Influencer served settlement demands via NFT: Nifty Newsletter, 17–23 May
In this week’s newsletter, read about the nonfungible token (NFT) influencer who was served a claim for settlement using an NFT, and learn how NFTs can combat issues in the education sector. Check out the NFT assets of bankrupt hedge fund Three Arrows Capital, which was liquidated in an auction, and find out why an exchange-traded fund betting against Meta is shutting down. And don’t forget this week’s Nifty News, with Bitcoin (BTC) becoming the second largest NFT chain by sales volume.
Influencer served settlement demands via NFT after token presale of $7 million
An NFT influencer known as ben.eth has been served with a settlement demand accusing them of engaging in wire fraud during a $7 million token presale. The claim, filed via an NFT, alleges that Ben.eth used a manipulative launch strategy for the Psyop (PSYOP) token, which raised $7 million in the first presale.
The settlement demand is part of an ongoing legal dispute. The true identity of the influencer remains unknown. The allegations highlight the complexity and potential risks involved in the growing NFT market, where fraud and questionable practices can occur.
NFTs in academia: Combating fake credentials and unfair pay
Fake credentials, undervalued teachers and low wages persist as ongoing challenges in the education sector. Cointelegraph investigated whether NFTs offer a potential solution to these issues within the education industry.
Beau Brannan, a professor at Pepperdine University, believes NFTs can provide more insight into college degrees. Meanwhile, a community-led protocol is working on solutions to help teachers earn more.
Bankrupt crypto hedge fund 3AC’s NFT auction brings in $2.5 million
The auction of the NFT collection previously held by bankrupt crypto hedge fund Three Arrows Capital (3AC) raised $2.5 million. The sale was facilitated by Sotheby’s and included several high-end assets such as Tyler Hobbs Fidenza #725, which sold for $1 million.
The NFTs were recovered by the liquidators when 3AC filed for bankruptcy last year. The firm now owes a total of $3.5 billion to its creditors.
Metaverse ETF ‘PUNK’ closes after betting against Meta’s vision
An exchange-traded fund (ETF) that goes against Meta Platform’s perspective on the metaverse is set to shut down. The Subversive Metaverse ETF by Subversive Capital will be liquidated after a 15-month run and a 30% loss. The company will shift its focus to artificial intelligence.
Subversive Capital highlighted the importance of responsible companies in line with values such as egalitarianism, democracy, sustainability and facts for technological and social progress. It believes that Meta is in breach of these principles. Despite its efforts to move against Meta, the company is set to close its doors on May 31.
Nifty News: Bitcoin Rises to Second Largest NFT Chain, StepN Integrates Apple Pay and More
The top dog in the crypto world has caused a stir as the network has become the second largest NFT chain. NFT data platform CryptoSlam shows that the Bitcoin network has recently placed second in NFT sales volume in 24-hour, 7-day and 30-day metrics.
CHECK OUT COINTELEGRAPH’S NFT STEEZ PODCAST
Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.