In this week’s newsletter, read about how Justin Bieber, along with other celebrities, were called upon to disclose their connections to the Non-Foldable Token (NFT) companies. Check out the market performance of blue chip NFTs and how NFT games have an advantage over traditional gaming business models. In other news, learn how OpenSea is implementing new ways to combat NFT theft. And check out what experts feel about offsetting carbon for non-food items meant to help the environment.
Justin Bieber, Paris Hilton Among 19 Celebrities Called for Shilling NFTs
Consumer watchdog Truth in Advertising has summoned 19 celebrities, including Justin Bieber, Paris Hilton and Tom Brady, to promote NFT on their social media platforms. According to the censor, the space is riddled with deception and celebrity urging to reveal their connections to NFT companies.
In an earlier post, the watchdog highlighted that celebrities may be violating endorsement rules and influencer requirements. Citing the Federal Trade Commission, the group noted that influencers should disclose their connections to the brands they advertise.
Blue chip NFT performance fails to recover, but investors are toiling more
The performance of NFTs categorized as blue chips for NFTs has gone into another all-time low, according to data collected by statistics platform NFTGo. The drop is attributed to lower prices for projects like CyberKongz and CyberKongzBabies.
According to the site’s Blue Chip Index, June 13 saw the worst performance in the history of premium NFTs, with the index dropping to 9,331 Ether (ETH). This comes after the best-performing day, which was on April 29, when the index reached nearly 14,900 ETH.
NFT games have an advantage over “Money In, No Money Out” games: Polygon’s Urvit Goel
Urvit Goel, CEO of Polygon, told Cointelegraph in an interview that NFT games have an advantage over games where players can only put their money in and get nothing in return.
The CEO argued that GameFi has a business model advantage over traditional games, where users cannot sell in-game items for money. “We just want to give users the ability to own the content they buy,” he said.
OpenSea introduces new anti-theft NFT policy
NFT’s OpenSea has expanded its use of police reports to confirm stolen item reports within its platform. According to the company, this is a way to bolster its platform’s defenses against theft and false reporting.
In addition, the platform makes it easier to re-enable the buying and selling of redeemed NFTs. The NFT platform also said that its team is working on implementing other NFT anti-theft solutions. This includes automating theft detection.
Experts say carbon credit NFTs are only effective if they are burned
While carbon credit NFTs are being marketed as a way to use technology to help the environment, one expert has argued that they are only effective once the NFTs are burned and not traded anymore once they are certified.
One of the core KlimaDAO members told Cointelegraph in an interview that when it comes to carbon offsets, it is very important not to neglect the NFT carbon offset burn to get the NFT out of circulation permanently so that it cannot be sold to someone else.
Thank you for reading this summary of the week’s highlights in the NFT space. Come back next Wednesday for more reports and thoughts on this actively developing space.