NFTs hit on FTX break: Nifty Newsletter, 7-13 December
In this week’s newsletter, you can read about how non-fungible tokens (NFT) hosted on the FTX exchange are now showing blank images. Check out how NFTs can solve diamond certification fraud and how the NFT space is being held back by oversupply. In other news, find out how celebrities are facing a class action lawsuit. And don’t forget this week’s Nifty News with the classic media player Winamp adding support for NFTs.
NFTs are embossed on FTX pause, highlighting Web2 host errors
NFTs hosted on the controversial FTX exchange have been affected by the collapse of the organization. After FTX filed for bankruptcy, the FTX.US domain was redirected to a page detailing bankruptcy proceedings.
Because of this, NFT hosted on the platform now displays blank images instead of original artwork. Owners of the NFTs can still see that the NFTs exist. However, the images cannot be seen when displaying the NFTs for sale or even in the wallet.
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NFTs can help solve diamond certification fraud
As diamond certificate fraud becomes more common, some believe that NFTs could be a good solution to combat the problem. In a conversation with Cointelegraph, Diamond Dawn founder Mike Moldawsky said that diamond certification reports should be placed on a public blockchain, to ensure that the documents cannot be tampered with.
According to Moldawsky, a diamond certificate running on the Ethereum blockchain will ensure immutability, proof of ownership and visibility for consumers and merchants.
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NFT market held back by oversupply, greed and bad projects: Gary Vee
Social media guru and NFT supporter Gary Vaynerchuck recently argued that oversupply, short-term greed, and subpar projects are the cause of the falling NFT market over the past year. According to Vaynerchuck, the demand for NFTs will not be able to keep up with the high supply.
Due to the “ridiculous amount” of NFTs minted, Vaynerchuck said it is unlikely that the NFT space will have another market boom, equivalent to 2021. However, the entrepreneur argues that it will be 1-3% of NFT projects which will survive becoming the “Amazons and eBays” of the industry.
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Yuga Labs, Moonpay Face Lawsuit Over Celebrity NFT Campaign
The creators of the popular Bored Ape Yacht Club (BAYC) NFT collection and cryptofintech firm Moonpay are facing a lawsuit for allegedly using celebrities to mislead consumers and promote NFTs.
Celebrities such as Paris Hilton, Snoop Dogg, Justin Beiber and Madonna have been named as defendants in the class action. The lawsuit was filed by John T. Jasnoch, claiming that the crypto companies used their Hollywood connections to market digital assets without proper disclosure.
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Nifty News: Winamp adds NFT support, Atari gets physical and more
Classic media player Winamp announced its support for Ethereum and Polygon-based music NFTs through its latest update. The music player has been around since 1997 and is known for supporting a wide range of file types. On the other hand, Crypto.com and Coca-Cola partnered to launch NFTs that show players heat maps during World Cup 2022 matches.
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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.
