OpenSea implements 0% fees: Nifty Newsletter, Feb 15–21

In this week’s newsletter, read about how the eBay Non-Fungible Token (NFT) platform launched a new creator smart contract. Find out how OpenSea plans to win back its users from its rival Blur, and find out why Yuga Labs was accused of intellectual property (IP) theft because of the wolf skull logo. In other news, find out how NFTs will act as “high-end property” during market booms, and don’t forget this week’s Nifty News, in which an NFT artist gets $150,000 for a meme on Ordinals.

eBay NFT Platform KnownOrigin Launches Creator Smart Contract

The EBay NFT marketplace KnownOrigin has announced the launch of creator smart contracts for artists on its platform. The new contract allows artists to share their earnings and receive royalties as contributors. According to the NFT platform, users have tested this feature over the past few weeks.

The KnownOrigin NFT platform was acquired by eBay back in June 2022. Although the amount was not disclosed, platform co-founder David Moore said that KnownOrigin is looking to empower NFT creators and faucets.

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OpenSea Introduces 0% Fee to Win NFT User Base Lost Due to Blur

NFT marketplace OpenSea has announced a new move to win back its users from its rival Blur, which recently outperformed its platform in daily Ether (ETH) trading volume on Feb. 18, according to statistics platform Nansen.

The platform made three big changes on the same day to attract more users, including temporarily lowering the OpenSea fee to zero percent and switching to optional revenue from creators.

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Yuga Labs accused of stealing intellectual property over use of BAYC’s wolf skull trademark

Yuga Labs, creators of the popular Bored Ape Yacht Club (BAYC) NFT collection, have been accused of stealing intellectual property over their wolf skull logo. In a tweet, the NFT artist pointed out that Easy Drawing Guides was the first to draw a skull that was used for the Bored Ape Kennel Club.

The company also responded to the commotion on Twitter by confirming that Yuga Labs does not have a license to use the blueprint. The firm also indicated that the intellectual property rights to the drawing belong to them and their terms protect it.

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NFTs will act as high-end property during boom cycles: Real Vision CEO

In a Feb. 20 YouTube video, Real Vision CEO Raul Pal stated that he believes NFTs can become “high-end property” during boom times in the cryptocurrency market. This type of property will outperform the market once the economy recovers, Pal said.

The CEO also emphasized that popular collections such as CryptoPunks and BAYC are considered status symbols in the crypto space, similar to owning luxury cars and houses.

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Nifty News: PROOF Cancels NFT Conference, Bitcoin Meme Maker Gets $150K And More

An NFT artist received 6 bitcoins (BTC) worth about $150,000 at the time in exchange for a bitcoin wizard meme on a bitcoin NFT-like platform, Ordinals. Meanwhile, the former Amazon executive launched an NFT review platform similar to the popular Yelp review site.

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Thank you for reading this digest of the most notable events of the week in the NFT space. Check back next Wednesday for more reports and information on this booming space.

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