4 min read

NFT Innovation Digest #60

NFT IP case successfully prosecuted by Juventus FC / Mirror your Optimism NFTs onto Ethereum / Are lobsters utility? / A major blue chip NFT collection is up for sale
NFT Innovation Digest #60

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Developers Kelvin Fichter and jvmi launched a new app this week called Magic Mirror that enables NFT holders to mirror Optimism NFTs (one of the most prominent Ethereum scaling solutions) onto Ethereum. The issue they identified was that certain applications, such as Twitter's profile badge system, only recognise NFTs native to Ethereum Layer 1 so Optimism NFT holders could not officially verify them.

Now, they can! At the moment, only one NFT can be placed inside the mirror at a time, but they can be swapped in and out.

Sources:  Coin Telegraph, Today NFT News,


Are Lobsters Utility?

As NFTs continue to take the membership world by storm, the latest unlikely adopter is the Get Maine Lobster Club. This NFT will provide you with exactly that: fresh seafood deliveries. There are four tiers of membership, from free to $2000, with unexpected perks such as lobster-butter scented candles along with your fish.

The NFT collection has been built on Polygon and is a collaboration with OneOf, known for building fan experiences and collectibles for music and sports brands in particular.

Sources: Get Maine Lobster, Decrypt, Twitter


#1 OpenSea to Enforce Royalties

After inviting community feedback on the topic, OpenSea has confirmed it will enforce royalties for NFT creators. Major artists and celebrities from Fewocious to Snoop Dogg weighed in on the matter, leading the marketplace to respond "we heard it, loud and clear."

Other vocal participants to the debate included Yuga Labs co-founder Gordon Goner, who published a blog post titled On Marketplaces and Creator Royalties. Here, he outlines a vision for keeping free wallet-to-wallet transfers (so OTC trades could continue unaffected) but developing allowlists that only allow approved good actors to participate i.e. marketplaces that enforce royalties. His suggestion was positively received by most artists, while others in the NFT community decried it as anti-decentralization.

Sources: Decrypt, Coin Telegraph, The Defiant


#2 Blue Chip Collection Listed & Delisted

As the fallout from the FTX meltdown continues and the list of victims grows, the founder of the blockchain infrastructure company Chain Protocol listed his NFT portfolio for sale on OpenSea. The owner, Deepak.eth, set the starting price at 8,000 ETH and planned to sell the collection to the highest individual bidder or place it in a fractional DAO that would own 80%.

However, under 24 hours later, Deepak posted that after the crypto and NFT communities' words of support, he planned to keep his Alien Punk and Ape PFP set, and the remaining works would be available on an individual basis.

Sources: Twitter, Coin Telegraph, NFT Evening


#3 NFT IP Court Case Settled

The Italian football team Juventus has won a claim against the blockchain-based fantasy football game Brockeras Firm, hosted on Binance. Juventus' arguments that Brockeras had used images of its players to create NFTs without permission were upheld, as were further breaches of trademarks including the club's nickname "Juve" and its uniform.

The defendant has been ordered to withdraw the NFTs and hand over more information about all those involved in their production and marketing. This is significant because it is the first such legal case in Europe, in which a court has upheld that NFTs that reproduce a third party's trademarks can be legally prosecuted.

Sources: Court of Rome, Business2community, Lexology


Words

  • "Metaverse And NFTs Provide Improved Intellectual Property Protections For Brands" by Christos Makridis for Forbes [Read here]
  • "Magic Eden CEO: Royalties-Enforcing NFTs Could Be A New Asset Class" by Stephen Graves for Decrypt [Read here]

Podcasts

  • An FTX special from the NFT Alpha Podcast [Listen here]
  • Web3 with a16z sits down with punk6529 to discuss NFT use cases, generative art, regulatory mindsets and more! [Listen here]

Events

  • 28-29 November 2022: DCENTRAL Miami takes place in Miami
  • 11-13 May 2023: Proof of Conference takes place in Los Angeles

Top Marketplaces

Top Sales

Top Collections


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