Porsche NFT Trading Volume Approaches $5 Million: Nifty Newsletter, 25-31 January
In this week’s newsletter, read about how Moonbirds founder Kevin Rose lost more than $1.1 million worth of non-fungible tokens (NFTs). Find out why an NFT collector is suing NFT marketplace OpenSea for locking his account for three months, and how the Porsche NFT collection garnered nearly $5 million in sales volume, despite a failed launch. In other news, find out how NFT trademarks can potentially be a reliable signal for NFT traders. Finally, professionals in the Web3 space shared different ways to combat NFT theft.
Moonbirds creator Kevin Rose loses $1.1M+ in NFTs after one wrong move
Moonbird co-founder Kevin Rose lost over $1.1 million in NFTs after falling victim to a phishing scam. According to various analysts, Rose approved a malicious signature that allowed the attacker to transfer tokens from his wallet. An on-chain analyst named “Quit” on Twitter said the malicious signature was enabled by the Seaport marketplace contract, which is the platform that powers the OpenSea NFT marketplace.
After the hack, Rose urged his followers on Twitter to avoid buying NFTs from the Squiggles collection until everything is flagged to avoid buying stolen NFTs.
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NFT collector sues OpenSea to lock account after being defrauded
An NFT collector has taken legal action against OpenSea for various allegations, including locking his account for over three months. Speaking to Cointelegraph, NFT investor Robbie Acres shared that two of his NFTs were stolen through a phishing scam, which he reported to the NFT platform.
However, Acres claimed that the marketplace asked him to self-declare before finally unlocking the account after three months, resulting in alleged financial losses. In response to the allegations, OpenSea claimed that the theft occurred outside the marketplace and had already disabled the items and unlocked the account.
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Porsche NFT trading volume nears $5M despite launch issues, mintage halt
Despite what some considered a botched launch, sales volume for Porsche NFTs soared to nearly $5 million on January 26, according to data tracking website NFTScan. The increase in trade volume came as a surprise when the car manufacturer abruptly stopped the embossing process after the launch, following various complaints from users.
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Keep an eye out for trademark registrations from the big company NFT this year
NFT-related trademarks can be “reliable signals” for collectors and traders. In an interview with Cointelegraph, intellectual property lawyer Michael Kondoudis pointed out that it is impossible to register a trademark without intentions of use.
Kondoudis also shared that in 2023, one of the most noticeable trends is spirits companies applying for NFTs. According to Kondoudis, well-known alcohol brands such as Absolut Vodka, Chivas Regal and Malibu Rum have applied for NFT-related trademarks.
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Here’s how to prevent NFT theft, according to industry professionals
As more people jump into NFTs, the space becomes a target for bad actors in Web3. However, professionals working in the crypto space believe that some ways and tools can help users prevent hacks.
Due diligence, separating NFTs into different wallets and using tools to check and revoke permissions are some of the ways highlighted by the industry experts who spoke to Cointelegraph.
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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.
