Bitcoin Ordinals volume decreases by 98%, OpenSea set to deactivate royalty feature, and Frend.tech excitement: Nifty Newsletter

Welcome to the newest edition of Cointelegraph’s Nifty Newsletter. Continue reading to remain informed about the latest developments in nonfungible tokens. Every Wednesday, the Nifty Newsletter provides you with insights and inspiration to explore the most recent NFT trends and information.

This week’s newsletter covers the recently launched decentralized social media platform Frend.tech, which has attracted over 100,000 new users since its inception. Yuga Labs intends to cease support for OpenSea following the NFT platform’s announcement to disable its on-chain royalty enforcement tool, and Bitcoin Ordinals NFT trading volume has decreased by 98% since May.

“I give it six to eight weeks” — Critics caution that Friend.tech excitement may not endure

Friend.tech, a novel decentralized social media application, has swiftly emerged as one of the most talked-about innovations in crypto, amassing over 100,000 new users and exceeding 24,000 Ether (ETH) in trading volume since its beta launch on Aug. 11.

While numerous prominent figures in the crypto sector have commended the app for attracting thousands of users on-chain and inspiring registrations from non-crypto personalities — including gaming YouTuber Faze Banks and the Russian protest group Pussy Riot — some have expressed concerns about its potential for burnout.

Continue reading

NFT marketplace OpenSea to discontinue royalty enforcement tool

NFT marketplace OpenSea is phasing out its on-chain royalty enforcement tool — Operator Filter — which enables creators to blacklist NFT marketplaces that do not uphold royalties. This change is scheduled to take effect on Aug. 31, as stated in an Aug. 17 announcement by OpenSea founder and CEO Devin Finzer.

The Operator Filter feature was initially launched in November 2022 and was characterized as a “simple code snippet” that could limit NFT sales to only those marketplaces that enforced creator fees. OpenSea’s announcement prompted Yuga Labs to end its support for the NFT marketplace. Yuga Labs indicated it would begin to retract support for “all upgradable contracts and any new collections” following the NFT marketplace’s announcement.

Continue reading

Sotheby’s and Yuga Labs react to lawsuit from Bored Ape investors

The fine arts auction house Sotheby’s has recently been implicated in the class-action lawsuit filed by Bored Ape Yacht Club (BAYC) investors against BAYC creators Yuga Labs. The investors claim that the auction house assisted Yuga Labs in “deceptively promoting” the NFT collection.

On Dec. 10, 2022, BAYC investors initiated a class-action lawsuit against over 40 defendants, including Yuga Labs and celebrities such as Post Malone, Justin Bieber, and Paris Hilton. The lawsuit contends that Yuga Labs and the celebrities were able to “artificially inflate” the prices of the NFTs through celebrity endorsements.

Continue reading

Bitcoin Ordinals NFT trading volume drops 98% since May — DappRadar

DappRadar has reported an “alarming decline” in Bitcoin Ordinals NFT user activity, with trading volumes plummeting by approximately 98% since May.

In an Aug. 17 report, DappRadar presented data indicating that total Ordinals sales volume had fallen from peak levels of $452 million in May to around $3 million as of Aug. 14. Correspondingly, the number of transactions also decreased by about 97% to 20,571 during the same timeframe.

Continue reading

Tragedy or rug pull? Examining the downfall of a “charitable” NFT project

Launched in November 2021, NFT marketplace Orica positioned itself as an “ethical platform” benefiting artists, collectors, and charities alike. At its inception, the organization was involved in notable initiatives — from constructing a school in Uganda to assisting victims of human trafficking and supporting Ukraine.

However, less than two years later, the project’s founders have vanished, and the marketplace’s user interface has gone offline. What remains are the project’s charitable efforts, which have proven to be authentic, alongside claims from dissatisfied users that the developers executed a rug pull. In a recent development, co-founder Danial Zey breaks his year-long silence, denying all allegations and asserting that the project was “hacked,” while also claiming that the project is still active. Cointelegraph investigates.

Continue reading

Thank you for reading this summary of the week’s most significant events in the NFT sector. Join us again next Wednesday for more reports and insights into this dynamically evolving field.