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🍦STATE OF THE MARKET

• NFT Total Market Cap - $23.07B - 7 day change  +4.2%

• Volume Traded Prev 7 Days - $834.2M +310.84%

What a crazy increase in NFT volume.. over 300%, you would think the overall sentiment would be pushing into the heat by now, but overall the market is still on the fence.

One Protip that has always stuck with us, everyone forgets how bad things go in a bear market, but on the flip side, everyone forgets have powerful bull markets can rip when they take hold.

The NFT market has been through a brutal period to say the least. With serious spikes in volume and market interest picking up, finally, there could be light at the end of the tunnel.

🍦SCOOPS OF THE WEEK

🍦OpenSea Return Fire

🍦Meta Verified

🍦Yuga Copyright Issue

🍦Galois Capital Shuts Crypto Hedge Fund

🍦Mistaken Bid Strikes Again

OpenSea Return Fire

OpenSea v Blur Round 2...

With the drop of their token, it looked like Blur was dominating the fight, but wait.. a second wind...? Opensea isn't down for the count just yet.

We warned Blur not to drop the hands just yet as a return shot was coming and just like that, it landed.

Blur hit OpenSea where creators feel the pain...royalties. They highlighted that creators can earn full royalties on their platform and suggested that creators block sales on OpenSea.

So how did OpenSea respond?

They have announced that they are getting rid of mandatory royalty fees for a limited time. The specifics are that there will be 0% marketplace fees and optional royalty fees (with a minimum of 0.5%). They have also lifted the block on other marketplaces that refuse to pay royalty fees to creators.

As these two marketplaces exchange blows it is the creators we feel sorry for as the majority of marketplaces out there have now made royalty fees optional.

it's a case of Blur jabbing OpenSea to this decision as they set their mark in the marketplace war.

Make sure to tune back in for Round 3 which shouldn't be too far away.

Meta Verified

ChatGPT how do I copy what Elon is doing without copying what Elon is doing?

Answer - Meta Verified.

Mark Zuckerberg took to his Facebook page to announce that the rollout of Meta Verified is here.

What is Meta Verified? The short of it is Facebook and Instagram's version of Twitter Blue.

Now here is the long:

"A subscription service that lets you verify your account with a Government ID, get a blue badge, get extra impersonation protection against accounts claiming to be you, and get direct access to customer support. The new feature is about increasing authenticity and security across Meta services. Meta verified starts at $11.99 per month on the web or $14.99 on iOS. The rollout will begin in Australia and New Zealand this week with more countries lined up"

Somehow we don't see this doxxing subscription taking off within the NFT space anytime soon.

Yuga Copyright Issue

Yuga Labs gets 99% of things right but sometimes there is that 1% that surfaces now and again.

The 1% has arrived in the form of a copyright issue surrounding the Bored Ape Kennel Club and specifically the skull logo.

It has transpired that the skull logo has allegedly been illegally trademarked without proper licences. The image was originally released by a company called Easy Drawing Guides which specialises in drawing tutorials for children.

This is where it gets messy as Easy Drawings have released a statement advising that "The intellectual property rights for the drawing belong to Easy Drawing guides as it's our original drawing and protected by our T&Cs"

Yuga Labs are yet to comment but they have updated the cover image for BAKC removing the skulls. it's quite an ironic set of events given the IP war they have going on in the courtroom with Ryder.

Have they copied? we will let you decide. The 1st image below is Easy Drawing and the 2nd image is BAKC.

Galois Capital Shuts Crypto Hedge Fund

Things have gone fairly quiet on the FTX front whilst the courts and lawyers get busy but there have been some big developments.

A Judge dealing with the case will revoke SBF's $250m bail unless he agrees to severe restrictions on his internet use.

FTX Japan will resume crypto and fiat withdrawals from the 21st of February.

But in bigger news... one of the world's largest crypto-focused funds, Galois Capital has announced it is shutting down due to losing a substantial portion of its capital in FTX.

It has been estimated that the firm had $40m stuck at FTX and it would take years to recover a % of the funds, never mind the whole amount.

The firm has sold its bankruptcy claims for 16 cents on the dollar and has stated it will work tirelessly to maximise its chances of recovering stuck capital and return as much remaining money to investors as possible.

Mistaken Bid Strikes Again

It feels like a bit of a rinse and repeat from our recent REKT story but this story again shows how important it is to check, double check & check again whenever you are purchasing digital assets or operating with blockchain technology. No one is coming to save you.

The only difference this time is instead of bidding for the wrong item, the buyer made an incorrect bid.

The buyer, Franklin, is well known within the space for being the 6th largest BAYC holder with 70 apes in his collection.

He placed what he called "a fat-finger" collection offer of 35 ETH on Beanz. He intended to type in a much lower bid with a quantity of 35 but instead bid 35 ETH on 1 item which had a floor of 1.73 ETH.

As we see with these stories, the bid was accepted before he could cancel.

As he stated afterwards, he will be okay but this just goes to show you that nobody is immune to these types of mistakes.

🏆SCOOP'S WEEKLY WINNER

They didn't come to take part, they came to take over.

and they are giving it a real good go.

The marketplace has surpassed $100m in NFT volume over 24 hours.

No marketplace has achieved this since April 2022!

It is unknown how much of this volume is down to wash trading/farming but for a marketplace to come and knock OpenSea off its rock is some feat.

Congratulations to Blur.

THE REKT SECTION 😡

Always remember that Celebrities 99% of the time in this space have no idea what they are talking about.

We have seen many failed projects and many that have been fined by the SEC for unethical dealings.

The latest has been struck.

Former NBA player, Paul Pierce, has been charged $1.4m for touting EMAX tokens on social media without disclosing the payment he received for the promotion and for making false and misleading promotional statements about the asset.

🤡 WHOEVER CONTROLS THE MEME CONTROLS THE UNIVERSE

Disclaimer

The NFT Scoop newsletter or podcast is not financial advice, it is provided for educational, informational, and entertainment purposes only.

NFT’s can be highly illiquid markets, causing sharp drops in prices due to changes in narratives and trends.