue?

This is the source of the issue. Let’s say an OpenSea user receives an offer to sell their NFT for a particular amount of money. Instead of retracting the offer and paying the associated gas fees, they elected to transfer the NFT to another wallet. This indicates that the deal is no longer available on OpenSea. The issue arises if they return the NFT to the same wallet – the offer remains active and valid, and anyone might accept it.

When the NFT in question has increased in value between the time of the original offer and the time it is returned to the same wallet, this problem becomes considerably more serious. While the user now feels their NFT is worth hundreds of thousands of dollars (in BAYC’s instance), the NFT is sold for its initial price, which could be as low as a thousand dollars. And it’s this inconsistency that’s generating so much trouble.

On OpenSea, the only option to cancel a sale offer is to do an on-chain transaction, which is sometimes costly due to Ethereum’s high gas prices. This is why, rather than retracting their sell offer, OpenSea users prefer to relocate their NFTs to a new wallet.

According to Ledger CTO Charles Guillemet, “Gas price evasion is pushing terrible design and bad behavior from users.” “The scalability dilemma has never been more pressing, and the answers are Layer 2 [networks] rather than off-chain logic methods,” says the author.

Since its inception, OpenSea has had this UI design. However, attackers have only recently become aware of the issue. According to an OpenSea spokesman, the firm has kept this issue under wraps “because we didn’t want to risk bringing it to the attention of bad actors who could abuse it at scale until we had mitigations in place.”

“This isn’t an exploit or a flaw; it’s a problem that occurs due to the blockchain’s nature,” the representative explained. “Users must cancel their own listings; OpenSea cannot cancel listings on their behalf.”

How is OpenSea attempting to avoid this?

OpenSea has taken the UI issue “very seriously” and is working on many product enhancements, according to the company.

To begin with, the platform has introduced a new listings manager that allows users to quickly view and cancel their listings.

Second, according to the spokesman, OpenSea is reducing the default listing duration from six to one month, so that if an NFT is transferred back into a wallet after one month, the listing will have expired.

When users transfer an NFT out of their wallet that has an active listing linked with it, OpenSea will notify them and ask them if they want to cancel it. According to the spokesman, if OpenSea has the user’s email address associated with their OpenSea profile, it will send them an email in this respect.

This isn’t the first time that OpenSea users have encountered problems. A flaw in the NFT marketplace accidentally destroyed at least 42 NFTs valued at least $100,000 in September. Because the platform did not allow ERC-1155 tokens at the time, an OpenSea user named Tom Kuennen had his NFT vanish from his wallet early last year.

OpenSea is the industry leader in the NFT arena, with over 60% market share. However, due to a surge in activity on LooksRare, which has mostly been driven by wash trading, OpenSea’s market share has dropped dramatically this month. OpenSea has raised $300 million in a Series C fundraising round, valuing the company at $13.3 billion.

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ART & COLLECTABLES

What Could Shiba Inu Dev’s Major NFT Partnership Be This Time?

What could Shiba Inu dev’s hints about a huge NFT alliance be this time?

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#nft #nfthours #shibainu

In a recent series of tweets, Shiba Inu developer Shytoshi BEANsama appears to be hinting at a significant NFT relationship, albeit the complete specifics are unknown at press time.

“Alright… there you go,” the SHIB developer had tweeted. ” Another one done. Now we’re working on the pitch,” indicating a forthcoming advancement in the area of NFTs and gaming. Then, on Jan. 22, the lead developer tweeted: “Looks like I should learn Italian… #soon,” and then a SHIB member said, “We have partnershib with lamborghini folks!!!’ ‘Trust me, bro,’ is the source.”

Though Lamborghini has yet to comment as of press time, a quick look at the Italian carmaker’s official Twitter account shows an NFT launch is on the way.

“Our First NFT is coming moon,” the Italian brand and builder of luxury sports cars and SUVs said in a 21-second video posted on Jan. 20. NFTPRO.”

”Inbound” announcement?

Shytoshi Kusama, a Shiba Inu developer, revealed that he had presented the Shiba Inu Core Team with a significant concept that, if accepted, might shake the crypto market.

A tweet from Shiba Inu’s official website also hinted at something huge developing in the Shiba Inu ecosystem, according to the SHIB developer. The dog-themed group appears to be gearing up for big things in the NFT area.

Queenie, the official Discord moderator, alluded to a big surprise in 2022 during an AMA session on Twitter in late December, without further details.

Queenie was reminded of the news by a user, who stated, “Hey, @QueenE OCE, you mentioned that a big surprise was coming in the first half of 2022. I realize it’s very early in the year, but have you heard anything about it? Cheers!”

The announcement is still “inbound,” Queenie said, and the team is working on it as rapidly as they can. “All I have to say is that it’s still on its way!! We’re working as rapidly as we can to get everything ready. But quality trumps quantity and the wait will be well worth it.”

At the time of publication, SHIB was trading at $0.000021.

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