NFTs in a Nutshell: A Weekly Review

As we approach the midpoint of the year, it is possible to project an interesting 6-month growth for NFTs. However, this week? Pure goblin mod.

This new Ethereum project has dominated the conversation (well, relatively speaking) in an otherwise quiet week for all things NFT. Meanwhile, there are many phishing issues, Solana is a star player in a middling market and this ‘conference word’. Let’s recap all these actions from the past week and more.

This Week’s Non-Tradable Token News

NFTs Enter ‘Goblin Mode’

What started as an online meme has grown into the hottest NFT collection of the week. Goblintown.wtf launched with no roadmap, no grand plan, no official channels beyond a Twitter account, and many mysteries. She started the week under 0.5ETH and uniquely embraced full meme status. Twitter accounts have posts in small, goblin-like letters, Twitter Spaces is just a group of people making goblin sounds and their community is here for every second. At the time of publishing, goblins are running a great ~2.7ETH with a project volume of over 10ETH so far. Don’t hate the goblin, hate the game.

While Solana NFTs Remain Strong, STEPN Takes a Hit

Solana is holding up surprisingly well, backed by various hot projects like Okay Bears and STEPN in the past week. But the latter has taken a hit in recent days, following a ban for app users in mainland China.

STEPN in particular has been a hot topic of conversation last week, with the platform said to be approaching 1 million active daily users – an unconfirmed number, but a staggering number if confirmed. STEPN encourages active movement and seeks to reward users with daily gains based on exercise with NFT sneakers. The project launched in December and its long-term sustainability will prove to be arguably the biggest headwind.

$1.4 Million Scroll

29 MoonBirds NFTs were seized this week from an unsuspecting owner and snatched by an increasingly common phishing scheme that only takes a wallet signature to quickly arrange the owner’s entire stake. NFTs have been flagged for suspicious activity on OpenSea.

Related Reading | Dogecoin Climbs After Elon Musk Tweets SpaceX Will Adopt Meme Coin

Solana NFTs were booming this week, but 'walk to earn' platform STEPN took a hit. | Source: STEPN-USD on TradingView.com

A Legal Look: Seth Green, Hermes, and More

At very different stages of the (potential) legal battles, two interesting stories about NFTs that emerged this week made headlines. The first story is definitely the turmoil surrounding actor, producer, writer, and director Seth Green, who is in an earlier stage of development, and Bored Ape, who has seemingly left the content hostage.

Green’s Monkey, #8398, was stolen in a phishing attack that couldn’t have been timed any worse for Green, who is on the verge of putting the Monkey front and center in a new animated series. It leaves the NFT community wondering where intellectual property rights begin and end, and what move Green can make to regain his Monkey – or whether the show can be shelved entirely.

Meanwhile, far beyond the ‘controversy’ spectrum is the ongoing story of fashion house Hermes and its battle against Mason Rothschild, who launched the NFT collection ‘MetaBirkins’ last year. The dispute is currently in federal court, and although Rothschild’s collection has been determined to be a form of First Amendment-compliant artistic expression, the court has yet to decide whether the name of the project has a “convincing enough” evidence. probability of confusion between the product of the fashion company and the name of the project.

From VeeCon and to NFT.NYC

VeeCon ended last weekend in Minneapolis, the first ever NFT ticketed event, and the event and networking buzz probably hasn’t gotten old as we’re less than 30 days away from NFT.NYC.

On-site featured talent like Snoop Dogg, brands like Boardroom and DraftKings, and of course exclusive NFT VeeFriends discounts and more. NFT.NYC is expected to grow once again after the largest attendance in the short life of last year’s conference, and an Ethereum-dominated audience is expected to continue.

GameStop Launches Beta Wallet, Supports NFTs

It’s been a long time for NFTs and GameStop, whose names have been tied to crypto for some time. This week, GameStop released a beta version of Ethereum-based NFT wallets with Immutable X’s layer 2 support. An NFT marketplace that has been discussed for nearly a year is “almost here,” according to its web page, and could be the gaming company’s next offering for the NFT community.

Related Reading | What Do We Know About India’s CBDC and Its Stepwise Approach?

Featured image from Pexels, Charts from TradingView.com
NFTs in a nutshell.
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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