NFT Summary: Weekly Review

Are we in a full-fledged bear market for NFTs? Overall, the cryptocurrency market is clearly in turmoil, with undoubtedly more bearish than bullish activity as we approach the midpoint of a sluggish year so far. However, despite many NFT critics claiming an inevitable downturn, there are still booming headlines, and the main NFT ‘good chips’ remain bullish.

Each week we take a look at last week’s activity on all things NFT. This week, longtime music star Madonna filled the market with plenty of conversation. Let’s review this story and more.

Non-Fungible Token News This Week

Madonna’s Wild NFT

A longtime pop culture icon, Madonna has had quite a few high-profile moments throughout her career. This week seems to be going one step further on resumes. After she made some noise to purchase her Bored Ape in March – joining more and more star lists to do so – Madonna has her own NFT, thanks to a new collaboration with her massive NFT creator Beeple. has advanced to

One of three released, the NSFW “Mother of Creation” NFT, depicts a naked CGI Madonna giving birth, carrying a tree that symbolizes the ‘seed’ of life. Every week we feel like we’ve seen everything in this space, and every week we remind ourselves that we didn’t see it.

Instagram finally enters the waters of NFT testing

According to the report, after months of chatter and numerous disappointing attempts to engage with crypto through parent company Meta, social media platform Instagram has finally entered the NFT testing phase this week.

According to “The Few American Creators and Collectors Who Can Share NFTs on Instagram” this week: Tweet In the words of Adam Mosseri, CEO of the platform. Ethereum and Polygon appear to be supported immediately, with Flow and Solana support expected to follow.

OpenSea Announces New Measures to Fight NFT Cheating

OpenSea is a market leader that has dealt with many challenges and disruptions as it is expected in the nascent industry and given the platform’s position in the market. According to a new blog post released on the market this week, OpenSea is making a new effort to spot NFT fakes and identify accounts, a much-needed focus for the platform.

OpenSea says it will use a balance of image recognition technology and human reviewers to tackle fakes, a new copymint protection system, validation and badge updates. Hopefully, these adjustments can help prevent a seemingly increasing amount of replicas and fakes from entering the market.

Read Related | The value of Axie Infinity’s SLP currency is now near zero.

Instagram's parent company, Meta, has long struggled with NFTs. Could integration on the social media platform be the momentum that helps push the company's engagement in crypto over the hump? | Source: NASDAQ: FB on

Azuki’s Enter Chaos Mode After Founders Reveal Projects Abandoned in the Past

Azuki has long been considered a ‘good chip’ NFT, and it’s definitely very close. It’s not at the level of Bored Apes and CryptoPunks in the world, but it would be hard to argue that Azuki is just the next step in the worst case. As covered in Monday’s Nightly Mint following the project founder’s blog post, the status quo started quickly this week.

Attempts to infiltrate Scam NFT, CoinGecko, EtherScan, etc.

A phishing scam allegedly penetrated via banner ads recently infiltrated major crypto sites including DexTools, EtherScan and CoinGecko, displaying malicious wallet access pop-ups.

So far, the impact cannot be measured, but it could be another major blow to the market only in the field of optics. Fake pop-ups ask users to access their wallets in exchange for free Bored Ape NFTs. We have entered a new era of fraud and phishing attacks.

The Chainsmokers are the latest artists to release music NFTs with royalties.

We’ve seen the music NFT come to life over the past year, and some major artists, especially in the hip-hop scene, are jumping into the competition. However, it is Chainsmoker who made headlines this week after announcing that they would release their “So Far So Good” album in non-fungible tokens, giving fans streaming royalties. Next week, 5,000 NFTs will be released for free and owners will get a 1% discount. NFTs are based on Polygons. This is the group’s first album after several years.

Read Related | Twitter shares fell 20% as Elon Musk’s $44 billion takeover deal was delayed.

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The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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