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ART & COLLECTABLES

OpenSea had the Falling Man NFT listed on its platform for more than two months, while GameStop received criticism for an offensive NFT listing

The nonfungible token (NFT) community is currently divided over a recent placement on GameStop’s marketplace. 

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The marketplace acted immediately after receiving strong community criticism of the listing, demonstrating how a community can band together to the right the mistake.

The NFT in question, titled “Plummeting Figure,” featured a spacesuit-clad man falling to the ground. The incidental NFT was very similar to the iconic 9/11 photograph of a man falling to his death, which has since come to symbolize the tragic assaults. Many thought the NFT imitated a 9/11 victim and violated the image’s copyright by using Richard Drew’s original photo.

The person in the NFT is a rendering of an already-existing 3D model of a Russian flying suit made by an independent artist, which was copied without the consent of the original artist, a user pointed out in another debate on the meme stock subreddit GME Meltdown.

The NFT was eventually removed by the GameStop staff, who also forbade the artist who created it from minting on the website.

Before allowing any piece of art into its marketplace, the crypto community asked that GameStop conduct better due diligence. One user commented:

“How do you even permit this? It’s awful. There needs to be a review panel that examines each NFT for garbage like this or stolen art,” the protester said.
At the time of publication, GameStop had not reacted to Cointelegraph’s request for comments.

Although GameStop received criticism from the public, the incident revealed a wealth of information showing how for many, NFTs were used to make a quick money at the expense of basic human decency.

The “Falling Man” has been offered for sale as an NFT on OpenSea, one of the most well-known NFT marketplaces, for about two months.

An additional revelation occurred earlier this year in January when a doctor attempted to pass off an X-ray of the victim of the 2015 Paris terrorist incident as an NFT. The doctor is currently being investigated and disciplined.

When the bull market was at its height in March 2021, digital artist Beeple’s NFT artwork sold for an astounding $69.3 million, sparking the start of the NFT craze. Since then, NFT has gained popularity and has attracted the attention of every other brand and famous person.

With the ecosystem’s increased popularity, scammers also started to target it, which increased copyright violations and bogus NFT sales. But the crypto community has consistently banded together to demonstrate the strength of the people. One such incident occurred in May of this year when the Solana (SOL) neighborhood banded together to “scam” a con artist to recover some stolen NFTs.

ART & COLLECTABLES

Fantagio, a K-pop agency, and Crypto.com launch a collaborative NFT venture

Local media reported that South Korean entertainment company Fantagio signed an MOU on Wednesday with cryptocurrency exchange Crypto.com to investigate non-fungible token (NFT) initiatives.

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Quick facts:

  • The agency for K-pop sensation BTS, HYBE, is collaborating with Dunamu, the Upbit exchange company, to introduce an NFT joint venture later this year.
  • According to CoinMarketCap, Crypto.com runs a global exchange for digital assets with trades totaling about US$397 million in the previous day.
  • The Aston Martin F1 Team, UFC, Snoop Dogg, and Boy George are just a few sports and entertainment entities with which the digital asset platform has partnered.
  • Fantagio’s announcement joins a growing list of K-pop management groups working with digital asset firms to expand into the Web 3.0 market.
  • KOSDAQ-listed Fantagio manages South Korean celebrities, including Cha Eun-woo and Ong Seong-woo, and K-pop idols groups like ASTRO and Weki Meki.

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ART & COLLECTABLES

The NFT-backed, limited-edition CryptoPunk pendants from Tiffany & Co.

Tiffany & Co., a high-end jewelry company, will soon start selling non-fungible tokens (NFT), which allow CryptoPunk owners to convert their NFT into a unique pendant adorned with diamonds and gemstones.

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The corporation revealed on Sunday that the 250 tokens are a part of a restricted edition marketing.

The company’s vice president Alexandre Arnault, who owns CryptoPunk #3167, turned his NFT into a pendant and uploaded it on social media in early April, sparking the campaign.

Holders of CryptoPunks will be able to buy one of 250 NFTiff passes enabled by Chain, a blockchain solutions provider, for Tiffany, up to three times per person, allowing them to mint a unique pendant based on their CryptoPunk.

The price of each NFTiff is 30 ETH, which covers the cost of the NFT, the personalized pendant, the chain, and shipping and handling.
Deepak Thapliyal, CEO of the chain, hinted at the change earlier this month on his social media.

According to the firm, Tiffany’s designers will use the 159 hues and 87 features present in the 10,000 CryptoPunk NFTs to match the most comparable gemstone or enamel color.

Each necklace will have at least 30 jewels and diamonds, and the back of each one will be engraved with the CryptoPunk’s edition number. A digital image of the pendant and an authenticity certificate will also be given to owners.

For those who qualify, the sale for the NFTiff will start on August 5, 2022, at 10:00 AM EST.
Tiffany & Co. has joined the plethora of high-end fashion brands making an effort to gain a footing in the web3 space and connect with a new generation of consumers with this move. It announced the release of TiffCoin as an April Fool’s joke before turning it into a real, limited-edition gold coin.

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ART & COLLECTABLES

Landmark NFT ETF Launched by KuCoin, Tracking Major Collections

Bitcoin exchange Through an Exchange-Traded Fund, KuCoin has begun to provide a fractional ownership of prestigious NFT collections.

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The new product offers five NFT ETFs, which KuCoin claims to be an industry first, to minimize the entry-level cost for ordinary investors.

NFTs from the Bored Ape Yacht Club collection is still selling for at least $144 000, despite blue-chip NFTs suffering losses in the current crypto market crash, while the floor price of another important collection, CryptoPunks, is $115721.

From inert to fungible
In partnership with Fracton Protocol, a business specializing in fractionalizing NFTs into fungible ERC20 tokens, the NFT ETFs are being made available. The exchange-traded fund tokens reflect a 1/1000000 ownership stake in the various NFT collections. HiBAYC will be the token that represents a fractionalized ownership of a Bored Ape Yacht Club token. At the same time, the tokens hiPUNKS, hiSAND33, hiKODA, and hiENS4 are present in the remaining four ETFs. The remaining collections are scheduled for later debuts, while the hiPunks collection will go on sale on August 2, 2022. Investors do not need to create an ETH wallet to trade ETFs in the stablecoin USDT.

Launched on Friday, July 29, 2022, the KuCoin NFT ETF.

KuCoin is not the first business to introduce an exchange-traded fund for nonfungible tokens. Defiance, a fintech company, announced opening a comparable marketplace in December 2021. This time, the ETF followed a collection of businesses with interests in the metaverse and the NFT industry.

Despite the winter, KuCoin advances.
The CEO of KuCoin recently had to address recent speculation about the exchange’s possible insolvency that was started by the now-deleted Twitter user 0tteroooo. The narrative was centered on the possibility of exposure to LUNA, a sister cryptocurrency to the defunct stablecoin TerraUSD. KuCoin has denied involvement with the bankrupt hedge fund Three Arrows Capital and cryptocurrency lender Babel Finance.

While companies like Crypto.com, Coinbase, and others have drastically reduced their workforces, KuCoin recently stated that it would hire up to 300 additional employees for compliance, marketing, design, and technical positions.

In May 2022, it completed a Series B investment round with $150 million, valuing the business at $10 billion.
In 207 nations, KuCoin provides spot trading, derivative trading, peer-to-peer services, staking, and lending. The Ontario Securities Commission prohibited it for breaking securities rules.

The company would constantly monitor the NFT market for upcoming NFT product releases, according to CEO Johnny Lyu.

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