NFT Founders Offering Equity Shares & Logan Paul's CryptoZoo Refund Initiative: This Week in NFTs
Summary:
The article discusses various NFT updates, including NFT founders giving their holders a share in company's equity and YouTuber Logan Paul's move to refund disgruntled investors of his NFT project, CryptoZoo. It also takes a look at NFT storage options and the inscription of the Super Nintendo emulator on the Bitcoin network by Ninjalerts developers.
In our latest updates, the spotlight shines on the founders of nonfungible tokens (NFTs) who have taken an unprecedented step by distributing parts of their company equity to NFT holders. We also delve into the reactions by community members as popular YouTuber Logan Paul returns investments from displeased investors of his CryptoZoo NFT venture. Also, discover how NFTs are stored and take a spin through the crafts of Ninjalerts developers inscribing the Super Nintendo emulator on the Bitcoin network.
During festive times, the creator of "The Plague" NFT Collection, Pons Asinorum, unveiled that NFT holders would be awarded a fraction of the company's shares. Swiftly in the trail of this revelation, Ovie Faruq, also known as OSF, an NFT enthusiast, disclosed a similar benefit plan for Rektguy NFT collection holders on the first day of the new year. Although the move displays potential legal risks, Pons maintains the legality of the gesture, as it was entirely unexpected. Pons, the NFT advocate, informed Cointelegraph that this was an unanticipated gift with no prior expectations for holders to receive equity.
In a twist, internet sensation Logan Paul revealed a redemption scheme for unhappy CryptoZoo NFT holders. Paul plans to personally fund the refund program with $2.3 million, buying back the NFTs at their original sale price. Paul made the refund announcement to each investor hoping to play the yet-to-be-released game. The declaration comes a full year post Paul's assurance to return investors' funds, leading to him being persistently urged by various community members to follow through on his commitment.
Reactions to Paul's announcement varied widely. Some celebrated what they saw as a victory, while others voiced suspicions of hidden agendas. The world of cryptocurrency content creation wasn't far behind, with Mason Versluis bringing attention to the fact that mainstream celebrities can't take liberties in the Web3 space without being held accountable. Concurrently, YouTube investigator Coffeezilla stated that Paul has essentially backed himself into a corner with a lawsuit, and the buyback initiative is a desperate escape attempt. The buyback claims website's fine print indicates that moving forward with this process means participants forfeit any rights to sue Paul and CryptoZoo.
NFT industry executives encouraged creators to ponder over which NFTs should be preserved on blockchain and which are more suited for off-chain storage. Witek Radomski, co-founder of Atlas Development (Enjin), proposed creators exercise discretion in determining which NFTs are deserving of on-chain storage-- the "vault treatment"-- and which are well-suited for cloud storage. Radomski offered a third possibility-- combining both types of storage using platforms such as the InterPlanetary File System, a tool designed explicitly for storage, unlike the Bitcoin blockchain.
In a fascinating show of technological prowess, Ninjalerts developers managed to embed the Super Nintendo Entertainment System (SNES) emulator onto the Bitcoin blockchain. This groundbreaking move allows participants to enjoy classic games directly on the network. Ninjalerts CEO Trevor Owens cited a study indicating that almost 90% of vintage video games are under threat and went on to argue that using Bitcoin as a preservation tool is the best method to safeguard these valuable "digital artifacts" for posterity.
As always, thanks for joining us for this overview of the most noteworthy NFT developments of the week. Be sure to drop by next Wednesday for more reports and comprehensive insights into this ever-evolving world.
Published At
1/10/2024 11:00:00 PM
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