CryptoPunks NFT Holders Get Physical Versions; Artists Face Lawsuit; German Firms Adopt NFTs; UK NFT Regulation Under Scrutiny
Summary:
This edition of the Nifty Newsletter presents updates on various NFT trends. CryptoPunks NFT holders were offered physical versions of their tokens for a limited time. Artists Ryder Ripps and Jeremy Cahen were ordered to pay $1.6 million to Yuga Labs in a copyright lawsuit. Major German firms, including Mercedes, Lufthansa, and the German postal service, are implementing NFTs into their business strategies. Lastly, Mintable's CEO, Zack Burks, warns of possible misinterpretation of NFT regulations by the UK government.
Welcome to the newest issue of the Nifty Newsletter from Cointelegraph. All-in-one place to get fresh scoop on what's trending in the world of nonfungible tokens (NFTs). Posted every Wednesday, your one stop NFT news source to stay informed & curious. This week, uncover the story behind CryptoPunks NFTs owners receiving real-world renditions of their tokens for a limited time. Learn about the multimillion-dollar copyright lawsuit put forth by Yuga Labs against artists and how major German corporations like Mercedes and Lufthansa have adopted NFTs. In other news, Mintable's CEO raises concerns over the potential missteps in UK's regulation of NFTs.
For a two-day window, CryptoPunks NFT owners were gifted tangible versions of their digitized masterpieces in a joint alliance between Yuga Labs and web-based art emporium Avant Arte. Two unique physical interpretations of CryptoPunks were up for grabs in a sale that was as fleeting as it was exclusive. The first version, "Punk-On-Chain", was exclusively for the crypto-art owners while the latter, "10,000 On-Chain" was a collection comprised of all 10,000 CryptoPunks, available to all.
Several german companies have integrated NFTs into their business models despite the persistent downslide in the NFT sector. The German postal service plans to launch an exclusive collectible stamp on November 2, blending NFTs and AI. Meanwhile, Mercedes-Benz, the renowned German automotive giant, unveiled its third NFT collection, named The Era of Luxury in September. This digital collection features artistic reimaginations of the company's most iconic designs throughout seven epochs.
Ryder Ripps and Jeremy Cahen, prominent NFT artists got court-ordered to compensate $1.6 million to Yuga Labs, the creators of the Bored Ape Yacht Club. The lawsuit was based on Ripps and Cahen counterfeiting the infamous Bored Ape Yacht Club NFT collectibles thereby infringing on copyright laws as claimed by Yuga Labs.
Zack Burks, the chief executive of Mintable, the NFT portal, forewarned about the potential missteps by UK government in regulating NFTs. During an interview with Cointelegraph, Burks posited a recent parliamentary report in the United Kingdom that mischaracterizes NFT technology, oversimplifying its function to merely volatile digital content and underplaying its copyrights concerns.
Thank you for browsing this week's distilled roundup of significant happenings in the NFT domain. Check back next Wednesday for more topical reports and discerning insights into this dynamically unfolding sector. Don't forget to explore COINTELEGRAPH’S vivacious NFT STEEZ PODCAST.
Published At
11/1/2023 7:00:00 PM
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