OpenSea implements 0% fees: Nifty Newsletter, 15-21 February
In this week’s newsletter, you can read about how eBay’s NFT (nonfungible token) platform launched a new creator smart contract. Find out how OpenSea plans to win back its users from competitor Blur, and check out why Yuga Labs was accused of intellectual property (IP) theft over its wolf skull logo. In other news, find out how NFTs will act as “high-end properties” during the market booms, and don’t forget this week’s Nifty News, with an NFT artist receiving $150,000 for a meme on Ordinals.
eBay NFT platform KnownOrigin launches creator smart contract
EBay’s NFT marketplace KnownOrigin announced the launch of smart contracts for artists within its platform. The new contract allows artists to share their earnings and receive royalties as co-creators. According to the NFT platform, users have been testing the feature for the past few weeks.
The KnownOrigin NFT platform was acquired by eBay back in June 2022. Although the amount was not disclosed, the platform’s co-founder David Moore said that KnownOrigin aims to empower NFT creators and collectors.
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OpenSea implements 0% fees to win over the NFT user base lost to Blur
NFT marketplace OpenSea announced a new move to win back users from competitor Blur, which recently surpassed the platform in daily Ether (ETH) trading volume on February 18, according to data from statistics platform Nansen.
The platform made three major changes on the same day to attract more users, including temporarily lowering the OpenSea fee to zero percent and switching to optional creator revenue.
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Yuga Labs accused of trademarking IP theft for BAYC wolf skull logo
Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC) NFT collection, have been accused of IP theft for their wolf skull logo. In a tweet, an NFT artist pointed out that Easy Drawing Guides first did the skull used for the Bored Ape Kennel Club.
The company also responded to the uproar on Twitter, confirming that Yuga Labs did not have a license to use the drawing. The firm also pointed out that the intellectual property rights to the drawing belong to them, and their terms and conditions protect it.
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NFTs will act as advanced real estate during boom cycles: Real Vision CEO
In a February 20 YouTube video, Real Vision CEO Raoul Pal stated his belief that NFTs have the potential to become “high-end real estate” in crypto market boom cycles. According to Pal, this type of property outperforms the market when the economy recovers.
The leader also highlighted that popular gatherings such as CryptoPunks and BAYC are considered status symbols within the crypto space, compared to owning luxury cars and houses.
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Nifty News: PROOF Cancels NFT Conference, Bitcoin Meme Creator Makes $150K & More
An NFT artist received 6 Bitcoin (BTC), worth around $150,000 at the time, in exchange for a Bitcoin wizard meme on Bitcoin’s NFT-like platform, Ordinals. Meanwhile, a former executive at Amazon launched a platform to rate NFTs similar to the popular review site Yelp.
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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.
