Main topic: Lawsuit filed against Sotheby's for allegedly deceiving investors in the sale of Bored Ape NFTs.
Key points:
1. Sotheby's auction house is facing a lawsuit from investors who regret buying Bored Ape NFTs at inflated prices.
2. The lawsuit claims that Sotheby's misled investors by giving the NFTs an air of legitimacy and generating hype around the Bored Ape brand.
3. The undisclosed buyer of the NFTs was FTX, which was not revealed at the time of the auction, creating a false impression of mainstream interest in Bored Ape NFTs.
Game developers are finding ways to launch blockchain-based games with cryptocurrency or NFT elements on Valve's Steam PC gaming marketplace, despite the platform's restrictions banning such games, either by removing crypto and NFT aspects or redirecting players to third-party websites to buy NFTs. These games can't interact with NFTs on Steam, but players can acquire them and use them in the game via external portals.
Summary: The Nifty Newsletter highlights the launch of decentralized social media platform Frend.tech with over 100,000 users, OpenSea disabling its on-chain royalty enforcement tool, Sotheby's and Yuga Labs facing a lawsuit from Bored Ape investors, a significant decline in Bitcoin Ordinals NFT trading volume, and the collapse of the "charitable" NFT project Orica.
The US Securities and Exchange Commission (SEC) has taken its first enforcement action against a company for selling unregistered securities in the form of non-fungible tokens (NFTs), with Impact Theory settling with the SEC for over $6.1 million and decommissioning its Founder's Key NFTs.
Google has updated its cryptocurrency advertising policy to allow for NFT gaming ads that don't promote gambling, starting from September 15.
Binance, the world's biggest crypto exchange, announced that it will no longer support Polygon on its NFT marketplace as part of its efforts to streamline product offerings, stating that users should withdraw their NFTs by the end of the year.
Bold plans for a San Francisco-based NFT-based restaurant and private members lounge have been canceled due to challenging macroeconomic factors, including labor shortages, supply chain disruptions, geopolitical uncertainty, and inflation. The company behind the project, Sho Group, refunded everyone who purchased the Sho Club NFTs required for access to the lounge. Additionally, Binance NFT announced that it would end support for Polygon-based NFTs and Reddit launched NFL-themed NFT avatar collectibles.
The nonfungible token (NFT) market has experienced a significant decline in value, but experts believe that NFTs still have potential for growth and innovation in the future, particularly if they can offer tangible benefits and utility beyond digital art, such as asset-backed NFTs and membership-based models.
The Securities and Exchange Commission (SEC) has determined that the sale of non-fungible tokens (NFTs) tied to the Stoner Cats web series was illegal, as the NFTs were considered unregistered securities, resulting in a $1 million fine and the destruction of all remaining NFTs for the company behind the series, Stoner Cats 2 (SC2).
South Korean game studio Krafton has announced its upcoming NFT-driven metaverse game, Overdare, which will allow users to create and play their own shooter games and RPGs, and will feature a "create-to-earn" game economy where players can buy and sell in-game assets as NFTs.
Crypto gaming and metaverse investment company Animoca Brands plans to launch a metaverse ecosystem token on Bitcoin through its subsidiary Darewise Entertainment, aiming to create a comprehensive metaverse ecosystem centered around Bitcoin Ordinals, a protocol that allows users to inscribe NFT-like assets to the blockchain and create BRC-20 tokens on Bitcoin. The project will include gaming, brand integrations, real-world experiences, and more, with Life Beyond Studios' upcoming metaverse game being the first to implement the Bitcoin-based metaverse token for in-game assets and virtual lands.
Meta has launched its metaverse game, Horizon Worlds, on mobile and web in early access, while Magic Eden integrates compressed NFTs into its marketplace, Bitcoin Ordinals proposes changing the protocol's numbering system, and Atari founder criticizes play-to-earn gaming; meanwhile, the SEC charges Stoner Cats with offering unregistered securities.
Mainstream media outlet Rolling Stone has claimed that 95% of nonfungible tokens (NFTs) have no value, according to a study by DappGambl, although some community members believe that the narrative may change in the future.
South Korean tech firm NHN is developing crypto games using the Sui blockchain, with plans to leverage NFTs and explore the integration of crypto token rewards, aiming to create a paradigm shift in the gaming industry.
As many as 95 percent of non-fungible tokens (NFTs) created during the cryptocurrency bull run are now worthless, according to a report, highlighting the decline in NFT valuation as the cryptocurrency craze subsided.
PayPal has filed a patent application for a nonfungible token (NFT) purchase and transfer system that could handle fractionalization, decentralized autonomous organizations (DAOs), and royalties through a third-party provider, potentially revolutionizing the music industry by tokenizing music royalties as NFTs.
The majority of NFTs are reportedly worthless, with 69,795 out of 73,257 NFT collections having zero market cap, and 95% of NFT owners have lost money, leading major brands such as GameStop, Nivea, and Anheuser-Busch to reconsider their NFT ventures.
