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NFTY Labs

NFT Journal: Chapter 37

It is with great delight that we welcome you to the NFT Journal’s thirty-seventh edition.

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A Tale of Two Luxury NFTs ⛵

Last year, an Iranian Crypto entrepreneur, Sina Estavi, purchased Jack Dorsey’s first-ever tweet as an NFT for $2.9 million. Last week, the buyer publicized the sale of the NFT on Twitter, promising to donate half of the earnings to charity. However, things didn’t go as planned when the highest bidder gave only 0.09 ETH ($277). Although Estiva is undecided about whether to sell it for less or keep it forever, this event raises questions about the resale value of luxury NFTs. Perhaps, this unlucky sale results from investors’ mistrust following his arrest.

In another luxury NFT tale, a Texas businessman paid $12 million for the first-ever Yacht NFT. Interestingly, this NFT is accompanied by a genuine yacht designed by the award-winning Georgory C Marshall and is to be built in Seattle by Tactical Custom Boats and CloudYachts.io in 36 months.

Yet Another OpenSea Quagmire 🖌️

Last week, two incidences of fraud and cyberattacks that risk the security posture of many OpenSea users happened.

Firstly, three Bored Ape Yacht Club NFT holders have filed lawsuits against Opensea for failing to protect their digital assets. The three plaintiffs complained about the recurring cyberattacks on OpenSea, with hackers regularly having a field day on the platform. Consequently, the numerous attacks on the largest NFT marketplace have fuelled suspicions about OpenSea’s prioritization of expansion over users’ safety.

Secondly, Sand Vegas, a Cyprus-based casino club, was reported to have illegally sold several unregistered NFTs in a fraudulent security scheme. The co-founders allegedly lied to investors that they would use the money to develop a digital casino in the Metaverse with an excellent profit-sharing plan. However, Texas and Alabama’s Securities and Exchange Commission (SEC) disapprove of this initiative, leading both regulators to issue a cease-and-desist order prompting OpenSea to delist the NFTs since it does not comply with its terms of service.

Market Roundup 🚀

Yet again, CryptoPunk NFTs are the week’s most expensive NFTs. In contrast, the third through fifth places were occupied by Bored Ape Yacht Club NFTs (#8537, #9138, #7545), with the highest selling price of $605.66k and the lowest selling price of $430K.

With a sales volume of $63.94 million, LooksRare is the top NFT marketplace. OpenSea came in second with a sales volume of $62.05 million. With $2 million and $1.77 million in sales, CryptoPunk and NBA Top Shot came third and fourth. Mobox is the last on the list, with $1.6 million in revenue.

The top 5 NFT collection list has the newly minted Moonbirds at the top spot. Others on the list include the Bored Ape Yacht Club NFT collection, the Mutant Ape Yacht Club, Azuki, and CryptoPunks.

On the investment front, A-list celebrities such as Bruce Willis, Ashton Kutcher, Gwyneth Paltrow, Justin Bieber, and Snoop Dogg spearheaded an $87 million fundraising round for Moonpay, a Crypto payment network. The company will utilize these new funds to expand the company’s NFT offerings and improve user engagement by creating new content.

About NFTY Labs

NFTY Labs is a foundation focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs. NFTY Lab’s goal is to create new applications that offer new utilities for NFTs, and we aim to do this by utilizing a core feature of all NFTs: ownership.

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