NFT prices swing after FTX implodes, Capital One files for Web3 trademarks, and Wrangler merges with Deadfellaz
Welcome to this week in the metaverse, where Fortune gathers the most interesting news in the world of NFTs, culture and the metaverse. Email [email protected] with tips.
The failed Binance and FTX deal and the continued dissolution of the latter caused crypto prices to fall, but the effect on NFTs has been something of a mixed bag.
By early Thursday, less than a day after the FTX and Binance deal fell through, NFT collections were down about 15%, according to DappRadar’s head of research Pedro Herrera. Some gatherings such as Bored Ape Yacht Club and Mutant Ape Yacht Club fell by double-digit percentage points.
By early Friday, however, these collections had rebounded in a significant way, with CryptoPunks emerging as the biggest winner. The Yuga Labs collection surpassed Yuga’s other flagship collection Bored Ape Yacht Club as the most valuable on the market, with a 24% increase in the price floor to around $85,100 over 24 hours. Meanwhile, the lowest price for a Bored Ape jumped 12% to around $77,700 in the same period, according to DappRadar.
While CryptoPunks was once the most expensive NFT collection, Bored Ape Yacht Club took over that distinction in December. Now CryptoPunks have got their crown back – at least for the moment.
Compared to top cryptocurrencies Bitcoin and Ether, NFTs have weathered the headwinds of the FTX debacle better. As of Friday morning, the price of one Bitcoin was around $17,300, up approx. 5% but was still trading at a level not seen since 2020. Ether was up approx. 7% to $1,300.
Still, the NFT world faces its own controversy. More and more marketplaces have eliminated required royalty payments, which give the original creators of an NFT a cut of every sale, and some digital artists aren’t happy.
This week only, FEWOCiOUS, XCOPYand Senecathe artist behind the Bored Ape Yacht Club art, spoke out in favor of royalties.
FEWOCiOUS, whose real name is Victor Langlois, put it plainly in a tweet: “Royalties were why the art community flocked to NFTs in the first place.”
Dear @opensea pic.twitter.com/dkHF2JlbVC
— FEWOCiOUS (@fewocious) November 7, 2022
The protests from creators have already made some headway with the most popular NFT marketplace, OpenSea, saying it would continue to impose royalties on its collections after previously saying it was reviewing its policy.
In other news:
Capital one filed eight trademark applications for NFTs and NFT-supported media as well as debit and credit card services in the metaverse, according to a tweet by trademark attorney Mike Kondoudis. The company may also offer financial services and other events in the metaverse in the future, according to the filing.
In collaboration with the NFT collection Deadfellasclothes and jeans maker Wrangler on Friday released a dark denim Wrangler jacket covered in Deadfellaz graffiti and a black T-shirt celebrating The Horde, the tight-knit Deadfellaz community. The Deadfellaz NFT Collection contains 10,000 undead NFTs owned by celebrities such as NFL players Odell Beckham Jr. and Reese Witherspoon.
SuperRare Labs announced RarePass, a set of 250 passes to be auctioned off on November 15th that will give buyers aerial NFTs and special benefits on SuperRare NFT marketplace. For one year, RarePass holders will receive an airdrop per month from 12 artists who will create a series of 250 unique works, one for each pass holder. Artists include XCOPY, Pindar Van Arman, Coldie, Matt Kane, Krista Kim, Carlos Marcial, Other World, OSF, Robness, Helena Sarin, Anne Spalter and Sarah Zucker. Six passes will be given away at random, with two going to existing collectors, two to existing artists, and the final two to existing $RARE token holders.
DRESSXan app that acts as a “Metacloset” of digital-only clothes, relaunched the app this week to give users the ability to connect a MetaMask wallet and try NFT digital clothes bought from the marketplace for free using augmented reality.
This story was originally featured on Fortune.com
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