Meta-Hebdo: NFTs in all their states

Certificate of reliability -This meta-week on Web 3 has been a colorful week for NFT. Non Fungible Token, non-fungible token in French, codes relating to images or physical objects, registered in the blockchain. Evidence of reliability, symbols of unique and virtual assets, NFTs are thriving and their ecosystem is evolving comfortably despite some flaws. A sector that attracts hackers and good souls, ranging from laughter to tears, from wealth to poverty to the rhythm of the ecosystem, zooming in on the world of NFTs this week.

Hacks: the pet rage of NFT platforms

Web 3 against hackers

In February, the Opensea platform stood with a bloody $ 1.7 million hack. Recovered through a phishing operation, the thief stole several NFT equivalents 500ETH.

During the month of March, the NFT VeVe platform, which owns the Disney license, suffered a major hack. The mistake? A fraudulent retrieval of gems (tokens mixed into the platform) using an operating system bug. Thus the function of the gems is suspended. NFT VeVe prices fell by 80%. The number of assets stolen was not disclosed. This bug was reported by a user.

VeVe isn’t the only one finding itself in trouble. DeFinance Capital was also robbed. Once again the NFT community finds themselves involved and helping.

Tweet from VeVe – Source: Twitter

In fact, Arthur Ox, the founder of investment fund DeFinance Capital, stole his NFTs from his Wallet. Direct attack, he immediately mobilized the NFT community to help him in his battle. He responded now because some important members took advantage of the impatience of the hacker (who immediately listed some NFTs) to buy it and return it to their owner.

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Web 3 faces human error

Also not to be forgotten is the Axie Infinity hack on March 29 this week. The historic break of Crypto, the pirate jackpot was more than 173,600 ETH and 25 million dollars. Opportunistically, the brave took advantage of a default validator in the ETH/USDC pool to siphon it off. The exploited violation is the source of a simple human error: failing to delete a validator’s permission list that no longer exists.

The first NFT blockchain played to capture games, this attack occurred at a crucial time for the development of its ecosystem. Sky Mavis is about to release her new version: Axie Infinity Origin. With a new version being accessible for free, the appointment is still made for April 7, 2022. The game has lost more than $ 600 millionbut does not admit defeat and continues to progress.

Axie Infinity Origin Game Image
Three Axies free to play in Axie Infinity Origin. Source: The Lunacian

We also remember the mistake of this guy not being hacked but who for a simple wrong conversion sold an NFT Bored Ape for a few dollars.

The owner of a Bored Ape Yatch, a collection of NFT monkeys that sells a lot of ether, is selling two of his boring monkeys. The first was sold at 115 DAI, ie 99.9% below its price while the second is sold for 25 DAI, i.e. about 25 dollars, while its floor price 22.6ETH is $ 76,000.

NFTs make some people unhappy and others happy

Mt Gox: an annoying airdrop

With a little mockery we approach the case of Mt Gox here. In fact, the MtGox platform was hacked in February 2014 and has no content 850,000 Bitcoin. Since then, it has wanted to return millions of dollars to its users. Closed platform, former customers are not yet ready to review their fit. However, to wait, they will have to settle for an NFT. Issued on the Polygon network, there were several NFTs offered to unhappy users between 2010 and 2014, ie: 1,066,097 NFTs.

New record: an NFT Azuki sold for 1.4 million dollars

This week it was also confirmed that the NFT market is booming. Trends follow each other and are not the same. While some make the mistake of selling boring monkeys for some peanuts others sell NFTs for thousands of dollars.

Tweet from a user announcing that his friend has sold one of the most valuable Azuki.
Azuki # 9605 – Source: Twitter account of one of the sellers

This is the case of the NFT Azuki #9605 sold for $ 1.4 million (420.7 ETH). Beyond the fact that it proves that some NFT collections still sell at high prices, this sale of NFT Azuki proves the place and importance of the market for digital works of art. The original NFT collection, Chiru Labs, a Los Angeles-based start-up launched these Japanese NFTs in January 2022. 10,000 animated avatars comprise the collection.

Owning an Azuki gives access to the Garden and it is itself the concept that brings millions around these NFTs.

The Garden (Le Jardin) is a corner of the internet where art, community and culture come together to create magic. The boundaries between the physical and digital worlds are blurred and the rules are being rewritten.

Excerpt from the project presentation – Source: Official website of the project

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NFTs for the love of Art

NFTs are not just a means, an obsolete and sacred digital format in which the selling price of cryptocurrency is included. Azuki in his artistic approach is a concrete example. If we can get out of these clichés we can even observe this week many artistic techniques similar to Azuki. The desire to capture digital art and use it as a means of expression exists.

Cold cats tremble on the Web 3

Let’s take for example Cool Cats (already strengthened by a partnership with Puma) which continues to settle comfortably in the ecosystem. The creator of NFT cats has signed a new partnership with an American artistic and sports agency CAA. A creative project with a bright future, this partnership proves Cool Cat’s important place in the world of digital creativity.

“The world we have built is full of imagination and full of things to study (…) It can be more of an experience, than just a JPEG”

Colin Egan, co-founder of the Cool Cats project

Screenshots of various NFTs from the Cool Cats collection.
Some examples of Cool Cats – Source: Opensea

In Ukraine, NFTs as a function of memory

In a different artistic way, we will also remember this week the creation of the Ukrainian NFT collection: war museum.

NFT performs one of its functions, being immortalized in the blockchain, digital art provides irreplaceable evidence of war marks. So the Deputy Prime Minister of Ukraine and the Minister of Digital Transformation of the country Mykhailo Fedorov created an NFT museum.

Memory Duty 3.0 is then collected in an NFT -titled collection “Meta History: Museum of War”. The funds raised will be used to support the Ukrainian army and civilians. Various artists participated in the collection, following the chronology of the war:

Our warline includes every major war event … All NFTs will be sold in chronological order. Their contents will be kept until NFT is sold. »

Official Twitter account of Meta History: Museum of War

Screenshot of the homepage of the official website of the NFT Museum of the War in Ukraine.
Website of the NFT Ukraine War Museum

NFTs as evidence of a true story

Later this week we also noticed NFT’s original sale of a warrant for the arrest of Nelson Mandela. We don’t have the millions of dollars that NFT collections like Azuki or the Bored Ape Yacht can raise, even though using NFT to fight for freedom is no longer a remote reality.

The LiLiesleaf farm in Johannesburg, South Africa, used in 1961 to hide Nelson Mandela, which later became a museum, had to close its doors on September 1, 2021 after financial problems. However, a few months later, the farm was able to rise from its ashes thanks to the sale of an NFT. The NFTs then funded an anti-apartheid historical site by selling the NFT linked to the warrant of arrest issued against Nelson Mandela in 1962 in the amount of $ 130,000.

These various examples selected this week clearly demonstrate the growing importance of NFTs in the crypto ecosystem. the REGULATIONS itself began to follow the direction of the wind and in some countries we have observed the organization of regulations around this active crypto such as Japan for example. Proof of ownership, proof of fact, we are sure to continue to talk about the exciting news of NFTs in our next Meta-Weekly.

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