NFTs in a nutshell: A weekly review
This week’s heated debate (courtesy of Moonbirds) led to a range of opinions around creative commons, licensing in general and NFT projects. Meanwhile, Tiffany’s new pendant sold out quickly, Instagram continues to make a concerted push into the space, and there’s a textbook publisher looking to use NFTs to collect a share of secondary sales. We’re back on the block this weekend with a new one nut shellreview of all NFT activity during the past week.
Let’s review all the biggest stories from last week.
This week’s non-fungible token news
CC0: Debate of the week
A hot topic throughout crypto Twitter and in NFT corners this week was a move by Moonbirds, who moved their ownership model to cc0, or creative commons. In short, this essentially made Moonbirds public domain, stripping rights from owners around their respective intellectual property. It is a move that Moonbird’s founder says Kevin Rose “honours and respects the values of the internet and web3.”
This led to a number of opinions on the matter, as the project began to see a sale and subsequent bump. Moonbirds creators Proof Collective opened an investigation to collect opinions from community members after the announcement.
Tiffany raises over $12 million in minutes with CryptoPunk pendant
Priced at 30 ETH (roughly $50,000) each, Tiffany unleashed a limited edition of CryptoPunk pendants this week, selling out in about 20 minutes. A total of 250 ‘NTiff’ NFTs were released following Tiffany’s official announcement a week ago.
Following the sale of the NFTs, Tiffany offered a pairing mechanism where CryptoPunk owners could pair their NFT with their punk, and redeem their custom pendant.
Meta to expand NFT support on Instagram in over 100 countries
Meta has not shied away from crypto and NFT activity over the years, but few efforts have proven fruitful. The latest product lift around non-fungible tokens is Instagram, which has been slowly integrating NFTs into features on its social media app; this week the company announced initiatives to expand its digital collectibles sharing capabilities to several new continents – over 100 countries in total. In addition, the Zuckerberg-led platform announced new connections with the upcoming Coinbase Wallet and Dapper Wallet, and integration with the Flow blockchain – leading to a major boost for the FLOW token.
The move signals Meta’s latest attempt to get involved in NFTs despite a rocky road so far.
Related Reading | Elon Musk claims Twitter has committed fraud in a $44 billion deal
Polygon (MATIC) is the blockchain of choice for a new release from beverage behemoth Coca Cola. | Source: MATIC-USD on TradingView.com
Textbook Publisher Pearson Tracks Secondary Sales Through NFTs
Textbooks are known to be a collegial burden that is difficult to escape. Although not always an option, many classes have used books as alternatives, and to date, publishers have not aggressively sought a share of secondary sales—mostly because it has not been a low-risk option that does not require large investments. However, non-fungible tokens have apparently caught the eye of major textbook publisher Pearson.
The company is exploring NFT textbooks, according to reports over the past week, but the end remains to be seen. Tokenized textbooks would allow Pearson to collect a percentage of resale transactions, but the price impact of textbooks (which really remains the bottom line in this discussion) as a result is difficult to measure.
The NFTs.com domain carries a hefty price tag
Move aside, ENS. It pays to have some Web3 in Web2. At least that seems to be the case after the sale of ‘NFTs.com’ this week, as the domain sold for approximately $15 million – one of the largest public domain deals in history and certainly one of the largest (if not the largest) this year. The domain is currently routed to a single page view.
Solana’s Magic Eden Marketplace to Accept Ethereum
There’s never a dull moment in the Solana atmosphere, it seems. This week, Solana-based powerhouse marketplace Magic Eden announced support for Ethereum — expected to go live later this month. Magic Eden has been the far-away leader in Solana NFTs, and will now look to bite into the Ethereum market’s dominant share. Magic Eden joins a growing number of platforms, across a variety of blockchains, that see the future as multi-chain.
Related Reading | Bitcoin is a “remarkable cryptographic achievement,” says former Google executive
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The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
