France’s best museum to display NFTs: Nifty Newsletter, 8-14 February
In this week’s newsletter, you can read about how France’s best contemporary art museum will display non-fungible tokens (NFT). Find out why a founder of the Bored Ape Yacht Club (BAYC) copycat project, RR/BAYC, is opposing trademark applications from Yuga Labs. Check out how NFTs based on Ethereum lost 60% of their market value and learn how Bitcoin (BTC) non-zero addresses increased due to Bitcoin NFTs. And don’t forget this week’s Nifty News, with American socialite Paris Hilton launching a dating metaverse called Parisland.
France’s best modern art museum showing CryptoPunks, Autoglyphs NFTs
The Center Pompidou, the leading modern art museum in Paris, France, announced a permanent exhibition of NFTs. The museum will showcase NFTs from various global digital artists, including CryptoPunk #110 and Autoglyph #25.
According to Xavier Rey, director of the French National Museum of Modern Art, the center pursues its interest in digital art in connection with blockchain. Rey pointed out that the collection confirms their support for artists in “their conquest of new modes of expression”.
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BAYC copycat files opposition to 10 trademark applications by Yuga Labs
One of the founders of the copycat NFT collection, RR/BAYC, has opposed 10 trademark applications from Yuga Labs in a strange twist to the intellectual property dispute between the BAYC creators and RR/BAYC founders Jeremy Cahen and Ryder Ripps.
However, the Yuga Labs team seems unfazed by the effort. In a mainstream media interview, a Yuga Labs spokesperson said the filing is simply an attempt to “distract” from the real issue.
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Ethereum NFT Pools Lose Almost 60% of Market Value in 2022: Report
NFTs have not been immune to the effects of the crypto winter of 2022. A report by DappRadar mapped 81 NFT collections based on the Ethereum network and showed a sharp decline in total market capitalization in 2022.
While the NFT market in Ethereum was worth $9.3 billion at the start of the year, data suggests that the valuation fell to $3.7 billion by the end of 2022. According to the report, the market value may be affected by the declining value of Ether (ETH) in 2022.
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Bitcoin hits record 44 million non-zero addresses thanks to Ordinals: Glassnode
The release of Bitcoin NFTs, Bitcoin Ordinals, has pushed the number of non-zero Bitcoin addresses to a new all-time high of 44 million. According to the analysis platform Glassnode, this is the first time in BTC’s 14-year history that the platform is used for other purposes.
Glassnode pointed out that the increase in Ordinals’ usage led to an increase in Bitcoin network usage. The platform also highlighted that this new functionality brought new active users with a non-zero balance to Bitcoin.
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Nifty News: Find Love in Paris Hilton’s Metaverse, BTC CryptoPunk’s Soar and More
American socialite Paris Hilton worked with metaverse platform The Sandbox to launch “Parisland,” a virtual reality dating experience where players can participate in an in-game dating reality show.
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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.
