Are we in a full-fledged bear market for NFT Token projects? The crypto market in general is definitely seeing turbulence, and there is undoubtedly more bearish activity than bullish as we approach the midpoint of a lackluster year so far. However, there are still rising headlines, despite many NFT critics claiming the inevitable collapse, and the big NFT ‘blue chips’ have held strong, but the same cannot be said for young, emerging projects.
Not-to-be-missed NFT Token news this week
Madonna’s Wild NFTs
Longtime pop culture icon Madonna has had her fair share of notable moments throughout her career, and this week it looks like she’s got another notch on her resume. After making some noise to buy Bored Ape in March (she joined a growing roster of stars to do so), Madonna has stepped into NFTs of her own, thanks to a new collaboration with massive NFT creator Beeple.
NSFW “Mother of Creation” NFT, one of three movies released, depicts a naked CGI Madonna giving birth and giving birth to a tree symbolizing the “seed” of life.
Instagram is finally in the waters of testing NFTs
, following months of chats on cryptokoin.com and crypto via parent company Meta After multiple overwhelming attempts to interact with the social media platform Instagram is finally entering its NFT Token testing phases this week, according to reports.
According to a tweet shared by platform CEO Adam Mosseri, several US creators and collectors will be able to share their NFTs on Instagram this week. After Ethereum and Polygon, support for Flow and Solana is expected.
OpenSea announced new measures to combat NFT replicas
OpenSea has overcome many challenges and turmoil to be expected in an emerging industry and given the platform’s market position an emerging market leader. According to new blog posts from the market this week, OpenSea is making efforts to detect fake NFT Token projects and verify accounts, a much-needed focus for the platform.
OpenSea shared that they will use a balance between image recognition technology and human reviewers to handle counterfeits, a new copy protection system, and verification and badge updates.
Azukis have entered Chaos Mode after the founder announced abandoned projects in the past
Azukis have long been viewed as a ‘blue chip’ NFT Token, or pretty close. While not on the level of the Bored Apes and CryptoPunks of the world, it would be hard to argue that Azuki is anything but the next notch.
This took off quickly this week, as experts discussed following a blog post by the project’s founder.
NFT scam: CoinGecko attempts to infiltrate EtherScan and more
A phishing scam suspected to be infiltrated via a banner ad, including DexTools, EtherScan, and CoinGecko in recent days managed to break into major crypto sites and led to a malicious wallet access popup.
According to experts, although the effects have not been measurable so far, it could easily be another major blow to the market outside of optics alone. Fake popup asking users for wallet access in exchange for free Bored Ape NFTs. It seems that we have entered a new era of fraud and phishing attacks.
The Chainsmokers copyrighted their music NFTs
Over the past year, we’ve seen music NFTs come alive as several great artists struggled, especially in hip-hop. But The Chainsmokers, who made headlines this week after announcing that they were considering releasing their “So Far So Good” album as an NFT Token project, gave fans a share of their streaming royalties.
Next week, 5,000 NFTs will be released for free and holders will be rewarded with a 1% deduction. NFTs will be based on Polygon. This album is the band’s first album after a few years.
NFTulle project will be exhibited at C24 Gallery in New York
A new generation of Turkish painter İrfan Önürmen, one of the pioneers of contemporary art, created with layers of tulle, is on display in New York. The works were also offered for sale in the digital environment as NFT.
The 150 pieces included in the artist’s NFTulle project, which started on May 12 at C24 Gallery in New York, include original NFT artworks. NFT works in the exhibition will be available for sale for 0.6 ETH.
