#NFT

OpenSea Head of Product Receives Prison SentenceNate Chastain has been sentenced to three months in prison for engaging in insider trades that amounted to $50,000. Chastain, aged 33, was found guilty of fraud and money laundering in a federal court in New York in May. This case marked the conclusion of what prosecutors deemed the first significant NFT insider trading case. Chastain profited by purchasing and selling at least 45 NFTs he was aware would be featured on OpenSea’s homepage. U.S. Attorney stated, “Today’s sentence should serve as a warning to other corporate insiders that insider trading – in any marketplace – will not be tolerated.”

Beginning on August 31, the popular NFT marketplace OpenSea will not charge royalties for NFT secondary transactions, signaling a change in artist earning policy. Previously, creators were able to set a commission of 2.5% to 10% and earn from every resale. However, with the new update, the creator fee is left up to the discretion of the buyer. For collections on non-Ethereum blockchains, the creator fee will only remain mandatory until February 29, 2024. After this date, the entire platform will make royalties optional.

DappRadar's recent report reveals a staggering 98% drop in Bitcoin Ordinals NFT trading volume since May, plummeting from $452 million to just $3 million. Transaction numbers also fell by approximately 97% to 20,571 during this period. While DappRadar acknowledges the decline, they emphasize the need for more time to discern if this is a short-term hiccup or a deeper issue with Bitcoin-based NFTs.

Salvator Mundi, attributed to Leonardo da Vinci and famously sold for $450.3 million at Christie’s New York, is set to be transformed into a NFT. The digital tokenization of this controversial artwork, depicting Christ with a crystal orb, will be carried out by ElmonX, a digital assets platform, in collaboration with Bridgeman Images, an international image licensing company. The terms of the NFT sale are scheduled to be revealed on August 12. This initiative follows the successful NFTization of renowned artworks such as Mona Lisa, Van Gogh’s Starry Night, , Auguste Rodin’s The Thinker, and Claude Monet’s Nymphéas, each created in partnership between the two entities. A total of 330 editions of the Mona Lisa were sold for £150.00 each.

Xterio, the gaming Web3 platform, has revealed its decision to create an independent ecosystem following OpenSea's refusal to charge author royalties on NFT resales. This new initiative will support content creators through the launch of an NFT marketplace, exclusive tokens, a rewarding mechanism, and diverse affiliate programs. Xterio's officials have said that the launch of this marketplace is imminent, expected within the following weeks.

In October 2022, a user purchased NFT BAYC #8585 for 777 ETH but recently sold it for 153 ETH, experiencing a loss of over 80% of the original value. This NFT is considered very unique due to the rare fur and gold crown features. The new owner, on the other hand, boasts of his new acquisition, though he already has a wide variety of NFTs in fifteen different collections.

The Masterpiece collection of 8 NFTs presents a fusion of renowned artworks and creations by emerging artists, all integrated with the iconic Coca-Cola bottle. Timeless masterpieces such as “The Scream” by Edvard Munch, “Girl with a Pearl Earring” by Johannes Vermeer and “Bedroom in Arles” by Van Gogh harmonize with contemporary works by promising talents. Mint value: 0.011 - 0.014 ETH