Certificate of Authenticity This meta week in Web 3 has been a colorful week for NFT. Non Fungible Token, non-fungible token in French, are codes associated with images or physical objects, registered on the blockchain. Evidence of authenticity, symbols of unique and virtual property, NFTs are on the rise and their ecosystem is evolving comfortably despite a few mishaps. A sector that attracts both hackers and kind-hearted souls, who go from laughter to tears, from wealth to poverty in the rhythm of the ecosystem, zoom into the world of NFT this week.
Hacks: NFT Platform Pets
Web 3 against hackers
In February, the Opensea platform stood out with a bloody $ 1.7 million hack. Recovered through a phishing operation, the thief stole several NFTs similar to 500 ETH.
During the month of March, the NFT VeVe platform, which owns the Disney license, was hit by a major hack. The error? A fraudulent acquisition of the gems (tokens integrated into the platform) by means of an error in the operating system. Thus, the functionality of the gemstones has been suspended. NFT VeVe prices have fallen by 80%. The number of stolen gems has not been disclosed. This error was reported by a user.
VeVe is not the only one who was in trouble. DeFinance Capital was also robbed. Once again, it is the NFT community that saw itself intervening and helping.
In fact, Arthur Ox, the founder of investment fund DeFinance Capital, had his NFTs stolen from his wallet. Direct attack, he immediately mobilized the NFT community to help him in his fight. She reacted present when some key members took advantage of the hacker’s impatience (who immediately listed some NFTs) to buy them and return them to their owner.
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Web 3 faces human error
Also memorable is the Axie Infinity hack on March 29 this week. Crypto historical break, the pirate’s jackpot is more than 173,600 ETH and $ 25 million. Opportunistically, the bold took advantage of a validation standard on the ETH / USDC pool to remove it. The exploited breach is the cause of a simple human error: failure to delete the authorization list for a validator that no longer existed.
First NFT blockchain game to earn games, this attack took place at an important time for the development of its ecosystem. Sky Mavis was about to release its new version: Axie Infinity Origin. With a new version that will be available for free, the deal is still made until April 7, 2022. The game loses more than $ 600 millionbut does not admit defeat and continues to evolve.
We also remember the mistake of this man who was not hacked but who for a simple conversion mistake sold an NFT Bored Ape for a few dollars.
The owner of a Bored Ape Yatch, a collection of NFT monkeys trading for dozens of ethers, has sold two of its boring monkeys. The first was sold off for 115 DAI, ie. 99.9% less than the base price while the other was sold for 25 DAI, i.e. about $ 25 while its bottom price was 22.6 ETH is $ 76,000.
NFTs make some people unhappy and others happy
Mt Gox: an annoying airdrop
It is with a little sarcasm that we approach the matter of Mt Gox here. In fact, the MtGox platform was hacked in February 2014 and emptied 850,000 Bitcoin. Since then, it has wanted to return millions of dollars to its users. Closed platform, previous customers are not ready to review their due date. Instead of waiting, they have to settle for an NFT. Issued on the Polygon network, there will be as many NFTs offered as dissatisfied users between 2010 and 2014, i.e .: 1,066,097 NFTs.
New record: an NFT Azuki sold for $ 1.4 million
This week proved once again that the NFT market is booming. Maturity follows each other and is not alike. While some mistakenly sell boring monkeys for a few peanuts, other NFTs sell for thousands of dollars.
This is the case with NFT Azuki # 9605, which was sold for $ 1.4 million (420.7 ETH). In addition to the fact that this proves that some NFT collections are still sold at high prices, this sale of NFT Azuki proves the place and importance of the digital artwork market. Original NFT collection, Chiru Labs, a start-up based in Los Angeles launches these Japanese NFTs in January 2022. 10,000 animated avatars make up the collection.
Possessing an Azuki provides access to the garden, and it is precisely this concept that brings together millions around these NFTs.
“The garden (Le Jardin) is a corner of the internet where art, community and culture merge to create magic. The boundaries between the physical and digital worlds are blurred and the rules are rewritten. ”
Excerpt from the presentation of the project – Source: The project’s official website
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NFTs for the love of art
NFTs are not just a means, an unprocessed and banal digital format, to which a selling price in cryptocurrency is attached. Azuki in his artistic approach is a concrete example. If we get out of these clichés, even this week we are observing many artistic approaches similar to Azuki’s. The desire to capture digital art and use it as a means of expression exists.
Cool Cats claws in Web 3
We take e.g. Cool cats (already strengthened by a partnership with Puma), which continues to settle comfortably in the ecosystem. The creator of NFT cats signs a new partnership with an American artistic and sports agency CAA. A creative project with a bright future, this partnership confirms Cool Cat’s important place in the world of digital creation.
“The world we build is full of imagination and full of things to explore (…) It will be more of an experience, rather than just a JPEG”
Colin Egan, co-founder of the Cool Cats project
In Ukraine, NFTs as a duty to remember
In a different artistic approach, we will also this week remember the creation of the Ukrainian NFT collection: war museum.
NFT fulfills one of its functions, immortalized on the blockchain, digital art provides irreversible evidence of war marks. Thus, Ukraine’s Deputy Prime Minister and the country’s Minister of Digital Transformation Mykhailo Fedorov has created an NFT museum.
Memory Duty 3.0 is then compiled into an NFT collection titled Meta History: Museum of War. The funds raised will be used to support the Ukrainian army and civilians. Various artists participate in the collection, which follows a chronology of the war:
” Our war line includes all significant events of the war … All NFTs will be sold in chronological order. Their content will be hidden until NFT is sold. »
Official Twitter account for Meta History: Museum of War
NFTs as proof of an authentic story
Finally, we also noted this week the original NFT sale of a jail order for Nelson Mandela. We are not in the millions of dollars that NFT collections like Azuki or Bored Ape Yacht can raise, but the use of NFT to fight freedom is no longer an isolated fact.
The LiLiesleaf farm in Johannesburg, South Africa, used in 1961 to hide Nelson Mandela, which later became a museum, had to close its doors on September 1, 2021 due to financial problems. But several months later, the farm managed to rise from its ashes thanks to the sale of an NFT. The NFTs then funded an anti-apartheid historic site by selling an NFT attached to the arrest warrant issued against Nelson Mandela in 1962 for $ 130,000.
These various examples selected this week clearly show the growing importance of NFTs in the crypto ecosystem. That regulation itself begins to follow the direction of the wind, and in some countries we observe the organization of the rules around this active crypto as in Japan e.g. Proof of ownership, proof of authenticity, it’s for sure we’ll keep talking about the exciting news about NFTs in our next Meta-Weekly.
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