NFT Market Review

Another week has passed and there is no chaos in the market for non-working tokens (NFTs). Disney is hiring more NFT team members, Warner Music Group has partnered with a local NFT platform and the NFT community is the most angry at Buzzfeed. These are some of the major news in the NFT sector during the past week. We took a look at the notable developments of Cryptocoin.com over the past week.

Disney lists new NFT jobs
Disney is no stranger to NFTs and continues to spread old IP through NFTs to the digital world. Fun Beast formally entered into a relationship with NFT platform VV in October last year, and they are not bracing for their new job listing this week.

FTX Collaborates with Coachella and Lifetime Festivals
One of the most celebrated events of the summer every year, Coachella is stamped every year as a “must hit” for great artists. This year, Coachella collaborated with FTX to offer new NFTs in Solana. The NFTs will display digital posters and the proceeds will be shared between multiple charities and related creatives.

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OneOff Signs ties up with Warner Music Group
Non-fungal token music platform OneOff got off to a great start last year by recruiting major music artists including John Legend, Whitney Houston, and more. The Quincy Jones-backed platform is less than a year away from launch, and it could mark another major milestone by signing a deal with Warner Music Group this week. This is another major project on Tezo’s Blockchian, and although the exact scope of the partnership is still unclear, you shouldn’t be surprised to see WMG artists on the OneOf platform as the relationship between the two partners grows.

Latest NFT dramas: Hitpiece, WWF and more
This week also saw a lot of drama in the non-fungible token sector. Here are some of them:

Kanye West’s “No Thank You”: Kanye has made headlines in recent months for a variety of reasons, with this week’s latest take on NFT’s sharper perspective of yes. After asking fans to do NFTs, he said, “My focus is on building real products in the real world”, but didn’t rule out that it could happen in the future.

HitPiece: A man from Utah started an NFT website called HitPiece and started hosting music from artists big and small, sparking outrage on social media. The website is currently offline at the request of the Recording Industry Association of America (RIAA).

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WWF NFT’lery: The World Wildlife Fund (WWF) launched NFTs on Polygon, one of the more eco-friendly blockchains in the NFT space, but it was not well received. It seems that there is still a long way to go in solving the environmental issues in crypto.

Buzzfeed explodes: The NFT community showed great interest in traditional medium BuzzFeed this week after the news platform duped the founders of Bored Ape Yacht Club in an investigative report.

Cameo’s latest NFT project: Cameo Pass
Cameo has carved a niche in giving consumers a new way to connect with talent, and this week the platform makes its first foray into Web 3 with a new NFT project, Cameo Pass. The Cameo Pass will launch with Mintage on OpenSee in less than two weeks and will provide access to questions and answers for special events and celebrities.

Examples of use of the StockX, Nike and NFT brands
Nike filed a lawsuit this week in the Southern District of New York, claiming their Vault program uses the Nike trademark without approval. The complaint states: “Nike does not approve or authorize StockX’s Nike-branded Vault NFTs.” These disapproved products may mislead consumers, create a false connection between these products and Nike, and mislead Nike’s well-known brands. There is a possibility of diluting.”

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We’ve been seeing an ongoing battle with fashion house Hermes and NXT designer and “MetaBirkins” creator Mason Rothschild in recent weeks. The fashion brand previously ended Rothschild’s popular NFT series, where they publicly declined an invitation to Rothschild to cut ties with the project. In the latest developments, Hermes decided to sue Rothschild. This case is considered a case that could set a precedent for the use of NFT IPs for many years to come.

NFTs will control the market in 2022, according to Mike Novogratz
Billionaire crypto advocate and Galaxy Digital CEO and founder Mike Novogratz is optimistic about NFTs going forward this year. In November, Galaxy Digital acquired Cryptopunk.

WARNING: Articles and articles on cryptocoins do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Cryptokoin.com an investment.

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