Connect with us

ART & COLLECTABLES

This Week, Sotheby’s Will Auction 202 Bored Ape NFTs

On September 2, Sotheby’s will offer approximately 200 non-fungible tokens (NFTs) tied to BAYC and BAKC, marking the art broker’s third major NFT auction.

Published

on

Sotheby’s, a British auction company, will sell 202 NFTs from the Bored Ape series — BAYC and BAKC. The NFTs will go on sale on September 2nd at 10:00 a.m. EDT. The auction will take place over the course of a week, ending on September 9.

Yuga Labs came up with the NFTs. The owners of the NFTs can give the apes serums to breed more apes. It’s comparable to how other blockchain-based games breed their characters.

The “101 Bored Ape Yacht Club” and the “101 Bored Ape Kennel Club” are already listed on the website. They’re expected to sell for $12–18 million each and $1.5–2 million each.

Sotheby’s has substantial experience with NFTs and appears to have a strong understanding of the asset. For example, in July, an NFT of musician Jay-Z was sold for $139,000 at the auction house. It also sold an NFT of the World Wide Web’s original source code for $5.4 million.

Sotheby’s interest in NFTs has expanded to include those produced within the crypto realm as well as those produced outside of it. For example, in June, a CryptoPunk named “Covid Alien” was auctioned for $11.7 million.

The NFT market is still thriving

NFTs continue to pique the imagination of those in the blockchain space and major brands and organizations eager to become involved.

The assets are being used in various businesses, and those selling them are experiencing high demand. Rakuten, a Japanese e-commerce behemoth, has hinted at NFT development via a job ad, one of the most recent developments in the area.

NFT funding levels aren’t dwindling either. Three Arrows Capital, a Singapore-based fund manager, recently launched the Starry Night Capital NFT Fund, committed to collecting superior NFTs. In the near future, it may even open a real space to go along with it.

In August, the OpenSea platform had a monthly trading volume of $1.5 billion, which is incredible given where NFTs were a year earlier. Since its debut, this number has accounted for more than half of all trading volume on OpenSea.

However, it isn’t without flaws. According to one study, the NFT industry had some unfavorable characteristics. NFT security has also been a source of concern for others.

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.

Published

on

#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.

Continue Reading

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.

Published

on

#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.

Continue Reading

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?

Published

on

#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.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 36,151.00 1.90%
ethereum
Ethereum (ETH) $ 2,396.19 2.12%
tether
Tether (USDT) $ 1.00 0.44%
chiliz
Chiliz (CHZ) $ 0.169005 2.00%
enjincoin
Enjin Coin (ENJ) $ 1.49 4.85%
decentraland
Decentraland (MANA) $ 2.09 4.06%
flow
Flow (FLOW) $ 4.92 2.42%
the-sandbox
The Sandbox (SAND) $ 3.07 3.15%
wax
WAX (WAXP) $ 0.286368 0.80%
ecomi
ECOMI (OMI) $ 0.007309 5.01%
terra-virtua-kolect
Terra Virtua Kolect (TVK) $ 0.110353 1.31%