OpenSea imitations and rip-offs
Plagiarism and getting ripped off is rife on OpenSea. The platform, where anyone can mint NFTs free of charge, does not yet have a solution to this problem. Operating in a web3 space, the company wants to adhere to the decentralised narrative, which means centralised content moderation isn’t the right way to tackle fraudulent practices in the space. It has previously banned certain Bored Ape copycats, a level of censorship that was received poorly by the liberal crypto enthusiasts.
NFT prices are not largely influenced by crypto
The NFT space is “relatively independent” from the crypto market according to Coin Metrics. While NFT trading volume can suffer due to extreme price swings in Ethereum (ETH), there isn’t a consistent correlation between NFT prices on OpenSea and crypto prices. While the crypto market has been down recently, the value of Bored Ape Yacht Club NFTs has been increasing, however other NFT projects have not been as fortunate.
Did Justin really pay that much for a Bored Ape NFT?
There is much speculation as to whether celebrity NFT owners bought the digital artwork they’re endorsing or if it was airdropped into their crypto wallets. Justin Bieber paid 500 ETH for his Bored Ape Yacht Club NFT, well above its selling price of 100 ETH. The Verge followed the murky trail of transactions behind Bieber’s Bored Ape but cannot confirm whether he paid for it, nor has Justin ever claimed he bought it. Celebrity endorsement is causing the NFT market to explode but should investors trust that stars are putting real money behind their digital artwork purchases?
UN-approved NFT standards coming soon
Tencent, a Chinese entertainment conglomerate, has been approved by the United Nations to carry out a project exploring the creation of a technical framework for NFTs. These international standards will be a world-first for the NFT market and the initial draft is expected to be completed by the end of 2022. Tencent released a statement saying the project could “help drive a consensus and common understanding around the world on the formation of a technical framework for digital collection services.”
UN approves NFT standards initiative led by Tencent, Coin Telegraph