Reddit NFTs rise into OpenSea top 10, judge compares NFTs to ‘luxury’ real estate and more

Reddit NFTs among OpenSea’s top 10 collections

Reddit’s Polygon-based nonfungible token (NFT) venture continues to impress with three of its tokenized avatar collections beating the top 10 projects on OpenSea in terms of sales volume this week.

Looking at the 24-hour sales volume chart, Spooky Season by Reddit user poieeeyee is ranked second with 274 Ether (ETH) ($401,000) in sales, behind only Yuga Lab’s Bored Ape Yacht Club (BAYC) at 684 ETH.

The ninth and tenth places are then taken by Imagination Station from user Chipperdoodle and The Senses from user Rojom with 121 ETH ($177,400) and 120 ETH ($175,900) in sales in the last 24 hours.

Zooming out to the seven-day sales volume chart, Spooky Season is the only Reddit project to crack the top 10 with its 880 ETH ($1.2 million) in sales, placing it sixth at the time of writing.

For anyone unfamiliar with Reddit’s NFT project, it offers a Collectible Avatars Creator Program that allows users to create and sell profile picture (PFP) NFT collections featuring artwork based on the Reddit mascot logo Snoo.

The move has been a hit so far, with Cointelegraph reporting on October 24 that the number of wallets holding Reddit NFTs had reached around 2.8 million since its launch in July.

NFT considered physical property as “luxury watches” in court in Singapore

A judge of the High Court of the Republic of Singapore has drawn on existing property laws to grant a motion to restrain a defendant hodler from selling a BAYC NFT, comparing the asset class to physical property such as luxury watches or fine wine.

The dispute at issue involves plaintiff Janesh Rajkumar, who alleges that defendant chefpierre.eth breached the terms of an NFT loan agreement and prematurely foreclosed on the token.

According to court documents, via the NFTfi platform, Rajkumar had borrowed crypto-assets from chefpierre.eth by pledging his BAYC NFT as collateral, but had set conditions that the asset would not be liquidated without giving “reasonable opportunities to make full repayment of the loan.” “

After NFT was liquidated, chefpierre.eth continued to list NFT for sale, but Rajkumar subsequently filed a lawsuit asking the court to block the sale for the duration of the case.

Explaining his decision to grant the motion, Judge Lee Seiu Kin compared NFTs to physical collectibles, noting that:

“Cars, books, wine and luxury watches… are a few examples of highly sought-after items for collectors, [f]or digital nomads, especially those steeped in the blockchain and cryptocurrency world, NFTs have emerged as a highly sought-after collectible.”

Get a teardrop tattoo in the Metaverse, your grandma doesn’t care

Newly launched Australian Web3 technology company Swallow is looking to expand the tattoo sector into the Metaverse.

In a launch announcement this week, the firm outlined that it will allow “metaverse-goers and players to customize their avatars and accessories with tattoos and skins from the world’s most exciting tattoo artists.”

A key focus of the firm will be to offer tattoo artists ways to expand their presence outside of their shops, bring more exposure to their artwork and designs, and build a digital community.

“Giving people the opportunity to represent themselves online through usable art is an important part of their digital experience. Likewise, tattoo artists are looking for ways to expand beyond their physical studios and share their designs more widely, the announcement said.

According to Swallow, more than 100 tattoo artists have signed up since the jump, like popular podcaster Joe Rogan’s go-to artist Aaron Della Vedova. 25 business partnerships have also been entered into, including two blockchain-based metaverses in Bloktopia and CrypCade.

Galaxy wades into NFT royalty debate, says it’s a ‘core value proposition’

With the recent debate over whether royalties from NFTs are good for the industry or not, with some projects choosing to move away from the model, asset manager Galaxy has stressed that the community should be careful about shifting away from what they consider a “core value proposition to NFTs.”

In a lengthy report, Galaxy highlights data indicating that more than “$1.8 billion in royalties have been paid to creators of Ethereum-based NFT collections” so far, suggesting a “strong contingent of users willing to pay royalties.”

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Ultimately, the report notes that it is too early to say which NFT sales model will be best, as multiple solutions are likely to emerge with different platforms and companies going down different paths.

“Only time will tell if creators continue to reap the benefits of secondary sales, or if they will lose out on potential revenue in favor of a ‘pure’ ownership model.”

Other good news:

After recently enabling NFT purchase support in its app store, Apple has essentially reiterated that its 30% sales commission fee on all in-app purchases will apply to NFTs, as it will not allow apps to direct users to external avenues for to buy the NFTs.

Cointelegraph reported on October 24 that search data from Google Trends shows that the keyword “Web3” has taken off and registered a record high in terms of peak popularity in 2022, while global Google searches for “Bitcoin” have hit an all-time low. point in over a year.