NFTs in a nutshell: a weekly overview

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NFTs this week saw another week of ‘high highs’ and ‘low lows’, with the US Department of Justice clearly on the lookout, and some high-flying NFT series sales. All in all it was a week of activity that was a little on the quieter side – but there was still plenty to notice in the NFT space from the past week.

Let’s take a look at these stories and more from the past seven days of NFT activity.

This week’s non-fungible token news

XCOPY NFTs Generate Nearly $25 Million in Revenue in a Short Time

The pseudonymous NFT artist XCOPY has hit the scene in a major way this week, tearing the headlines with a new NFT collection that has sold over $20 million worth of NFTs in less than ten minutes. XCOPY unleashed open-edition mints and special auctions, all on the NFT platform Nifty Gateway. Six limited edition pieces, along with the open edition ‘MAX PAIN’, were the featured drops. The ‘MAX PAIN’ piece now has over 5,000 unique owners.

XCOPY’s most recent smashing release prior to this week was the December 2021 play “Right Click And Save As Person,” which grossed over $7 million.

A first: the US Department of Justice drops the hammer on two NFT scammers

The controversial dialogue in the NFT space this week easily featured the leader of the US Department of Justice accusing two 20-year-old individuals, Andre Llacuna and Ethan Nguyen, of a seemingly unique scenario. Llacuna and Nguyen have been charged with bank fraud and money laundering charges, each with a maximum sentence of 20 years, over an NFT carpet from a ‘Frosties’ collection earlier this year.

It is the first time here at Bitcoinist that we see NFT scammers facing federal charges at this level. Llacuna and Nguyen made more than $1 million from the project, and were already preparing another project about to be released – ‘Embers’ – which will reportedly receive a $50,000 charitable donation and a ‘community controlled wallet’ on the roadmap.

The dialogue surrounding this sequence of events was interesting; on the one hand, almost everyone can agree that scammers in the NFT space cannot be tolerated and that they are too common in today’s world. However, many that are ingrained in NFTs remain at the heart of what got them there — and this idea that relying on a federal government agency to serve justice in a certain way is contradictory. Regardless of how you feel about the matter, we live in a society – and legal implications of one’s actions are bound to happen.

WeChat is dropping NFTs – but not in a good way

Chinese messaging giant WeChat is a force to be reckoned with in Asia, serving as a key communication tool for individuals, from casual conversation to business correspondence and everything in between.

The Chinese authorities have in the past redoubled their efforts to hinder crypto mining in the country and have now removed NFT projects from the platform. As our team told earlier this week, the Beijing government has not specifically banned NFTs, while mainland China has shown a total ban on cryptocurrencies.

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ApeCoin, the new Bored Ape Yacht Club token, has been a major topic of discussion in recent weeks. However, this week several Ape owners fell victim to a fake phishing site that left their Ape in the dust by promising an animated version of their NFT and instead leaving them high and dry. † Source: APE-USD on TradingView.com

Cool Cats signs an agency agreement

Cool Cats have become a staple in NFTs, and while they are certainly not as recognizable as Bored Apes or CryptoPunks, to anyone who pays close attention to NFTs, they’ve probably heard or seen Cool Cats at some point.

If somehow you hadn’t heard of them before, a new agency deal will change that. Cool Cats has signed a representation agreement with Creative Artists Agency (CAA), one of the few major “three letter” agencies in Hollywood to have historically dominated the scene.

We’ve already seen projects like Meebits and CryptoPunks signing representation agreements – what comes of it has yet to happen. Can Cool Cats IP be integrated into film, TV, etc. without feeling forced?

Fake Animation Phishing Site Costs Several Users Their Bored Monkeys

A number of different owners of Bored Ape and Mutant Ape have fallen victim to the latest phishing site that claims to offer an airdrop of animated Apes. As crypto sleuth @zachxbt best points out below, whether your wallet has NFTs made up of small unknown collections or some of the most notable, “Stop connecting your wallet and approving transactions on sketchy sites.”

Related literature | Nevada man pleads guilty to $722 million fake crypto investment

Featured Image from Pexels, Charts from TradingView.com The author of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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