NFTs In A Nutshell: A Weekly Review

This week’s heated debate (provided courtesy of Moonbirds) led to a variety of opinions around creative commons, licensing at large, and NFT projects. Meanwhile, Tiffany’s new pendants sold out swiftly, Instagram continues to make a concerted push into the space, and there’s a textbook publisher that wants to utilize NFTs to collect a share of secondary sales. We’re back on the block this weekend with a new Nutshell, reviewing all of the NFT activity from the course of the past week.

Let’s review all of the biggest stories from last week.

This Week’s Non-Fungible Token News

CC0: The Debate Of The Week

A hot topic through crypto Twitter and in NFT corners this week was a move from Moonbirds, who shifted their ownership rights model to cc0, or creative commons. In short, this essentially made Moonbirds a public domain, stripping rights from owners around their respective intellectual property. It’s a move that Moonbirds founder Kevin Rose believes “honors and respects the values of the internet and web3.”

This led to a variety of opinions on the matter, as the project started to see a sell-off and subsequent bump. Moonbirds creators Proof Collective opened up a survey to collect opinions from community members following the announcement.

Tiffany Raises Over $12M In Mere Minutes With CryptoPunk Pendants

Priced at 30 ETH (roughly $50,000) each, Tiffany unleashed a limited release of CryptoPunk pendants this week, selling out in roughly 20 minutes time. A total of 250 ‘NTiff’ NFTs were released following Tiffany’s official announcement a week ago.

Following the sale of the NFTs, Tiffany offered a pairing mechanism where CryptoPunk owners could link their NFT with their Punk, and redeem their custom pendant.

Meta To Expand NFT Support On Instagram Across Over 100 Countries

Meta hasn’t shied away from crypto and NFT activity over the years, but few efforts have found to be fruitful. The latest product of promise around non-fungible tokens is Instagram, who have been slowly integrating NFTs into features on the social media app; this week, the company announced initiatives to expand their capabilities to share digital collectibles to several new continents – over 100 countries in total. Additionally, the Zuckerberg-led platform announced  new connections with Coinbase Wallet and Dapper Wallet to come, and integration with the Flow blockchain – which led to a major bump for the FLOW token.

The move signals Meta’s latest efforts to get involved with NFTs despite a rocky road to date.

Related Reading | Elon Musk Claims Twitter Committed Fraud In $44 Billion Deal Countersuit

Polygon (MATIC) is the blockchain of choice for a new release from beverage behemoth Coca Cola. | Source: MATIC-USD on TradingView.com

Textbook Publisher Pearson Tracking Secondary Sales Through NFTs

Textbooks are known to be a collegiate burden that are tough to escape. While not always an option, many classes have used books as options, and to date, publishers haven’t aggressively sought out a share of secondary sales – mostly because there hasn’t been a low-risk option that doesn’t require major investments. Non-fungible tokens, however, have apparently caught the eye of major textbook publishing house Pearson.

The company is exploring NFT textbooks, according to reports over the past week, but to what end remains to be seen. Tokenized textbooks would allow Pearson to collect a percentage of resale transactions, but the price impacts of textbooks (which really remain the bottom line in this discussion) as a result of this are difficult to measure.

NFTs.com Domain Commands A Hefty Price Tag

Move aside, ENS. It pays to have a little Web3 in your Web2. That at least seems to be the case following the sale of ‘NFTs.com’ this week, as the domain sold for approximately $15M – one of the biggest public domain deals in history and certainly one of the biggest (if not the biggest) this year. The domain currently routes to a one-page display.

Solana’s Magic Eden Marketplace To Accept Ethereum

There’s never a dull moment in the Solana atmosphere, it seems. This week, the Solana-based powerhouse marketplace Magic Eden announced support for Ethereum – anticipated to go live later this month. Magic Eden has been the far and away leader in Solana NFTs, and now will look to bite into the Ethereum markets dominant share. Magic Eden joins a growing rank of platforms, across a variety of blockchains, that see the future as multi-chain.

Related Reading | Bitcoin Is A ‘Remarkable Cryptographic Achievement,’ Ex-Google CEO Says

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The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.