Madonna to Amitabh Bachchan: Celebrities who are embracing NFT marketplace

Bored Ape non-fungible token (NFT) company on Sunday raised approximately $285 million of cryptocurrency in a virtual land sale after facing a massive hack.

NFTs are a type of digital asset which buyers purchase through cryptocurrencies but no physical pieces of art exchange hands in these transactions.

It only exists on a blockchain, which serves as a public ledger, and is recorded on a network of computers.

However, Blockchain allows anyone to verify the authenticity of NFTs as well as their owner.

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The market of NFTs exploded in popularity last year with several digital tokens selling for millions.

The Bored Ape Yacht Club NFTs was created by a startup in the United States called Yuga Labs which uses a computer network of 10,000 for the generation of cartoons.

Andreessen Horowitz, a private American venture capital firm, helped Yuga labs to raise $450 million in March as funding.

Earlier, the official Instagram account of the Bored Ape Yacht Club was hacked after which scammers stole NFTs worth $3 million with the help of a phishing link they posted on it.

<a href="https://www.wionews.com/entertainment/hollywood/news-justin-bieber-gets-trolled-for-buying-bored-ape-nft-for-129-million-449643">Also read |&nbsp;Justin Bieber gets trolled for buying Bored Ape NFT for $1.29 million</a>

Malaysian artist mumu_thestan told AFP in a telephone interview, "You can't treat the whole NFT community as one."

"The mainstream audience thinks NFTs are about selling a jpeg for millions or making a monkey picture. That's not all it is."

On April 30, Yuga Labs released a new series of NFTs called the "Otherdeeds" priced at 305 ApeCoin each which were sold out minutes after they launched. Through the sale, the company raked in 16,775,000 ApeCoin or $285 million.&nbsp;

The company earned&nbsp;more than $1.3 million last week for an NFT it sold to pop star Justin Bieber&nbsp;from the collection known as "Bored&nbsp;Apes Yacht Club".

According to analytics firm Chainalysis, NFTS worth $40 billion were sold last year following a boom in the market.

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(With inputs from agencies)

Bored Ape non-fungible token (NFT) company on Sunday raised approximately $285 million of cryptocurrency in a virtual land sale after facing a massive hack. NFTs are a type of digital asset which buyers purchase through cryptocurrencies but no physical pieces of art exchange hands in these transactions.

Bored Ape non-fungible token (NFT) company on Sunday raised approximately $285 million of cryptocurrency in a virtual land sale after facing a massive hack. NFTs are a type of digital asset which buyers purchase through cryptocurrencies but no physical pieces of art exchange hands in these transactions. It only exists on a blockchain, which serves as a public ledger, and is recorded on a network of computers. However, Blockchain allows anyone to verify the authenticity of NFTs as well as their owner. The market of NFTs exploded in popularity last year with several digital tokens selling for millions. The Bored Ape Yacht Club NFTs was created by a startup in the United States called Yuga Labs which uses a computer network of 10,000 for the generation of cartoons. Andreessen Horowitz, a private American venture capital firm, helped Yuga labs to raise $450 million in March as funding. Earlier, the official Instagram account of the Bored Ape Yacht Club was hacked after which scammers stole NFTs worth $3 million with the help of a phishing link they posted on it. Also read | Justin Bieber gets trolled for buying Bored Ape NFT for $1.29 million Malaysian artist mumu_thestan told AFP in a telephone interview, "You can't treat the whole NFT community as one." "The mainstream audience thinks NFTs are about selling a jpeg for millions or making a monkey picture. That's not all it is." On April 30, Yuga Labs released a new series of NFTs called the "Otherdeeds" priced at 305 ApeCoin each which were sold out minutes after they launched. Through the sale, the company raked in 16,775,000 ApeCoin or $285 million. The company earned more than $1.3 million last week for an NFT it sold to pop star Justin Bieber from the collection known as "Bored Apes Yacht Club". According to analytics firm Chainalysis, NFTS worth $40 billion were sold last year following a boom in the market. Watch WION's live TV: (With inputs from agencies)

Bored Ape NFT company raises around $285 million of crypto after facing massive hack

UK tax authorities have seized Non-Fungible Tokens (NFT) amid a probe involving suspected VAT fraud involving 250 alleged fake companies.

The people behind the crime were allegedly attempting millions of dollars in attempted fraud as UK authorities began the probe. The criminals had reportedly hid their real identity and made false identities, UK's revenue and customs officials said.

<a href="https://www.wionews.com/technology/nft-platform-that-sold-dorseys-first-tweet-shuts-down-due-to-rampant-fakes-452578">Also Read:&nbsp;NFT platform that sold Dorsey's first tweet shuts down due to 'rampant' fakes</a>

The people involved in the crime reportedly also used pre-paid unregistered mobile phones, VPNs and false invoices to defraud people.

Last week, the US Justice Department had recovered 94,000 bitcoin stolen six years ago valued at $3.6 billion. A couple were reported to be involved in the scam. They were arrested and charged while facing nearly 20 years in prison.

The couple used the funds to buy gold and digital NFTs, US officials said.

<a href="https://www.wionews.com/technology/after-cryptocurrencies-money-laundering-via-nfts-is-next-big-worry-450303">Also Read:&nbsp;After cryptocurrencies, money laundering via NFTs is next big worry</a>

NFTs are digital items that can be bought and sold using blockchain technology on specialised platforms. Last year, crypto data site Dapp had reported that land worth over $100 million was sold in metaverse sites, Decentraland, The Sandbox, CryptoVoxels and Somnium Space.

Decentraland puts everything from land to virtual artwork in the form of NFTs as people have sent thousands of dollars to acquire digital items.&nbsp;

The value of Bitcoins soared to record levels last year valued at $68,513 in November 2021. However, it also witnessed rapid fluctuations.

(With inputs from Agencies)

UK tax authorities have seized Non-Fungible Tokens (NFT) amid a probe involving suspected VAT fraud involving 250 alleged fake companies. The people behind the crime were allegedly attempting millions of dollars in attempted fraud as UK authorities began the probe.

UK tax authorities have seized Non-Fungible Tokens (NFT) amid a probe involving suspected VAT fraud involving 250 alleged fake companies. The people behind the crime were allegedly attempting millions of dollars in attempted fraud as UK authorities began the probe. The criminals had reportedly hid their real identity and made false identities, UK's revenue and customs officials said. Also Read: NFT platform that sold Dorsey's first tweet shuts down due to 'rampant' fakes The people involved in the crime reportedly also used pre-paid unregistered mobile phones, VPNs and false invoices to defraud people. Last week, the US Justice Department had recovered 94,000 bitcoin stolen six years ago valued at $3.6 billion. A couple were reported to be involved in the scam. They were arrested and charged while facing nearly 20 years in prison. The couple used the funds to buy gold and digital NFTs, US officials said. Also Read: After cryptocurrencies, money laundering via NFTs is next big worry NFTs are digital items that can be bought and sold using blockchain technology on specialised platforms. Last year, crypto data site Dapp had reported that land worth over $100 million was sold in metaverse sites, Decentraland, The Sandbox, CryptoVoxels and Somnium Space. Decentraland puts everything from land to virtual artwork in the form of NFTs as people have sent thousands of dollars to acquire digital items. The value of Bitcoins soared to record levels last year valued at $68,513 in November 2021. However, it also witnessed rapid fluctuations. (With inputs from Agencies)

UK seizes NFT in suspected VAT fraud probe

Non-fungible token marketplace Cent has shut down citing 'rampant' fakes and plagiarism problems.

"There's a spectrum of activity that is happening that basically shouldn't be happening - like, legally," said Cameron Hejazi, CEO and co-founder of the NFT marketplace Cent.

"It kept happening. We would ban offending accounts but it was like we're playing a game of whack-a-mole... Every time we would ban one, another one would come up, or three more would come up."

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The US-based firm had executed one of the first known million-dollar NFT sales when it sold the former Twitter CEO's tweet as an NFT.

The unique digital objects that confer ownership, are appealing due to the decentralised nature of blockchain technology. They allow users to create and trade digital assets without a central authority controlling the activity.

The biggest NFT marketplace, OpenSea, valued at $13.3 billion after its latest round of venture funding, said last month more than 80 per cent&nbsp;of the NFTs minted for free on its platform were "plagiarised works, fake collections and spam."

<a href="https://www.wionews.com/technology/beijing-olympics-2022-alibaba-launches-nft-in-traditional-chinese-ink-painting-style-451241">Also read |&nbsp;Beijing Olympics 2022: Alibaba launches NFT in traditional Chinese ink painting style</a>

Athletics giant Nike filed a lawsuit in New York on Thursday against shopping platform StockX for creating and marketing NFTs -- the tamper-proof digital property certificates -- based on the brand's products without permission.

The company's lawyers accused US-based StockX of "minting" NFTs using Nike trademarks and trading on the brand's "goodwill" to market them.

Such problems may come into greater focus as major brands join the rush towards the so-called "metaverse", or Web3. Coca-Cola and luxury brand Gucci are among companies to have sold NFTs, while YouTube said it will explore NFT features.

Investors and wealthy collectors have clamored in recent months to get involved in the latest digital craze, which relies on the same blockchain technology that powers cryptocurrencies and cannot be forged or otherwise manipulated.&nbsp;

Recent auctions have seen eye-watering sums paid for NFTs, including a staggering $69.3 million for a digital work by artist Beeple at a sale at Christie's.

Sales of NFTs, or non-fungible tokens, soared to around $25 billion in 2021, leaving many baffled as to why so much money is being spent on items that do not physically exist and which anyone can view online for free.

(With inputs from agencies)

Non-fungible token marketplace Cent has shut down citing 'rampant' fakes and plagiarism problems. "There's a spectrum of activity that is happening that basically shouldn't be happening - like, legally," said Cameron Hejazi, CEO and co-founder of the NFT marketplace Cent.

Non-fungible token marketplace Cent has shut down citing 'rampant' fakes and plagiarism problems. "There's a spectrum of activity that is happening that basically shouldn't be happening - like, legally," said Cameron Hejazi, CEO and co-founder of the NFT marketplace Cent. "It kept happening. We would ban offending accounts but it was like we're playing a game of whack-a-mole... Every time we would ban one, another one would come up, or three more would come up." The US-based firm had executed one of the first known million-dollar NFT sales when it sold the former Twitter CEO's tweet as an NFT. The unique digital objects that confer ownership, are appealing due to the decentralised nature of blockchain technology. They allow users to create and trade digital assets without a central authority controlling the activity. The biggest NFT marketplace, OpenSea, valued at $13.3 billion after its latest round of venture funding, said last month more than 80 per cent of the NFTs minted for free on its platform were "plagiarised works, fake collections and spam." Also read | Beijing Olympics 2022: Alibaba launches NFT in traditional Chinese ink painting style Athletics giant Nike filed a lawsuit in New York on Thursday against shopping platform StockX for creating and marketing NFTs -- the tamper-proof digital property certificates -- based on the brand's products without permission. The company's lawyers accused US-based StockX of "minting" NFTs using Nike trademarks and trading on the brand's "goodwill" to market them. Such problems may come into greater focus as major brands join the rush towards the so-called "metaverse", or Web3. Coca-Cola and luxury brand Gucci are among companies to have sold NFTs, while YouTube said it will explore NFT features. Investors and wealthy collectors have clamored in recent months to get involved in the latest digital craze, which relies on the same blockchain technology that powers cryptocurrencies and cannot be forged or otherwise manipulated. Recent auctions have seen eye-watering sums paid for NFTs, including a staggering $69.3 million for a digital work by artist Beeple at a sale at Christie's. Sales of NFTs, or non-fungible tokens, soared to around $25 billion in 2021, leaving many baffled as to why so much money is being spent on items that do not physically exist and which anyone can view online for free. (With inputs from agencies)

NFT platform that sold Dorsey's first tweet shuts down due to 'rampant' fakes

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Madonna to Amitabh Bachchan: Celebrities who are embracing NFT marketplace

Bored Ape NFT company raises around $285 million of crypto after facing massive hack

UK seizes NFT in suspected VAT fraud probe

NFT platform that sold Dorsey's first tweet shuts down due to 'rampant' fakes