Category: nft

Broadcast Company Fox to Launch NFTs and a Blockchain-Curated Animated Series

Fox Broadcasting Company, the American commercial broadcast television network is launching a non-fungible token (NFT) business called Blockchain Creative Labs, according to a recent report. Moreover, Fox is also planning to release a new blockchain-based animated series crafted by Dan Harmon called “Krapopolis.” Fox to Enter the NFT Fray, Aims to Launch an Animated Series […]

Delphi Digital forms $5 million NFT investment ‘syndicate’

The new investment wing will focus on NFTs and NFT infrastructure.

Delphi Digital — a multiservice cryptocurrency investment, consulting and research firm — announced on Friday the launch of "Delphi InfinNFT," a new investment wing focused on nonfungible tokens and the NFT ecosystem.

Per a post on Twitter, the fund will invest upward of $5 million into “NFT marketplaces, DAOs, social tokens, fractionalization, NFT infrastructure, and any other new developments that may arise during the syndicate's investment cycle,” and the team will be bolstered by noted NFT collector “Gmoney.”

An NFT-focused fund might not be a surprise, given how the use case has been a banner carrier, bringing blockchain into public consciousness. However, NFT prices can be notoriously volatile and uncorrelated to the wider crypto markets

Delphi co-founder Yan Liberman told Cointelegraph that the company is prepared to weather any downturns, however.

“Our fund has a very long term focus so the volatility is less of a concern. We actually think of it opportunistically in that it can favorable price entries,” he said.

Additionally, the company’s investment processes won’t have to change to accommodate the focus on a new asset class.

“Our investment process is very similar to the one we employ at Delphi Ventures. Begins with heavy due diligence and ends with a firm wide investment committee where we leverage our spectrum of expertise to have an exhaustive discussion about the project and landscape. The investment philosophy is also similar in that we're looking to support the best founders and ideas with everything Delphi has to offer.”

The firm’s claim to being the “first” on-chain NFT-focused fund did ruffle some pink feathers, however. As multiple members were quick to point out in Delphi’s Twitter thread, Flamingo DAO was the first DAO formed as an NFT investment group, and it has been making headlines with high-priced purchases in recent months.

However, aside from the spat over superlatives, it’s unlikely that there will be competition between the groups. While many of Flamingo DAO’s investments thus far have been in NFTs directly, InfinNFT looks to focus on infrastructure, though Liberman noted that “We plan on investing in both NFT infrastructure and directly into NFTs themselves.”

Delphi is no stranger to NFTs, having announced an investment in several rare “mystic” Axies, NFT-backed critters from the Axie Infinity game, last year. Liberman told Cointelegraph that the fund is excited about not just gaming NFTs but the broad range of use cases that haven’t even reached production.

“Axies, and gaming NFT's in general, are just one subsector of NFTs that we're incredibly bullish on. We believe the majority of applications haven't been thought of yet, which is what makes us incredibly excited to launch this fund.”

Big Time Studios Aims to Bring NFTs to the Masses, Set to Raise $21 Million in Funding

The Los Angeles-based company Big Time Studios has announced the company is set to raise $21 million in two funding rounds backed by a number of investors. The company’s founder Ari Meilich was the CEO and co-creator of the Ethereum metaverse Decentraland. Big Time Studios aims to bring non-fungible token (NFT) assets to the billion-dollar […]

Floyd ‘Money’ Mayweather to Launch Legacy NFTs Ahead of Fight With Logan Paul

‘Money’ Mayweather to Launch Legacy NFTs Ahead of Fight With Logan PaulBoxing legend Floyd Mayweather will release his own NFTs before the upcoming bout with Youtuber Logan Paul. The exclusive collection celebrates Mayweather’s legacy in life and sport with unique items. Floyd remained undefeated throughout his professional career after winning major titles in multiple weight classes. NFT Collection to Feature Rare Mayweather Memorabilia The NFTs will […]

$85 million ‘Meebits’ NFT project exploited; attacker nabs $700,000 collectible

The team has paused minting, and will have to use a manual workaround to prevent further exploits.

Legendary NFT developers Larva Labs were the victims of an exploit this morning, as an attacker found a way to mint a rare NFT worth over $700,000 from the “Meebits” collection. 

The attacker, 0xNietzsche, teased the exploit on Twitter this morning, saying he anticipated making “$300,000 per hour” throughout the duration of the attack. He has since deleted the Tweets, saying that they came off as “douchey.”

His attack essentially centered on “rerolling” his Meebit mints until the contract gave him one he wanted. The Meebits contract includes a zipped Interplanetary File System file, one which reveals the characteristics of each Meebit’s ID. The IDs of the remaining Meebits are public knowledge, but until knowledge of the IPFS leak spread, their characteristics were not. As a result, 0xNietzsche simply needed to make a list of desirable IDs, and design a contract that minted Meebits over and over, but cancelled the transaction if he didn’t get a favorable ID. 

An Etherscan address shows 345 total transactions, hundreds of which are failed “rolls” to obtain desirable Meebits. The only successful roll appears to be for Meebit 16647, a “visitor” or alien. 16647 was bought by the collector-whale Pranksy for 200 ETH. Per Opensea, the next lowest-price Visitor Meebit is listed for 300 ETH.

In a pinned post in their Discord, Larva Labs announced that they have since shut down the marketplace.

“We have temporarily paused community minting and trading in the Meebits contract. The contract is safe, all Meebits are safe, and trading is working just fine,” the announcement reads in part.

While the Meebits minting period was scheduled to conclude on Monday, some CryptoPunk and Authglyphs owners (each of whom are entitled to a Meebit on a one-to-one basis) may not have redeemed theirs yet. As a result, the Larva Labs team plans to “provide a form where you can use your wallet to sign a message that proves ownership of your punks/glyphs, and we’ll mint the Meebits for you using the ‘devMint’ function,” allowing users to continue to mint through the weekend while preventing others from utilizing the exploit.

By 0xNietzsche’s own estimations, his exploit could have been far more successful. Per posts in the Discord, given the length of the attack before the market shutdown he felt he “should've gotten two meebs in that time.” He also noted that his contract cost “~$20k an hour in gas fees” and that he had to purchase punks with unredeemed Meebits in order for the exploit to work, meaning his total haul was reduced due to associated costs:

In a now-deleted Tweet, he said he raked in “50 ETH and 5 floor punks” from the exploit.

An anonymous source told Cointelegraph that other NFT collectors were aware of the attack vector, but did not choose to exploit it as they felt it would be “unethical.” Tweets from yesterday indicate that others were indeed aware of the IPFS leak and had identified the rarest remaining Meebit, 10761, a “dissected,” which was among 0xNietzsche's targets. 

The community is currently publicly debating what this will mean for prices across the Meebits and wider Larva Labs space. Many believe that the exploit could, paradoxically, increase floor prices for the projects due to “narrative.”

Historical significance can play a major role in the price of NFTs. Earlier this year, digital archeologists uncovered “Mooncats,” thought by many to be the second-ever NFT project, leading to a temporary buying frenzy. 0xNietzsche himself is a Mooncats enthusiast.

‘Once in a While You Get Shown the Light’— Jerry Garcia Art to be Auctioned as an NFT for $1 Million

'Once in a While You Get Shown the Light'— Jerry Garcia Art to be Auctioned as an NFT for $1 MillionThe now-deceased and former lead guitarist for the Grateful Dead, Jerry Garcia, will have a rare piece of his artwork sold as a non-fungible token (NFT) collectible asset. The NFT is a digital piece called “Gift” and is being sold by the Jerry Garcia Foundation, a nonprofit that supports “environmental, artistic and humanitarian causes through […]

Grifter season in DeFi-land, and Uniswap v3 is here! Finance Redefined 4/28-5/05

Uniswap v3 starts off with a whimper, not a bang, and grifters galore in this week's Finance Redefined.

Lots of cons, no artistry

It’s grifter season: scams and opportunists run amok, and it’s harder than ever to tell who to trust.

Case and point: over the weekend, an influencer by the pseudonym “Crypto Spider” was found to have pumped-and-dumped a meme coin, $SELON — while publicly claiming that he had joined his followers in taking a loss.

The drama jarred me personally, despite the fact that I didn’t have any exposure to the failed shitcoin. The reason being is that I quoted Crypto Spider in a piece from January. Had I unwittingly aided a scammer?

I’d gotten his name from a trusted colleague. Part of my beat is emerging projects, and I’m always open to hearing from anon teams and sources — other cryptomedia outlets ignore them to their detriment, given that the largest digital asset in the world was founded by an anon.

When we spoke he told me about an algo stablecoin project, and I now realize that it was likely an effort to use the Cointelegraph platform to pump his bags. Thankfully, I did my due diligence while researching the project: the developers were clever and intrepid, but ultimately working in what appears to be a doomed vertical (though I suppose FEI and OHM are still giving it the old college try), and I profiled them as such.

While my reporting was unlikely to lead anyone astray, seeing Spider exposed as a fraud was nonetheless a jolt. It’s getting harder to tell who to trust out there — a point that Spider made himself.

I reached out to him over the weekend to ask for his side of the story, and he pointed to a Tweet thread from his alleged co-conspirator — one which, oddly, confirmed that he had promoted the project and then sold. He also sighed that he’d become “the target of anyone who shilled or created meme coins.”

It would take the moral nuance of a toddler to claim Spider’s actions are equivocal to the standard influencer cheerleading, but with all the money sloshing around more and more people seem to be getting mixed up with shady deals. 

Not even institutions are exempt: Alameda Research invested $20 million in Reef, part of what would have been a larger $80 million deal — but the two companies cut ties over a disagreement regarding Alameda transferring the tokens they purchased to Binance, presumably to sell. Alameda later said it was merely an OTC buy and not a longer-term “strategic investment.”

Anons lie, institutions lie, and despite the money pouring from the sky greed is still getting the better of people. Watch who you listen to and what you invest in — I know I’ll be even more careful going forward.

But here’s one principle that hasn't led me astray yet: anonymity by nature encourages and enables both the best and the worst in crypto. An anon with integrity can be a guiding light in these choppy waters.

Uniswap v3 mewls out of the gate

After months of anticipation, Uniswap v3 is finally here. It may take a while before it gets its sea legs, however. 

In the first few minutes after launching the protocol had attracted $1.3 million in total value locked; at the time of publication it has since risen to $24.3 million. The majority of liquidity is in bread-and-butter trading pairs such as ETH/stable pairs, but specifics are hard to come by; while a blog post from Uniswap says that their info site has migrated to displaying v3 statistics, their top pools are still for Uniswap v2. 

Aside from the interface stumble, there is not yet sufficient liquidity to swap at any significant size. Quotes for ETH/stablecoin pairs led to double-digit slippage quotes on orders over 10 ETH or so, and the interface often suggests better prices on v2. (Cointelegraph has a policy in place prohibiting writers from making trades during business hours, so I’m only relaying the quotes I got for the trades).

The low liquidity woes may soon be ameliorated, however. As multiple Twitter observers pointed out, Uniswap is making it simple to migrate liquidity pools to v3 — including Sushiswap LP positions in what some have dubbed a “reverse vampire attack.”

Perhaps coolest of all however is that a long list of Uniswap v3 pool positions, which are represented as NFTs, are now on sale on Opensea. Uniswap founder Hayden Adams bragged about his, the first-ever v3 position. I expect a interesting market to develop over the comping days for early pool positions, and the first positions in culturally important pools may come to have significant value. What would the first EMN-DAI position NFT be worth now?

In all, a mixed-review launch. But that’s to be expected for a protocol only open to the public for the last few hours, and as Framework Venture’s Vance Spencer puts it, once it’s attracted significant liquidity v3 may well represent a new “era” for capital efficiency in DeFi:

Major stories this week

Balancer and Gnosis team up for Uniswap v3 rival Cowswap

Inverse Finance acquires Tonic in possible first-ever protocol merger

Lido looks to go cross-chain

Federal Reserve says DeFi may lead to “Paradigm Shift”

Never-Before-Seen Pictures of Kurt Cobain’s Iconic Photoshoot to Be Sold a NFTs

Never-Before-Seen Pictures of Kurt Cobain's Iconic Photoshoot to Be Sold a NFTsIn less than three days, the renowned photographer Jesse Frohman will be holding an auction featuring a non-fungible token (NFT) collection of his last photoshoot with the now-deceased Nirvana frontman Kurt Cobain. On May 3, at 12 p.m. (ET) Frohman’s iconic photos that were transferred into NFTs will be auctioned for ethereum. A portion of […]

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