NFTs in a nutshell: A weekly review
NFTs are seeing new fashion brands get involved, Bored Ape Yacht Club found a way to make headlines for more than one reason last week, and another crypto boss – this time with the largest NFT marketplace out there – is pulling out.
These are just some of the biggest stories surrounding NFTs from the past week. Every weekend we dish out your dose of NFT action from the past week. Let’s go through the last one.
This week’s non-fungible token news
Bored Ape Yacht Club Community Council
Yuga Labs is one of the most dominant names in NFTs and this past week announced their seven-person Community Council – comprised of BAYC holders who are expected to formalize a vote to represent community members. Yuga Labs has proposed that this community representation mechanism could also be integrated into its other projects, which include fellow blue-chip projects CryptoPunks and Meebits.
The council’s formation, which includes both BAYC and MAYC NFTs, was met with mixed reviews, generally approved by community members.
Fashion Forward: Hugo Boss, Wrangler join a growing list of fashion brands to engage in NFTs
We’ve covered the various fashion brands that have explored crypto and NFTs for several years now. From designer brands like Louie Vuitton, Gucci, Burberry and more – to athletic brands like Adidas and Nike (and everything in between), we’ve seen a variety of brands take a variety of unique approaches. Nevertheless, “metaverse fashion” is still very much in its infancy, and brands are generally exploring uncharted territory with little case study to work with.
Two new brands entered the space this past week with Hugo Boss and Wrangler. Despite their differentiation in the fashion market, both brands found new partnerships in the NFT space that suit their respective brands. Hugo Boss established a collaboration with the web3 company Imaginary Ones, with an NFT collection as the starting point for the two parties. The first collection is expected to launch next month.
Meanwhile, longtime denim champion Wrangler found an NFT partner more suited to a “casual fit” with the Deadfellaz NFT collection. The two will work on an interactive digital comic with a “choose-your-own” story. Wrangler is celebrating its 75th anniversary while Deadfellaz is wrapping up its one year anniversary.
There was plenty of discussion around Bored Ape Yacht Club NFTs over the past week - the ecosystem around BAYC includes the APE token that was unveiled earlier this year. | Source: APE-USD on TradingView.com
OpenSea CFO resigns
It seems there have been a flurry of crypto executive departures in recent months, and another name could be added to the list as OpenSea CFO Brian Roberts stepped down in recent days. He joined the company last year after serving in the same role at rideshare company Lyft. He is expected to remain in contact with OpenSea in an advisory role.
Roberts joins c-suite names such as FTX president Brett Harrison, Kraken’s Jesse Powell and Celsius’ Alex Mashinsky—among others—in stepping down from their previous roles at their respective firms.
Seven BAYC NFTs stolen through phishing scam
A serial scammer who owns the infamous crypto hospital ZachXBT hot on his trail targeted another list of Bored Ape NFTs this past week, phishing seven NFTs with a total value north of $700k. Phishing scams continue to be a primary focal point for theft in the NFT space. No blue chip NFT project can seemingly escape phishing attacks from intuitive hackers – only education and software development can help mitigate the problem.
NFT.NYC secures multi-year sponsorship with immutable
Immutable, operators of the Layer 2 platform Immutable X, sign a multi-year deal to sponsor NFT.NYC, with less than thirty days until a London debut event. Immutable is expected to lead the ticket sales charge, and Immutable co-founder Robbie Ferguson stated in the press release that:
“Our partnership with NFT.NYC is an industry first, and marks the beginning of a significant collaboration in the NFT space. Immutable is building and scaling world-class web3 games, bringing the next billions to web3. With this new partnership, we can bring exciting experiences and engaging activities at all NFT.NYC events.”
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.
