In this week’s newsletter, read about the nonfungible token (NFT) influencer who was served a demand for settlement using an NFT, and learn how NFTs can combat issues in the education sector. Check out the NFT assets of bankrupt hedge fund Three Arrows Capital, which were liquidated in an auction, and find out why an exchange-traded fund betting against Meta is shutting down. And don’t forget this week’s Nifty News, featuring Bitcoin (BTC) becoming the second-largest NFT chain by sales volume.
Influencer served settlement demand via NFT following $7 million token presale
An NFT influencer, known as ben.eth, has been served with a settlement demand accusing them of engaging in wire fraud during a $7 million token presale. The demand, delivered via an NFT, alleges that ben.eth used a manipulative launch strategy for the Psyop (PSYOP) token, which raised $7 million in its initial presale.
The settlement demand is part of an ongoing legal dispute. The true identity of the influencer remains undisclosed. The allegations highlight the complexities and potential risks involved in the growing NFT market, where fraud and questionable practices can arise.
NFTs in the academy: Fighting fake credentials and unfair wages
Fake credentials, undervalued teachers and low wages persist as ongoing challenges in the education sector. Cointelegraph explored whether NFTs offer a potential solution to these issues within the education industry.
Beau Brannan, a professor at Pepperdine University, believes that NFTs can provide more insight into college degrees. Meanwhile, a community-led protocol is working on solutions to help teachers get more revenue.
Bankrupt crypto hedge fund 3AC’s NFT auction fetches $2.5 million
The auction of the NFT collection previously held by bankrupt crypto hedge fund Three Arrows Capital (3AC) fetched $2.5 million. The sale was facilitated by Sotheby’s and included several high-end assets like Tyler Hobbs Fidenza #725, which was sold for $1 million.
The NFTs were recovered by its liquidators as 3AC filed for bankruptcy last year. The firm now owes a total of $3.5 billion to its creditors.
Metaverse ETF ‘PUNK’ closing after betting against Meta’s vision
An exchange-traded fund (ETF) that goes against Meta Platform’s perspective on the metaverse is set to shut down. The Subversive Metaverse ETF by Subversive Capital will be liquidated after a 15-month run and a 30% loss. The company will shift its focus to artificial intelligence.
Subversive Capital highlighted the significance of responsible companies aligned with values like egalitarianism, democracy, sustainability, and facts for technological and societal advancement. It believes that Meta is in conflict with these principles. Despite its attempts to go against Meta, the company is set to close its doors on May 31.
Nifty News: Bitcoin surges to 2nd-largest NFT chain, StepN integrates Apple Pay and more
The top dog in the crypto world has caused a stir as its network has become the second-largest NFT chain. NFT data platform CryptoSlam shows that the Bitcoin network has recently placed second in NFT sales volume in the 24-hour, 7-day and 30-day metrics.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.