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Hong Kong and Singapore will get new art and fashion NFT platforms

Welcome to the most recent crypto runway. Vogue Singapore’s publisher and a Hong Kong exchange have announced plans to heat up Asia’s NFT market.

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Creator: https://pixy.org

Non-fungible tokens (NFTs) are the new craze in the digital asset market, which is sweeping the globe. In Asia, the NFT craze is likely to heat up even further.

In the last 24 hours, two separate NFT projects in Hong Kong and Singapore have been revealed. In the third quarter of this year, Hong Kong Digital Asset Exchange (HKD.com) plans to introduce a one-stop NFT trading platform for artists.

The second is a new collaboration between Media Publishers — Singapore’s publishers of Vogue, Esquire, Robb Report, and Buro — and blockchain-powered advertiser VIDY to launch an NFT network for the fashion, arts, and music industries in the third quarter of this year. VIDY is a digital advertisement platform that pays viewers in VIDYCOIN, a native cryptocurrency.

An NFT one-stop-shop for artists

The Hong Kong Digital Asset Exchange announced on April 8 that it plans to be one of the first digital asset exchanges in Hong Kong to offer an NFT trading platform.

The soon-to-be-launched NFT trading platform will offer artists an online platform for publishing, marketing, trading, and payment of their artworks in a variety of product categories, including digital art and encrypted collections of animation, music, and movies.

Users will be able to make offers and bids on NFTs, as well as trade and exchange tokens, using the trading platform of the Hong Kong Digital Asset Exchange. Artists will also be able to use the site to publish their own digital artworks. Hong Kong Digital Asset Exchange also plans to offer physical store exhibition facilities for artists in order to act as a one-stop-shop.

The lack of a robust trading platform for NFTs in Hong Kong’s current market is cited by Kelvin Yeung, founder, and CEO of HKD.com, as the reason for his company’s launch.

The platform, according to Yeung, will not only help local artists earn more money from their talents, but will also help the region’s art market develop.

Fashion shows, virtual Oscars, and the Met Gala

Separately, Media Publishers and VIDY announced the NFT website, which would focus on the fashion and luxury industries. The platform aims to create a virtual world that can be navigated in 360 degrees to showcase digital fashion, art, music, and architecture.

The platform’s core features, according to their official announcement today, will include the ability to mint, trade, and auction NFTs via a tokenized system, as well as the ability to host social interactions.

“Since 2020, the NFT market has grown by over 229 percent to over US$500 million. However, it is still in the early stages of growth and has a long way to go in terms of infrastructure,” said Matthew Lim, a Singaporean tech entrepreneur and co-founder of Vidy, in a press release. “People will be able to live in a parallel virtual universe where they can own a digital identity and buy products not only as a digital file but as any specific asset in their virtual land, close to their physical world, thanks to the metaverse and the emergence of digital models.”

The VIDY-Media Publishares NFT platform aims to appeal to a digitally savvy audience seeking luxury goods with low environmental impact, as well as engage creators interested in developing a virtual identity for their work and exploring new revenue streams.

“What we see is a modern artistic renaissance,” said Michael von Schlippe, president of Media Publishers. “By building an NFT platform, which basically serves as a virtual marketplace between creatives and users, we are able to provide a one-of-a-kind shoppable platform as well as community content in the forms of education, engagement, and entertainment.”

Von Schlippe described in greater detail how the platform would be used.

“We’ll be concentrating on three verticals in particular. Giving users the opportunity to build on the web is one of them. And you can build. You don’t have to be an expert to exchange, purchase, sell, mint, and tokenize your digital products — be it fashion, art, beauty, music design, or anything else,” he explained. “Then there will be a vertical that will be a more curated space where we want to establish authenticity and provide restricted access, so it becomes a scarcity and a sign of quality you can trust. And this curated space where our Vogue editors in Singapore will be able to host such events — say, a monthly digital fashion show — that will be curated by them.”

“We would add a third vertical later on,” von Schlippe said, “which would certainly add the entertainment aspect to it.” “You can make something digital, tokenize it, and show it if you’re a developer. You want to express your enthusiasm. You want to be noticed and to be seen by others. You may be able to attend a virtual Academy Awards or Met Gala.”

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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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