NFT Journal: Chapter Forty-Nine
It is with great delight that we welcome you to the NFT Journal’s ninth edition.
Upcoming NFT Projects To Watch Out For in July 🎨
Meta (Facebook) begins its test plans for selected creators in the US. On public release, the NFT support feature will allow users to showcase their digital assets on their Facebook profiles and timelines using the digital collectibles tab. Interestingly, similar to the Instagram NFT function tested two months ago, this feature won’t cost you any fee.
In addition, Teller, a decentralized finance lender, will launch a BNPL (Buy Now, Pay Later) feature dubbed “Ape Now, Pay Later” for popular NFT collections such as Bored Ape Yacht Club, Cool Cats, Meebits, Doodles, etc. Users can borrow with customer-specified loan terms and an initial 25% payment followed by subsequent installment payments.
The education center of the Digital Asset Council of Finance Professionals will add “Understanding NFT” to the seven courses it will be offering this year. In an hour-long video, the instructor, Jacki Roach, the Chief NFT Specialist of MyCrypto Advisor, will introduce the students to NFT. After completing all courses, students will receive a certificate in Blockchain and Digital Assets.
Established Frameworks Against NFT Scams ⚖️
Some frameworks are being put in place by legislated institutions and NFT platforms to battle pervasive NFT fraud. However, some might require a review. Let’s check them out!
As part of its commitment to customer satisfaction, Opensea continues to fight against NFT scams and fraud. Last week, the largest marketplace blacklisted $27 million in NFTs after reports of theft or suspicious behavior. Nevertheless, customers complained that Opensea flagged their digital assets long after they had been stolen. They also asked Opensea to make the flagging process transparent to prevent unfairness.
In addition, a group of European Union parliament members proposed an anti-money laundering rule covering the NFT industry that will be included in the proposed anti-laundering money bill. In addition, the EU has been creating legislated rules, such as the Markets in Crypto-assets (MiCA) Regulatory Framework and Transfer of Funds Regulations, to provide regulatory policies that will govern the crypto-asset ecosystem.
Market Round-up 🚀
Bored Ape Yacht Club #6388 was the most expensive NFT sold last week, selling for $1.08 million. A CryptoPunk NFT sold for $336.38k came second. 000.eth and Bored Ape Yacht Club NFT came in third and fourth, respectively. Autoglyphs #376, the last item on the list, sold for $280.68k.
With a $11.21 million volume, Bored Ape Yacht Club is the top NFT collection on the rank list. It is closely followed by Ethereum Name Service with a $10.17 million volume. With $9.37 million and $7.09 million in volume, CryptoPunk and The Saudis ranked third and fourth, respectively. Otherdeed for Otherside is at the bottom of the list with a $6.42 million volume.
Opensea continues to lead the top NFT marketplace list with $122.13 million in sales volume. X2Y2 and Magic Eden came in second and third, with trade volume increases of $14.96 million and $14.38 million, respectively. Finally, CryptoPunk and LooksRare ranked fourth and fifth.
About NFTY Labs
NFTY Labs is a Web3 Incubation Studio focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs. NFTY Lab’s goal is to create new applications that offer new utilities for NFTs, and we aim to do this by utilizing a core feature of all NFTs: ownership.