Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.
In this week’s newsletter, read about the newly-launched decentralized social media platform Frend.tech, which has gained over 100,000 new users since its launch. Yuga Labs plans to wind down support for OpenSea after the nonfungible token (NFT) platform announced it would disable its on-chain royalty enforcement tool, and Bitcoin Ordinals NFT trading volume has plunged 98% since May.
“I give it six to eight weeks” — Critics warn Friend.tech hype won’t last
Friend.tech, a new decentralized social media application, has rapidly become one of the hottest new things in crypto, with over 100,000 new users and more than 24,000 Ether (ETH) in trading volume since its beta version launch of Aug. 11.
While many crypto industry heavyweights have praised the app for bringing thousands of people on-chain and inspiring sign-ups from even non-crypto figures — such as gaming YouTuber Faze Banks and Russian protest group Pussy Riot — some have warned it’s at risk of burning out.
NFT marketplace OpenSea to disable royalty enforcement tool
NFT marketplace OpenSea is sunsetting its on-chain royalty enforcement tool — Operator Filter — which allows creators to blacklist NFT marketplaces that don’t enforce royalties. The change is set to take effect on Aug. 31, according to an Aug. 17 statement by OpenSea founder and CEO Devin Finzer.
The Operator Filter feature was first introduced in November 2022 and was described as a “simple code snippet” that could restrict NFT sales to only marketplaces that enforced creator fees. The announcement by OpenSea led Yuga Labs to terminate its support for the NFT marketplace. Yuga Labs said it would start winding back OpenSea support for “all upgradable contracts and any new collections” following the announcement from the NFT marketplace.
Sotheby’s and Yuga Labs respond to lawsuit from Bored Ape investors
Fine arts auction house Sotheby’s has recently been named in the class-action lawsuit filed by Bored Ape Yacht Club (BAYC) investors against BAYC creators Yuga Labs. The investors allege that the auction house helped Yuga Labs “deceptively promote” the NFT collection.
On Dec. 10, 2022, BAYC investors filed a…