Wow, what a day we’ve had in the NFT space today. NFT NYC is happening, the BAYC is breaking down the party, and major news stories have hit the tape, like a fake CryptoPunk sale and the fact that big names are continuing to dive into the Web3 community with a big splash. Here’s what’s happening:
CryptoPunk Sells for $532 Million… Or Did It?
In the first Meta Masters Media News exclusive of the day, “CryptoPunk Sells for $532 Million… Or Did It?,” we talk about a CryptoPunk, #9998, which sold late last week for a whopping 124,457 ETH, which at the time, worked out to about $532 million. To put that into perspective, if this sale were real, it would have been the highest priced art sale to go down in history, beating the previous record by well over $80 million.
Unfortunately, the sale was a fluke.
According to Larva Labs, the creators of CryptoPunks, the buyer and seller involved in the sale were the same person. The buyer/seller raised money through a series of flash loans, a ton of it! Then, the buyer purchased the NFT from himself for a cool $532 million, quickly repaying back the loans.
All told, the buyer spent $800 in transaction fees on the ruse, which led to some bigger questions.
Larva Labs and other leaders in the NFT space are now working to block these types of transactions in order to stop any threat surrounding gaming of the system they might pose. Nonetheless, the fake sale grabbed the attention of the NFT community in a big way.
Three More Big Names Dive Head First Into NFTs
The NFT community is buzzing so loud that some of the biggest names in art, entertainment, and media can’t afford to ignore it anymore. As a result, we’ve seen a flood of celebrities and massive entertainment and media companies diving into the space. Today, we covered the topic of the trend continuing in a big way.
Rolling Stones, one of the most iconic entertainment magazines in the world, announced that it’s partnered up with Bored Ape Yacht Club (BAYC), to launch its own NFT collection. The collection will consist of seven tokens in all, two of which will feature the official Rolling Stones logo as digital magazine covers and will be created by Larva Labs, the company behind BAYC. The other seven will commemorate the magazine and the BAYC with art done by leaders in the NFT community.
Also, Quentin Tarantino announced that he’d be launching his own line of super-rare NFTs. The line will be based on his best-selling movie, Pulp Fiction. Each NFT will feature an uncut scene from the movie, a hand written script, and exclusive commentary from Tarantino himself.
Finally, Warner Brothers said it’s launching another set of NFTs. This time, the project surrounds the Matrix, but unlike other big launches, it is inspired by popular collections like CryptoPunks and BAYC.
What Are the Upgradable NFTs and How Can They Benefit Artists, Brands, and the Metaverse?
We found this article on Yahoo! Finance to be particularly interesting. Recently, several projects have announced that they’re launching upgradable NFTs, but historically NFTs haven’t been able to be upgraded. So, what we’re seeing is a new capability within a new technology, a concept that’s actually quite confusing.
In this article, the author does a great job outlining what upgradable NFTs are and the benefits they bring to artists, brands, and the metaverse as a whole.
In layman’s terms, upgradable NFTs evolve over time. They allow various players to transform the tokens, and their corresponding content. The article outlines some of the biggest benefits, including the ability of an artist or musician to legitimately take on another creator’s artwork as the basis for their own.
For the artist, this opens the doors to a whole host of opportunities in terms of getting their name out to the world. All in all, it’s an interesting read that points to the future of the industry.
NFTs and the future history of art
This article, published by TechCrunch, was another great read, one surrounding the evolution that’s taking place in the art world and how NFTs are making history. The article walks you down a line through history, pointing to a clear hierarchy in art, one that seems to survive no matter how art itself evolves.
Nonetheless, the NFT industry is opening doors for new artists that have never been opened so widely in the past, offering a fundamental shift in how up and comers can break into the space.
All told, the article points to the deep significance that lies underneath NFTs. Not only are these tokens changing the world of art as we know it, they’re connecting art to humanitarian and environmental causes, helping to bring about change through aesthetically pleasing digital images.
Crypto.com to Launch Exclusive Series of UFC NFTs
In another story of big names jumping into the NFT industry with a splash, the UFC, a powerhouse in entertainment, announced that it will be launching its own collection of NFTs. To do so, the company is collaborating with Crypto.com, a leader in the blockchain industry.
According to the press release, Crypto.com will offer a wide variety of UFC digital collectibles that will include unique fighter collections, fight night artwork, event posters, championship belts, avatars, artist collaborations, mystery boxes, athlete profiles, and more.
The new partnership expands the scope of the historic sponsorship partnership reached early this year that provides massive exposure to Crypto.com as UFC’s first-ever global Official Fight Kit Partner. The athletes featured in the NFTs will receive a 50% cut of sales.
That’s All for Today
That’s all for today my friends, come back tomorrow to find out what’s hot and what’s not in the NFT space!