Nike Unveils NFT Platform: Nifty Newsletter, 9-15 November
In this week’s newsletter, read about how the FTX contagion led to the sale of a collection containing high-ticket non-fungible tokens (NFTs). Check out the struggles to bring artists on board Web3 through NFTs and find out about OpenSea’s decision to finally enforce royalties on all collections within the NFT marketplace. In other news, a tool was released that allows layer-2 networks to showcase NFTs on social platforms such as Twitter. And don’t forget this week’s Nifty News featuring Nike’s Dot Swoosh NFT platform.
FTX contagion victim Deepak.eth puts NFT collection up for sale
After announcing an eight-figure exposure to FTX exchange, Deepak.eth, the pseudonymous founder of blockchain infrastructure firm Chain, has tweeted that they are selling their NFT collection either to the highest bidder or through a shared Decentralized Autonomous Organization (DAO) for 80% ownership.
The collection includes prominent NFTs such as Bored Ape Yacht Club and Mutant Ape Yacht Club characters. The collection sells for 8,000 Ether (ETH), which is around $10 million at the time of writing.
Helping Mainstream Artists Into Web3: The Triumphs and Struggles
Bernard Alexander, an executive at Animal Concerts — the firm that helped onboard celebrities like Snoop Dogg and Billy Ray Cyrus to Web3 through NFTs — spoke to Cointelegraph about the struggles of helping artists get onto Web3.
According to Alexander, helping artists gain an understanding of the space remains a major challenge, as people are naturally hesitant to enter a fledgling and rapidly evolving industry.
OpenSea to enforce royalties to creators on all collections by community prompt
After hearing feedback from the community, NFT marketplace OpenSea announced that going forward it will continue to enforce royalties across all collections on the platform. Back on November 7th, the NFT platform launched a tool to allow creators to impose royalties on new collections. However, the new update did not apply to already existing collections.
Community members criticized the marketplace for having unclear messaging, and called on the platform to clarify its stance on creator fees. Some NFT creators even canceled the launch of their upcoming collections until OpenSea made a decision. After the backlash, the NFT platform decided to finally enforce royalties on all collections.
New tool mirrors Optimism NFTs to Ethereum mainnet for use in verified apps
Optimism developers launched Magic Mirror, an application that allows NFT holders to mirror their NFTs to the Ethereum network. This allows users to use their NFTs in apps like Twitter, where only layer-1 NFTs were previously recognized.
The NFT badge feature on Twitter allows holders to confirm ownership of their NFTs, displaying a hexagonal profile picture. Before the release of the app, NFT holders from networks like Polygon, Avalanche and Optimism were unable to show them off on Twitter.
Nifty News: Nike Unveils NFT Platform, Steve Jobs’ Sandals Sell for $200,000 and More
Footwear manufacturer Nike launched its NFT platform, called .Swoosh, and highlighted that the first digital collection will be on the platform in 2023. Meanwhile, a photo of the Birkenstocks sandals worn by Apple founder Steve Jobs was turned into an NFT and sold for $218,750 in an auction.
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.