NFTs In A Nutshell: A Weekly Review

NFTs are seeing new fashion brands get involved, Bored Ape Yacht Club found it’s way to make headlines for more than one reason last week, and another crypto executive – this time with the biggest NFT marketplace out – is resigning.

These are just a few of the biggest stories around NFTs from the past week. Every weekend, we break out your dose of NFT action from the past week. Let’s review the latest.

This Week’s Non-Fungible Token News

Bored Ape Yacht Club’s Community Council

Yuga Labs is one of the most dominant names in NFTs, and this past week announced their seven-person community council – comprised of BAYC holders that are expected for formalize a voice to represent community members. Yuga Labs has suggested that this mechanism of community representation could also be integrated in it’s other projects, which include fellow blue-chip projects CryptoPunks and Meebits.

The council’s formation, which encompasses both BAYC and MAYC NFTs, was met with mixed reviews, generally approved from community members however.

Fashion Forward: Hugo Boss, Wrangler Join Growing List Of Fashion Brands To Engage With NFTs

We’ve covered the various fashion brands that have explored crypto and NFTs for several years now. From designer brands like Louie Vuitton, Gucci, Burberry and more – to athletic brands like Adidas and Nike (and everything in-between), we’ve seen a variety of brands take a number of different unique approaches. Nonetheless, ‘metaverse fashion’ is still very much in it’s infancy, and brands are generally exploring uncharted territory with little case study to work with.

Two new brands entered the space this past week with Hugo Boss and Wrangler. Despite their differentiation in the fashion marketplace, both brands found new partnerships in the NFT space that fit their respective brands. Hugo Boss established a partnership with web3 firm Imaginary Ones, with an NFT collection the starting point for the two parties. The initial collection is expected to launch next month.

Meanwhile, long-time denim pioneer Wrangler found an NFT partner that’s more suitable for a ‘casual fit’ with NFT collection Deadfellaz. The two will be working on an interactive digital comic strip with a ‘choose-your-own’ storyline. Wrangler is celebrating it’s 75th anniversary while Deadfellaz is rounding out it’s one-year anniversary.

There was plenty of discussion around Bored Ape Yacht Club NFTs over the past week - the ecosystem around BAYC includes the APE token that was unveiled earlier this year. | Source: APE-USD on TradingView.com

OpenSea CFO Steps Down

It seems like it’s been a flurry of crypto executives stepping down in recent months, and another name can be added to the list as OpenSea CFO Brian Roberts stepped down in recent days. He joined the company last year after serving the same role at rideshare company Lyft. He is expected to still remain in contact with OpenSea in an advisory role.

Roberts joins c-suite names such FTX President Brett Harrison, Kraken’s Jesse Powell, and Celsius’ Alex Mashinsky – among others – to step down from their prior role at their respective firms.

Seven BAYC NFTs Stolen Through Phishing Scam 

A serial scammer that has notorious crypto sleuth ZachXBT hot on his trail targeted another slate of Bored Ape NFTs this past week, phishing seven NFTs with a total value north of $700k. Phishing scams continue to be a primary focal point of theft in the NFT space. No blue chip NFT project can seemingly escape phishing attacks from intuitive hackers – only education and software development can help mitigate the issue.

NFT.NYC Secures Multi-Year Sponsor With Immutable

Immutable, operators of the Layer 2 platform Immutable X, is signing on with a multi-year deal to sponsor NFT.NYC, with less than thirty days until a London debut event. Immutable is anticipated to lead the charge on ticketing, and Immutable co-founder Robbie Ferguson stated in the press release that:

“Our partnership with NFT.NYC is a first for the industry, marking the beginning of a significant collaboration in the NFT space. Immutable is building and scaling world-class web3 games, bringing the next billion players to web3. With this new partnership, we can bring exciting experiences and engaging activities at all NFT.NYC events.”

Featured image from Pexels, Charts from TradingView.com

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