Tag: Cryptopunks

CoinGecko: Top NFT Traders Made Profits of $9.60 Million to $101.63 Million

by Blockchain News

The non-fungible token (NFT) market has been a subject of intense scrutiny and interest, with top NFT traders realizing substantial profits. A recent study by CoinGecko, published on August 4, 2023, sheds light on the investment returns of the top NFT traders on the Ethereum blockchain.

Key Findings

Top Traders’ Profits: The leading NFT traders have made profits ranging from 5,221 ETH to 55,291 ETH, equivalent to $9.60 million to $101.63 million at the time of writing.

Dominant Collections: Blue chip NFT collections from Larva Labs, Yuga Labs, and Art Blocks account for over 94.5% of total profits across the top 15 NFT traders. CryptoPunks alone represents an estimated 70.6% of top trader profits.

Top Trader: The pseudonymous SethS leads the pack with 55,291 ETH in profits, worth $101.63 million. The returns were made across 9 addresses consolidated into one NFT whale address.

CryptoPunks Millionaires: 11 of the top 15 NFT traders made millions from CryptoPunks investments, ranging from Franklin’s 1,782 ETH ($3.28 million) to SethS’ 49,216 ETH ($90.46 million).

Art Blocks and BAYC Investments: Art Blocks investments generated millions for 5 of the top 15 traders, while just 3 of the top 15 made millions from Bored Ape Yacht Club (BAYC) investments.

Analysis and Implications

The data suggests that NFTs have been a lucrative investment for those who have managed to identify collections that would become blue chips or have diversified their NFT investments. However, the report also emphasizes that not everyone is guaranteed to achieve the same success, and investment in NFTs requires skill, timing, and sometimes luck.

CryptoPunks continues to dominate the NFT trader rankings, with 8 of the top traders reaping more than half of their profits from this collection. Other notable collections include Art Blocks, Bored Ape Yacht Club (BAYC), Meebits, and Mutant Yacht Club (MAYC).

The top 15 most profitable NFT traders on Ethereum, as of August 7, 2023, include well-known names like SethS, Punks OTC, Mr.703, Pranksy, and Franklin, with realized profits ranging from $9.60 million to $101.63 million.

Conclusion

The study provides valuable insights into the NFT trading landscape, highlighting the significant profits made by top traders and the dominance of certain collections. While the success stories are inspiring, the report also serves as a reminder that NFT investments carry risks and require careful consideration and research. The recent shutdown of Mark Cuban-Backed NFT Platform Nifty’s on August 3, 2023, after failed investment opportunities, further underscores the volatility and uncertainties in the NFT market.

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Yuga Labs Acquires Roar Studios to Expand Metaverse Vision

by Blockchain News

Yuga Labs, the web3 company known for its association with Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, 10KTF, and Otherside, has announced its agreement to acquire Roar Studios, a firm at the intersection of gaming, social media, and the metaverse with deep technology and AI roots. The announcement was made on July 31, 2023.

Key Details of the Acquisition

Roar Studios’ Contribution: Roar Studios is the developer of ROAR, an immersive media experience that allows artists and fans to connect, collaborate, and compete in real time. The platform combines innovative proprietary technology with established MMO game and platform systems, creating an experiential, semi-autonomous music and entertainment world.

Integration with Yuga Labs: As Yuga Labs develops Otherside, its ambitious, interoperable metaverse, the Roar team will contribute their innovative technology, specialized expertise, and leadership. The acquisition aligns with Yuga’s vision of creating new ways for communities to connect and express themselves.

Leadership Changes: Eric Reid, Founder and CEO of Roar Studios, will join Yuga as the General Manager of Otherside. He will be responsible for evolving the vision and leading the development and production of the platform.

Yuga Labs’ Background: Yuga Labs has been shaping the future through storytelling, experiences, and community in the web3 space. Since their launch in April 2021, they have made headlines for releasing IP licenses to their NFT holders, acquiring rights to other top collections, and making web3 history with Otherside. In March 2022, Yuga Labs raised a $450M seed round at a $4B valuation.

Statements from the Companies

Daniel Alegre, CEO of Yuga Labs, stated, “Roar Studios has redefined what it means to experience media content in the metaverse. Roar’s dedication to creative content creation and social connections will accelerate our execution of our bold vision for Otherside and Yuga’s ecosystem more broadly.”

Eric Reid added, “Our team’s mission is to empower players to create and be social in a community-driven, open media experience, so our work fundamentally aligns with Yuga’s larger web3 metaverse strategy. When Daniel and Mike Seavers opened the door for us to contribute to Yuga’s paradigm-shifting approach to content and immersive experiences, we jumped at the opportunity.”

The acquisition of Roar Studios by Yuga Labs signifies a strategic move to enhance Yuga’s metaverse offerings and leverage Roar’s technological innovations. By integrating Roar’s immersive media experience and aligning with Yuga’s web3 metaverse strategy, the collaboration aims to redefine the way media content is experienced in the virtual world. The addition of Eric Reid to Yuga’s leadership team further strengthens the company’s vision for Otherside and its broader ecosystem.

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Yuga Labs Appoints Former Activision Blizzard COO as CEO

by Blockchain News

Yuga Labs, the company behind popular NFT collections, Bored Ape Yacht Club and CryptoPunks, has announced the appointment of a new CEO, Daniel Alegre. Alegre joins the NFT startup following his resignation as the President and COO of Activision Blizzard, a gaming giant responsible for popular gaming franchises like Call of Duty, World of Warcraft, Diablo, and Candy Crush.

Alegre’s LinkedIn profile indicates that he has extensive experience in the gaming, entertainment, and technology industries. He previously worked for the German media conglomerate Bertelsmann for nearly six years before joining Google, where he served in various leadership positions overseeing operations in Asia Pacific and Latin America, as well as global shopping revenue and retail ecosystem engagement.

Alegre’s appointment was announced by Yuga Labs in December, and he officially joined the company on April 1. In a press release, Alegre expressed excitement about the company’s pipeline of products, partnerships, and intellectual property, stating that they represent a massive opportunity to define the metaverse.

However, Yuga Labs faces a class-action lawsuit filed in the United States in December, which accuses the creators of the Bored Ape Yacht Club of misleading investors about the financial benefits of Yuga securities. The lawsuit also claims that celebrity promoters were used to lure in more investors. Investors who bought Bored Ape Yacht Club and CryptoPunks between April 23, 2021, and December 8, 2022, may be entitled to compensation, according to Rosen Law Firm.

Apart from this, Yuga Labs co-founder, Wylie Aronow, took a leave of absence in January to prioritize his health following a congestive heart failure diagnosis. It is unclear when he will be able to resume his responsibilities.

Alegre’s appointment has been considered a bold move in the NFT industry. Kieran Warwick, co-founder of the blockchain role-playing game Illuvium, stated that Yuga Labs’ new hire is “big for all of GameFi,” suggesting that Web3 gaming will spark the next crypto bull run.

In conclusion, Yuga Labs has appointed a new CEO, Daniel Alegre, to lead its NFT startup that created the Bored Ape Yacht Club and CryptoPunks collections. Despite facing legal challenges and the absence of one of its co-founders due to health issues, Alegre’s appointment has been hailed as a significant move in the NFT industry.

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Avalanche Launches Avaissance to Boost NFT Ecosystem

by Blockchain News

The Avalanche Foundation has launched Avaissance, an initiative aimed at supporting digital artists and boosting the growth of the Avalanche NFT ecosystem. Avaissance includes two main components: the Artist in Resident program (AIR) for over 50 artists and the Mona Lisa Initiative (MLI) to curate digital art and expand the collections of art-focused DAOs. The AIR program will provide funding, mentorship, and virtual workshops for six months to artists of any skill level. Meanwhile, the MLI will collaborate with DAOs’ curatorial teams to promote emerging Avalanche NFT artists and establish an “Avalanche Permanent Collection.”

In other NFT news, Ticketmaster has announced a new feature called token-gated ticket sales, which allows artists to reward NFT holders with exclusive benefits such as special presales, prime seats, custom travel packages, and access to unique concert experiences. This functionality was developed after American heavy metal band Avenged Sevenfold (A7X) approached Ticketmaster and its Web3 team, Bitflips, for help implementing a service that would allow holders of its NFTs – Deathbats Club, a collection of 10,000 unique Deathbat NFTs – to unlock perks and access to events. The feature works with tokens minted on Ethereum and stored in decentralized application (DApp) wallets like MetaMask or Coinbase.

Patrick Amadon, a popular NFT artist, recently withdrew his work from a major auction house, Sotheby’s upcoming “Natively Digital: Glitch-ism” art sale, to protest a lack of female representation. He shared his decision with his 142,400 Twitter followers, and Sotheby’s responded the next day by announcing that it would pause the sale to “redress the imbalance in representation within the sale” and relaunch later with a “more equitable and diverse group of artists.”

Mike Winkelmann, also known as Beeple, recently shared a video with his Twitter followers, revealing his new 50,000-square-foot studio in South Carolina. According to Beeple’s website, he will use the space to create his artwork and host events to “showcase the very best art and communities.” The website stated that they are looking to partner with the most cutting-edge artists and communities to put on events that are not possible at any other venue.

On March 25, an NFT from the popular CryptoPunks collection valued at approximately $135,000 was accidentally burned by an investor attempting the process of NFT wrapping to potentially borrow liquidity from it. While the loss was unfortunate, it highlights the importance of proper education and caution when dealing with NFTs.

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CryptoPunk NFT Accidentally Sent to Burn Address

by Blockchain News

NFTs, or non-fungible tokens, have taken the world by storm in recent years. These unique digital assets, which are stored on the blockchain, have opened up new possibilities for artists, collectors, and investors alike. NFTs can represent anything from artwork to music, and their ownership is recorded on the blockchain, making them easy to buy, sell, and trade.

One of the most popular types of NFTs are CryptoPunks, which are a collection of 10,000 unique 8-bit characters that were released in 2017. Each CryptoPunk has its own distinct attributes, and some are more rare and valuable than others. CryptoPunks have become highly sought-after by collectors and investors, with some selling for millions of dollars.

Brandon Riley, an NFT collector and investor, recently acquired CryptoPunk #685 for 77 ETH (approximately $135,000 USD) with the intention of holding onto it for the long term. However, as an experienced investor, Riley also recognized the importance of procuring new NFTs before the crypto market takes off into a new bull market. He wanted to use his CryptoPunk as collateral to borrow money and invest in new NFTs.

To do this, Riley attempted to wrap his CryptoPunk using a technique known as tokenization. Tokenization involves locking an NFT in a smart contract and creating a new token that represents the value of the NFT. This token can then be used as collateral for loans or other financial transactions.

However, in the process of tokenizing his CryptoPunk, Riley made a fatal mistake. Instead of sending the NFT to the smart contract, he accidentally sent it to a burn address, which is a wallet that permanently deletes any assets sent to it. The CryptoPunk was gone, forever erased from circulation.

Riley was devastated by his mistake. He had not intended to sell or trade the CryptoPunk, and he had lost a valuable asset in the process. However, he also recognized the importance of using the incident as a learning opportunity for others in the NFT community. In an interview with CoinDesk, Riley stated, “I want people to learn from my mistake, to be more careful when dealing with NFTs, and to think twice before taking any action.”

The accidental destruction of CryptoPunk #685 serves as a cautionary tale for anyone involved in the NFT market. While these digital assets can be lucrative and exciting to collect and invest in, they also come with significant risks. Managing NFTs requires attention to detail, technical knowledge, and an understanding of the potential consequences of any action taken. As the NFT market continues to grow and evolve, it is crucial for collectors and investors to approach it with caution and care.

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Collector Accidentally Burns $200K CryptoPunk NFT

by Blockchain News

In a recent incident that left the NFT community stunned, NFT collector Brandon Riley accidentally burned a CryptoPunk NFT worth $200,000 by sending it to a burn address. Riley had purchased the coveted CryptoPunk #685 on March 13, paying 77 ETH in the hopes of holding onto it for the long term. However, in a bid to borrow some money against it using a technique called wrapping, he ended up losing the NFT forever.

CryptoPunks are among the most popular NFTs in the market and have gained a cult following in recent years. These 8-bit pixel art characters, created by Larva Labs, are unique digital assets that are stored on the Ethereum blockchain. Each CryptoPunk has its own distinct traits, making them highly sought after by collectors.

As a seasoned investor, Riley was well aware of the potential of NFTs and had invested heavily in them in the past. He knew the importance of procuring new NFTs before the crypto markets took off, especially during a bull market. In an attempt to maximize his investment, Riley decided to borrow some money against CryptoPunk #685 using the wrapping technique.

Wrapping involves creating a wrapped token that represents an NFT and can be used as collateral for loans. This technique is popular among NFT collectors who want to borrow against their holdings without selling them. However, the process can be confusing for beginners, and Riley made a fatal error by sending the NFT to a burn address.

A burn address is a special type of Ethereum address that has no private key and can’t be accessed by anyone. Any crypto asset sent to a burn address is effectively destroyed, and the asset cannot be recovered under any circumstances. In Riley’s case, the CryptoPunk #685 was sent to a burn address by mistake, permanently deleting it from circulation.

The incident has sparked a debate among the NFT community about the risks of borrowing against NFTs and the need for more education around wrapping techniques. While Riley’s mistake was a costly one, it serves as a cautionary tale for other NFT collectors who may be considering borrowing against their assets.

In conclusion, the accidental burning of CryptoPunk #685 by NFT collector Brandon Riley highlights the need for greater awareness around the risks involved in borrowing against NFTs. While NFTs have the potential to be highly lucrative investments, it’s important for collectors to educate themselves on the intricacies of the market and the various techniques used to maximize their returns.

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Tiffany & Co. to Turn CryptoPunk NFTs into Pendants

by Blockchain News

Jewellery firm Tiffany & Co. will be turning non-fungible tokens (NFTs) into custom pendants as it joins other luxury fashion houses attempting to establish a foothold in the web3 world.

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The deal has currently only been finalised with CryptoPunk, and holders of those NFTs can turn them into custom pendants containing gemstones and diamonds.

According to Tiffany & Co., the 250 tokens are limited.

The luxury jewellery company announced that CyrptoPunk holders would have to buy one of 250 NFTiff passes by Chain from allowingill allow them to mint a custom pendant based on their NFT.

The company said that the sale for the NFTiff will begin on August 5, 2022 at 10:00AM EST for eligible users.

The price of one NFTiff is 30 ETH. It includes the cost of the NFT, the custom pendant, the chain and shipping and handling.

In terms of design, Tiffany furthermore added that designers would work with 87 attributes and 159 colours. They will appear across the collection of 10,000 CryptoPunk NFTs and match with similar gemstone or enamel colours.

It added that every pendant would include a minimum of 30 gemstones and diamonds with an engraving of the CryptoPunk’s edition number. 

Along with the physical product, a digital rendering of the pendant and a certificate of authenticity will be provided to the owners.

The campaign was first advertised in April after the company’s vice president Alexandre Arnault turned his CryptoPunk #3167 into a pendant.

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CryptoPunks Now the Most Trading NFT Collection amid Rising Floor Price

by Blockchain News

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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Three Bored Ape Owners Sue OpenSea over Security Loophole of Stolen NFTs

by Blockchain News

Three Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) owners, namely Timmy McKimmy of Texas, Michael Valise of New York, and Robert Armijo of Nevada, are suing legacy NFT trading platform OpenSea for the loss of their NFTs on the exchange. 

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As reported by ARTNews, the duo of McKimmy and Valise similarly lost their NFTs through a known security vulnerability in OpenSea’s code, while Armijo’s loss was through a social engineering attack which, according to him, was made possible based on OpenSea’s negligence.

“Even though McKimmy didn’t have his NFT listed for sale, OpenSea requires you to connect a wallet, and so people can see what NFTs are in that wallet and can make offers on unlisted NFTs,” Ash Tadghighi, McKimmy’s lawyer, explained. “Exploiting a security vulnerability, the hacker made an offer, hacked the code, and accepted the offer on behalf of Mr. McKimmy. So he basically sold it to himself and within the hour sold it to another user.”

The angry Bored Ape owners are filing for negligence on the part of OpenSea and are demanding all relevant damages, including what they lost as a result of not having their Bored Apes with them when APECOIN was distributed to holders of the NFT.

Bored Ape Building an Enviable Ecosystem

The lawsuit filed by the Bored Ape owners is coming at a time when Yuga Labs, the startup behind the most prestigious NFT collection is rolling out a number of ecosystems value for owners of any of its collections, including the Bored Apes and CryptoPunks, which it just acquired among others.

As reported by Blockchain.News, Bored Ape is entering the movie scene in a collaborative move with Coinbase Global Inc. While the startup recently raised $450 million to fund its visions for the other side metaverse, the three Bored Ape owners may lose more in the long run if the lawsuit is not addressed in their favor speedily.

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Yuga Labs Acquires IP Rights to CryptoPunks and Meebits

by Blockchain News

Yuga Labs, the startup behind the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection, has acquired the Intellectual Property (IP) rights to the CryptoPunks and Meebits collections from LarvaLabs.

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As announced by the startup, the unveiled acquisition implies that Yuga Labs now own the CryptoPunks and Meebits brands, copyright in the art, and other IP rights for both collections, along with 423 CryptoPunks and 1711 Meebits.

The emergence of LarvaLabs back in 2017 changed the capabilities of the Ethereum blockchain and re-aligned what potentials are inherent in the network, one that has been showcased with increased trading volumes in recent times. The acquisition has been tagged as a fusion of CryptoPunks, which represents the history of NFTs, and Bored Apes, arguably, the collection that pushed the world of digital collectables into the future.

As detailed in the announcement, the deal was brokered organically between Yuga Labs’ Partner Guy Oseary and the LarvaLabs founder Matt Hall and John Watkinson. Despite the acquisition, the CryptoPunks creators will not be joining Yuga Labs; instead, they will continue developing the ecosystem around the two iconic collections.

“Yuga Labs are the innovators of the modern profile picture project and the best in the world at operating these projects. They are the ideal stewards of the CrytoPunks and Meebits. In their hands, we are confident that they will continue to be vital, thriving projects in the emerging decentralized web,” the LarvaLabs founders said in a statement.

As part of its plans for acquiring the LarvaLabs’ collections, Yuga Labs said it will be “granting CryptoPunks and Meebits holders the same commercial rights that BAYC and MAYC owners enjoy.”

Drawing on its industry network, Yuga Labs will also be pushing forward the brand image of the LarvaLabs collections such that they will be incorporated in various Web3.0 projects moving forward. While it outlined its plans to continually go forth the utility of all the collections under its brand, Yuga Labs said it will be doing so by heading to the needs of its diverse communities.

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