While NFT token projects are currently on a slight downtrend, they have remained impressively strong compared to many other investment markets. Although NFTs are affected by the downward momentum in the global markets and appear to be slowly losing price, there is still strong growth in trading volumes and new users. As Kriptokoin.com, we are presenting the NFT token review, where you can take a look at the important developments of the week…
This error cost money: $34 Million
Aku Dreams was a highly anticipated NFT project to be released over the past week. However, a small smart contract bug had significant ramifications for the project’s launch. A faulty piece of coding in the contract resulted in $34 million worth of ETH that was inaccessible to both NFT enthusiasts and project developers. The bug was quickly fixed and the NFT token developer said that anyone affected by the bug will get their money back.
UK Court Recognized NFTs as Legal Property
The UK Supreme Court has ruled in a major case that recognizes NFTs as legal property. “For the first time in the world (to our knowledge), a court of law recognizes that an NFT is property that can be frozen through injunctive relief,” said Rachel Muldoon, attorney involved in the case. Seeing this decision as a huge win for NFT owners, which could have global repercussions, attorney Muldoon added:
Hacking and theft are becoming an increasingly common problem for NFT owners. Now that the courts have recognized that NFTs are property, owners can rest assured that they will be supported and filed in that jurisdiction should their wallets be compromised and their NFT stolen. Countries like the USA do not have this security. In this sense, the courts here are leading the way internationally in protecting crypto-asset holders.
This NFT token project surprises a lot of people
Moonbirds made a lot of noise last week and became one of the most talked about NFT token projects. Moonbirds is still in the top 5 with a base of around 30 ETH when ranked by 24-hour ETH volume. Moonbirds’ rise to success has been incredibly rapid. The collection, called Moonbirds, is already among the very successful collections such as Azuki, Bored Ape Yacht Club and CryptoPunks. While massive sales of NFTs are not uncommon, Moonbirds’ rapid success has surprised many in the NFT community.
This NFT token project doesn’t mind the bearish momentum in the market
Bored Ape Yacht Club had a tough start to the week. BAYC suffered an Instagram hack that resulted in 4 BAYC NFTs and 7 Mutant Ape NFTs being stolen from their owners, as we reported to our readers in this article. At the end of the week, however, the escalation around Yuga Lab’s metaverse land game “The Otherside” became the focus of conversation. BAYC NFTs hit a very high level on both USD and ETH pairs, setting a new record. Bored Apes remains strong despite the downtrend in both standard-traded stocks and the cryptocurrency market in general. While APE is available in Yuga Labs and BAYC’s “The Otherside” metaverse game, OpenSea now accepts APE as well.
Warning to NFT token enthusiasts
A new report released this week from the multinational ‘Directors General of Tax Enforcement’ known as J5 referred to a few “red flag indicators” the NFT community should be aware of; Many users familiar with NFTs are probably aware of the concerns that include issues with fraud and money laundering. The document is more of a cautionary note for potential investors interested in the NFT space.
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