Authenticity certificate – This meta week on Web 3 has been a colorful week for the NFT. Non Fungible Tokens, non-fungible tokens in French, are codes associated with images or physical objects, registered on the blockchain. Evidence of authenticity, symbols of unique and virtual ownership, NFTs are on the rise and their ecosystem is comfortably developing despite some misadventures. An industry that attracts both hackers and kindhearted souls, ranging from laughter to tears, from wealth to poverty to the rhythm of the ecosystem, magnifies the world of NFTs this week.
Hacks: the nuisance of NFT platforms
Web 3 against hackers
In February, the Opensea platform stood out with a bloody $ 1.7 million hack. Recovered via a phishing operation, the thief stole several NFT equivalent to 500 ET.
During the month of March, the NFT VeVe platform, which owns the Disney license, suffered a major hack. The defect? A fraudulent acquisition of gems (tokens integrated into the platform) using a bug in the operating system. Thus the functionality of the gems was suspended. Prices of NFT VeVe fell by 80%. The number of stolen gems was not disclosed. This bug was reported by a user.
VeVe isn’t the only one who got into trouble. DeFinance Capital was also robbed. Once again it is the NFT community that has seen itself intervene and help.
Indeed, Arthur Ox, the founder of the DeFinance Capital investment fund, had his NFTs stolen from his Portfolio. Direct attack, he immediately mobilized the NFT community to help him in his battle. He replied presently as some prominent members took advantage of the hacker’s impatience (who quickly listed some NFTs) to purchase them and return them to their owner.
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Web 3 in the face of human error
The Axie Infinity hack on March 29 this week is also memorable. Historic crypto break, the pirate’s jackpot exceeds 173,600 ETH and $ 25 million. Opportunistic, the bold took advantage of a validator default on the ETH / USDC pool to steal it. The exploited violation is at the origin of a simple human error: the non-cancellation of the authorization list of a validator that no longer existed.
The first NFT blockchain game to earn games, this attack came at an important time in the development of its ecosystem. Sky Mavis was about to release its new version: Axie Infinity Origin. With a new version that will be accessible for free, the appointment is still set for April 7, 2022. The game loses more than $ 600 millionbut it does not admit defeat and continues to develop.
We also remember the mistake of this man who was not hacked but who for a simple conversion mistake sold a NFT Bored Ape for a few dollars.
The owner of a Bored Ape Yatch, a collection of NFT monkeys that trade for dozens of ethers, has sold two of his boring monkeys. The first was sold off for 115 DAI, that is 99.9% less than the base price while the second was sold for 25 DAI, or about 25 dollars, while its base price was 22.6 ET this is $ 76,000.
NFTs make some people unhappy and others happy
Mt Gox: an annoying airdrop
It is with a bit of sarcasm that we approach the case of Mt Gox here. Indeed, the MtGox platform was hacked in February 2014 and emptied 850,000 Bitcoins. Since then, it has wanted to give back millions of dollars to its users. Closed platform, former customers are not ready to review their due. Instead, to wait, they have to settle for an NFT. Issued on the Polygon network, as many NFTs as there are unhappy users will be offered between 2010 and 2014, namely: 1,066,097 NFT.
New record: an Azuki NFT sold for 1.4 million dollars
This week proved once again that the NFT market is booming. Fashions follow one another and are not the same. While some mistakenly sell boring monkeys for a few peanuts, others sell NFTs for thousands of dollars.
This is the case of NFT Azuki # 9605 for which it was sold $ 1.4 million (420.7 ETH). Beyond the fact that this proves that some NFT collections are still sold at high prices, this NFT Azuki sale demonstrates the place and importance of the digital artwork market. The original NFT collection, Chiru Labs, a Los Angeles-based start-up, launches these Japanese NFTs in January 2022. 10,000 animated avatars make up the collection.
Owning an Azuki gives access to the Garden and it is this concept that brings together millions of people around these NFTs.
“The garden (Le Jardin) is a corner of the internet where art, community and culture come together to create magic. The boundaries between the physical and the digital world are blurring and the rules are being rewritten “.
Extract from the project presentation – Source: Official site of the project
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NFT for the sake of art
NFTs are not just a medium, a crude and mundane digital format with a cryptocurrency selling price attached to it. Azuki in his artistic approach is a concrete example. If we get out of these clichés, we also observe this week many artistic approaches similar to that of Azuki. The desire to capture digital art and use it as a medium of expression exists.
Cool Cats fits into the Web 3
Let’s take for example Fantastic cats (already strengthened by a partnership with Puma) which continues to settle comfortably in the ecosystem. The creator of the NFT cats signs a new partnership with an American arts and sports agency CAA. A creative project with a bright future, this partnership confirms Cool Cat’s important place in the world of digital creation.
“The world we are building is full of imagination and full of things to explore (…) It will be more of an experience, rather than just a JPEG”
Colin Egan, co-founder of the Cool Cats project
In Ukraine, NFTs as a duty of remembrance
With a different artistic approach, we will also remember this week the creation of the Ukrainian NFT collection: war museum.
The NFT performs one of its functions, immortalized on the blockchain, digital art gives irreversible proof of the signs of war. Thus the Deputy Prime Minister of Ukraine and the Minister of Digital Transformation of the country Mykhailo Fedorov created an NFT museum.
Memory Duty 3.0 is then collected into an NFT collection titled “Meta History: War Museum”. The funds raised will be used to support the Ukrainian army and civilians. Several artists participate in the collection, which follows a chronology of the war:
” Our war line includes every substantial event of the war … All NFTs will be sold in chronological order. Their content will be hidden until the NFT is sold. “
Official Twitter account of Meta History: Museum of War
NFT as proof of an authentic story
Finally this week we also noticed the original sale by the NFT of an arrest warrant for Nelson Mandela. We are not in the millions of dollars that NFT collections like Azuki or Bored Ape Yacht can raise, however the use of NFT to fight freedom is no longer an isolated fact.
LiLiesleaf Farm in Johannesburg, South Africa, used in 1961 to hide Nelson Mandela, which later became a museum, had to close its doors on September 1, 2021 due to financial problems. However, several months later, the farm was able to rise from its ashes thanks to the sale of an NFT. The NFTs then funded an anti-apartheid historic site by selling an NFT linked to the arrest warrant issued against Nelson Mandela in 1962 for $ 130,000.
These several examples selected this week clearly show the growing importance of NFTs in the crypto ecosystem. The regulation begins to follow the direction of the wind and in some countries we observe the organization of regulations around this active cryptocurrency as in Japan For instance. Proof of ownership, proof of authenticity, it is certain that we will continue to talk about the exciting news of NFTs in our next Meta-Week.
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