In this week’s newsletter, read about how eBay’s nonfungible token (NFT) platform launched a new creator smart contract. Learn how OpenSea plans to win back its users from its competitor, Blur, and check out why Yuga Labs was accused of intellectual property (IP) theft over the wolf skull logo. In other news, find out how NFTs will act as “high-end properties” during the market booms, and don’t forget this week’s Nifty News, featuring an NFT artist receiving $150,000 for a meme on Ordinals.
eBay NFT platform KnownOrigin launches creator smart contract
EBay’s NFT marketplace KnownOrigin announced the launch of creator smart contracts for artists within its platform. The new contract allows artists to split their earnings and gain royalties as co-creators. According to the NFT platform, users have tested the feature in the past few weeks.
The KnownOrigin NFT platform was acquired by eBay back in June 2022. Though the amount was undisclosed, the platform’s co-founder David Moore said that KnownOrigin aims to empower NFT creators and collectors.
OpenSea implements 0% fees to win over NFT user base lost to Blur
NFT marketplace OpenSea announced a new move to win back its users from its competitor Blur, which recently surpassed its platform in daily Ether (ETH) trading volume on Feb 18, according to data from statistics platform Nansen.
The platform made three big changes on the same day to attract more users, including temporarily lowering the OpenSea fee to zero percent and moving to optional creator earnings.
Yuga Labs accused of IP theft for trademarking BAYC wolf skull logo
Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC) NFT collection, have been accused of IP theft for its wolf skull logo. In a tweet, an NFT artist pointed out that Easy Drawing Guides first did the skull used for the Bored Ape Kennel Club.
The company also responded to the commotion on Twitter, confirming that Yuga Labs had no license to use the drawing. The firm also pointed out that the intellectual property rights for the drawing belong to them, and their terms and conditions protect it.
NFTs will act as high-end property during boom cycles: Real Vision CEO
In a YouTube video on Feb. 20, Real Vision CEO Raoul Pal stated his beliefs that NFTs have the potential to become “high-end property” in crypto market boom cycles. According to Pal, this property type outperforms the market when the economy recovers.
The executive also highlighted that popular collections like CryptoPunks and BAYC are considered status symbols within the crypto space, likened to owning luxury cars and houses.
Nifty News: PROOF cancels NFT conference, Bitcoin meme creator cashes in $150K and more
An NFT artist received 6 Bitcoin (BTC), worth around $150,000 at the time, in exchange for a Bitcoin wizard meme on Bitcoin’s NFT-like platform, Ordinals. Meanwhile, a former executive on Amazon launched a platform to review NFTs similar to the popular review website Yelp.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.