Top NFT Business News From February

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An NFT Entrepreneur Newsletter by Clyde F. Smith

Prelude:

Saturday night I logged into NFT Security on Twitter and caught the first hour or so of a widespread effort to figure out how someone was stealing NFTs from wallets and whether or not it was associated with OpenSea. It got a bit scary especially when Revoke.Cash went down.

OpenSea’s Devin Finzer posted their take early this morning which confirms it was a limited phishing attack. Much smaller than thought but it definitely reminded a bunch of us to review our security protocols.

Recent NFT News of Import

NFTs as Intellectual Property

There is quite a bit of intellectual property making its way into NFT Land, for example:

Game Company Ubisoft Brings Raving Rabbids into The Sandbox – DappRadar

But as exciting as such moves may be, the potential for NFTs to be the foundation for content/IP empires is pretty damn wild!

Reese Witherspoon’s Hello Sunshine, World of Women Partner to Adapt NFTs Into Movies, TV Shows – Variety

That could be a quality operation. Not sure if World of Women NFTs convey IP rights but this collection shares a manager, Guy Oseary, with one that does, Bored Ape Yacht Club. You can monetize the IP of any Bored Ape you purchase up to a certain amount.

Bored Ape Yacht Club Members Want To Build An Empire, Starting With Weed – The Verge

I don’t think there are any limits on that activity beyond the total profit but what could go wrong?

Building NFT Infrastructure

Case-Study: Enabling Nifty Gateway to Become an NFT Aggregator – NFTPort Blog

Johannes Tammekänd tells the story of how his company, NFTPort, played an important role for a leading NFT marketplace.

Time to Change the Energy Narrative

New findings from Deloitte Canada reveal minting an NFT on Flow takes less energy than a Google search or Instagram post – Flow Blog

Too many folks think all NFTs are on blockchains that use Bitcoin levels of energy. We need to start hammering away on this one.

JP Morgan and the NYSE in the Metaverse

Decentraland street scene with JP Morgan sign on building

JP Morgan sees so many “Opportunities in the metaverse” that it hung a shingle in Decentraland.

The New York Stock Exchange files trademark for an NFT marketplace – Fast Company

The NYSE filing indicates plans to potentially create an NFT marketplace, a crypto exchange and to operate in virtual, augmented and mixed reality settings.

Note: the sections describing possible use cases are generic descriptions of categories of activities, not specific plans from the NYSE.

NFT Regulation in the UK and Tennessee

UK tax authority makes first NFT seizure in VAT fraud case – Cointelegraph

You know it’s a real asset when Her Majesty’s Revenue and Customs seizes it!

Bipartisan Bill Would Allow Tennessee to Invest in Crypto and NFTs – CoinDesk

Very interesting to see ‘non-fungible tokens’ in the summary of a bill working its way through a state legislation process.

Excellent Resource

One of my favorite newsletters is Metaversal by William M. Peaster for Bankless.

Recently, he wrote about Cool NFT Tools. Plenty here that’s new to me but I’m particularly curious about NFT Inventory Staking from NFTX.

And That’s A Wrap

Hope you found my first weekly NFT business news roundup of interest.

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