Are we in a real bear market for NFTs? The crypto market as a whole is certainly experiencing some turbulence – and no doubt more bearish than bullish activity as we edge closer to the middle of a lackluster year so far. However, despite many NFT critics claiming an inevitable downfall, there are still booming headlines, and NFT’s major “blue chips” have retained their strength – though the same probably couldn’t be said for young emerging projects.
Each week we dive into the last week’s activity in all things NFT. This week, longtime music star Madonna filled the market with plenty of dialogue. Let’s review this story and more.
This Week’s Non-Fungible Token News
Madonna’s Wild NFTs
A longtime pop culture icon, Madonna has had her fair share of gripping moments throughout her career, and this week is seemingly hosting another notch on the resume. After making noise in March for buying a Bored Ape – joining a growing list of stars to do so – Madonna has taken a leap into her own NFTs, thanks to a new collaboration with massive NFT creator Beeple.
The NSFW “Mother of Creation” NFT, one of three released, depicts a nude CGI Madonna giving birth, delivering an iconic tree from the “seed” of life. Every week we feel like we’ve seen it all in this space, and every week we’re reminded that we haven’t.
Instagram finally enters NFT test waters
After months of chatter and many disappointing attempts to engage with crypto through parent company Meta (and in its past life as Facebook), social media platform Instagram is finally entering the NFT testing stages. this week, according to reports.
A “handful of American creators and collectors who will be able to share NFTs on Instagram” this week according to a tweet from the platform’s CEO, Adam Mosseri. Ethereum and Polygon seem to be supported immediately, with support for Flow and Solana to follow.
OpenSea announces new measures to combat NFT dupes
OpenSea is a market leader that has faced many challenges and turbulence, which was to be expected in a fledgling industry and given the platform’s position in the market. New blog posts hitting the market this week show that OpenSea is stepping up its efforts to spot NFT counterfeits as well as verifying accounts, a much-needed point of attention for the platform.
OpenSea shared that they will use a balance of image recognition technology and human reviewers to deal with counterfeits, a new copy protection system, and updates to verification and badges. Hopefully, these tweaks can help combat a seemingly growing number of duplicates and counterfeits ending up in the marketplace.
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Instagram's parent company, Meta, has long struggled with NFTs. Could integration on the social media platform be the momentum that helps push the company's engagement in crypto over the hump? | Source: NASDAQ: FB on TradingView.com
Azuki’s Enter Chaos Mode After Founder Reveals Past Abandoned Projects
Azuki has long been considered a “blue chip” NFT, or certainly close enough. While not quite on par with the Bored Apes and CryptoPunks of the world, it would be hard to argue that Azuki was anything but next notch – at worst. That status quickly took a hit to start this week, as we covered in our Nightly Mint on Monday, following a blog post from the founder of the project.
NFT scam attempts penetrate CoinGecko, EtherScan, etc.
A phishing scam suspected of infiltrating via a banner ad has made its way to major crypto sites including DexTools, EtherScan and CoinGecko in recent days, causing a malicious wallet access pop-up.
Although the impacts are not measurable so far, this could easily be another major blow to the market as a whole aside from optics alone. The fake pop-up asks users for wallet access in exchange for free Bored Ape NFTs; we have entered a new era of scams and phishing attacks.
The Chainsmokers are the latest artists to release musical NFTs with royalties
We’ve seen musical NFTs come to life over the past year, with a few major artists — particularly in hip-hop — entering the fray. This week, however, it was the Chainsmokers who grabbed the headlines after announcing plans to release their “So Far So Good” album as non-fungible tokens, offering fans a share of streaming royalties. Next week, 5,000 NFTs will be released for free and owners will be rewarded with a 1% discount. NFTs will be based on Polygon. This is the band’s first album in several years.
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Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.