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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 insights and updates to encourage you to explore the current NFT trends and information.
In this week’s newsletter, discover how a nonfungible token (NFT) became a central element in a legal dispute in Singapore, understand the significance of decentralized randomness in the Web3 gaming industry, and learn why Universal Music Group is taking legal action against Anthropic for copyright infringement.
Singapore court permits freeze order linked to wallets as soulbound NFT
The Singapore High Court has permitted the financial investigation firm Intelligent Sanctuary to link NFTs containing a legal document to cold wallets related to a hack, as reported by the United Kingdom-based iSanctuary and local media.
A globally issued freeze order by the court was tokenized as soulbound NFTs and connected to the wallets in question. While the NFTs will not obstruct transactions with the wallets, they will act as a notification to counterparties and exchanges that the wallets were involved in a hacking incident. Furthermore, iSanctuary stated it had developed a method to monitor funds exiting the wallets, facilitated by the NFTs. The NFTs will remain permanently associated with the wallets.
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Web3 Games require decentralized randomness for fairness
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Random numbers play a crucial role in various applications, including gaming, security systems, decentralized autonomous organization governance, and NFT creation. If your game lacks access to randomly generated numbers, gameplay will become monotonous and uninteresting. If your security system depends on easily guessable authentication codes, it fails to provide adequate security. Any system that requires diversity will not function effectively without it.
This is effective for numerous applications. True randomness is not essential for every use case. In a video game featuring random encounters, for instance, there may only be a finite number of actions the game can execute at any moment. A pseudorandom number generator (PRNG) that produces values beyond a specified range will not be particularly useful. When the stakes are low, technical requirements often align. However, the quality of a PRNG can vary significantly. This can pose challenges for applications with higher stakes, where many users rely on them or in various scenarios.
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Universal Music Group files lawsuit against Anthropic for copyright infringement
Universal Music Group, Concord Publishing, and ABKCO Music & Records have initiated legal proceedings against the artificial intelligence startup Anthropic, alleging that the company engaged in copyright infringement while training its AI chatbot, Claude.
The lawsuit, filed on Oct. 18, asserts that Anthropic “illegally” copied and distributed “vast amounts of copyrighted works – including the lyrics to numerous musical compositions” owned or controlled by the publishers.
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Thank you for reviewing 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 changing field.
