Nifty News: Yuga in doghouse over Kennel Club logo, NFT marketplace wars rage on and more

New logo for the dog-themed NFT collection by Yugi

The Bored Ape Kennel Club (BAKC) kennel logo from non-fungible token (NFT) conglomerate Yuga Labs is being updated following recent allegations of intellectual property theft.

Yuga co-founder Greg Solano, better known as “Garga”, tweeted on February 18 that the BAKC logo will change and the project will “reveal a new logo soon.”

Yuga has fallen out of favor with its trademarked logo, as it closely resembles the finished product from a drawing guide made for kids by Easy Drawing Guides.

Easy Drawing Guides released a wolf skull drawing guide on April 5, 2021, just over two months before the launch of BAKC on June 17, 2021. The firm has claimed intellectual property rights in relation to the drawing.

Solano said the whole debacle “was news to us”, adding that Yuga was “still investigating the situation” and contacted Easy Drawing Guides and a freelance artist was contracted to design.

Blurred Lines: NFT Market Wars Boost Sales

NFT sales have skyrocketed over the past seven days amid a dominance battle between OpenSea and its rival Blur, with the two arguing over fees and royalties.

In accordance with data from NFT aggregator CryptoSlam, NFT sales have increased over 101% in the last week compared to the previous week and have reached over $524 million in the last seven days at the time of writing.

Seven days of data shows that fewer NFTs are being traded at higher prices as NFT transactions declined slightly while sales volume and buyer numbers increased. Source: CryptoSlam!

One of the key growth factors was the distribution of Blur tokens on February 14, which gave users an incentive to farm using the platform.

Blur remains the dominant market in terms of year-to-date trading volume and dominates OpenSea in this respect.

Analytics from DappRadar show The trend continues last week with Blur making nearly $400 million in sales compared to OpenSea’s $105 million.

OpenSea recently rolled out a comeback campaign and cut platform fees to zero, introduced non-mandatory royalties, and more lenient bans on other marketplaces.

Fat Finger Mistake Cost NFT Trader Thousands of Dollars

A pseudonymous NFT collector known as “Franklin” made a “gross” mistake bidding for a collection that caused him to inadvertently bid over 21 times the NFT floor price.

On February 19, Franklin admitted to inept purchasewhen he bought an NFT from the BEANZ collection of the Azuki project for 35 ETH – or about $60,000 at the time – despite the minimum price being around 1.7 ETH, or $2,800.

He said he “posted a fat finger collection offer” on the BEANZ collection, but was actually supposed to enter “a much lower bid with a quantity of 35”.

“Instead, I offer 35 ETH for 1 purchase. […] It was accepted before I could cancel it. Oops. I’ll be fine. Franklin tweeted.

However, it turns out that Franklin was the owner of Bean #10626 for only a short time, as just two hours after the mistaken purchase, he was sold for just 1.77 WETH – the equivalent of a loss of nearly $56,000.

Starbucks free mint NFTs are now selling at high prices

Initially a free collection of NFTs launched by global coffee shop chain Starbucks, now sees NFTs implicitly listed for thousands of dollars just two months after the initial release.

The Starbucks Odyssey Polygon NFT Collection is a rewards program that launched in December 2022 and is still in closed beta. Only four “drops” were produced for a total of $148,000, the first of which is a 5000-horsepower “brand” called Festive Mood Stamp Edition 1.

The owners of the collection initially received NFT for free and, despite low trading volume, are now asking for around $2,000 per token on Nifty Gateway.

The minimum price for the first drop of Starbucks NFT is currently $2,000. Source: graceful gateway

The collection itself makes up $117,000, or about 80% of the collections’ total sales.

What are the applications of NFT in supply chains?

Being the first loot, NFTs can be seen as something special for some collectors. Starbucks also said rewards for its NFTs will range from NFT holder-only merchandise, invitations to exclusive events, and possibly trips to a coffee farm in Costa Rica.

Meanwhile, other drops show much lower lows, with another 5,000-person drop as low as $100, and a 30,000-person drop almost half as much at just $59.

Other great news

KnownOrigin, eBay’s NFT marketplace, is launching code-free creator smart contracts to allow artists to share revenue and receive royalties as collaborators of collections. The beta has been tested over the past few weeks, with 84 contracts rolled out and 250 NFT releases released.

Web3-friendly Neil Mohan has been named the new head of YouTube. His previous tentative plans for the platform included the ability for creators to tokenize videos, photos, art, and experiences to bring them additional revenue streams.

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