NFTs in a nutshell: A weekly review
It’s the Labor Day Weekend edition of ‘NFTs in a nutshell,’ but the NFT community doesn’t take days off. Venture capital firm a16z looks to release a new range of NFT frameworks aimed at protecting creators, LG TVs are the latest to incorporate NFTs, and the hype surrounding the upcoming Solana-based NFT project, y00ts , continues to grow as mint is around the corner.
Let’s review all of last week’s NFT action.
This week’s non-fungible token news
LG Taps Hedera For TV NFTs
Consumer electronics company LG is a major TV manufacturer, and has expressed interest in exploring NFTs on their TV screens. The company announced an expansion of a previous relationship, in which LG was a board member of the Hedera network external partnership. LG announced the ‘LG Art Lab’ in the past few days, which will use Hedera’s blockchain to bring NFTs to user screens.
The move follows their competitor, Samsung, which paired up with NFT marketplace Nifty Gateway earlier this year, to bring similar offerings to the market.
The y00t Hype Builds
It’s hard to find pre-mint hype as extensive and significant as “y00ts” in recent weeks. It has come to a head this week as the project finally neared completion. However, the y00ts team has had to push back coin after a blocking error. The project has arguably been the most hyped pre-mint NFT project in history – and certainly the most hyped project on the Solana blockchain, pioneered by the same leader of the leading Solana-based project, DeGods.
We published a deep dive into the y00ts hype on our sister network, NewsBTC.
Rug Pull Finder’s collection leveraged
NFT’s investigative team Rug Pull Finder found itself on the receiving end of some mischief last week, following the team’s anticipated NFT giveaway. The team’s NFT release was supposed to be limited to one coin per person, but a smart contract flaw allowed a couple of users to create several hundred NFTs.
Rug Pull Finder negotiated with the two and bought back the NFTs to keep the coin count as advertised, while admitting they “messed up big time.”
Dapper Labs and their Flow blockchain (FLOW) are working with Ticketmaster for NFTs that aim to enhance the mobile ticketing experience and introduce a "digital keepsake" rather than a disposable mobile ticket. | Source: FLOW-USD on TradingView.com
Actor Bill Murray hacked, loses $185,000 in NFT charity auction
Actor Bill Murray tried to put NFTs to good use last week, auctioning off a “Beer With Bill Murray” NFT that would send proceeds to charity and give the winner a day of activities with Murray. The actor’s wallet fell victim to a hacker after the auction, but walked away with nearly 120 ETH – north of $180,000. The auction’s runner-up donated the same amount to reimburse the charity.
Ticketmaster turns to Flow Blockchain for new NFTs
Live Nation’s ticketing subsidiary, Ticketmaster, has a dominant position in the ticketing market when it comes to live events. Of course, NFTs have been cited by advocates as one of the biggest potential pillars of measurable utility, and can be used at a variety of events – from concerts to sports and beyond.
This momentum could see a build-up, after Ticketmaster announced a new deal with Dapper Labs and their Flow blockchain this past week. The two will work to increase ticket benefits to build something more than just a ticket, and more akin to a “digital memorial.”
a16z’s new NFT framework
Venture capital monster and NFT lawyer Andreessen Horowitz, known as a16z, shared a taste of a new NFT licensing framework in recent days. The firm aims to offer, at no cost, “six types of lawyer-approved licenses that creators can use to control ownership of a work of art,” according to the team’s report.
Expected to be called “Can’t Be Evil,” the license looks to build a common framework that’s artist-friendly, protecting their creative integrity while aligning with government regulations. Given the dynamic nature of the government’s perspective on the matter (as well as the diversity of government perspectives globally), this may end up being an iterative license as the market matures.
Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice. This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
