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    NFT Weekly Updates

    By Wasim Omar

    Nov 11,2022

    9:54 PM UTC

    Along with cryptocurrencies, the NFT markets are also feeling the forceful shocks coming from the FTX deal going sour with Binance. FTX’s own NFT and gaming projects have been plummeting hard owing to liquidity strains, raising concerns about the sustainability of these projects. The contagion, however, is evidently making it to other prominent NFTs, as a result of Solana tanking. As a result, there is a prevailing sense of fear and uncertainty towards the NFT market in general.

    In a major milestone update, the top NFT market platform, OpenSea, has made the decision to enforce creator royalty fees, effective immediately. The move comes after it faced severe pressure from NFT market participants on its platform, including top creators such as Yuga Labs. This onslaught of backlash had come when OpenSea shared its intentions of planning to make these royalties optional, which understandably saw resistance from both creators and collectors alike.

    The British government, earlier this week, officially launched an investigation into the various risks that are inherent to NFT markets. The move is stated to be a precursor to the development of an enhanced regulatory framework that could be implemented within the UK, whilst protecting the financial interests of its citizens. Since the area of focus is NFTs, rather than blockchain and cryptocurrencies in general, the initiative is being led by the country’s department overseeing media, culture, and sport.

    NFTs to Watch

    Moonbirds NFT

    Moonbird NFTs are the talk of the town, given their rising popularity, and their function as utility-enabled profile pictures. The collection features 10,000 owl-themed characters that are diverse, and highly distinct from one another. Their attraction comes from their unique pool of rare power traits.

    Holding a Moonbird NFT gives the user exclusive access to the project’s private club and Discord platforms. Holding or ‘nesting’ these birds would allow further benefits to accrue over time, allowing the characters to upgrade, and become more valuable. Nesting over time also facilitates enhanced drops and ecosystem-specific rewards.

    Chromie Squiggle NFT

    The Chromie Squiggle NFT collection is one that targets digital art enthusiasts in particular. It features exciting art forms that are contemporary as well as generative, resulting in dynamically appealing pieces. Through the use of blockchain technology, these unique art experiences are substantially enhanced, under the Art Blocks project umbrella.

    Squiggles in particular are the brainchild of Erick Calderon and are cursive lines or ‘squiggles’ which function as scripts for a smart contract. They are thus personal signatures of the creator which manifest the core of Art Blocks

     

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