Over $100m Worth NFTs Stolen YoY: Elliptic

The theft of digital currencies might have been more publicized in the past year, but Non-Fungible Tokens (NFTs) have also had their fair share of exploits and cash drains.

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According to a new report from blockchain analytics startup Elliptic, a total of $100 million worth of NFTs have been reported stolen from July 2021 to July 2022. 

Per the Elliptic report, these recorded losses may be reasonably more as most stolen digital collectables are hardly discovered. 

The losses recorded in the past year are, however, a very insignificant percentage of the total NFT transactions for the period under review. The Block’s Research data pegs the complete transactions within this period at $15.3 billion, implying that the $100 million loss is just 0.65% of the total sales volume generated.

According to the Elliptic data, scammers earned around $300,000 per scam on average. The insights also revealed that the month of July saw over 4,600 NFTs stolen, the highest month on record. The report insinuated that with this figure, it is evident that scams involving the Non-Fungible Token ecosystem have not decreased despite the crypto bear market.

The month of May is arguably the most dreaded month, with about $24 million worth of NFTs stolen as recorded. Bored Ape Yacht Club (BAYC) is the most targeted of all blue chip NFTs with a record $43.6 million stolen in total from Bored Ape owners. 

Mutant Ape Yacht Club (MAYC), a sister NFT collection also from BAYC’s creators, Yuga Labs as well as Azuki NFTs were the next most targeted NFTs with a total of $14.5 million and $3.9 million lost to both within the defined time frame.

NFT thefts have placed trading platforms like OpenSea under a lot of legal battles. Exploited platform users have often resorted to legal options as many accuse OpenSea of not implementing the right security measures to combat these thefts.

OpenSea, on its part, has introduced a more thoughtful policy that will guide its dealings with stolen NFTs to give all its users a better trading experience.

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Cloned Bored Ape NFT Emerges through Google AI Technology

Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection has been cloned using an Artificial Intelligence (AI) technology.

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The new collection, dubbed the Antsy Monke, was generated using Google’s collaborative Notebook platform Colab and combined with their powerful Cloud Computing service.

The Artsy Monke collection has its own unique theme, and it was built upon recent advancements in AI and image diffusion techniques in recent years. The images were generated using text descriptions instead of reference images, pushing a new frontier previously uncommon in AI-generated artworks.

“We were able to take all ten thousand Bored Ape NFT images and feed those into the machine as a loose canvas to frame the generative art. The end product was mind-blowing,” said CryptoGrims, Artsy Monke’s in-house AI artist. “After that, it was a matter of teaching the machine to paint in the twenty different art styles we shortlisted and then running multiple servers for several weeks to get the results we wanted.”

The Artsy Monke NFT collection comes with uniquely defined Viking ship scenes, moody neon city landscapes, and intense stormy oceans. Despite these differences, a keen look will reveal their similarities to the original Bored Ape NFTs.

While Yuga Labs has carved out a massive and broad-based ecosystem for the Bored Ape franchise, the Artsy Monke is just starting out with a noticeable momentum. The collection was sold out on the OpenSea marketplace, which was listed for 0.001 ETH ($1.40). This figure pales compared to the 85 ETH floor price of the Bored Ape collection.

The team behind the Artsy Monke collection are equally ambitious, and there is an already outlined plan to launch the “Artsy Monkeland, a Metaverse Themepark where only Artsy Monke NFT holders can participate in Play to Earn (P2E) video games.” This metaverse move also mimics the Otherside that was introduced by Yuga Labs earlier in the year.

Image source: Artsy Monke

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Yuga Labs Comes up With New Condition For Meebits NFT Sales

Following the CryptoPunks acquisition in March, non-fungible token (NFT) giant Yuga Labs will now receive 5% on all secondary sales conducted by Meebits.

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The 3D voxel character creator, Meebits took to its Twitter page to announce the new move. According to the post, the move is necessary to help keep the Meeb party going.

In March, NFT behemoth Yuga Labs acquired the intellectual property (IP) rights to Crypto Pinks and Meebits NFTs from Larva Labs. The NFT giant took possession of 423 CryptoPunks and 1711 Meebits at the time. Through the acquisition, Yuga Labs gained ownership of the brands, copyright in the art, and other IP privileges. 

The merger provided Meebits and CryptoPunks holders with equal commercial rights as holders of Yuga Labs’ previous collections. Although Yuga Labs is the designer and creator of Bored Ape Yacht Club (BAYC), the holders of Meebits and CryptoPunk NFTs are not obligated to take on the model which the club utilizes.

Yuga Labs explained that the merger is a window to align both collections with the Web3.0 ethos. The NFT giant advised other developers and community creators to induct both CryptoPunks and Meebits into their Web3.0 projects.

“By handing over these rights, we’re further aligning CryptoPunks and Meebits with the web3 ethos, and we expect a wide range of third-party developers and community creators to incorporate CryptoPunks and Meebits into their web3 projects. We’ll be building the overall brand right alongside them.” the announcement read.

Yuga Labs Charges a 5% Royalty Fee on Meebits NFTs

Since the acquisition, Yuga Labs along with its legal team has been working on drafting new terms and conditions for the CryptoPunks and Meebits holders. Most previous NFT collections connected to Yuga Labs all had royalty charged on them. 

For Bored Ape Yacht Club and Bored Ape Mutant Club, a royalty of 2.5% is charged. Otherdeeds, the NFT connected to the Otherside virtual land plots charges 5% as royalty. Now, Meebits has joined the train and has now been made to pay a 5% royalty fee on all its NFT secondary sales.

Meanwhile, Yuga Labs investors are compiling a lawsuit with legal firm Scott+Scott to sue the NFT giant who they accused of instigating the community to invest in BAYC collection. The draft is yet to be completed and filed, as Scott+Scott is still trying to gather affected investor to solidify its class action lawsuit.

 

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CryptoPunks Now the Most Trading NFT Collection amid Rising Floor Price

The temporary revival in the broader cryptocurrency industry, which has seen the combined crypto market capitalization surge by 4.47% to $907.97 billion at the time of writing, is also impacting the Non-Fungible Token (NFT) ecosystem. 

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Per data from DappRadar, the floor prices of the most prestigious NFT collections are on the rise, a trend that signals sentiments towards digital collectables that are increasing across the board. This rising trend has particularly favoured the CryptoPunks NFT Collection, which is now ranked number 1 of the most traded of all collections.

According to the data platform, CryptoPunks, one of the very first NFT collections created, was ranked in the fifth position about a month ago but has largely maintained the top spot for the past week. At the time of writing, CryptoPunks has a floor price of $54.09 which has grown by about 26.3% in the past 24 hours.

The collection has recorded 312 trades over the past week and has traded $21.6 million in total. This compares to Terraforms by Mathcas, placed at number 2 and with a total trading volume of $13.09 million over the same time frame.

CryptoPunks is also ahead of Bored Ape Yacht Club (BAYC), as well as the other collections associated with its parent company, Yuga Labs. As reported earlier by Blockchain.News, Yuga Labs acquired the IP rights to the CryptoPunks collection in March of this year, further broadening the scope of the iconic NFT collection.

Yuga Labs has confirmed that it is building a media empire around its collections. Through its Otherside project, more utilities will be unlocked for BAYC, CryptoPunks, and the other digital collectables under its umbrella. The firm announced in late March that it had raised $450 million to achieve its ambitions.

With CryptoPunks currently topping the charts at this time, it is evident that investors are looking at one of the most viable ways to get into the Bored Ape ecosystem.

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Over $37Bn worth of Crypto Sent to NFT-related smart contracts in First 4 Months: Chainalysis

The volume of Non-Fungible Tokens (NFTs) transactions turned to stabilise in 2022 after explosive growth in 2021, according to the latest report from Chainalysis.

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According to the web traffic analysis to popular NFT trading platforms, Central and Southern Asia accounts for about 25% of all traffic sources as of the first of May this year, followed by North America and Western Europe. 

The growth of the data was significant across all the region profiles. Still, the traffic sources from Africa were mainly flat compared from the 4th of January 2021 to the beginning of May. None of the regions profiled has more than 40% of the traffic sources, indicating no region commands a massive dominance over the NFT ecosystem.

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Source: Chainalysis

The Chainalysis data also revealed that retail investors conduct most of the transactions happening in the NFT world. 

“The vast majority of NFT transactions are at the retail size, meaning below $10,000 worth of cryptocurrency. NFT collector-sized transactions (between $10K and $100K) grew significantly as a share of all transfers between January and September of 2021 but since then have stayed flat. This suggests that, for the time being, the addition of new retail NFT investors is keeping pace with the addition of bigger NFT investors,” the report reads.

In terms of the amount of value, collectors have already sent over $37 billion worth of cryptocurrency to NFT-related smart contracts in 2022 in the first four months alone, compared to the market in 2021, which has recorded $40 billion worth of cryptocurrency NFT collectors sent to smart contracts associated with NFT collections and marketplaces.

There is a lot of frenzy surrounding the NFT world of late, with different blockchain protocols paying unique attention to creating support to permit this new offshoot of blockchain technology. While collections like Yuga Labs’ Bored Ape Yacht Club (BAYC) and Otherdeeds remain some of the overpriced NFTs in the space, retail investors have been creative in their search for affordable tokens, which has primarily broadened the economy of these unique assets.

Exchanges are also tapping into the growing trend and are launching NFT trading platforms to benefit from the growing demand. Coinbase Global Inc recently floated and opened its NFT platform weeks after launching the Beta version for selected waitlist applicants.

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Yuga Labs’ Otherdeeds Sold Out as the Startup Cashes in Over $320M

Yuga Labs, the blockchain startup in charge of the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection and ecosystem has made history yet again with the successful sales of Otherdeeds, the gateway to the Otherside metaverse announced back in March. Drawing on the minting price of $305 ApeCoins (APE), and the total 55,000 Otherdeeds up for sale, the startup pulled in over $320 million in revenue.

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Just as the Bored Ape project is renowned for its massive hype, the build-up to the Otherside launch was filled with a lot of speculation in the community. Yuga Labs did not unveil the modalities through which the launch will take place. In the absence of certainties, potential collectors prepared for a Dutch Auction, however, considering the complexities and the demand, the Yuga Labs team placed the minting price at a flat 305 APE (worth approximately $5,800 at the time of the sale).

As expected, there was a massive gas war with data showing users paying up to $4000 to $10,000 in fees, a range that naturally prevented a lot of prospective collectors from participating in the sale. Nonetheless, the available 55,000 Otherdeeds were sold out to over 27,000 collectors, while the remaining 45,000 are reserved for claiming by BAYC and Mutant Ape Yacht Club (MAYC) owners within a 21-day period.

Yuga Labs has continued to add value to its community, which has now expanded to include the CryptoPunks and Meebits NFT collections also. With the Otherdeeds granting holders access to metaverse lands in the Otherside, many more discoveries remain for Bored Ape to unravel in the near future.

While the price of the APE tokens grew in tandem with the massive demand leading up to the Otherdeeds sale, it has generally tapered down by 19.07% to $16.35 at the time of writing. Moving into the future, Yuga Labs said it is considering migrating the Otherside metaverse away from the Ethereum blockchain into its own Layer-1 protocol in order to tackle the gas fee challenge once and for all.

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Yuga Labs Teases ‘Otherside’ as its Potential Next Project

For anyone that has been following the events in the digital currency ecosystem very well, Yuga Labs will be a prominent name that can be reckoned with.

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This is partly for being the brains behind the most prestigious Non-fungible Token (NFT) collections in the ecosystem, including Bored Ape Yacht Club (BAYC) and CryptoPunks.

While the Yuga Labs names might not have been resounding enough, the Bored Ape brand must have been. Last week, the team also floated the ApeCoin (APE) token, which rose to become the best performer as detailed by Blockchain.News. While many might have applauded Yuga Labs for championing innovations and ecosystem utilities in the digital currency ecosystem, the team has teased another project slated for April.

The project is called ‘Otherside’, and the teaser featured an animated Bored Ape NFT smoking Tobacco in what appears to be a metaverse-themed world. The Bored Ape made connections with other Yuga Labs-backed NFT collections housed in what looks like a spaceship. Besides the intriguing teaser, no additional detail was shared that can hint at what the Otherside is likely to look like.

With the reputation that Yuga Labs has earmarked for itself in the NFT world, everyone, as gleaned on Twitter following the announcement, is fastening their seatbelt to become an early participant in the project. It is known that the NFTs from Yuga Labs have enriched a lot of people, and the team has continued to expand its influence in the emerging Web3.0 and metaverse worlds by acquiring the IP rights to the CryptoPunks and Meebits collections.

Whatever plan Yuga Labs may seek to show forth with the Otherside, it has no detailed plans to be exclusive to holders of its collections, the way the ApeCoin token was airdropped to holders of BAYC. This flexibility will make the Otherside even a more competitive project to participate in when the product is fully unravelled.

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Adidas enters the Metaverse with NFT partnerships

On Thursday, Adidas announced it was entering the Metaverse in collaboration with Bored Ape Yacht Club, gmoney NFT, and PUNKS comic. In an article posted on the Adidas mobile app, the developers behind the initiative said the following:

This autumn, Adidas, known for celebrating ideas at the bleeding edge of originality, it settling in at the frontier of creativity: The Metaverse. Our goal there? To see every one of its inhabitants thrive. The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain [and NFTs], those pioneers can own a piece of what they create.

Related: Wear-to-earn NFTs target the billion-dollar fashion industry

In the article, a piece of the Bored Ape NFT has been redrawn to feature Adidas’ iconic tracksuit. Bored Ape Yacht Club contains more than 10,000 NFTs minted on the Ethereum (ETH) blockchain. Meanwhile, gmoney is a notable cryptocurrency and NFT influencer who has been featured on Fortune NFTy 50. Lastly, PUNKS Comic combines both the world of NFTs and physical comic books to create so-called crypto comics. Cointelegraph Research projects that NFT sales could reach a record finish of $18 billion by the end of the year, making the sector one of crypto’s hottest performers.