NFT

The UK’s Law Commission calls on the government to formulate laws that exclusively govern the crypto and NFT spaces. Bloomberg reported on July 28, noting that the commission believes the current laws cannot adequately govern the burgeoning sectors. According to the report, the commission is requesting lawmakers to change laws regarding personal property to include data objects. The entity claims that implementing these changes would help courts decide ownership claims of tokens. Additionally, the commission believes these reforms can help…

The crypto market is experiencing one of its worst “winters” in its 12-year history. Some pessimistic voices claim it's all downhill from here. However, expert traders know that the future is not as bleak as it seems. On the contrary, new and innovative projects are still surfacing in the market, giving us a glimpse of how promising the new "crypto spring" will look. Sitting and waiting for the crypto winter to pass is gruesomely depressing. That’s why we compiled a…

The creators of Minecraft have announced new guidelines that prohibit the use of blockchain technology in connection with the game. In a post published on Wednesday, the studio voiced its disapproval of NFTs, citing their tendency to be “exclusive” and “scarcity-bound”. The Microsoft-owned studio, Mojang, stated that it made the decision for the security and enjoyment of its players. New "No NFTs" Guidelines The updated guidelines state that Minecraft does not permit the integration of blockchain technologies inside the game.…

Fellaz, a multi-chain Web3 entertainment ecosystem, announces the upcoming launch of their social media platform for artists and their fanbases. Through months of preparation, the Fellaz team has onboarded notable entertainers and pop stars from Korea, Japan, Southeast Asia, and the rest of the world. In preparation for their launch, the Fellaz team held an exclusive opening event, ‘Fellaz by the bay’ on July 14th at Sentosa Island, Singapore. The platform’s Chief Producer, Felix (BAYC#8169) hosted the event and many…

GameStop's new Ethereum-based NFT marketplace has managed to accrue some impressive sales within hours of launch. This is despite the current harsh crypto market and the fact that Gamestop’s marketplace is yet in beta.  A Solid Beta Launch On July 13th, GameStop launched its NFT marketplace hosted on the Ethereum network. It has since seen transactions leading to a trading volume of over 3,167 ETH. This is equivalent to about $3.5 million in fiat. These reports are sourced from data…

As fiscal policies in China continue to impede crypto growth, Chinese tech conglomerate Tencent has closed down one of its two marketplaces for digital collectibles.  Monetary Laws Hinder Sales China’s long-running battle with digital currencies is common knowledge. Throughout last year the nation’s government progressively imposed measures that culminated in a blanket ban on cryptocurrencies in September. While NFTs aren’t prohibited in the same way, the regulators have made it clear that they have their reservations about them.  In the…

A rug-and-pull is a typical fraudulent method of luring investors to a financial enterprise only to abandon the project and run away with the raised funds. Unfortunately, this scam has become increasingly popular in crypto. And with the emergence of non-fungible tokens (NFTs), the risk of NFT rug pulls becomes real. This article examines how rug pulls work with NFTs and how to avoid them. What Are NFT Rug Pulls? An NFT rug pull happens when the developers of an…

As shown by data from Dune Analytics, OpenSea, the world’s top platform for non-fungible tokens, recently blacklisted a handful of big-name collections. Altogether, the marked collectibles are worth roughly $27 million. OpenSea Flags Tokens Late  Thursday, an on-chain sleuth called beetle put up a dashboard on Dune outlining relevant information regarding the blacklist. Indeed, the list featured the Bored Ape Yacht Club as well as offshoots Mutant Apes and the Bored Ape Kennel Club. Other marked projects include CloneX, Azuki,…

Reddit announced it has jumped into the NFT space with the release of a series of “collectible avatars” on the polygon blockchain network. Although the word “NFT” did not appear anywhere in Reddit’s announcement, its new collectible avatars share many similarities with non-fungible tokens.  Users can Showcase Tokens as Profile Pictures According to its official release, Reddit will launch the virtual avatars in conjunction with Ethereum’s layer-2 Polygon protocol. Working with independent designers, the Reddit team pulled together a collection…