NFT Influencer Faces Legal Heat with $7 Million Demand
An NFT influencer, going by the alias ben.eth, has been served a curious demand for settlement right through an NFT. The influencer faces accusations of wire fraud linked to a $7 million token presale. The complaints suggest that ben.eth engaged in some rather dubious launch strategies during the presale for the Psyop (PSYOP) token, which made quite a splash by raising $7 million.
The settlement demand highlights the increasing complexities and potential pitfalls of the NFT landscape, where questionable practices can easily take root among the enthusiastic crowd. The influencer remains shrouded in anonymity, leaving us to wonder – will their identity become the next big reveal in this ever-dramatic NFT saga?
NFTs to the Rescue: A New Hope for Education
The education sector grapples with challenges like fraudulent credentials and teacher undervaluation. Enter NFTs, potentially the new heroes in this story! Beau Brannan, a professor at Pepperdine University, argues that NFTs could provide more transparency regarding academic credentials, making it harder for bad apples to slip through the cracks.
A community-driven protocol is also aiming to help teachers reclaim their worth, with NFTs providing a pathway to better revenue streams. Imagine a world where your degree is not just a piece of paper, but also an irrefutable NFT verifying your hard-earned achievements!
Liquidation Drama: 3AC’s NFTs Fetch $2.5 Million
The saga of bankrupt crypto hedge fund Three Arrows Capital (3AC) continues as its NFT collection was auctioned off for a cool $2.5 million. Sotheby’s helped bring this high-stakes auction to life, featuring coveted assets such as Tyler Hobbs’ Fidenza #725, which fetched a staggering $1 million.
After filing for bankruptcy last year, 3AC is still reeling, with an impressive $3.5 billion owed to various creditors. The ongoing saga of 3AC showcases the volatility of the crypto market and serves as a cautionary tale for investors.
Another One Bites the Dust: The Metaverse ETF’s Closure
The Subversive Metaverse ETF, which has been spreading its wings by betting against Meta’s ambitious vision of the metaverse, is winding down after recording a notable 30% loss. After 15 months of operation, it looks like the ETF is hanging up its hat.
This unexpected closure underscores the challenges faced by companies striving to find balance in the quickly evolving tech landscape. In its farewell, Subversive Capital announced it will redirect its efforts towards AI, in hopes of finding a more promising path.
Nifty News: Bitcoin’s New NFT Superpowers
In the Nifty News this week, Bitcoin has flexed its digital muscles by becoming the second-largest NFT chain by sales volume. According to data from CryptoSlam, Bitcoin’s network has taken the spotlight, ranking second across 24-hour, 7-day, and 30-day sales metrics. This is a significant power shift and further blurs the lines between cryptocurrencies and the burgeoning world of NFTs.
As the week winds down, the NFT space continues to evolve at a breakneck pace. Make sure to check in next Wednesday for another round-up of the most crucial developments in this dynamic arena!
