NFT News Digest: Friend.tech Gains Momentum, OpenSea Disables Royalty Tool, Lawsuits and Declining Bitcoin Ordinals Trading Volume
Summary:
Newly-launched decentralized social media platform Friend.tech gains over 100,000 users and 24,000 Ether in trading volume. OpenSea disables on-chain royalty enforcement tool, leading to Yuga Labs ending support. Sotheby's named in class-action lawsuit by Bored Ape investors. Bitcoin Ordinals NFT trading volume drops by 98%. Orica NFT marketplace faces collapse and accusations of a rug pull. Stay informed with the Nifty Newsletter.
Friend.tech, a decentralized social media platform, has rapidly gained popularity in the crypto community, attracting over 100,000 new users and generating more than 24,000 Ether in trading volume since its beta launch on August 11. While it has received praise for bringing people on-chain, some critics warn that the hype may not last.
OpenSea, a leading NFT marketplace, will be disabling its on-chain royalty enforcement tool called Operator Filter. This tool allowed creators to blacklist marketplaces that did not enforce royalties. The change is set to take effect on August 31, prompting Yuga Labs to terminate its support for OpenSea.
Sotheby's, the well-known fine arts auction house, is facing a class-action lawsuit filed by investors of the Bored Ape Yacht Club (BAYC), accusing the auction house of helping BAYC creators Yuga Labs in "deceptively promoting" the NFT collection. The lawsuit alleges that celebrity promotions artificially inflated the prices of the NFTs.
Bitcoin Ordinals NFT trading volume has experienced a significant decline of 98% since May, according to data provided by DappRadar. The total sales volume for Ordinals dropped from its peak of $452 million to around $3 million as of August 14, accompanied by a 97% decrease in the number of transactions.
Orica, an NFT marketplace known for its charitable initiatives, has faced a collapse, leaving its founders vanished and the user interface offline. Allegations have been made by disgruntled users that the developers orchestrated a rug pull, while co-founder Danial Zey denies these allegations and claims that the project was hacked, asserting that it is still ongoing. Cointelegraph investigates this concerning situation.
That's it for this week's Nifty Newsletter. Stay tuned for more updates on the evolving NFT space.
Published At
8/23/2023 7:00:00 PM
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