Author: Jana Serfontein

Jana has keen interest in what cryptocurrencies have to offer in regards to NGO’s, governments and the financial system. And is also intrigued with the psychological effect that cryptocurrencies have on society.

Categories
Crypto Art Crypto News NFTs South Africa

Hand-Drawn Nelson Mandela Paintings to Be Sold as NFTs

Bonhams in London is set to auction off a set of five paintings minted as NFTs from the hand of former South African president Nelson Mandela. The collection, entitled “My Robben Island”, consists of five watercolour paintings that depict the 18 years Mandela spent incarcerated on Robben Island, a now-inactive offshore prison near Cape Town.

‘The Motivation’ Behind Mandela’s Art

Mandela completed the five paintings after stepping down from the presidency in 1999. The collection also features a piece called “The Motivation”, a handwritten text that explains his visualisations of the harsh prison island where he served his time during the South African struggle to end Apartheid. All six of the works include Mandela’s signature.

It is true that Robben Island was once a place of darkness, but out of that darkness has come a wonderful brightness, a light so powerful that it could not be hidden behind prison walls, held back behind prison bars, or hemmed in by the surrounding sea … The most fantastic dreams can be achieved if we are prepared to endure life’s challenges.

Extract from ‘The Motivation’, by Nelson Mandela
Robben Island cell. Source: The Guardian

Makaziwe Mandela, daughter of the former president, said the watercolours, all of which were painted in 2002, represent “the triumph of the human spirit”. She added that offering the artworks as NFTs was a way to reach new audiences: “My dad was all about creating an accessible society. This is a way of democratising his art.”

Robben Island church. Source: The Guardian

NFTs to be Sold on Nifty Gateway

Giles Peppiatt, director of modern and contemporary African art at Bonhams, has said that the digital arts reach “new audiences that probably don’t go to art galleries and museums”.

These are people who live a lot of their lives through their phones, through the internet, and who have large amounts of money at their disposal – and they are collectors. They are becoming a more and more important part of the art market.

Giles Peppiatt, director of modern and contemporary African art, Bonhams

The paintings will be offered at auction on March 9 on the Nifty Gateway NFT platform, over a six-hour period at a fixed price of US$3,495 for the entire collection, or US$699 for an individual work. Hopefully, the works will fetch prices far beyond the likes of Gary Vee’s hand-drawn doodles, which sold for US$1.2 million last year. But if you’re not convinced they will, you could always short the NFTs.

Categories
Crypto News Metaverse NFTs

Monster Energy Files Metaverse and NFT Trademark Applications

According to the US Patent and Trademark Office (USPTO), the beverage manufacturer Monster Energy has filed a total of four applications to date, including for a variety of metaverse and NFT-related trademarks.

Although this is not the first time Monster has entered the crypto space, it does mark its debut appearance in the metaverse and NFT space. In a similar vein, the New York Stock Exchange (NYSE) last week filed applications with the USPTO and is hinting at an NFT marketplace. Fast-food behemoth McDonald’s has also set out plans for a virtual restaurant within the metaverse after submitting 10 trademark applications to build a “virtual restaurant featuring actual and virtual goods”.

Monster Goes Big on Food, Beverage and Apparel NFTs

According to a tweet from Mike Kondoudis, a USPTO licensed attorney, Monster Energy has filed applications relating to “NFTs, downloadable virtual food, drink and clothing, stores featuring NFTs and virtual assets, and a marketplace for virtual goods and NFTs”.

The first trademark application relates to downloadable virtual goods comprising, but not limited to, beverages, food, supplements, sports, gaming, music and apparel. According to this filing, these goods will be “authenticated by NFTs”. The application extends to computer programs facilitating blockchain data interactions.

Monster Marketplace Also in the Works

The second filing includes retail and online stores services authenticated by NFTs, as well as an “online marketplace for buyers and sellers of virtual goods”. The third application details entertainment services related to virtual apparel. Finally, the fourth application consists of providing online software to facilitate the transmission of digital assets between users powered by blockchain.

If Monster’s applications were to be approved, it would mark its second foray into the crypto space, after partnering with SmartFi last month. Under the terms of the agreement, SmartFi would become the official cryptocurrency platform for the Monster Energy AMA Supercross – a popular American motorcycle racing series.

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Crypto News NFTs Scams

Mintable Recovers NFTs Stolen in OpenSea Exploit

NFT marketplace Mintable has recovered three NFTs that were stolen in a recent phishing attack on the OpenSea platform. The company is now looking for the owners of the NFTs so as to return three Azuki NFTs that were among those stolen:

Azukis Found on LooksRare

According to a press release issued by Mintable, its team was acquiring Azuki NFTs on the LooksRare platform for its February Floor Buster flash sale when it found and bought Azukis #1178, #4176 and #1180, which had been lost in a February 19 exploit on OpenSea. The team at Mintable said in an announcement that it “would like to return them to their previous holders”.

The exploit on OpenSea saw about US$1.75 million worth of NFTs stolen via a phishing scam. Zach Burks, CEO and founder of Mintable, said: “This exploit was possible because of a bug on OpenSea, and if OpenSea isn’t going to make it right, someone has to.”

Burks added that “for some of these people, all their net worth is tied up in their NFTs and it’s horrible to have them stolen. We like the Azuki community and we want to help give back to the people who lost over $140,000 through the exploit.”

The attack was initially reported to be an exploit, but OpenSea CEO Devin Finzer subsequently stated that users had fallen victim to a phishing attack that “did not originate” on OpenSea itself. Finzer added that users had inadvertently “signed a malicious payload from an attacker, and some of their NFTs were stolen”:

OpenSea in Troubled Waters

OpenSea is undergoing difficult times as it continues to fall victim to exploits and other malicious activities. The platform is also being sued for US$1 million in damages after a user had his Bored Ape #3475 stolen from his crypto wallet.

Many users have taken to Twitter to express their concerns:

Categories
ConstitutionDAO Events Sports

‘BuytheBroncos DAO’ is Aiming to Buy NFL Team Denver Broncos for $4 Billion

In attempting to buy the US Constitution and an island in the Caribbean, DAOs (decentralised autonomous organisations) have been raising massive amounts of money in order to spend big. In the most recent of exuberant potential purchases, a DAO is now trying to buy National Football League (NFL) team the Denver Broncos.

DAO is the newest buzzword in the crypto world, and refers to a group of people who come together to raise funds for a common mission – in this case, BuytheBroncos needs US$4 billion to buy the the Denver Broncos.

We know it sounds a bit crazy, but it’s also a bit Badass.

Sean O’Brien, BuytheBroncos DAO

BuytheBroncos DAO frontman Sean O’Brien says that “the purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos”.

Politics Gets Involved

What sets this DAO apart from its precedents is that it has political support. The Governor of Colorado, Jared Polis, told CNBC at last weekend’s ETHDenver event that he would be “excited” to be part of the DAO’s ambitions:

“The challenge will be it’ll take a lot of money … but you know what, if your imagination is big enough, then it can happen. And anything I can do to make it happen, I’d be happy to.”

DAOs With Grand Ambitions

Besides this current attempt to purchase an NFL team, DAOs have already featured in the world of sport. Earlier this month, a group of former Manchester United superstars launched a sports-focused DAO to allow fans to invest in professional football projects alongside them.

In a completely different vein, late last year, the ConstitutionDAO tried to purchase a copy of the US Constitution at a Sotheby’s auction but were ultimately outbid by former Citadel CEO Ken Griffin. The DAO still managed to successfully raise over US$40 million – quite an astonishing feat.

Categories
Crypto News DeFi Ethereum NFTs

New Decentralised Video Platform ‘Shibuya’ Set to Launch on Ethereum Next Month

Digital artist Pplpleasr has announced she is helping to launch a decentralised video platform called Shibuya.

Pplpleasr, aka Emily Yang, is the artist responsible for last year’s Fortune NFT cover as well as the decentralised art collection platform PleasrDAO, which to date has raised US$69 million to assist in the launch of the Shibuya platform, set for March 1.

A ‘Mix of Vimeo and Netflix’

According to Pplpleasr, the project will be a mix of Netflix, Vimeo and the crowdfunding platform Kickstarter, but with a decentralised twist. Shibuya will enable its users to directly influence the platform’s content through the use of NFTs and cryptos.

Speaking at the Ethereum-focused ETHDenver conference last week, Pplpleasr said: “Shibuya is a decentralised Hollywood, where cultures and ideas meet in one eclectic and inspiring place.”

The complete version of the New York-based artist’s YouTube interview can be viewed below:

The first piece of media Shibuya will launch is “White Rabbit”, which the artist has described as containing elements of anime, the British television drama Black Mirror, and Web3. A short preview of the piece can be seen in the video above.

For users to be able to view the episodes, they must mint NFTs on Shibuya that can be staked to cast a vote on the episode’s direction. Voters will thereafter be rewarded with a White Rabbit token, which also serves as fractionalised ownership of the web series. The project has not yet accepted any outside funding but is also working with popular Polish-born NFT artist Maciej Kuciara.

More Decentralised Projects Pop Up

Last week, Crypto News Australia reported that Aave had launched its “Lens Protocol” to power decentralised social media platforms. And in January, the decentralised blogging platform “Mirror” started offering its writers a way to monetise their articles.

Categories
Australia Blockchain Crypto News

Australian Jeweller Taps Everledger to Put Engagement Rings on the Blockchain

Australian-based Kavalri jewellers is the first brand to create traceable, sustainable and customisable diamond engagement rings, enlisting digital transparency company Everledger to assist it in that process.

(Sustainable) Diamonds are a Girl’s Best Friend

Diamonds may be a girl’s best friend but the industry has long been problematic for those involved in the excavation and processing of these highly sought-after stones. Thanks to consumer demand, however, sustainability is now part of the diamond trade.

The mine-to-market journey of diamonds is rife with issues of soil erosion, deforestation and destruction of communities, along with appalling working conditions, low wages and child labour. To tackle these issues, Kavalri has enlisted Everledger to enable it to easily reference the human rights aspects and environmental performance of its diamond listings.

Everledger has also assisted in proving provenance in the Australian pearl industry. Besides its involvement in the jewellery trade, it has also provided a blockchain solution for Australian wool innovation.

In its partnership with Everledger, a leading platform for authentication and traceability, Kavalri can now offer its customers provenance when it comes to diamonds. This essentially means the diamond on your finger is sourced completely transparently but is also fairly priced.

Kavalri also offers diamonds that have been sustainably rated, which means they have been certified on a number of environmental and sustainability criteria, and these diamonds come with a third-party certificate to validate their credentials.

Kavalri to Offer Digital Diamond Origin Reports

With this new initiative, Kavalri is one of only a few jewellers in Australia to offer blockchain diamonds to customers. These come with a complete digital report that documents the journey the diamond has taken, from discovery right through to every part of the supply chain.

Categories
Crypto News Ethereum Gas Markets NFTs

Ethereum Gas Prices Have Significantly Decreased from January Peak

Ethereum (ETH) gas prices have decreased by a significant 72 percent since their peak in January. This decrease in demand stems from the price dropping below US$3,000 yet again.

At the beginning of January, gas prices jumped due to the surging volume for NFTs but have since decreased following a bearish price drop below US$3,000. The movement can be mainly attributed to the overall crypto market downturn, following negative macro sentiments, but most of all due to the threat of war in Ukraine. Although ETH has seen significant price drops, there is no lack of positive development surrounding the ecosystem.

Earlier this year, high ETH gas prices and rising network congestion forced developers to build on layer 2 solutions.

Gas trends. Source: Delphi Digital

The TVL (total locked value) in DeFi (decentralised finance) remains above US$200 billion, despite recent market downturns from US$250 billion in November 2021. Levels correlate with ETH’s all-time high market value of US$4,878 on November 10.

As previously mentioned, sentiments surrounding the ETH ecosystem have not dissipated. That KPMG in Canada has added ETH to its balance sheet shows there is a clear recognition of ETH as an investment asset, even for risk-averse enterprises.

Small Ether Holders Increasing

Adding to ETH’s success is the fact that Ethereum adoption is not only limited to crypto whales and big players. According to data, the number of addresses holding between 0.1 and 1 ETH is at an all-time high. In the span of a year, the number of these addresses increased by 98 percent and at the moment they hold 1.78 million ETH collectively – up 4.54 percent in one month.

At the other end of the argument, the NFT market has slowed down since reaching its peak levels in January 2022. Although this year has seen record-breaking NFT market activity, market data suggests that the number of sales is down from almost 64,000 sales per day in mid-January to 24,000 by the end of last week.

Since the price of ether dipped below US$3,000, the demand to make transactions on the ETH blockchain has remained relatively low. And as the demand for transactions declines, so too the market price of blockspace. According to data, transaction fees are officially at their lowest since July 28, 2021.

Categories
Crypto Exchange Crypto News NFTs

New York Stock Exchange Filing Hints at NFT Marketplace Launch

The world’s largest bourse, the New York Stock Exchange (NYSE), seems to be stepping into the world of NFTs, having filed an application on February 10 with the US Patent and Trademark Office to become a financial exchange for cryptos and NFTs.

LooksRare Looks Over Its Shoulder

It would seem the NYSE plans to do for digital assets what it does for stocks. On February 10, the exchange completed its regulatory filing in which it stated that it wants to be a financial exchange for cryptos and NFTs to compete with the likes of OpenSea and Rarible. It would also mean competition for the newest marketplace of them all – LooksRare, which only launched in January but has already generated over US$2 billion in sales.

The filing also indicates plans for an NYSE-branded cryptocurrency and marketplace, where users can buy, sell and trade NFTs. However, the NYSE has said in a statement it has no immediate plans to launch crypto or NFT trading, but “regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly”.

The patent application includes the NYSE’s intention to provide “an online marketplace for buyers, sellers, and traders of downloadable digital goods authenticated by NFTs”. The filing also outlines the launch of “virtual stores” and “showrooms”.

Could This Be a Token Move by the NYSE?

Interestingly, a clause within the application outlines the provision of “a digital currency and digital token for use by members of an online community”, as well as the “issuance of [a] digital token” and “non-fungible token of value”.

While the language remains unclear as to whether this means the NYSE will launch a native token, it certainly seems to be taking a step in the right direction. Some are even suggesting that the NYSE could become the world’s biggest crypto and NFT marketplace:

The NYSE Not New to NFTs

The patent filing is not the exchange’s first move into the NFT space. Last year, the NYSE minted NFTs celebrating the public debuts of buzzy tech companies such as Spotify, Snowflake, Unity, DoorDash, Roblox and Coupang. The tokens minted are 10-second videos depicting a virtual bell being rung. The NYSE did not sell the NFTs but rather gifted them to the six companies, and at the time said that there would be “many more NYSE NFTs to come”:

Categories
Crypto Exchange Crypto News Ethereum NFTs

LooksRare Team Cashes Out $30M in WETH, Faces Community Backlash

LooksRare has cashed out US$30 million in wrapped Ethereum (WETH), sparking outrage from its community. The price of its native token LOOK tumbled by 15 percent after news of the cash-out was made public.

LOOKs Can Get You So Far

LooksRare, the newest NFT marketplace that only launched in January, and which touts itself to be the OpenSea killer, has become the talk of the crypto town. This is particularly so after the team behind the project cashed out million in WETH.

LooksRare has confirmed that its core team cashed out around 10,500 WETH from the unattributed staked LOOKs. According to the company, the native token was used for paying fees on the platform but was also awarded to users when they sold NFTs on the LooksRare platform. The unattributed native tokens were cashed for ETH on the popular coin mixing protocol Tornado Cash.

Twitter Backlash as Token Tumbles

Following the news going public, the team at LooksRare suffered severe backlash from the community on Twitter and the price of LOOK tumbled almost 15 percent in the aftermath.

Look token tumbles on the news. Source: Coinmarketcap

One of the team members took to Twitter to defend the withdrawal and claimed that the team earning rewards in WETH was never kept secret from the community. The platform has also previously been involved in a report that suggests the majority of LooksRare NFT transactions may be ‘wash trading’.

One of the team’s core members, Zodd, added that the LooksRare team had been working on the platform for more than six months without any monetary compensation. He also said that the team fronted the seven-figure cost before launch.

Zodd also responded to a tweet that claimed nearly US$73 million had been cashed out, by providing the correct figure. Team members dismissed speculation regarding a probable rug pull and added that the platform was going nowhere and had big plans for the future.

Although the team member did provide clarification on the matter, the LooksRare community seemed unimpressed and suggested the team buy back the LOOKs instead of cashing out in WETH.

One user wrote in response to Zodd’s tweet:

Categories
Crime Crypto News NFTs

Tweet NFT Marketplace ‘Cent’ Halts Sales Citing ‘Rampant Plagiarism’

NFT marketplace “Cent” has had to temporarily halt most transactions on its platform to address “rampant” sales of fake and plagiarised NFTs.

While the marketplace has had to pause NFT sales, one part of the platform that sells NFTs of tweets, called “Valuables”, remains active.

People Selling Content They Didn’t Own

Cent, most famous for helping Jack Dorsey auction an NFT of his first tweet for US$2.9 million last year, has paused most transactions because it claims people were selling tokens of content that did not belong to them. Cameron Hejazi, CEO and founder of the company, said Cent called the halt on February 6.

Sales of NFTs generated US$25 billion in 2021, so it is expected that reports of scams, counterfeits and “wash trading” have become commonplace. Some Twitter users grabbed the opportunity to mock the situation:

According to Hejazi, “There’s a spectrum of activity that is happening that basically shouldn’t be happening – like, legally.” The CEO also highlighted three main problems active in the marketplace:

  • people selling unauthorised copies of other NFTs;
  • people making NFTs of content that does not belong to them; and
  • people selling sets of NFTs that resemble a security.

Hejazi added that these issues were “rampant”, with users “minting and minting and minting counterfeit digital assets”.

It kept happening. We would ban offending accounts but it was like we’re playing a game of whack-a-mole … Every time we would ban one, another one would come up, or three more would come up.

Cameron Hejazi, CEO and co-founder, Cent

Issues Come with the Territory

Just as NFTs have exploded in popularity and sales, so issues are sure to arise. In November last year, users were left puzzled when the front-end of Tezos-based NFT marketplace Hic et Nunc disappeared. More recently, OpenSea also experienced some issues when an update left some creators unable to mint new NFTs.