Friend. Tech is a recently launched decentralized social media platform that has attracted over 100k new users since its first introduction. After the nonfungible token (NFT) platform, OpenSea announced it would stop its on-chain royalty enforcement tool. After Bitcoin Ordinals NFT trading volume has dropped by 98% since May, Yuga Labs has decided to end its support for OpenSea.
"I GIVE IT SIX TO EIGHT WEEKS" - CRITICS WARN FRIEND. TECH HYPE WON'T LAST
Friend. Tech, a new decentralized social networking program, has quickly become one of the hottest new things in crypto, with more than 24k Ether (ETH) in trade volume and over 100k new subscribers since the introduction of its beta version on August 11.
Even though many prominent figures in the cryptocurrency industry have praised the app for getting thousands of people onto the chain and motivating sign-ups from even non-crypto statistics (such as the gaming YouTuber Faze Banks and the Russian protest organization Pussy Riot), others have cautioned that it runs the risk of completely vanishing into thin air. Even though others have warned that it runs the risk of completely disappearing into thin air.
OPENSEA NFT MARKETPLACE TO DISABLE ROYALTY ENFORCEMENT TOOL
The market for non-financial instruments OpenSea will no longer use Operator Filter, a tool to ensure that on-chain royalties are paid. With this technology, developers could put nonfungible token (NFT) markets on a blacklist if they didn't pay royalties. Devin Finzer, the founder and CEO of OpenSea, said in a statement on August 17 that the change will happen on August 31.
The Operator Filter functionality was launched in November 2022 as a "simple code snippet" that could limit NFT sales to just marketplaces that imposed creator fees. Yuga Labs terminated its support for the NFT marketplace in response to OpenSea's announcement. Following the news from the NFT marketplace, Yuga Labs stated that it would begin reducing OpenSea support for "all upgradable contracts and any new collections."
SOTHEBY'S AND YUGA LABS RESPOND TO BORED APE INVESTORS' LAWSUIT
Sotheby's is a defendant in the Bored Ape Yacht Club (BAYC) investors' class-action lawsuit against Yuga Labs, which formed the club. Auction firm helped Yuga Labs "deceptively promote" NFT collection, investors argued.
BAYC investors sued Yuga Labs, Post Malone, Justin Beiber, and Paris Hilton in a class-action lawsuit on December 10, 2022. Collective action brought the case. According to the complaint, Yuga Labs and celebrities "artificially increased" NFT prices through promotional activities.
DAPPRADAR REPORTS A 98% DROP IN BITCOIN ORDINALS NFT TRADING VOLUME SINCE MAY
DappRadar reports an "alarming plunge" in Bitcoin Ordinals NFT user activity and a 98% decline in trade volumes since May.
In a study on August 17, DappRadar highlighted its data revealing that the total Ordinals sales volume had dropped from peak levels of $452 million in May to about $3 million as of August 14. The study featured data from DappRadar extensively. Concurrently, the overall number of deals during that period plummeted by about 97 percent to 20,571.
RUG PULL OR TRAGEDY? INSIDE A "CHARITABLE" NFT PROJECT'S DEATH
NFT marketplace Orica promoted itself as an "ethical platform" when it opened for business in November 2021. Orica claimed to be beneficial to artists, collectors, and charity alike. During that period, the group was active in several noteworthy projects, including assisting victims of human trafficking, constructing a school in Uganda, and providing assistance to Ukraine.
But now, less than two years after the project started, its creators have disappeared, and the marketplace's user interface has been taken offline. The only things left are the project's charity efforts, which have been confirmed, and the claims by unhappy users that the developers planned and pulled a rug out from under them. Co-founder Danial Zey hasn't said anything for a year but just broke his silence with shocking news. He denies all of the claims and argues that the project was "hacked," but he also says that the project is still ongoing. Cointelegraph is looking into something.
Reviewed by cryptopotato
on
August 23, 2023
Rating:
No comments: