NFT Review 86 - Truth Labs vs. OpenSea / Blur
NFT Review 86 - Truth Labs vs. OpenSea / Blur
Ukraine president signs NFT, Mastercard launches NFT-gated program, Roblox introduce pseudo-NFTs, and more.
NFT Review is a weekly newsletter covering NFTs in the Web3 ecosystem on Polkadot’s side of the woods. The newsletter is put together by Bruno Škvorc and gbaci.
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Dear NFT enthusiast,
This week, we delve into the controversial story of an NFT creator gone ‘rogue’. Truth Labs, the creator of the infamous Goblintown NFT collection, took a stand for creator royalties amid an ongoing ‘battle’ between creators and marketplaces. However, their approach has been controversial, leading some to label it as anti-web3 behavior.
The story began when Truth Labs changed all the artwork in their Goblintown collection to animated GIFs of a middle finger holding up three additional middle fingers. The snarky message inscribed on the NFTs reads: "Fuck royalties. Fuck supporting building and creatives. Flipping is the heart of what makes Web3 special. Honor the flipper, fuck the community. Long live the slow rug." This sudden move shocked the NFT community, causing uproar and leading to accusations of "rug pulling."
To enforce their commitment to creator royalties, Truth Labs disabled trading of Goblintown NFTs on OpenSea and Blur, announcing plans to move to a new smart contract that fully enforces creator royalty payments on-chain. However, some have criticized their approach as anti-web3, as the NFTs were not originally stored on-chain, meaning that collectors were buying NFTs whose data was stored on centralized servers, rather than on the blockchain.
Read the rest of the this week’s news below for more updates and insights on the ever-evolving NFT landscape. Thank you for reading and have a great week.
— NFT Review
📬 NFT News from Kusama & Polkadot
Veil of Time (RPG built on RMRK) is now open to VoT NFT holders. ‘Free Play’ for non-holders will begin on April 21st.
RMRK announced that 3 of its EIPs have now become standards on Ethereum. These are:
ERC-5773 which allows for a single NFT to have multiple outputs, solving the age-old problem of cross-game skins among other things.
ERC-6059 which allows for an NFT to contain other NFTs (also known as Nesting).
ERC-6220 which allows for the creation of composable NFTs using equippable parts. This means that multiple NFTs can be combined into a single NFT.
Moonsama released a video recap of its activities in the past month.
🗞 NFT News from Ethereum and Beyond
Sotheby’s reboot Glitch digital art sale after addressing diversity concerns.
A player in Illivium: Beyond made $49,000 by finding and selling the most elusive character in the game yet.
Ukraine president signs first NFT in collection supporting military.
Bitcoin miners cash $5M on Ordinals.
Adidas releases first in series of dynamic NFTs.
OpenSea collector mistakenly buys free NFT for 100 ETH.
DappRadar claims that Asia’s current gaming domination is ‘crucial’ for Web3 games.
Mastercard launches NFT-gated musician accelerator program.
CoinGecko study reveals that utility and long-term profits top reasons for NFT purchases.
Bitcoin Ordinals community debates fix after inscription validation bug.
Phygital NFT store debuts in Dubai Mall.
Borrowing against NFTs is now a $1 billion industry—what’s next?
Reddit dropped thousands more NFTs on Polygon from over 100 artists.
Canon to launch Ethereum photo NFT marketplace Cadabra.
Roblox adds rare, resellable digital items—but they’re not NFTs.
New Trump NFTs sell out on day one.
DeFiLlama added a new dashboard for NFT collections.
LooksRare launched its V2 system.
OpenSea Pro is undergoing a boom in daily active users.
Sound is opening to all artists.
Pplpleasr collaborated with the Bruce Lee estate on an open edition drop.
Illuvium published its official roadmap.
PILLS, an onchain RPG worldbuilding project, got rekt but may be revived in a new form.
Decentraland Metaverse Fashion Week saw its attendance drop to 26k visitors this year, down from 108k in 2022.
OnCyber launched support for custom VRM avatars.
That’s all for this week, see you in the next edition! Got some links to share with us, artists to feature, NFTs to sell, jobs to promote, or events to popularize? Get in touch with Bruno or gbaci!