WEEKLY NFT MARKET WRAP – 16 AUGUST 2022
NFT MARKET UPDATE
Changes, changes, and never-ending changes. This week ended with a lot to ponder on. From regulations to varying community opinions, the NFT industry is a hot hot topic. Let’s check out what happened in the last few days:
EU WILL REGULATE NFT COLLECTIONS TOO
The historically-lawless world of NFT continues to see changes as the European Union (EU) Advisor Peter Kerstens remarked that NFT collections should receive the same treatment as cryptocurrencies during a panel at Korea Blockchain Week on August 2.
According to a press release, the EU’s stance aims to “protect investors and preserve financial stability, while allowing innovation and fostering the attractiveness of the crypto-asset sector.” The law is expected to be implemented within one to three months. EU citizens looking to release their NFT collections afterward shall obtain express authorization from the EU before releasing their products to the public.
VITALIK BUTERIN WANTS NFT OWNERSHIP CONCEALED
Ethereum Co-Founder Vitalik Buterin tweeted his take on stealth addresses on Monday. The ETH inventor claimed that it is a way to bring a “significant amount of privacy” to the NFT ecosystem. With the feature, users can mint, transfer, and burn NFTs without anyone else knowing.
Buterin argued that implementing stealth addresses will not just serve as a security measure but will also protect the users’ general security online. This didn’t sit well with the crypto community. Some crypto proponents argued that the feature can favor bad actors in the community and defeat the purpose of transparency.
OPENSEA UPDATES STOLEN ITEM POLICY
In response to last week’s lawsuit filed by attorney and strategic advisor Jesse Halfon, OpenSea published a series of tweets clarifying its stance on what seems to be a really bad stolen item policy. As a refresher, users have long complained about the policy where OpenSea prevents the sale of stolen NFTs on their platform, leaving innocent holders of flagged NFTs helpless.
In the tweet, OpenSea defended its failure to help the community, then updated its policy to incorporate additional measures in curbing malicious activities. The marketplace will now provide police reports service to help confirm whether an NFT is stolen or not. The platform will also make it easier for holders of flagged NFT to re-enable buying and selling.
OWNING CRYPTOPUNKS IS NOW WITHIN REACH
Let’s move on to the good news. CryptoPunks are known to be one of the most expensive NFTs out there. In June, Unique Network obtained CryptoPunk #3042 for 46.95ETH($82k). Its initiative, ‘Punks for the People,’ makes owning CryptoPunks more accessible to average collectors after the announcement of fractionalizing ownership. This means a CryptoPunk will be split into parts, and the ownership will be shared by more than 56,000 addresses.
LAMBORGHINI CONTINUES IN THE NFT WORLD WITH “THE EPIC ROAD TRIP”
For Lamborghini’s third NFT project, the Italian sports car manufacturer teamed up with NFT PROTM and INVNT.ATOMTM to deliver ‘The Epic Road Trip’. From the Moon to iconic locations across the globe, the luxury car brand takes travelers off-road and on a virtual mission.
Four new NFTs will be dropped every month from August to March 2023. Each NFT can be purchased for 24 hours only. The first three NFTs of the month are of unlimited supply, and the fourth is capped. The mechanics is totally engaging, with rewards awaiting collectors at the end of the journey.
