Certificate of authenticity – This meta-week in Web 3 has been a colorful week for the NFT. The Non Fungible Token, non-fungible token in French, are codes associated with images or physical objects, registered on the blockchain. Proofs of authenticity, symbols of unique and virtual property, NFTs are on the rise and their ecosystem is developing comfortably despite a few misadventures. A sector that attracts both hackers and kind-hearted souls, which goes from laughter to tears, from wealth to poverty at the rhythm of the ecosystem, zoom in on the world of NFTs this week.
Hacks: the pet peeve of NFT platforms
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 equivalent to 500ETH.
During the month of March, the NFT VeVe platform, which owns the Disney license, suffered a major hack. The flaw? A fraudulent acquisition of gems (tokens integrated into the platform) using a bug in the operating system. Thus the functionality of the gems has been suspended. NFT VeVe prices have fallen by 80%. The number of gems stolen has not been communicated. This bug was reported by a user.
VeVe is not the only one who found himself in trouble. DeFinance Capital also got robbed. Once again it is the NFT community who saw themselves intervene and help.
Indeed, Arthur Ox, the founder of the investment fund DeFinance Capital, had his NFTs stolen from his Wallet. Direct attack, he immediately mobilized the NFT community to help him in his battle. She responded present since some important members took advantage of the impatience of the hacker (who immediately listed some NFTs) to buy them and return them to their owner.
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Web 3 facing human error
Also memorable is the Axie Infinity hack on March 29 this week. Historical crypto heist, hacker’s jackpot is over 173,600 ETH and $25 million. Opportunistic, the audacious took advantage of a validator default on the ETH/USDC pool to siphon it off. The exploited breach is at the origin of a simple human error: the non-deletion of the authorization list of a validator who no longer existed.
First NFT blockchain play to earn games, this attack took place at an important time for the development of its ecosystem. Sky Mavis was about to release her new version: Axie Infinity Origin. With a new version that will be accessible for free, the appointment is still made for April 7, 2022. The game loses more than $600 millionbut does not admit defeat and continues to develop.
We also remember the error of this man who was not hacked but who, for a simple conversion error, sold a NFT Bored Ape for a few bucks.
The owner of a Bored Ape Yatch, a collection of NFT monkeys that trade for dozens of ethers, has sold two of his boring monkeys. The first was sold off for 115 DAI, i.e. 99.9% less than its floor price while the second was sold for 25 DAI, i.e. around 25 dollars, while its floor price was 22.6ETH that 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 case of Mt Gox here. Indeed, the MtGox platform hacked in February 2014 and emptied of 850,000 Bitcoin. Since then, it wants to return millions of dollars to its users. Closed platform, former customers are not ready to review their due. Instead, to wait, they have to settle for an NFT. Issued on the Polygon network, there will be as many NFTs offered as unhappy users between 2010 and 2014, i.e.: 1,066,097 NFTs.
New record: an NFT Azuki sold for 1.4 million dollars
This week again proved that the NFT market is booming. The fashions follow each other and are not alike. While some mistakenly sell boring monkeys for a few peanuts others sell NFTs for thousands of dollars.
This is the case of NFT Azuki #9605 which was sold for $1.4million (420.7 ETH). Beyond the fact that this proves that some NFT collections are still selling at high prices, this sale of NFT Azuki proves the place and importance of the market for digital works of art. 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.
Possession of an Azuki gives access to the Garden and it is this very 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 blurring and the rules are being rewritten.”
Extract from the presentation of the project – Source: Official website of the project
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NFTs for the love of Art
NFTs are not just a means, an unworked 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 we even observe this week many artistic approaches similar to that of Azuki. The desire to capture digital art and use it as a means of expression does exist.
Cool Cats claws into Web 3
We take for example Cool Cats (already strengthened by a partnership with Puma) which continues to settle comfortably in the ecosystem. The creator of the NFT cats signs a new partnership with an American artistic and sports agency CAA. A creative project with a bright future, this partnership confirms the important place of Cool Cat in the world of digital creation.
“The world we are building 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 of memory
In a different artistic approach, we will also remember this week the creation of the Ukrainian NFT collection: war museum.
The NFT fulfills one of its functions, immortalized on the blockchain, digital art gives irreversible evidence of the marks of war. Thus the Deputy Prime Minister of Ukraine and the Minister of Digital Transformation of the country Mykhailo Fedorov have created an NFT museum.
Memory Duty 3.0 is then collected in an NFT collection titled “Meta History: Museum of War”. The funds raised will be used to support the Ukrainian army and civilians. Different artists participate in the collection, which follows a chronology of the war:
” Our warline includes every substantial event of the war… All NFTs will be sold in chronological order. Their contents will be hidden until the NFT is sold. »
Official Twitter account of Meta History: Museum of War
NFTs as evidence of an authentic story
Finally this week also we noticed the original NFT sale of a warrant for the arrest of Nelson Mandela. We are not in the millions of dollars that NFT collections such as Azuki or the Bored Ape Yacht can raise, however 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 after financial problems. However, several months later, the farm managed to rise from its ashes thanks to the sale of an NFT. The NFTs then financed an anti-apartheid historical site by selling an NFT linked to the arrest warrant issued against Nelson Mandela in 1962 for $130,000.
These different examples selected this week clearly show the growing importance of NFTs in the crypto ecosystem. The regulation itself begins to follow the direction of the wind and in some countries we observe the organization of regulations around this active crypto as in Japan for example. Proof of ownership, proof of authenticity, it is certain that we will continue to talk about the exciting news of NFTs in our next Meta-Weekly.
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Meta-Hebdo: NFTs in all their states
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