Rihanna sells royalties as NFTs, OpenSea introduces a 3hr Hold Period, and MetaBirkins lost to Hermès
Rihanna sells royalties as NFTs, OpenSea introduces a 3hr Hold Period, and MetaBirkins lost to Hermès
w/ more news from WeTransfer, Yuga Labs, Coinbase NFT, Polygon, FTX,...
Hi Fellaz,
You might have noticed, but we have been overwhelmed with news in the web3 space for the past two weeks. It took me a little bit longer to compile this newsletter, but I promise you: it’s filled with interesting news items.
From legal precedents (Yuga Labs, MetaBirkins,..) and new brands entering the space (WeTransfer, Reddit x Super Bowl Collectibles, Rihanna, Paris Hilton,..) to updates from established brands (Coinbase NFT, Opensea, UTA,…) ... this newsletter contains something that should interest everyone!
Additionally, here are some other articles that caught my attention:
Finally, NFT Paris is around the corner! As always, I’ve started a party schedule, a telegram group, and a travel guide for the convention. Feel free to reach out if you’re planning to attend and want to get some drinks : -)
— 🩸💀 AMERICAN RADASS
WeTransfer Enters The NFT Industry
Digital file-sharing service WeTransfer is partnering with blockchain platform Minima to launch NFTs on the network, allowing users to generate NFTs directly from their phones.
“This partnership will explore the practical use of NFT technology, something which interests not only the crypto industry, but will be a test case to demonstrate the potential of wider adoption of this innovative digital tool," said Minima CEO Hugo Feiler.
OpenSea introduces a 3hr Hold Period
OpenSea recently introduced a 3-hour hold period to mitigate the risk of theft-related activities. This measure is aimed at preventing sellers from accepting offers on certain items for 3 hours after some transfers and sales.
The hold period is crucial in ensuring the safety of transactions and that the digital assets are not stolen. The hold period of 3 hours was carefully selected to prevent any suspicious activity that could result from speedy transfers and resales.
This timeframe helps OpenSea, its community, and theft victims detect stolen items and lessens the chances that buyers end up with later reported stolen items. The 3-hour hold period is a significant step in ensuring the safety of transactions and keeping the platform secure.
The marketplace also launched a suite of tools to support individuals and organizations in creating and launching their own NFT projects. The toolkit encompasses deploying smart contracts across all supported Ethereum Virtual Machine (EVM) chains, setting up drop mechanisms, and customizing landing pages.
MetaBirkins lost to Hermès
The legal web3 landscape was handed a groundbreaking decision in favor of Hermès in the extremely heated battle between the luxury fashion house and artist Mason Rothschild over an allegedly infringing NFT collection known as ‘MetaBirkins.’
After a year of back-and-forth litigation, the Court revealed the nine-member jury decision, holding Rothschild liable for trademark infringement with respect to his MetaBirkins NFT collection, in favor of Hermès.
If there is anything to take away from this case, it’s that the jury DID NOT decide that NFTs aren't art, despite what much of the media coverage has already depicted and misconstrued.
Rather, we have just witnessed the first-ever trademark trial involving an NFT, where the jury was given a heavy burden -- to decide how far "artistic expression" goes in this particular scenario by establishing a precedent that will now be applied in cases involving consumer products, digital art, and questions centered around an already established trademark.
📰 OTHER NEWS FROM THE PAST WEEKS
NFT Project Cool Cats recently updated their NFT OWNERSHIP LICENSE to add more freedom to creators while making it easy to read and understand. They are also introducing “The Cool Score” to reward holders for their engagement.
Yuga Labs has settled a legal dispute regarding the involvement of Thomas Lehman in a marketplace selling “counterfeit” versions of their collection. In the meanwhile RR/BAYC still disputes Yuga’s trademark application.
Ethereum wallet provider MetaMask introduced new security and privacy functions for new and existing users, while making it easier for them to change their RPC providers.
Poopie, the founder of the NFT project Doodles, has borrowed 250 ETH against 49 of his doodles, a loan that expires in 6 days. He explained it as “Avoiding realizing cap gains”.
Blue-chip NFT collection Bored Ape Yacht Club has frozen the leaderboard for players of Dookey Dash, with nearly $73 million in trading volume. The team is now actively looking to remove cheaters from the leaderboard, as many different cheating mechanisms have been found. Additionally: 3,000 sewer passes were never claimed.
After fumbling the announcement of a new Web3 fund called Flux, Ryan Carson (host of The Daily Dose) has been subject to a harsh interrogation by the NFT community.
Sam Bankman-Fried showered politicians with tens of millions of dollars in campaign contributions before his FTX empire imploded in November. Now, the bankrupt crypto exchange wants that money back.
Polygon has outpaced Ethereum in NFT sales on OpenSea for the second consecutive month in terms of low-cost assets as the network continues to pave the way and leave a name in the NFT industry.
Coinbase NFT announced it paused new drops after an artist took to Twitter to say an upcoming release would not be debuting on the marketplace.
Ronin Network, the firm building the Ronin blockchain on which Axie Infinity is built, partnered with the crypto lender MetaLend to facilitate the loans.
Hollywood and web3 talent representative United Talent Agency has signed Bobby Kim, co-creator of the popular NFT collection Adam Bomb Squad.
Jean-Michel Pailhon, the chief of staff to Ledger CEO Pascal Gauthier, has left the hardware wallet developer to launch his own NFT art project.
MetaMask has incorrectly flagged the Manifold domain as a phishing site.
Binance to suspend USD bank deposits and withdrawals while resolving an "administrative issue."
✨ NEW IN THE SPACE
Shopify NFT Merchants can now use Tokengating Features
Paris Hilton is to play matchmaker in the metaverse: she has teamed with the gaming virtual world The Sandbox to create Parisland, which falls somewhere between game and interact TV show.
Royalties of singer Rihanna’s smash hit song “Bitch better have my money” are being sold as NFTs, and the collection sold out within minutes of the announcement. At the current rate, it takes 100 years to recoup the investments.
The single edition NFT of professional basketball star Giannis Antetokounmpo was sold for 113.9 ETH ($187,000).
Probably Nothing (a Web3 culture studio and fashion label) is teaming up with Jarritos (a Mexican soda brand) to launch “fourteen-twenty-three,” a new NFT collection commemorating Valentine’s Day.
Yuga Labs has announced the latest addition to its Punks Legacy Project: They have donated CryptoPunk #110 to the permanent collection of the Centre Pompidou in Paris, one of the world’s leading contemporary art museums.
Reddit is on a roll with its Polygon-based digital collectibles as it announces a major collaboration with the NFL for Super Bowl LVII. The collectibles are free to claim. Since its release, over 1.3 million official Super Bowl LVII NFT avatars have already been minted.
UFC fighter Jon Jones inked a deal to become the NFT collection Kanpai Pandas brand ambassador.
💀 RUG PULLS
MetaMask has warned users against revealing their secret recovery phrase via a phishing email sent from Namecheap, as the emailing service was breached.
Ishan Wahi, a former product manager at the largest US-based crypto exchange Coinbase, pleaded guilty to two counts of conspiracy to commit wire fraud.
😂 LAUGH OUT LOUD
🤓 DISCLAIMER: NFA & DYOR
This newsletter is a curated overview of the most exciting things I’ve read the past week, the projects I’ve researched, and the NFTs I’ll be trying to buy.
This means I’m - per definition - biased, so don’t consider this as financial advice, and keep doing your own research if you see something you like.