NFT in a Nutshell: A Weekly Review

NFT in a Nutshell: A Weekly Review

Your favorite kids’ shows are being reincarnated as NFTs, there’s a hot debate over royalty-free NFTs, and OpenSea is making policy changes once again. While NFT volumes have slowed and stuttered, there is still plenty of activity and action to check out. That’s why we deliver a bite-sized roundup every weekend, keeping you up to date on all things NFT from the past week.

Let’s dive into these stories, and more, from the last seven days of NFT action.

Non-Fungible Token News This Week

Do zero-royalty NFTs have a future?

in the last week Nutshell, we highlight the community discussion on CC0 and licensing/rights for NFT holders. This week, the talk shifted to royalties, as many top members of the community shared their thoughts on royalty-free NFTs, which appear to be gaining momentum.

The Power Rangers NFT are next for Hasbro and Funko

Funko Pop’s digital NFT series, ‘Digital Pop!’, has drawn mixed reviews from hardcore Funko fans, but it hasn’t dampened the company’s persistence in playing in the NFT space. Look no further than the firm’s latest upcoming release, in partnership with toy company Hasbro (which has also been aggressive in the space). On August 23, the brands will launch “Power Rangers” NFTs, with a total of 22,500 packs (or 450,000 NFTs total) available to fans.

OpenSea adjusts stolen NFT policy

It seems like every week we feature a small portion of OpenSea’s policy tweaks on the Nutshell. We’re back this week, as the leading NFT marketplace made an announcement early last week that it would be implementing a crime and stolen item reporting policy to comply with US law.

However, this had some unintended effects for users who unknowingly purchased stolen NFTs. The highlight here is that robbery victims will be required to file a police report within the first week of the robbery to prevent stolen items from circulating on the platform. Otherwise, NFTs would be freely traded.

Solana (SOL) is the blockchain of choice for 'Single,' the audio and video NFT platform that is teaming up with Shopify. | Source: SOL-USD on TradingView.com

Music NFTs Still on the Table as Shopify Partners With Blockchain Music Firm ‘Single’

Not only is Shopify one of the biggest eCommerce enablers in the game today, but it’s also becoming more and more NFT-friendly (and of course, increasingly crypto-friendly as well). We have seen the integration of Bitcoin Lightning, and last year the company made a spectacular announcement about its intentions to develop commercial support for NFTs.

Last year, and looking ahead to early 2022, there were high expectations about the future potential of music NFTs. Many saw them as the next category to burst onto the scene, as speculators tossed out ideas as to what the next GameFi could be. 2022 has shown subdued results as the market has cooled off, to say the least. In addition to other major mishaps, such as Audius, one of the leading names in audio NFTs, was hacked for approximately $6 million worth of ETH in recent weeks.

However, not all hope is lost. Shopify moved last week to directly serve creators, partnering with Solana-based ‘Single’ to offer solutions for creatives in music and video. The sole CEO and founder, Tommy Stalknecht, stated:

“It shouldn’t be harder for anyone to collect digital than physical goods, so we want to make sure people can purchase NFTs just as easily, creating instant value for fans.”

New EU law classifies NFTs alongside cryptocurrencies

NFTs that are part of a collection fit the bill with broader cryptography, in accordance with new EU legislation under the EU Markets in Crypto Act, or MiCA. This is according to a panel at Korea Blockchain Week by EU adviser Peter Kerstens. Kerstens’ sentiment follows earlier anticipation that NFTs in most, if not all, forms would be excluded from MiCA legislation. Furthermore, with the inclusion of MiCA, this would require issuers of NFT collections to likely issue a white paper along with their collection, and would limit outlandish claims or unreasonable promises to potential buyers. While this might be stricter regulation than many would prefer, it could also lead to a more favorable outcome for the consumer, ideally reducing scams and fraudulent schemes.

MiCA has been approximately two years in the making and has been amended as legislators discuss the possible implications.

Featured image from Pexels, Charts from TradingView.com
NFT 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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