Bitcoin Ordinals volume dips 98%, OpenSea to disable royalty tool, and hype: Nifty Newsletter
Bitcoin Ordinals volume dips 98%, OpenSea to disable royalty tool, and hype: Nifty Newsletter

Welcome to the latest edition of Cointelegraph’s Nifty newsletter. Read on for the latest stories on non-fungible tokens. Every Wednesday, the Nifty newsletter informs and inspires you to dig deeper on the latest NFT trends and insights.

In this week’s newsletter, learn about the newly launched decentralized social media platform, which has gained over 100,000 new users since its launch. Yuga Labs plans to wind down support for OpenSea after the non-fungible token (NFT) platform announced it would disable its on-chain royalty enforcement tool, and Bitcoin Ordinals NFT volume has plummeted 98% since May.

‘I’ll give it six to eight weeks’ – critics warn friends​. Tech hype won’t last long, a new decentralized social media app, has quickly become one of the hottest new things in crypto with over 100,000 new users and over 24,000 ether since its beta launch on August 11 Token (ETH) transaction volume.

While many crypto industry heavyweights have praised the app for getting thousands of people on-chain and inspiring non-crypto people to sign up (think gaming YouTuber Faze Banks and Russian protest group Pussy Riot), some warn that the Applications are at risk of being burned. go out.

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NFT Marketplace OpenSea Disables Royalty Enforcement Tool

NFT marketplace OpenSea is removing its on-chain royalty enforcement tool — Operator Filter — which allowed creators to blacklist NFT marketplaces that don’t enforce royalties. The change will take effect on August 31, according to an August 17 statement from OpenSea founder and CEO Devin Finzer.

First introduced in November 2022, the operator filter feature has been described as a “simple snippet of code” that can limit NFT sales to only marketplaces that enforce creator fees. OpenSea’s announcement resulted in Yuga Labs ending support for the NFT marketplace. Following the NFT marketplace’s announcement, Yuga Labs said it would begin removing OpenSea support for “all upgradable contracts and any new collections.”

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Sotheby’s and Yuga Labs Respond to Bored Ape Investor’s Lawsuit

Art auction house Sotheby’s was recently named in a class-action lawsuit filed by Bored Ape Yacht Club (BAYC) investors against BAYC creator Yuga Labs. The investor claims that the auction house helped Yuga Labs “deceptively promote” the NFT collection.

On December 10, 2022, BAYC investors filed a class action lawsuit against more than 40 defendants, including Yuga Labs and celebrities such as Post Malone, Justin Beiber and Paris Hilton. The lawsuit claims that Yuga Labs and celebrities were able to “artificially inflate” the price of NFTs through celebrity promotions.

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Bitcoin Ordinals NFT volume down 98% since May — DappRadar

DappRadar noted that Bitcoin Ordinals NFT user activity has seen an “amazing plunge,” with transaction volume plummeting by around 98% since May.

In an Aug. 17 report, DappRadar highlighted its data showing that total Ordinals sales had fallen from a peak of $452 million in May to around $3 million on Aug. 14. In line with this decline, the number of deals also fell by around 97% over the same period to 20,571.

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Tragedy or rug pull?The Inside Story of a “Charitable” NFT Project Collapse

Launching in November 2021, Orica, the NFT marketplace, positions itself as an “ethical platform” that benefits artists, collectors, and charities. At the time, the group was involved in some important projects — from building a school in Uganda to aiding victims of human trafficking and helping Ukraine.

But less than two years later, the project’s founders disappeared, and the marketplace’s user interface went offline. What remains is the project’s philanthropic efforts, which prove to be sincere, while disgruntled users accuse the developer of orchestrating a pull. In a new revelation, co-founder Danial Zey broke a year-long silence, not only denying all allegations and insisting that the project was “hacked,” but also claiming that the project is still in progress. Cointelegraph conducted an investigation.

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Thanks for reading this week’s roundup of the most notable developments in the NFT space. Check back next Wednesday for more reports and insights on this actively developing field.