The potential behind the metaverse is becoming greater as virtual and physical worlds converge. Market intelligence firm Contrive Datum Insights recently found that the global metaverse market is estimated to surpass $1.3 trillion by 2030. According to the study, this growth will be driven by newly adopted virtual economy trends, combined with the rise of both crypto and online games. Additionally, a recent survey conducted by CoinWire highlighted that the metaverse would likely reshape social lifestyles. CoinWire found that 69% of respondents believe that the metaverse will eventually modify social lifestyles due to new approaches taken for entertainment and activities. …

Troubled cryptocurrency fintech Yuga Labs is about to face more lawsuits in relation to its nonfungible tokens (NFT) collection, Bored Ape Yacht Club (BAYC) and other projects. Rosen Law Firm, a global law firm focused on investor rights’ protection, announced on Jan. 30 that it’s planning to file a class action lawsuit against Yuga Labs. Rosen invited purchasers of Yuga securities — including BAYC NFTs and the native token ApeCoin (APE) — to join the class action against Yuga by the lead plaintiff deadline set for Feb. 7. The law firm emphasized that Yuga securities’ investors that bought BAYC and …

As nonfungible tokens (NFTs) attract more users, they also capture the eyes of scammers. Bad actors in Web3 have set their sights on digital collectibles, with millions being lost through scams and various attacks. However, according to professionals working in the Web3 space, there are multiple ways and tools to prevent being a victim of NFT theft. In addition, users can also take various actions after losing their digital collectibles to hacks. Ronghui Gu, the co-founder and CEO of blockchain security firm CertiK, told Cointelegraph that the first and most important step is always due diligence. “Avoid clicking on suspicious …

In 2021, the world witnessed nonfungible tokens (NFTs) as a possible short-term investment opportunity and a way to make a quick buck. Paired with a burgeoning bull market and an investor cohort keen on the technology sector, the blockchain and its derivative assets, like NFTs, became an investment hotspot, attracting billions of dollars. Fortunes were made and lost in the NFT frenzy; CryptoPunk #9998, an NFT which sold for 124,457.0675 Ether (ETH) — worth over $533 million in October 2021, exemplifies the incredible valuation spurts of NFT projects at that time. Despite the lavish sums, critics questioned the true value …

Blockchain-powered fantasy sports firm Sorare has sealed a deal with the English Premier League to mint Ethereum-based digital player cards on its platform. Sorare has driven an interesting use case for Ethereum-based fantasy sports and digital card trading in recent years, offering fans the ability to mint, collect and trade various player cards with other users across a variety of nonfungible token (NFT) marketplaces. Cointelegraph reached out to Sorare to clarify details of their latest deal which brings the Premier League to the fingertips of football fans. While the partnership was officially announced on January 30, a Sorare spokesperson said …

Should people who purchase nonfungible tokens (NFT) be entitled to refunds if they decide they don’t like their digital pictures? Some Europeans are beginning to make that case under a 25-year-old law. Unhappy buyers have claimed that their right to a refund is protected by a 1997 European Union law that requires any person or business engaged in “distance selling” — that is, buying and selling a product that is not done in person — to allow customers a 14-day grace period to return the product for a refund. But since digital goods are different, the law makes provision for …

The trademark infringement trial between French luxury brand Hermès and digital artist Mason Rothschild is set to go ahead on Jan. 30 in a Manhattan federal court. The luxury brand accused the nonfungible token (NFT) artist of trademark infringement for promoting and selling MetaBirkins, an NFT collection said to be inspired by the group's Birkin bags. The trial and its related lawsuit in the United States District Court for the Southern District of New York can be first traced back to Jan. 14, 2022, when Hermès first filed a complaint against Mason Rothschild after the artist allegedly refused to stop …

The recent launch of a nonfungible token (NFT) protocol on the Bitcoin mainnet has the crypto community divided over whether it’ll be good for the Bitcoin ecosystem. The protocol, referred to as “Ordinals,” was created by software engineer Casey Rodarmor, who officially launched the program on the Bitcoin mainnet following a Jan. 21 blog post. The protocol essentially allows for the Bitcoin version of NFTs — described as “digital artifacts” on the Bitcoin network. These “digital artificats” can comprise of JPEG-like images, PDFs, video and audio formats. The introduction of the protocol has the Bitcoin community divided however, with some …

Nonfungible token (NFT) entrepreneur Wylie Aronow of Yuga Labs — the team behind Bored Ape Yacht Club (BAYC) and CryptoPunks — will be taking a leave of absence from the office to manage a host of heart failure symptoms. In a Jan. 28 Twitter post to his 144,900 followers, Aronow said the tough decision to step back came on the back of a heart failure diagnosis after experiencing a myriad of symptoms over the last few months. Some heavy news: a few days ago I was told by my doctor I have congestive heart failure. Symptoms started last year out …

Azuki, a popular nonfungible token (NFT) project, had its Twitter account compromised on Jan. 27 leading to hackers stealing over $750,000 worth of USD Coin (USDC) by posting a malicious “wallet drainer link” posed as a virtual land mint. Hackers stole $751,321.80 USDC from a single wallet within half an hour of the malicious links being tweeted, according to Etherscan data provided to Cointelegraph by crypto wallet security firm Wallet Guard. The data also revealed that hackers stole a further $6,752.62 worth of USDC from various wallets holding 11 NFTs and over 3.9 Ether (ETH). Wallet Guard stated that the …

About two months after the FTX collapse, the Solana network is stronger than ever, according to Austin Federa, the head of strategy and communications at the Solana Foundation. Federa defines the recent SOL token price crash as a short-term market reaction to the perceived connection between Solana and the defunct crypto exchange FTX. While FTX founder Sam Bankman-Fried was invested in many Solana-based projects, Federa pointed out he didn't have any influence on the network’s operations and fundamentals. “The external perception was that there was a very close relationship between the Solana network and FTX, which wasn't the case," Federa …