Another week has passed and there is no chaos in the Non Fungible Token (NFT) market. Disney is hiring more NFT team members, Warner Music Group has partnered with a local NFT platform, and the NFT community is mostly pissed off at Buzzfeed. These are just a few of the key stories in the NFT space over the past week. To the remarkable developments of the last week cryptocoin.com we took a look.
Disney lists new NFT job openings
Disney is no stranger to NFTs and continues to spread legacy IP in the digital world through NFTs. The fun beast formally formed a relationship with NFT platform VeVe in October of last year, and they’re not putting the brakes on either, according to their new job listing this week.
FTX partners with Coachella and Lifetime Festival
One of the most recognizable events of the summer each year, Coachella is branded each year as a “must hit” for major artists. This year Coachella partnered with FTX to offer new NFTs in Solana. NFTs will mirror digital posters and proceeds will be split between several charities and related creatives.
OneOf Signs reaches agreement with Warner Music Group
Non Fungible Token music platform OneOf got off to a resounding start last year by recruiting major music artists including John Legend, Whitney Houston, and more. The Quincy Jones-backed platform is less than a year away from launching, and it could mark another major milestone by signing a deal with Warner Music Group this week. This is another big project at Tezos Blockchian, and while the exact scope of the partnership is still unclear, you shouldn’t be surprised to see WMG artists on the OneOf platform as relationships between the two partners grow.
The latest NFT drama: HitPiece, WWF and more
There was a lot of drama in the Non Fungible Token area this week as well. Here are a few of them:
Kanye West’s ‘No Thank You’: Kanye has been making headlines for a variety of reasons over the past few months, with this week’s most recent coming with Ye’s stark perspective on NFTs. After fans were asked to do an NFT, he said “my focus is building real products in the real world,” but didn’t rule out that maybe it could happen in the future.
HitPiece: A Utah man started an NFT website called HitPiece and started hosting music from artists big and small, which caused an outrage on social media. The site is currently offline following a request letter from the Recording Industry Association of America (RIAA).
WWF NFTs: The World Wildlife Fund (WWF) launched NFTs on Polygon, one of the more environmentally friendly blockchains in the NFT space, but it was not well received. It seems that there is still a long way to go to address environmental concerns in crypto.
BuzzFeed exploded: The NFT community showed a lot of interest in traditional media outlet Buzzfeed this week after the news platform scammed the Bored Ape Yacht Club founders in an investigative report.
Cameo’s latest NFT project: Cameo Pass
Cameo has carved out a niche in providing consumers with a new way to connect with talent, and this week the platform is making its first foray into Web3 with a new NFT project, Cameo Pass. The Cameo Pass will launch with mintage on OpenSea in less than two weeks and will offer Q&A access to special events and celebrities.
Example of StockX, Nike, and NFT trademark usage
Nike filed a lawsuit this week in the southern district of New York, alleging that its Vault program is using Nike trademarks without approval. The complaint states, “Nike has not approved or authorized StockX’s Nike-branded Vault NFTs. “These unapproved products are likely to confuse consumers, create a false association between these products and Nike, and dilute Nike’s famous trademarks.”
We’ve been watching closely the ongoing battle with fashion house Hermes and NFT designer and ‘MetaBirkins’ creator Mason Rothschild in recent weeks. The fashion brand had previously sent a cease-and-desist for Rothschild’s popular NFT series, in which he publicly declined an invitation to cut ties with the project to Rothschild. In the latest development, Hermes chose to sue Rothschild. This case is considered a case that could set a precedent for the use of NFT IP for years to come.
According to Mike Novogratz, NFTs will rule the market in 2022
Billionaire crypto advocate and Galaxy Digital CEO and founder Mike Novogratz is optimistic about NFTs heading into this year. In November, Galaxy Digital acquired a CryptoPunk.
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