Category: NFTs

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Blockchain NFTs Solana

Solana NFT Project Accused of Rug Pull After Lil Uzi Deletes Tweets

Another day, another rug pull in the crypto world – or at least that’s what it seems with the recent price plunge of Eternal Beings, computer-generated NFT avatars that were promoted by American rapper Lil Uzi Vert.

US rapper Lil Uzi Vert. Source: vogue.com

What Happened?

Eternal Beings is an NFT project built atop Solana (SOL), consisting of 11,111 alien avatars with a similar appearance to Uzi – as in his clothes, hair and tattoos.

The rapper promoted the project to his Twitter followers with guaranteed price moonings and hype. The avatars were launched on the Solanart marketplace on September 28, but after the NFTs sold out at a mint price of 2.5 SOL, Lil Uzi deleted all of his posts related to the project, causing the floor price to dip and hover below 1.60 SOL.

Was Uzi Behind the Project?

It’s unknown if Uzi was behind Eternal Beings or if he was just being paid to promote the project to his followers. Moderators in the project’s Discord tried to calm their users by reassuring them Uzi was still part of the project. Yet that didn’t go so well as moderators started blocking several users who contradicted them.

What the crypto community and Eternal Beings’ more than 45,000 members believe is that this was another hyped-up rug pull. But another question arises: will the US Securities and Exchange Commission intervene if the regulatory body determines Uzi’s tweets to be the promotion of an investment product? The deleted tweets can be found on internet archive WayBack Machine:

If this was a rug, it would make it Solana’s second rug pull by far. In August, Crypto News Australia reported how Luna Yield, a cross-chain yield aggregator built on the Solana blockchain, stole nearly US$10 million from liquidity pools.

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Blockchain Crypto News NFTs Social media

Twitter NFT Profile Pictures to be Verified Using New Blockchain Tool

Twitter has become the most popular tool for crypto enthusiasts to share information and build communities. The latest in-development feature will be the implementation of a profile verification tool for users who want to display their NFTs as their profile picture.

To display your NFT for your Twitter profile picture, choose “Select NFT” and connect your digital wallet from Metamask, or some other wallet. After selecting the NFT you want as your profile picture, a checkmark verifying the blockchain of the NFT will appear. Also coming is a “Collectible” menu option, which will allow users to display a collection of their NFTs on their Twitter profile.

These new NFT integrations were announced after the launch of Twitter’s Bitcoin Tipping feature on September 23, although no specific details have been released as to when they will be rolled out.

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Airdrop Blockchain Crypto Art Crypto News NFTs

DC Comics Set to Drop Free NFTs at FanDome Online Event

American publisher DC Comics has officially dipped its toe into the non-fungible token (NFT) space along with Marvel and other major names in the entertainment industry.

The major competitor to Marvel has officially stepped into the blockchain space with the drop of its first collection of NFTs on October 16. The DC FanDome 2021 streaming event will be the key to the free drop for those registering for the event from October 5.

According to the announcement, DC publisher and chief creative officer Jim Lee “hand-selected” the artwork used for each collectible. Featuring superheroes Batman, Superman, Wonder Woman and more, the premier drop offers fans the opportunity to collect one of three covers for each character in three levels of rarity.

Registrants will also have the ability to unlock a second, free NFT by sharing the event on social media.

DC FanDome NFT drop.

Fans Want More Access and a Deeper Connection

As more major names in the entertainment industry join the blockchain revolution, it is becoming apparent that fans want more access and a deeper connection to their favourite publishers and brands.

This drop pays homage to our 87-year history while visualising a future in which NFTs play a foundational role in novel ways of interacting with DC content and unlocking new experiences.

Jim Lee, DC publisher and chief creative officer

DC’s FanDome 2020 streaming event pulled in a reported 22 million viewers to learn about the brand’s upcoming comic books, movies, TV shows and video games. By adding the NFT experience, the publisher is aiming to draw in even more viewers and spread the word about the stream.

Given the size of the viewer base for last year’s streaming event, DC suggests that this will very likely be “one of the largest NFT drops ever”, according to Palm NFT.

This news comes one month after Marvel also dropped its first NFT collection on VeVe NFT marketplace.

DC Using Palm NFT Marketplace

DC has partnered with Palm NFT to create its new line of NFTs for the entertainment company that helped shape today’s fan culture. By using sustainable NFT initiatives, DC says it is trying to redefine the industry by giving fans unprecedented access, and the ability to own and be a part of the future of DC digital collectibles.

https://twitter.com/PalmNft/status/1443263377573298193

It’s immensely rewarding to work with a partner like DC who understands that blockchain is more than a technology – it’s a sustainable storytelling tool that can reshape the relationship between creators and fans.

Dan Heyman, Palm NFT co-founder
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Blockchain Crypto News Gaming NFTs

SimCity Creator Launches NFT Game Turning Players into Co-Creators

Proxi by Gallium Studios is Will Wright’s new video game where community-created NFTs turn players into co-creators. The SimCity and Spore creator says he thinks of it less as a game than an educational toy.

Proxi is a blockchain-based artificial intelligence-driven game that utilises NFT technology. The user/creator-modelled game gets inside players’ minds to build the community. As Wright explains, “I want the player’s mind to become the landscape of the game.”

The ultimate goal behind the game is to build avatars, modelled on the player’s own subconscious and memories, that can interact with other Proxis (friends, family, or even a fictitious or historic proxy – one modelled on Albert Einstein, for example).

How Does It Work?

Building the Proxi starts with the Memory Maker, a fun to use, simple editor where players can create memories from their lives by inserting photographs, audio, 3D objects, etc. These memory “crystal balls” can then be placed within the game’s landscape and are organised to interconnect with each other. A map is created for how players think, and the memory globes can be tagged with keywords to help make associations.

Ownership of Assets Using NFTs

Through the creation of in-game assets, users retain copyright ownership through using NFT smart contracts as a tool. If a user builds an asset based on somebody else’s creation, for example, the original creator of that collection is rewarded by maintaining an ownership share of that content.

At every stage, we can keep track of who created every piece of the asset or the collection and return that credit back to the creator. So I think that’s going to be a huge step towards getting people motivated to put their creative energies into helping us build this game.

Will Wright, Proxi creator

Gallium Studios has partnered with NFT gaming platform Forte to process the blockchain integration and NFT functionality of the game. Watch the full interview video below, in which Wright explains the Proxi ecosystem:

NFT gaming is becoming hugely popular as in-game items and digital assets are broadly moving to the blockchain. Earlier this month, Australian-based NFT games platform Immutable raised US$60 million in its latest funding round. Earlier in September, the Solana (SOL) ecosystem announced it would host three new NFT games on its blockchain where players can compete and trade with NFTs.

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Australia Blockchain Crypto News NFTs

Industry Leaders Set to Speak at This Week’s Australian NFT Fest

Dozens of speakers from the crypto and blockchain industry will be hosting this week’s Australian NFT Fest to talk about some of the hottest trends in the industry right now.

The list gathers 50 experts on the industry and their take on popular trends in the DeFi and crypto space, such as NFTs and the rise of blockchain video games like Axie Infinity.

The event was organised by Richelle Cox, content director of Melbourne-based digital commerce agency Honey Digital, in collaboration with Steve Vallas, CEO of Blockchain Australia. The virtual meeting is free to watch and will last from 10:00 am to 6:15 pm AEST. 

Some of the speakers include Gauthier Zuppinger and Jess Ford, co-founders of NonFungible.com; Lakoz, the Aussie co-founder of the NFT collection Koala Intelligence Agency (KIA); and Caroline Bowler, CEO of Melbourne-based crypto exchange BTC Markets.

NFTs Are Red Hot in Australia

NFTs are wildly popular in Australia, and as the NFT bandwagon keeps rolling at its frenzied pace more Aussies are jumping on board.

Crypto News Australia recently reported how one Aussie made 9x his investment by flipping a piece of virtual real estate he purchased on the Pokemon-inspired Axie Infinity. Kieran Warwick, the co-founder of Illuvium, a decentralised strategy game and NFT collection built on the Ethereum network, bought a “plot” at A$300 and sold it for $28,000.

A lot of money is being poured onto the NFT market in Australia. Aussie-based horseracing platform ZED RUN, for example, raised US$20 million for NFT racehorses.

However, other projects have fallen at the first hurdle. The Llama NFT platform Sollamas, for one, promised to compensate affected users after its error-plagued launch last month.

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Blockchain Crypto News Ethereum Gaming NFTs

Atari’s ‘Father of Video Games’ is Diving into Augmented Reality NFTs

Nolan Bushnell and Zai Ortiz are releasing an augmented reality NFT experience with the MakersPlace on the Ethereum (ETH) blockchain. The Arcade OG series will be a range of collectibles from the arcade era inspired by Computer Space and PONG, two of Atari’s earliest creations.

Bushnell, founder of well-known game company Atari and referred to as the “Father of the Video Game Industry”, has recently made his debut in the NFT space. Together, he and frequent collaborator Ortiz, a Hollywood visual effects director with 20 years’ experience, plan to launch the Arcade OG NFT Series.

The duo has been pioneering the field of digital works for decades, with Nolan even being praised by Newsweek as one of the “50 Men That Changed America”. Ortiz is the founder of studio Dark Matter and is credited for influencing modern AI design through his work in feature films such as TRON: Legacy and Iron Man 2, as well as in games.

When Bushnell encountered non-fungible tokens for the first time, his “initial wash on NFTs was: really?” However, as he saw what he describes as “the transition” from all analogue media to digital becoming more prevalent, Bushnell decided to participate, stating that he was “fascinated by the math of it – I went through all the white papers”.

Details of the NFT Offering

The team plans to bring back some of the early-day gaming machines as digital augmented reality (AR) collectibles available on the Bushnell section of MakersPlace.

I decided if I did it, I wanted it to be really cool and feel like my brand, which is about being an innovator […] I needed it to be something more than what was out there, not just slapping my name and image onto something.

Nolan Bushnell

The MakersPlace release offers ownership of five original, immersive videos, which take the viewer from the arcade and into Computer Space (both single-player and two-player versions) and Pong (both table-top and arcade versions).

Each of the five NFTs comes with ownership of a one-of-a-kind AR experience, which allows the owner to place a full-scale rendering of their console in any environment.

The drop will take place on October 12 at 3:30 PST. Meanwhile, the others will be single-edition collectibles to be auctioned to the highest bidder with bonus perks included. For instance, a single-edition red “Pong” NFT will be paired with a visit with Bushnell to the Two Bit Circus arcade and entertainment centre in Los Angeles, while a yellow “Computer Space” NFT will come with a signed and unopened Atari 2600 game console.

At this point in time there’s a lot of stuff we can do that just needs a little more thought and effort, and then I hope we can blow your socks off every six months with a new sock-blower-offer.

Nolan Bushnell

Using AR for NFTs is no new feat; similar technology has been used in the $500,000 Mars House, a virtual estate on Mars created by artist Krista Kim.

Atari Explores Blockchain

Atari has been exploring various avenues in the blockchain space, with its new console even able to utilise blockchain technology.

The Atari VCS ecosystem is designed to work with and facilitate the use of blockchain technology, with games, payments, NFTs and tokens all coming to the Atari VCS.

Atari VCS

Besides NFTs and blockchain-enabled consoles, Atari has also been looking into the premium accommodation business in Australia, trying to expand the company by creating an “all-in-one luxurious and entertaining experience” for visitors.

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Crypto News DeFi NFTs Trading

New Decentralised NFT Platform Artion Launched in Response to NFT Insider Trading

The renowned creator of Yearn.Finance, Andre Cronje, has launched a rival non-fungible token (NFT) marketplace to OpenSea, which earlier this month came under criticism amid accusations of insider trading. 

Although OpenSea claims to be a decentralised marketplace, it actually operates under a centralised manner of authority, which consequently enabled an employee, Nate Chastain, to trade some NFTs based on insider information, according to reports. This meant that Chastain knew which NFTs would list on OpenSea and bought them ahead of listing for quick profits – making up to US$65,000. 

The development rattled NFT traders, causing many to seek decentralised alternatives. 

Decentraland NFT Marketplace Artion Debuts on Fantom

Just in time, Cronje unveiled Artion, which is similar to OpenSea but fundamentally different. Based on Fantom, Artion is an open-source and decentralised marketplace for NFT trading. It currently supports four Fantom-based ERC20 tokens, which include fUSDT, USDC, DAI, and wFTM. It will also support the ERC721 NFT token standard in the beta release.

Artion runs with Chainlink price feeds to source for real-time exchange rates.

Yearn Finance Creator Launches Vampire Attack on OpenSea

While commenting on a tweet about Artion, Cronje shared a GIF saying, “It’s not about the money, it’s about sending a message”. However, there are people who believe Artion marks the beginning of rip-offs for OpenSea.

Firstly, NFT minting fees at Artion have been reduced to 1 FTM (currently at US$1.30), which is cheaper compared to OpenSea. Additionally, the decentralised platform will charge no commission fees on sales. The fact that Artion is open-source means anyone can replicate the protocol, resulting in more rivals to OpenSea, which holds a significant trading volume in the NFT marketplace. 

SushiSwap is a typical example of a successful “vampire attack” on the DeFi space, and many people speculate this will repeat with OpenSea in the NFT market.

Earlier this month, an OpenSea bug destroyed US$130,000 worth of NFTs, as reported in Crypto News Australia. OpenSea users have also been victims of phishing attacks from scammers posing as support staff on the Discord server.

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Bitcoin Crypto News NFTs Social media

Twitter Rolls Out Bitcoin Tips and NFT Verification Feature

Twitter users worldwide can now tip each other via new integration with Bitcoin’s Lightning network. For now, it will only be available to those using the IOS operating system, with Android support coming soon.

Twitter Making Instant Payments

Early this month, news was circulating that Twitter was testing bitcoin tipping using the Lightning network. Confirmed on September 23, Twitter has officially launched its new tipping mechanism that allows tipping in bitcoin (BTC) for all global users. The aim is to support creators on the Twitter platform and those who use “Spaces” to hold events for dedicated audiences.

People already drop links to their payment profiles in their bios and in their Tweets […] Tips makes this easier to do, offering one fixed spot, right on your profile, where you can link to your Cash App, Patreon, Venmo, and other platforms where people can support you.

Esther Crawford, staff product manager, Twitter

Users will be able to tip with bitcoin through the Lightning network, a layer-2 payment protocol known for its low transaction fees. Twitter will not collect a fee for transactions made over Tips, nor did it mention any other cryptocurrencies that might be used alongside bitcoin.

How Will It Work?

Twitter users have two options when it comes to how they want to tip in bitcoin. The first is via a menu of payment options that include Square’s Cash App and Go Fund Me, which will allow users to send tips to a Bitcoin address or send money in a more conventional way.

The other is through tipping services like Strike that can connect to the Lightning network, a Bitcoin payment application. The payment will be made through the user’s personal profile on the platform.

Jack Dorsey has long been a fan of the Bitcoin network and with two of his companies (Twitter and Square) integrating bitcoin, it makes sense that he also runs a full node for the network.

Twitter NFTs Are Coming

Alongside the announcement of bitcoin tipping, Twitter also showed it has plans to integrate NFTs into its workings. No specific details were given as to which blockchain it will be running on or when the facility will become available, but Twitter intends to “explore NFTs for authentication”.

However, Twitter executive Esther Crawford stated that “it’s a way to support creators making this art with a stamp to demonstrate authenticity”, and that “by allowing people to connect their bitcoin wallets, they can track and showcase their NFT ownership on Twitter”.

As more large multinational companies start integrating blockchain technologies, the amount of value pumped into the system will increase from users continuing to adopt new features.

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Crypto Art Crypto News Ethereum NFTs

Time Magazine NFT Disaster Highlights Problem with Mint Bots

When Time magazine announced a new collection of NFTs offering “unlimited access” to its website throughout 2023, all 4,676 tokens tied to the digital artworks sold out in minutes.

But the sale rush also clogged the Ethereum blockchain, sending gas fees through the roof. So much so that buyers spent almost four times as much on transaction fees as they did on the NFTs themselves.

Dubbed “TIMEPieces”, each token in the collection was priced at .1 ETH, or around US$310. But because of the exorbitant transaction fees, one address paid US$70,000 for just 10 Time NFTs.

Scalping Arrives in the Crypto Space

In a mirror image of what happens when highly sought-after concert tickets are snapped up by automated “bots” and on-sold at inflated prices (otherwise known as “scalping”), the 100 addresses with the most NFTs now own around 24 percent of the total minted supply.

The Ethereum blockchain complicates the issue with what it calls a “priority fee”, an incentive payment to miners to accept their transactions ahead of other users who haven’t put up as much cash. Users who can afford those fees can effectively jump the queue as too many people try to use the network at once, causing it to crash.

Buyers Don’t Know What They’ve Bought

The ultimate irony with the NFTs in Time’s collection is that they simply point to a red Time logo rather than an actual digital artwork, so at the time of writing buyers still didn’t know exactly what they’d bought.

With masterful understatement, TIME Inc president Keith Grossman said that the high fees and inequitable distribution of Time‘s NFTs were probably “not ideal”.

I think we learned a lot about gas in general. There are things that you can’t control … in the gas space. We’re going to make sure that the next time that we do this, everything that we have seen that went wrong, or that didn’t go as we planned, is fixed.

Keith Grossman, president, TIME Inc

In June this year, US television news network CNN showed Time how it’s done by sharing “moments” from its archives as NFTs. CNN used the Flow blockchain, which seems to have handled the demand far more comfortably than Ethereum did in Time‘s case.

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Crypto Art Crypto News NFTs

Crypto Twitter Dunks on NBA Star’s Cheap NFT Stunt

When Houston Rockets NBA player John Wall announced he was releasing a line of “Baby Baller” non-fungible tokens (NFTs) to raise US$100,000 for charity and the “Ballers community”, sharp-eyed social media users noticed the artwork’s background looked to have been lifted from popular online video game Fortnite.

The design team behind Wall’s NFTs was most likely responsible for the apparent deception after Wall posted a preview of the tokenised artwork on Twitter.

The contentious image, from season 5 of Fortnite by Epic Games, shows a basketball court adjacent to a building near a grove of palm trees. Though Wall’s preview included one of the Baby Ballers on the court spinning a basketball on his finger, many commented that the artwork looked like a lazy attempt to get into the NFT game.

“If you’re putting a 600 ETH [US$1.7 million] valuation on your project, you might want to make sure all your art is unique,” commented Twitter user hotlneblng.

Potential Legal Issues for Using Non-Original Artwork

Others warned of potential legal issues if Wall’s team didn’t secure Epic Games’ permission to use the background image. While the company website allows users to create fan art and other content with “no commercial objective”, most other use cases are prohibited.

Crypto Twitter user Ox_fxnction, an NFT creator and collector, defended the artists behind more reputable digital creations:

Celebs really think they can come into an industry they know nothing about, never interact with the community, then launch a scam project they’ll abandon in three months?

Twitter user Ox_fxnction, an NFT creator and collector

Not the First Time NFT Artwork Has Been Filched

Wall’s NFT creation is not the first instance of appropriating art in the crypto space. Earlier this month, Dan Hindes, creator of an indie game named Wildfire, accused the team behind ‘Epic Hero Battles’ of stealing his artwork. Hindes later reported the creation had been removed, with the team blaming a web developer for the alleged error.

In a related story reported by Crypto News Australia on September 7, the US National Football League (NFL) has banned its teams from selling NFTs or sponsorships to cryptocurrency trading firms, although the ruling does not seem to apply to specific players.