NiftyNoon: The Nasty NFT Art Theft Problem

The lucrative financial upside of NFTs has caused people to compromise on their artistic integrity (June 22, 2023)

Nifty Thought

• The controversy surrounding the NFT content creator Elena is supremely unfortunate. However, it reveals a broader problem surrounding artistic integrity and respect in the NFT space. For Elena’s upcoming ordinals mint, she seemingly took artwork from other creators and re-used them pixel for pixel. While this was likely done out of ignorance rather than true malice (Hanlon’s Razor), it has clearly upset many artists in the broader NFT space. Many artists in web3 put a substantial amount of time and effort into their work in the hopes that they may achieve just a fraction of exposure that Elena has.

• Sadly, this situation reveals the true nature of artist support in web3. People are driven by financial incentives and a desire to flip art rather than a sincere desire to own the art for the sake of owning it. Under this system, hype is what drives demand, not art quality. Sadly, this likely discourages many genuine artists from pursuing web3 opportunities which in turn drives away genuine collectors (that further pushes genuine artists away). This is a vicious cycle that must be addressed systematically for NFTs to meaningfully grow as a tool that enables artists to grow sustainably in the long run.

Highlighted News

• @dachshundwizard reveals that @ElenaETH used stolen/purchased art for her @atomordinals collection:

  

  https://twitter.com/mulan_art/status/1671554013681303553?s=20

• ElenaETH postponing the @atomordinals drop and announces she will be working to fix the file quality and any images that might be seen as “copied”:

  

  https://twitter.com/elenaaeth/status/1671628878509424644?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Project and Community News

• Azuki clarifies "Researcher in Residence" is a program launched to support educational creators and announces they have decided to not renew ElenaEth’s grant contract:

  https://twitter.com/demazuki/status/1671647596949929986?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Adidas put their collab with Fewo "on hold for the time being":

  https://twitter.com/erikaleetv/status/1671528887879081984?s=46

• FAF whale wallet revealed:

  https://twitter.com/pimpcapital/status/1670990627109224449?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Otherside Meta shares the snapshot for the physical KodaPendant claim has been taken with the claim going live later today at 12 PM ET:

  https://twitter.com/othersidemeta/status/1671519334353567748?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• IYK announce the IYK autograph module:

  https://twitter.com/iyk_app/status/1671500941680336898?s=20

• Fio Genesis Moon Medallions have started been inscribing:

  https://twitter.com/igorlenterman/status/1671214280014954497?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• ZORA NETWORK is Ethereum:

  https://twitter.com/ourzora/status/1671602234994622464?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• @CryptoWizards welcome back @beaniemaxi:

  https://twitter.com/CryptoWizards/status/1671522076291629057

• Azuki shares Follow The Rabbit event details and instructions:

  https://twitter.com/azuki/status/1671548540156514305?s=12

• machibigbrother.eth dumped 14 BAYC on Blur pool for 550.65 ETH (average: 39.33 ETH):

  https://twitter.com/blur_dumping/status/1671597964194897921?s=20

• BEANZ #8011 sold for 25.0 ETH (46,725$) on X2Y2:

  https://twitter.com/beanz_sales_bot/status/1671580183059632128?s=20

Quick Stats:

• OpenSea Daily Volume: 2,210 ETH (▲ 5.49%)

• Blur Daily Volume: 8,634 ETH (▲ 10.72%)

• BTC: $30,111.82 (▲ 3.88%)

• ETH: $1,897.21 (▲ 4.10%)

• Solana: $17.06 (▲ 2.05%)

• Polygon: $0.68 (▲ 5.57%)

NFT Daily Winners:

• 🏳️‍🌈 Chromie Squiggles: 10.64 ETH (▲ 0.85%)

• 🥔 Potatoz: 2.32 ETH (▲ 0.35%)

• 🐈‍⬛ VeeFriends: 1.82 ETH (► 0.00%)

NFT Daily Losers:

• 🚬 CryptoPunks: 49.20 ETH (▼ 0.59%)

• ⛩️ Azuki: 16.97 ETH (▼ 1.00%)

• 🦉 Moonbirds: 1.72 ETH (▼ 1.43%)

• 🥃 Proof Collective: 7.27 ETH (▼ 2.43%)

• 🧟 Mutant Ape Yacht Club: 7.56 ETH (▼ 3.07%)

• 🐧 Pudgy Penguins: 4.49 ETH (▼ 3.81%)

• 🦧 Bored Ape Yacht Club: 38.40 ETH (▼ 4.10%)

• 🏴‍☠️ Captainz: 8.12 ETH (▼ 4.30%)

• 🧝🏼‍♀️ DigiDaigaku: 2.65 ETH (▼ 5.02%)

• 🧬 Clone X: 1.99 ETH (▼ 5.17%)

• 🌈 Doodles: 1.66 ETH (▼ 6.80%)

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