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ART & COLLECTABLES

Right Now, These Are the Most Profitable Ethereum NFT Whales

Based on Nansen’s monitored data, Pranksy is at the top of the list of NFT collectors who have bought big and sold even bigger.

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Collectibles traded as NFTs—essentially, tokens that serve as proof of ownership for a digital item on a blockchain—exploded earlier this year, with a total trading volume of $2.5 billion in the first half of 2021. But, as new data reveals, some collectors have turned that NFT surge into some real cash.

Nansen, a blockchain analytics startup, released its first NFT Leaderboard today, displaying the so-called whales (heavy users with hefty bags) that have made the most money by buying and selling NFTs to date. Nansen’s technique focuses on overall profit—the amount made from selling NFTs minus the amount spent on NFTs—across the more than 90 million tagged crypto wallets it monitors across Ethereum and Polygon.

With 1,573 ETH ($3.64 million) in earnings so far, the prolific NFT collector known as Pranksy currently sits atop the list. Pranksy has spent 1,860 ETH ($4.3 million) buying NFTs so far, covering over 9,300 total individual NFT pieces and owning NFTs from a greater number of collections (86) than anybody else in Nansen’s top ten rankings.

Pranksy has sold 2,350 of their bought NFTs for a total of 3,433 ETH ($7.94 million), putting them at the top of the profits list. Pranksy also tops the Bored Ape Yacht Club list, a collection of artwork that debuted in April and has seen its worth skyrocket since then. The collector also won the winning $177,777 bid on the single-edition NFT based on Andy Murray that led Wenew’s inaugural drop.

In terms of total profitability, Pranksy is first, but atblank is second. eth has the highest profit margin at 5,020 percent, with sales of 481 ETH ($1.11 million) but spending only 9.4 ETH ($21,700) in Nansen-tracked wallets. The wallet has made the most money through selling Autoglyphs, which are generative art NFTs. Meanwhile, the highest spender on Nansen’s list is a labeled OpenSea wallet ascribed to “Danny,” with 2,570 ($5.95 million) spent on NFTs to date, with a heavy emphasis on Hashmasks.

Asked what defines the top NFT whales that his firm is tracking, Nansen CEO Alex Svanevik said it comes down to “specialization in their buying habits/strategy.”

“Each of the best buyers has a specialty,” he explained. They also have “a thorough understanding of the NFT markets and a well-planned execution of their purchase.” They frequently release NFTs or collaborate with artists who do so, with some of them serving as contract deployers.”

“They don’t mind taking risks on new ventures and don’t always make successful moves, [and] they frequently reinvest a big amount of revenues in the ecosystem,” Svanevik continued.

Nansen’s list is illustrative of some of the most significant players in the NFT area, but it is not exhaustive. Sellers have ranked ahead of long-term collectors who may have more valuable overall NFT holdings. The firm exclusively analyzes standard ERC-721 Ethereum-based NFTs—and only those in labeled wallets across Ethereum and Polygon—in terms of profitability. Other blockchains have major NFT projects, such as NBA Top Shot on Dapper Labs’ Flow blockchain, which has witnessed over $700 million in trading activity to date.

Notably, some notable figures in the NFT world do not appear on this list, such as Vignesh “MetaKovan” Sundaresan, the collector who paid $69.3 million for artist Beeple’s work, Christie’s auction in March. There’s also the anonymous WhaleShark, which is said to control 210,000 NFTs as of March and runs the $WHALE social currency, which is based on a vault of 13,200 NFTs worth $45.9 million.

According to Svanevik, the whales’ connected addresses “have not sold any NFTs, albeit they may have moved them.” Instead, Svanevik claimed that MetaKovan and the Beeple artwork purchase “appears to have been bought without proof of a clear on-chain transaction,” either due to the auction house’s escrow system or the usage of an NFT standard other than Ethereum’s ERC-721.

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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