In this week’s newsletter, find out how France’s premier contemporary art museum will be displaying non-fungible tokens (NFTs). Find out why a Bored Ape Yacht Club (BAYC) copycat project founder, RR/BAYC, opposes Yuga Labs’ trademark requests. Learn how Ethereum-based NFTs lost 60% of their market capitalization and learn how non-zero Bitcoin (BTC) addresses increased due to Bitcoin NFTs. And don’t forget this week’s Nifty News, featuring American socialite Paris Hilton launching a dating metaverse called Parisland.
France’s largest modern art museum will exhibit CryptoPunks and Autoglyphs NFTs
The Center Pompidou, the main museum of modern art in Paris, France, has announced a permanent exhibition of NFT. The museum will feature NFTs from various global digital artists, including CryptoPunk #110 and Autoglyph #25.
According to Xavier Rey, director of the National Museum of Modern Art, the center continues its interest in digital art in connection with the blockchain. Rey stressed that the collection reaffirms their support for artists in “their conquest of new means of expression”.
BAYC copycat files opposition to 10 Yuga Labs trademark applications
One of the founders of the copycat NFT collection, RR/BAYC, has opposed 10 Yuga Labs trademark applications in a bizarre twist to the intellectual property dispute between the creators of BAYC and the founders of RR/BAYC, Jeremy Cahen and Ryder Ripps.
However, the Yuga Labs team seem unfazed by the efforts. In an interview with mainstream media, a Yuga Labs spokesperson said the filing was simply an attempt to “distract” from the real problem.
Ethereum NFT Collections Lost Nearly 60% of Market Cap in 2022: Report
NFTs have not been immune to the effects of the crypto winter of 2022. A report by DappRadar investigated 81 collections of NFTs based on the Ethereum network and showed a sharp decline in overall market capitalization in 2022 .
While Ethereum’s NFT market was worth $9.3 billion at the start of the year, data suggests that the valuation has fallen to $3.7 billion by the end of 2022. According to the report, the market capitalization could be influenced by the decline in the value of Ether (EPF) in 2022.
Bitcoin hits record high of 44 million non-zero addresses, thanks to ordinals: Glassnode
The release of Bitcoin NFTs, Bitcoin Ordinals, pushed the number of non-zero Bitcoin addresses to its new all-time high of 44 million. According to analytics platform Glassnode, this is the first time in BTC’s 14-year history that the platform has been used for any other purpose.
Glassnode pointed out that the increase in the use of ordinals has led to an increase in the use of the Bitcoin network. The platform also pointed out that this new feature brings new active users with a non-zero balance to Bitcoin.
Nifty News: Find Love In The Paris Hilton Metaverse, BTC CryptoPunks Soar And More
American socialite Paris Hilton has worked with metaverse platform The Sandbox to launch “Parisland”, a virtual reality dating experience where players can participate in an in-game reality show.
DISCOVER COINTELEGRAPH’S NFT STEEZ PODCAST
Thanks for reading this roundup of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and information on this evolving space.