Sotheby’s 104 Crypto Punks and Impression Farming
Sotheby’s is a British-founded American multinational corporation with headquarters in New York City. It is one of the world’s largest brokers of fine and decorative art, jewellery, and collectibles. It has 80 locations in 40 countries, but maintains a significant presence in the UK.
Sotheby’s NFTs have become tough? The premier auction house had a busy week, but there were also some interesting events. Meanwhile, the Associated Press was chastised for its NFT sale, Open Sea is facing new challenges, and Rakuten launched its own NFT marketplace. It’s all part of the ever-expanding NFT market landscape.
SOTHEBY’S HAS A UNIQUE STORY
Early in February, Sotheby’s announced that 104 Crypto Punks would be available for purchase in a single lot.
The ad is described by the owner, Twitter user @0x650d, as “a opportunity to expose Crypto Punks on the same level as some of the most important and high-profile sales of Contemporary and Modern Art in history.”
We can only speculate on the rationale for the owner’s choice to remove the list, but the only probable explanation is simply the next level of impression farming.
For those who missed: Following the publication of Nutshell last week, it was revealed that Open Sea had been the target of a phishing attempt, enabling bad actors to take NFTs that were not their own. Following the attack, the attackers obtained over 1,000 ETH from Tornado Cash.
Mintable, an NFT website, was able to trace down three stolen NFTs and restore them to their original owners. These stolen NFTs came from Looks Rare, another NFT marketplace.
Furthermore, Open Sea’s legal department is occupied as the marketplace handles with its first-ever ‘hacked Ape’ case, which might establish precedent for how accountable NFT markets are for security. An exploit using inactive listings cost the Texas-based owner a $1 million or more Bored Ape, and the user has claimed that Open Sea is doing too little to recover their asset.
ASSOCIATED PRESS CANCELS NFT SALE
The Associated Press has toiled for decades to develop trust as a news source, yet this week, many journalists are doubting their journalistic ethics with the publishing of an insensitive NFT.
The Associated Press intended to broadcast a video of refugees drifting in the Mediterranean, prompting doubts about whether they were doing it to raise awareness about human suffering or merely to earn a profit.
It has since removed the NFT listing, deleted the tweet announcement, and issued a statement calling the NFT “a poor choice of imagery” and emphasizing that profits went to the non-profit newsroom. Of course, the NFT would not be auctioned off.
NFT MARKETPLACE LAUNCHED BY RAKUTEN
Is the end of NFT markets in sight? Many players, including Coinbase, the New York Stock Exchange, and others, are developing their own versions of NFT marketplaces in order to enter the already crowded market, which is unquestionably led by Open Sea. Rakuten, the Japanese e-commerce behemoth, intends to sell digital memorabilia centred on sports and entertainment.
BAPE NFTS REVIEWS ARE MIXED
Bape has recently made a comeback and is one of the most recent apparel brands to enter the NFT game. In the last week, the brand has been teasing its “(B) APETAVERSE” NFT series, and the reactions have been mixed at best.
We’ll see whether people ‘ape in’ on this release when it comes out later this year, but given the brand’s notoriety – and current businesses’ success based only on name recognition – don’t be shocked if these NFTs become popular.
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