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Despite the recent volatility in the cryptocurrency market, NFT supporters remain optimistic

This week’s bitcoin price collapse reduced the dollar-based worth of NFTs and increased the cost of purchasing and selling them, which might be a setback for the nascent digital asset business. Collectors of NFTs, on the other hand, aren’t giving up.

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This year, NFTs became popular as a way to trade digital artwork and collectibles while maintaining track of their ownership status on the blockchain.

In the crypto realm, though, the prior week was a rollercoaster ride. Beginning with Elon Musk’s statements about Tesla stopping vehicle orders using Bitcoin or China barring financial and payment institutions from the cryptocurrency market, the sector has seen a substantial decline. As a result, the price of Ethereum and Bitcoin dropped by roughly 30% to 40%.

The value of an NFT collector Pranksy’s cryptocurrency portfolio fell by more than $10 million at one point on Wednesday.

However, he maintained that the fact that he did not sell more than 100,000 NFT collection did not detract from his value:

“People who spent tens of thousands of dollars on NFTs aren’t going to sell them for half price tomorrow, at least not many of them. I believe many people perceive some NFTs as a store of value, similar to how traditional art markets defy Wall Street trends.”

Nifty Gateway, a Gemini-owned NFT marketplace, said there was no apparent shift in behavior on the site amid the Bitcoin volatility.

A spokeswoman added,

“Our collectors often have a passion for digital art, so they buy and hold their NFTs.”

GAS fees issue

The NFT market has been impacted by so-called “gas” fees, which are payments made to crypto miners that carry out blockchain transactions as the value of cryptocurrencies falls.

On Wednesday, demand for buying and selling Ether rose, resulting in higher gas prices. As a result, NFT liquidity dried up, as purchasers may have postponed transactions to save money on gas.

On Wednesday, however, daily volumes on OpenSea, one of the largest NFT exchanges, fell to $1.1 million, down from $2 million the day before.

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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