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NFTs In A Nutshell: A Weekly Review

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27
Nov

Despite the holiday week, NFTs still found plenty of headlines this week, as we close out November. Musician’s engagement was a particular focus this week, as a number of different artists announced or released projects this past week.

Meanwhile, at a 30,000 foot view, countries across the globe continue to have their own respective battles about taxation of NFTs. We’re looking at some of these topics, and more, in each week’s Nutshell.

Let’s dive in.

This Week’s Non-Fungible Token News

Drake’s Album Cover Art Turned Into 10K NFTs

Drake’s sixth and most recent album, Certified Lover Boy, had the largest opening week for an album in the US this year. British artist Damien Hirst, who designed the cover, is taking that album art a step further, with Drake’s blessing.

Hirst has reportedly airdropped holders of his previous project, The Currency, pieces of a 10,000 set series for free. Resales of the NFTs have a current floor around 1 ETH. Regardless of how you feel about Drake, or about Hirst, you always have to respect the unexpected airdrop.

The Latest Fashion Brand To Jump In? Givenchy

It seems like at least once a quarter, particularly throughout 2021, we hear about a new high-dollar fashion house getting into NFTs. This week, it was french luxury brand Givenchy. The brand has launched 15 NFTs on Polygon in partnership with visual artist Chito. With several days remaining, one NFT in the series has already commanded a 25 ETH offer.

We’ve seen brands like Dolce & Gabbana, Burberry, Louis Vuitton and Gucci all get involved in the space this year.

Linkin Park Frontman Is Launching NFTs On Tezos

It’s been a wild few weeks for Tezos. The blockchain’s leading marketplace, HEN, went through some drama and now appears to be well on it’s way to full-fledged DAO status. More good news for the blockchain this week, as Linkin Park frontman Mike Shinoda is launching a new generative, 5,000 set NFT series titled Ziggurats. The project will hit Tezos on December 3rd on a dedicated site, ziggurats.xyz.

Ghostface Killah NFTs On Black Friday

Rapper Ghostface Killah is another music artist hitting the market lately:

Elsewhere in legendary hip-hop, Snoop Dogg’s Doggystyle will be a feature of Death Row Records latest seven-piece NFT series. The move is in partnership of Death Row’s 30th anniversary and is in partnership with Crypto.com.

Related Reading | Shiba Inu (SHIB) Crosses 1 Million Holders Milestone

Polygon was host the fashion house Givenchy's first NFT foray, and shows clear interest in gaining further traction in the space. | Source: MATIC-USD on TradingView.com

South Korea’s Status On Taxation Is In Question

As we covered earlier this week, it seems that South Korea is set to impose a 20% tax on income on virtual assets that exceed 2.5M won (or roughly $2,100 USD). That taxation is reportedly locked in to take place starting this coming January.

However, things are still very much in the air as the country’s Financial Services Commission (FSC) previously stated that NFTs would not be regulated, and did not fall into the category of virtual assets. As we’re less than 60 days away from 2022, South Korea may find itself needing to make swift and decisive moves around the taxation of NFTs.

Tupac NFTs Hit The OpenSea Market

18 NFTs of 17 previously unpublished photographs from Tupac Shakur’s 2Pacalypse Now album are slated to hit OpenSea. The debut album for the stapled artist in hip-hop history was released in the early 90s. The NFTs will be released by journalist photographer Lawrence ‘Loupy D’ Dotson.

Check out the full story from our team at Bitcoinist here.

The NFT Game You Should Probably Be Keeping An Eye On: Wolf Game

Wolf Game has made a ton of noise in the NFT community over the past week or so. Less than 30 days old, Wolf Game has become a rising star, nearly doubling CryptoPunks volume over the past week, and falling short to only The Sandbox and Axie Infinity.

NFTs Hit Art Basel Miami

Artists are already starting to get settled in what has seemingly become the United States’ crypto capital, Miami, Florida. With Art Basel Miami Beach coming up next week, NFT presence is already abundant. In fact, Tezos is getting a double-dip call-out in this week’s Nutshell, as the blockchain is also host to Art Basel’s own ‘Mint your own NFT‘ section online, which calls out how visitors can mint their own token on-chain during the upcoming week’s festivities.

There will also be an interactive exhibition for NFTs specifically at next week’s event, and a number of different showcases as well.

Related Reading | Bitcoin Or Ethereum? Which Blockchain Is Heavier? BitMEX Research Reports

Featured image from Pexels, Charts from TradingView.com
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