It’s definitely an eventful week for the metaverse. The general market recovery has been one of the major talking point in the first week of August. Here are other of the most discussed happenings and events in the metaverse this week.
Millions of dollars in crypto drained from thousands of Solana wallets
The Solana blockchain has experienced issues in the recent months, including major outages last May. Earlier this week, Solana users again were hit again by a multi-million dollar exploit where hackers were able to steal more than $8 million from roughly 8,000 Solana wallets. Solana mobile wallet Slope is fingered for the major network attack.
If you have ever imported a seed phrase into slope, consider it compromized. Move all the assets to a new non slope wallet. Even if the attack didn’t claim those tokens yet, the phrase is leaked. Just a matter of time https://t.co/pCBx8jRwcO
— SMS aey.sol, 🇺🇸 (@aeyakovenko) August 3, 2022
Solana, Phantom, and Slope have revealed that they are investigating the exploit and will provide further information soon.
During the hack, hardware crypto wallet Ledger shared that the exploit did not affect Ledger Solana wallets connected to Phantom, as their private keys are stored offline, reminding users to maintain a hardware wallet to prevent being a victim of exploits and frauds like the incident.
We’re saddened to see that there has been an exploit in the ecosystem leading to private keys being compromised.
This exploit doesn’t affect Ledger Solana wallets connected to Phantom, as these private keys are device-generated and stored offline. https://t.co/Rt5Ws9szxk
— Ledger (@Ledger) August 3, 2022
Tiffany & Co.’s “NFTiff” Sale Sells out
On August 5, the American luxury jewelry retailer Tiffany & Co. announced that the company’s non-fungible token (NFT) “Nftiff” was officially sold out. They sold 250 NFTs for 30 Ethereum per each, bagging $12.5 million from the sale. Unfortunately, some Nftiffs sell for less than the mint price on secondary markets.
NFTiff couldn’t be easier. Purchase your NFT through the NFTiff gateway, choose your CryptoPunk and Tiffany artisans will transform it into a bespoke pendant. Discover more: https://t.co/wL1q7iGYJi #NFTiff #TiffanyAndCo pic.twitter.com/KUVS9poEjj
— Tiffany & Co. (@TiffanyAndCo) August 5, 2022
But major buzz was created when NFT Twitter shared their thoughts on the terms and condition of the purchase that previously stated “By purchasing an NFTiff and linking it to your CryptoPunk, you grant Tiffany and Company, its affiliates, agents and others working for it or on its behalf, an irrevocable, nonexclusive, royalty-free license to use your CryptoPunk and its underlying intellectual property, if any, to design, manufacture and sell the corresponding pendant, including any and other Intellectual Property Rights.”
NFTiff terms and conditions were updated over the weekend to remove “any and other Intellectual Property Rights” part, clarifying concerns about whether the Tiffany and Co. was heading to amass broader rights in the CryptoPunks.
CryptoPunks Not Out of the Game
Yuga Labs’ CryptoPunks has been in NFT conversations in the past weeks. Its prices ramped up along with their social engagement in recent days following the NFTiff launch. The collection leads the charge during the first week of August. CryptoPunks continues to soar higher than other major collections Doodles and Moonbirds. With increasing innovation and partnerships, there is growing opportunity for CryptoPunks to retain or possible soar even higher in the future.
We saw CryptoPunks come near the prices of Bored Apes several time this week, but unable to completely overtake them. Will we see the Punks can flip the Bored Apes once again?
Lawsuit Filed Against OpenSea over its ‘Stolen’ NFT Policy
Attorney for NFTs and DAOs Jesse Halfon has filed a lawsuit that focuses on how NFT marketplace OpenSea deals with NFTs which are reported ‘stolen’. The policy in question states that the platform does not allow sale of stolen NFTs. The issue occurs when the previous owners contact OpenSea and report their NFT as stolen. Unfortunately, people who now own the NFT, despite having no part in the theft, are unable to sell their NFT.
Filed a lawsuit against @opensea today based on their ‘broken’ stolen NFT policy.
I believe this template could be the impetus which forces a long overdue change to the system. 🧑🏻⚖️📝🌊@punk9059 @NFTinitcom @CapetainTrippy @iamDCinvestor @0xZubic @SpeculatorArt pic.twitter.com/Mda6VL3nIT
— Jesse Halfon (@jesseshalfon) August 4, 2022