The founder of the non-fungible tokens project (NFTfor its acronym in English) $723.5 million “Zagabond” sparked a violent controversy yesterday after revealing it had previously worked on three abandoned NFT projects. After facing strong backlash from the NFT community, he has since apologized for his “shortcomings.”
The three projects in question are Tendies, CryptoPhunks (copycat CryptoPunks), and CryptoZunks. “Zagabond” suggested that all three had failed due to lack of community support and other factors such as the departure of team members or high gas fees on Ethereum.
After publishing the blog through Twitter, most answers supported the honesty of “Zagabond” about the trial and error path that led to Azuki’s NFTs. Nevertheless, other sections of the NFT community were not so pleased.
I really don’t understand all the FUD.
Just like with trading, if one of your projects is underperforming and doing poorly, you should cut your losses.
Why continue to build on a failed project and waste more time and effort?
— fomo maxi (@fomomaxi) May 9, 2022
I don’t really understand all the FUD.
Just like in trading, if one of your projects fails and goes bad, you need to cut your losses.
Why keep building on a failed project and waste more time and effort?
Twitter user zachxbt didn’t mince words when posting: “So Web 3.0 means screwing up three projects in less than a year?” before going on to recount some alleged misdeeds related to CryptoZunks developers posing as women in an attempt to commercialize the project.
Other users, such as dxv_eth, claimed that “Zagabond” had agreed to create a marketplace for the CryptoZunks project and buy parts of the metaverse in an attempt to strengthen the ecosystem, but failed to do so before ultimately leaving the community..
After being criticized by the community and having a chat on Twitter Spaces, “Zagabond” has issued an apology today, noting that:
“I have realized my shortcomings in the way I managed the previous projects that I started. To the communities I walked away from, to the Azuki holders, and to those who believed in me: I am truly sorry.”
Madonna & Beeple
iconic pop music Madonna and NFT heavyweight Beeple have teamed up to release a collection of tokenized art that humbly represents the singer as the mother of creation, evolution and technology..
There are three different NFT art pieces in total, all of which depict Madonna giving birth to various trees, butterflies, or mechanical centipedes..
The NFTs will go up for auction via SuperRare on Wednesday. Madonna stated that All proceeds will go to three non-profit organizations called National Bail Out, V-Day and Voices of Children..
Since the beginning of time…….. Leaning into a new virtual world with @beeple
Check back here on Wednesday May 11 at 3pm PST / 6pm EST for the nativity. NFTs dropping on @superrare.
All proceeds to benefit these organizations: @NationalBailOut@vday @voices_org_ua pic.twitter.com/ab2RkP47kv
— Madonna (@Madonna) May 9, 2022
Since the beginning of time… Leaning into a new virtual world with @beeple
Check back here on Wednesday, May 11 at 3pm PST / 6pm EST for the birth. Launch of NFTs at @superrare.
All proceeds will benefit these organizations: @NationalBailOut @vday @voices_org_ua
Instagram will support Flow NFTs
After Dapper Labs this week announced the $725 million ecosystem fund to fuel the growth of its Flow blockchain, the team has also revealed that has signed a partnership that will make Flow-based NFTs compatible with Instagram.
A summary of what’s happened for Flow Blockchain:
one. @instagram will support @flow_blockchain NFT’s
2. $725m $FLOW ecosystem fund
3. @billboard launching NFTs #onFlow powered by @onunblocked this weekendFeels like things are just warming up tho.
What’s next?
— Flowverse – Discover Flow Blockchain (@flowverse_) May 11, 2022
1. @instagram will support @flow_blockchain NFTs
2. FLOW ecosystem fund of 725 million dollars
3. @billboard launches NFT #onFlow powered by @onunblocked this weekendLooks like things are just heating up.
What comes next?
Dapper Labs CEO Roham Gharegozlou noted on Twitter early Wednesday that The move will be a game changer for NFT projects on Flow, such as NBA Top Shot, NFL All Day and UFC strike, as it will offer them massive exposure to a global audience.
Also, this is one of the First major blockchain partnerships for Instagram. social media company will also roll out support for NFT on Ethereum and Solana.
The CEO also clarified that the $725 million in funding will be “mostly venture capital” and not grants given to projects that want to build on the ecosystem.
A CryptoPunk is sold at a huge loss
An NFT from one of the original NFT projects, CryptoPunks, was sold on Sunday with an 86% loss.
CryptoPunk #273 sold for $1.003 million in October, worth 265 Ether (ETH) at the timebut has since fallen out of favor amid a tumultuous time for the cryptocurrency and blockchain industry, and it sold for just $139,836 on Sunday morning.
Larva Labs’ CryptoPunks boomed in popularity throughout 2021, and the project was most recently acquired by Yuga Labs in March, the team behind Bored Ape Yacht Club’s wildly successful NFTs.. However, the move doesn’t seem to have done much for the market in the short term.
8 of the last 10 Cryptopunks that have been sold have been sold at a loss, led by this one — Cryptopunk #273.
It was bought six months ago for $1,026,499, it sold early this morning for $139,530. pic.twitter.com/vSAonBerbl
— Darren Rovell (@darrenrovell) May 8, 2022
8 of the last 10 Cryptopunks that have been sold have done so at a loss, led by this one, Cryptopunk #273.
Bought six months ago for $1,026,499, sold this morning for $139,530.
Other Nifty News:
Meta CEO Mark Zuckerberg said the company is starting testing digital collectibles on photo and video sharing platform Instagram this weekindicating a move towards the addition of NFTs.
The billionaire investor Mark Cuban has pointed to the adoption of commercial smart contracts as the next catalyst to boost the cryptocurrency and blockchain sector. He argued that networks that only offer NFTs and decentralized finance (DeFi) for the sake of doing so will eventually fall apart.
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