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NFT Journal: Chapter Nineteen

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

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Legal Battles Galore ⚖️

Courtesy of Bloomberg | Quint

Universal Music Group has filed a trademark infringement suit against Republic over the word “Republic” in their investing platform’s name. Republic, which has raised over $500 million in VC funding since 2016, recently launched a securitized music royalty NFTs platform called Replublic Music — a move that angered Universal Music Group, the owner of Republic Records.

Earlier this month, Quentin Tarantino announced that he would sell uncut scenes from Pulp Fiction as NFTs. However, this has been met by a lawsuit filed by Miramax, the video studio behind Pulp Fiction. They claim Quentin Tarantino contracted his right on the movie to the studio and has no right to create its NFTs. Despite this prosecution on infringement of intellectual property, the director is forging ahead with his NFT plan claiming that his retained rights are sufficient to create NFTs.

Last week, an Australian software developer built an online repository of NFTs called The NFT Bay. It has gathered 1.2miliion users ever since it’s been launched. The move has dozens of potential lawsuits written all over it, given the massive criminal lawsuits The Pirate Bay faced.

What do you think? Should NFT Bay be allowed to stand in the spirit of decentralization? Is right-clicking a legal offense?

Let’s Build an Empire 🌎

The interest and adoption of NFT have skyrocketed over the past couple of weeks, as evident by recent Google trend data.

The surge in demand for NFTs has propelled traditional giants like Paypal to consider extending their payment services to NFT collectors.

Another crypto giant, OpenSea, is also being massively courted by investors impressed by the fast-growing NFT market. The latest investment offering will increase Opensea valuation six times to a $10billion market valuation.

NFT Projects Pay Tribute to Iconic Individuals 🧑‍🎨

Courtesy of Le Art Noir

In a bid to honor the legendary artist’s legacy, Whitney Houston’s unreleased song recorded at seventeen years old will be auctioned along with her “One of Iconic” NFT collections. Similarly, OneUnited Bank is financing Le Art Noir, a Diversity in Color event where it intends to buy an NFT on display titled From Paris with Love to honor the prominent civil rights activist Josephine Baker.

Market Roundup 🚀

Images sourced from DappRadar

It looks like Axie Infinity has taken a permanent seat as the top NFT collection ranking with the highest sales volume. The second and third NFT collections are Bored Ape Yacht club and Mutant Ape Yacht Club with $105.82M and $76.06M in sales volume. The last two NFT collections on the ranking list are The Sandbox and Cryptopunks.

The top five NFT sales of the week had the usual OGs.

The marketplace with the highest sales volume of $675.57M is OpenSea, followed by Axie Infinity with $179.51M. The third and fourth are Atomic Market, Crypto punks with $46.49M and $40.85M, respectively. The last on the top five marketplace ranking is Magic Eden, with $21.26M.

There was other interesting NFT news over the past week. Award-winning celebrity, Steve Aoki adds to his BoredApeYC collection. Xpunks reaches $100million market capitalization within a month. Additionally, Moon.ws, a gaming firm, launched an interplanetary Metaverse called “Moon.” It’s the first time Metaverse will be on an Earth’s satellite. Likewise, Reason, a San Fransico start-up, announced their plan to launch the first-ever NFT escape room called “Glitch in 2022.

On the investment front, Project Gateway secured $1.7million in funds from angel investors. Furthermore, GuardianLink.io raised a $12million Series A funding round led by Kalaari Capital and other investors. Also, NFTfi, a South Africa marketplace for NFT collateralized loans, raised $5million in funds from investors. Finally, KuCoin Labs announced the launch of a $100m “KuCoin Metaverse Fund” to incubate fast-growing, early-stage GameFi, NFT metaverse projects.

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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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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.

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