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Nifty News: Yuga in Doghouse over Kennel Club logo, NFT Marketplace Wars Rage on and more

Once a follow-along children’s artwork artist copied the Yuga Labs NFT collection logo, it was modified. Yuga Labs’ Bored Ape Kennel Club (BAKC) logo is being updated after charges of intellectual property theft. On Feb. 18, Yuga co-founder Greg Solano, better known as “Garga,” tweeted that BAKC would “debut the new logo shortly.”

Yuga has been criticized for its trademarked logo, which resembles Easy Drawing Guides’ children’s follow-along drawing instruction.Easy Drawing Guides released a wolf skull drawing guide on April 5, 2021, two months before BAKC launched on June 17. The company claims ownership of the drawing.

Solano claimed Yuga was “still researching the problem” and had contacted Easy Drawing Guides and the design freelancer.NFT sales have soared over the past week as OpenSea and Blur fight over fees and creator royalties.CryptoSlam, an NFT aggregator, reports that NFT sales volume has surged over 101% in the past week to $524 million.

Seven-day data reveals fewer NFTs selling at higher prices. Blur’s February 14 token airdrop encouraged platform users to farm the drop.Since January, Blur has dominated OpenSea in trade volume. Blur had approximately $400 million in volume last week, compared to OpenSea’s $105 million.

OpenSea is making a comeback with a zero platform cost, optional creator royalties, and more liberal marketplace blocks.”Franklin,” a pseudonymous NFT collector, unintentionally bid over 21 times the floor price on a collection.Franklin admitted to buying an NFT from the Azuki project’s BEANZ collection for 35 ETH, or $60,000, despite the floor price being 1.7 ETH, or $2,800, on February 19.

He “made a fat-finger collection offer” on the BEANZ collection but wanted to enter a “far lesser bid with a quantity of 35.”“I bid 35 ETH per buy […] Accepted before I could cancel. Oops. I’m fine.” Franklin tweeted.Franklin sold Bean #10626 two hours after the mistake for 1.77 WETH, a loss of roughly $56,000.

Starbucks’ free NFT collection is currently selling for thousands of dollars two months after minting.In December 2022, Starbucks debuted the Odyssey Polygon NFT rewards program in closed beta. Christmas Cheer Edition 1 Stamp, the first of four “drops,” has sold 5,000 stamps for $148,000.

Despite limited trade volume, the collection owners sell NFTs on Nifty Gateway for roughly $2,000.The collection sells $117,000, 80% of the total.

Collectors may value the NFT more as the initial drop. Starbucks’ NFT benefits include unique merchandise, events, and possibly a vacation to a Costa Rican coffee estate.Another 5,000-strong decline has a $100 floor price, while a 30,000-strong drop is $59.

The eBay NFT marketplace KnownOrigin is providing no-code creator smart contracts so artists may divide earnings and earn royalties as co-creators on collections. A beta release with 84 contracts deployed and 250 NFT editions has been tested for weeks.

The new YouTube CEO, Web3-friendly Neal Mohan, proposed tokenizing videos, images, art, and experiences to generate additional cash for producers.

 

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