Warner Music NFTs, Chinese NFT Ruling, & World Cup's NFTs
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After 7 red months, we had a month with soaring NFT sales. That momentum has continued well into this week, with numerous sales and important partnerships!
MARKETS
Data shows that there was about $119 million in NFT sales volume during the last seven days, an encouraging sign given the market’s woes. While the sales volume was 4.20% lower than that of last week, there was a 2.69% increase in NFT transactions!?
Most of the sales volume stemmed from Ethereum NFTs, as there was $86.59 million in ETH-based NFT sales during the last seven days. Solana NFT sales saw a 29.57% increase and recorded $16.11 million in NFT sales, while Algorand saw a much steeper increase at 55.15% higher than last week’s ALGO-based NFT sales.
Three Yuga Labs projects lead NFT sales in the last seven days - Otherdeed, Mutant Ape Yacht Club (MAYC), and Bored Ape Yacht Club (BAYC). ApeCoin, the BAYC ecosystem's token, has seen a significant price bump in recent weeks ahead of the staking launch, with a 21.8% price increase over the past 14 days.
HEADLINE
Warner Music Group to release polygon music NFTs via LGND platform
Warner Music Group’s artists such as Ed Sheeran and Madonna will be able release music NFTs through the upcoming Polygon-based marketplace LGND Music.?
Set to launch in January, LGND Music is an online marketplace that will offer songs as NFTs which fans can purchase and listen to through the platform, along with other digital collectibles from musicians. LGND will offer both desktop and mobile apps for interacting with the NFTs, akin to an iTunes-like experience for Web3, and the company says it will support music NFTs from other platforms, as well.
领英推荐
The WMG group, on the other hand, will play the crucial role of onboarding the LGND Music platform’s community with both artists and fans. LGND is set to leverage its expertise and experience in developing e-commerce and interactive platforms to deliver an easy-to-use platform for consumers.
In other headlines,
ADOPTION
Court in China recognizes NFTs as virtual property protected by law?
A court in Hangzhou, the capital of the eastern Chinese province of Zhejiang, has concluded that NFT collections belong to the category of virtual property. The court reviewed a dispute between a client and a local digital art platform which cancelled a sale of NFTs on his behalf. The user sued the company claiming the operation was terminated without his consent.
The Hangzhou Internet Court said that NFT collections bear the characteristics of property rights such as value, scarcity, controllability, and tradability while the digital collectibles are virtual properties. In a statement by Chinese crypto journalist Colin Wu, the judicial authority also emphasized; “The contract involved in the case does not violate the laws and regulations of our country, nor does it violate the actual policy and regulatory guidance to prevent economic and financial risks, and should be protected by the law.”
It also expressed its position that the transaction in the case represents the business activity of selling digital goods through the internet, hence it belongs to e-commerce activities and should be regulated as such under China’s “E-commerce Law.”
In other news,
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