Frend.tech: The New Social Hub in the Crypto Space
Hold onto your wallets, folks! Frend.tech has swooped into the decentralized social media arena, attracting over 100,000 new users since its launch. Not your grandma’s Facebook, this app has made quite the splash, raking in more than 24,000 Ether (ETH) in trading volume. It’s become a favorite amongst both crypto enthusiasts and unexpected figures, including gaming influencer Faze Banks and the activist group Pussy Riot.
But, not everyone is convinced. While some celebrate the increased on-chain activity, critics are keeping their skeptics’ hats on, predicting that the hype may die down in the next six to eight weeks. Only time will tell if Frend.tech’s trendy reputation will withstand the test of the crypto rollercoaster.
OpenSea’s Goodbye to On-Chain Royalty Enforcement
In the latest twist of the NFT narrative, OpenSea has announced it will be disabling its on-chain royalty enforcement tool, the Operator Filter, effective August 31. OpenSea, once the darling of all NFT marketplaces, is now facing backlash from creators as this decision could potentially pave the way for marketplaces that opt-out of royalty payments altogether.
Yuga Labs, creators of the iconic Bored Ape Yacht Club NFTs, are not taking this lying down. They’ve decided to sever ties with OpenSea, retracting support for its upgradable contracts and any new collections. Talk about a messy breakup, right?
Sotheby’s in Hot Water Amid Bored Ape Lawsuit
In a plot twist worthy of a Hollywood thriller, Sotheby’s fine arts auction house found itself embroiled in a class-action lawsuit filed by disgruntled investors of Bored Ape Yacht Club. Allegations have surfaced claiming that Sotheby’s played a role in “deceptively promoting” the collection alongside Yuga Labs and some big-name celebrities.
The suit alleges that this all-star lineup manipulated prices through celebrity promotions, representing quite the legal jamboree for auction lovers. With over 40 defendants named, it’s going to be a legal battle to keep an eye on.
Bitcoin Ordinals NFT Trading Volume Takes a Dive
In news that’s enough to make any crypto enthusiast cringe, Bitcoin Ordinals NFTs have seen their trading volume plummet by an astonishing 98% since May, going from a dizzying peak of $452 million to an alarming $3 million by mid-August. Data from DappRadar reveals that the number of transactions also plummeted by about 97% during the same period. Could this be the end of the Ordinals era?
Orica: Charity or Just Another Rug Pull?
What started as a noble quest for social good with the launch of the NFT marketplace Orica has spiraled into an investigation of deception. This platform, designed to benefit artists and charities, mysteriously collapsed, leaving only traces of its charitable efforts behind.
As whispers of a potential rug pull circulate, co-founder Danial Zey insists the project was merely hacked and is still ongoing—despite the website being offline. A real-life true crime story for the blockchain world, indeed!
Until Next Time!
Thanks for joining us in this week’s escapade through the wild world of NFTs. As always, stay tuned for more insights and updates in the next newsletter. Remember: keeping up with NFTs is like trying to catch a greased pig—good luck!
