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Buyer sues for lost value

TokenTalk Staff

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Dolce & Gabbana Metaverse Blunder Sparks NFT-Focused Lawsuit

Dolce & Gabbana (D&G) faces backlash over failed fashion venture in the metaverse.

A customer has sued the luxury brand, alleging significant financial losses due to mismanagement of its non-fungible token (NFT) offerings.

Late NFT deliveries lead to huge losses

Luke Brown filed suit against D&G on May 16 in Manhattan federal court, alleging the company failed to deliver on its NFT promises. Brown spent $6,000 on non-fungible tokens that were supposed to offer digital, physical and experiential benefits. Due to late deliveries and unfulfilled promises, assets lost 97% of their value.

Marketed as part of the DGFamily collection, NFTs were supposed to offer exclusive rewards and events but faced significant delays. Brown lost $5,800 and filed the lawsuit on behalf of the affected buyers.

“Their standard operating procedure has been to promise products they fail to deliver, before abandoning a project and a community they promised to support,” Brown’s lawyers wrote.

Dolce & GabbanaThe company’s involvement with NFTs hasn’t always been controversial. The brand set a record with its Collezione Genesi, a nine-piece virtual and physical collection that sold for nearly $5.7 million in 2021. The collection, created with UNXD, featured complex designs and included digital and physical items.

However, experts believe that the brand can still preserve its reputation and continue to actively use Web3 tools for promotion.

“Trust is essential in Web3 because it is still a wild and free industry where scams and money grabbing is everywhere. This makes people very suspicious and much more rigorous in the purchases they make. Dolce & Gabbana is certainly capable of restoring its reputation, but it would require refunds from existing holders with airdrops and doing everything they can to add value to their existing NFTs before launching a new collection,” founder of Somnia Network Paulo Tomás told BeInCrypto.

Legal disputes over non-fungible tokens are not uncommon. For example, Hermes recently won a case against Mason Rothschild over MetaBirkins NFTs, which depicted Birkin bags. The court ruled in favor of Hermès, with Rothschild ordered to pay $133,000 in damages.

A joint study of the US Copyright Office and the US Patent and Trademark Office concluded that the current legal framework for NFTs is adequate. Existing intellectual property laws cover digital assets like NFTs, offering protection to consumers and brands without the need for new regulations.

“The main thing is not to sell these goods as investments or assets to be purely speculated on in price. Keeping the NFT as an association or linked to usable digital items can help the brand avoid regulatory concerns. Also working with reputable partners to help bring your projects to market in a compliant manner can help brands avoid the legal hurdles that digital assets pose,” advised Thomas.

In addition to these circumstances, the market has been in recession, with trading volumes falling down by 30% in April.

See more information: 7 Best NFT Marketplaces You Should Know About in 2024

Global NFT sales volume. Source: CryptoSlam

D&G has not yet commented on the process. However, experts such as Nick Jushchyshyn and Merav Ozair praised the innovation and predicted an increasing integration of luxury goods into the virtual world. As the NFT market matures, the industry must address these issues to maintain credibility and trust.

Disclaimer

In adherence to the Confidence Project guidelines, BeInCrypto is committed to impartial and transparent reporting. This news story aims to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on this content. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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NFTs

8 NFT Primitives You Should Know

TokenTalk Staff

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8 NFT Primitives You Should Know About

If DeFi has “legos of money”, then NFTs have “legos of culture”.

Another way to put it? NFT Primitives.

In cryptography, a primitive is a fundamental building block that can be used to create more complex systems or applications.

NFT primitives are important because they pave the way for new innovations and new use cases around NFTs, allowing developers to create more sophisticated and versatile experiences.

To give you a better idea of ​​the programmable possibilities here, let’s look at 8 examples of some of today’s most notable NFT primitives.

1. Zora Protocol Rewards

by Messari

When a creator selects the “Free + Rewards” pricing option when minting their NFTs on Zora, they become eligible for Protocol Rewards by splitting the Zora Mint fee of 0.000777 ETH.

Upon new mintings, these rewards are accumulated in an escrow contract and can be withdrawn by the creator at any time.

Developers or platforms that facilitate the creation of NFT collections or refer collectors to mint NFTs also receive rewards. This includes “referral creation” rewards for those who bring creators to the platform and “mint referral” rewards for those who bring collectors.

Hence, Zora Protocol Rewards introduces a fundamental reward mechanism that can be leveraged to create new applications, for example, alternative self-funded Zora front-ends. It can also be easily integrated into existing NFT projects and platforms.

2.ERC-6551

by Benny Giang

ERC-6551 introduced a fundamental change to the NFT space, allowing NFTs to function as their own smart contract accounts.

By allowing NFTs to own assets, interact with web3 applications, and act as onchain identities, ERC-6551 has significantly expanded the basic properties of ERC-721 tokens. The composable nature of ERC-6551 means it can be combined with other protocols and applications to create innovative NFT utilities.

For example, the original architecture of the AI-based simulation game Parallel Colony was inspired by ERC-6551, as the standard allowed the game’s AI agents to act as wallets and manage their own token assets.

3. Boosts

by Boost

Boost is a distributed incentives protocol. It allows for the deployment of incentives, i.e. tokens, to encourage targeted on-chain actions, and recently we have seen more and more incentives deployed to drive engagement for new NFT mints.

For example, you can set up a boost so that the first 100 minutes of your latest NFT drop will receive 2$OP each as a reward. How you configure the parameters is completely arbitrary and up to you.

That said, Boost’s open and composable design allows it to be easily integrated into other applications, allowing it to serve as a lever for anyone looking to take advantage of its features.

4.DN-404

by Standardizer

DN-404an optimized version of the ERC-404 experiment, helped popularize a new way of creating hybrid tokens that act as both fungible (ERC-20) and non-fungible (ERC-721) tokens.

Consequently, DN-404 can be used in a variety of applications, such as enabling fractional ownership of NFTs, increasing liquidity for NFT projects, and creating new trading mechanisms that leverage fungible and NFT properties.

5. Noun Protocol

by Nouns

One of the most popular NFT primitives is the Noun Protocol.

With this system, Nouns pioneered a complete model for continuous NFT generation, auctions and community governance. This foundation has inspired and been modified by many dozens of spin-off projects to date, leading to the phrase “substantive DAOs.”

The fully on-chain nature of the Nouns Protocol also means that developers can build new applications around Nouns as they please.

6. Net Delegates

by to delegate

Created by the team of Delegates, Net Delegates introduced a new mechanism that allows delegation rights to be bundled into tradable NFTs.

By allowing NFTs to delegate rights, Liquid Delegates have added the ability to trade those rights, claim airdrops, access token-gated communities, and more, all without transferring ownership of the underlying asset.

Projects can use this feature for a variety of purposes, but we’ve generally seen it integrated so that people can safely mint or claim tokens in their vault wallets.

7. Non-Fungible Vaults (NFVs)

by Open Dollar

Developed by Open Dollar, Non-Fungible Safes (NFVs) link collateralized debt positions (CDPs) to transferable NFTs instead of protocol accounts.

This primitive makes ownership of stablecoin loan positions liquid and transferable, improving capital efficiency and flexibility.

In other words? NFVs pave the way for the first secondary lending markets in DeFi and can be integrated into DeFi in new ways thanks to the existence of NFTs.

8. Net Listings

by Skinner

One of the latest NFT primitives is Flayer Net Listingswhich allows rarer non-floor NFTs to be deposited into collection pools in exchange for “Floor Tokens”.

These tokens, for example ƒMILADY, represent the minimum value of the NFT and can be sold to provide immediate liquidity, with the remaining listing value realized in the final sale of the NFT.

Notably, this primitive uses Harberger fees to ensure fair pricing, making it easier to sell NFTs off the floor and access liquidity quickly and smoothly.



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NFTs

OKX Marketplace partners with Web3 game

TokenTalk Staff

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OKX Marketplace now supports zero-fee Metaplex

SINGAPORE, June 21, 2024 (GLOBE NEWSWIRE) — OKXa leading Web3 technology company, published updates for June 21, 2024

OKX Marketplace Partners with Web3 Game BLOCCLORDS to Launch Exclusive Offer of 300 ‘Legacy Cowherd’ NFTs

OKX Marketplace and medieval Web3 game BLOCKLORDS have teamed up to launch a exclusive draw of 300 Ethereum-based ‘Legacy Cowherd’ NFTs. The giveaway, which began on June 19th and will end on June 26th, offers participants an exclusive chance to receive a ‘Legacy Cowherd’ NFT.

To participate in this campaign, participants must hold a minimum of 0.005 ETH during the campaign period and complete simple tasks on social media, such as following BLOCLORDS on X. More details on how to participate in the campaign can be found here.

BLOCKS presents a player-driven medieval grand strategy game where players’ decisions and skills shape the world and narrative. The game offers various play styles such as farming, fighting, resource management and government, allowing players to create their own destinies. The ‘Legacy Cowherd’, BLOCKLORDS’ newest hero, symbolizes patience, resilience and heritage, guiding his cattle through storms to lush pastures.

For more information, visit the OKX Support Center.

For more information, please contact:
Media@okx.com

About OKX

A leading global technology company powering the future of Web3, OKX offers a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet that gives users access to over 85 blockchains while allowing them to take custody of their own funds. The portfolio includes MPC technology which allows users to easily regain access to their wallet independently, eliminating the need for traditional, ‘written’ seed phrases. Additionally, OKX Wallet’s account abstraction feature Smart Account allows users to pay for transactions across multiple blockchains using USDC or USDT and interact with multiple contracts through a single transaction.
  • DES: A multi-chain and cross-chain decentralized exchange aggregator with 400+ other DEXs and approximately 20 bridges, with 200,000+ coins and 20+ blockchains supported.
  • NFT Market: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings on seven top-tier marketplaces, including OpenSea, MagicEden, LooksRare, and Blur.
  • Web3DeFi: A powerful DeFi platform that supports earning and staking on around 70 protocols across 10+ chains.

OKX partners with many of the world’s leading brands and athletes, including English Premier League champions Manchester City FC, McLaren Formula 1, Tribeca Festival and Olympian Scotty James.

OKX also regularly publishes articles, accessible via OKX Learn. These articles provide readers with in-depth analyzes of all cryptocurrenciesincluding factors that influence Bitcoin Prices It is Ethereum Prices.

To learn more about OKX, download our app or visit: okx.com

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Bitwise launches commercial Pro Ethereum as NFT

TokenTalk Staff

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Bitwise launches commercial Pro Ethereum as NFT

For the first time, Bitwise Asset Management, a crypto index fund manager, has turned an Ethereum TV commercial into an NFT. The move is part of Bitwise’s campaign to raise awareness of Ethereum crypto projects such as stablecoins, NFTs, DeFi and tokenization, while promoting the Bitwise brand.

As part of the campaign, Bitwise made history by offering viewers the opportunity to mint the ads as low-cost, open-edition NFTs through Zora, a widely used NFT platform on Ethereum. This marks the first time a national TV commercial has been minted as an NFT.

Minting profits will be split equally between the Protocol Guild, which supports open source Ethereum developers, and the actors featured in the videos.

There is something about embodying Ethereum in contrast to legacy financial and technology platforms that both highlights its potential and highlights how inefficient the status quo can be. With these announcements, we are excited to highlight Ethereum’s innovative potential with the accessibility, intelligence, and crypto-native spirit that has always defined Bitwise.

said Victoria Kulbanska Anderson, head of growth marketing at Bitwise.

The Ethereum-themed ads were created in cooperation with Studio City PXL and production company Revolver Films. The success of other previous campaigns like ‘Bitcoin Is Interesting’ also suggests that this partnership creates value for the public and for the companies involved in making the commercials.

Bitwise Asset Management is a crypto investment company founded in 2017 and offers its investors investment products such as ETFs, private funds and active solutions.

Read too: Bitwise Updates S-1 for Ethereum ETF After SEC Feedback

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Konami Launches NFT Solution ‘Resella’ on Avalanche Blockchain

TokenTalk Staff

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Konami Launches NFT Solution 'Resella' on Avalanche Blockchain

Konami Launches NFT Solution ‘Resella’ on Avalanche Blockchain

What is Resela?

Resella facilitates the design, issuance and negotiation of NFTs across multiple services as well as providing a marketplace for users to buy and sell these digital assets. Notably, the platform supports transactions in Japanese yen ($JPY), making it accessible to users unfamiliar with cryptocurrency.

“Resella paves the way for new social experiences within the web3 ecosystem, envisioning seamless integration between diverse services to improve user engagement,” Konami said in a statement.

“For example, NFTs originating from gaming environments can transcend their virtual boundaries to serve as event tickets or unlock exclusive in-game content, enriching the overall user experience,” the company added.

The platform is designed to not only develop new web3 services but also convert existing web2 services to web3. Konami intends to promote the adoption of web3 technologies in different consumer sectors, in addition to gaming.

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