05/07/2024 NFT sales down 44%, Logan Paul sues Coffeezilla: Nifty Newsletter

Logan Paul claims YouTuber Stephen Findeisen, also known as Coffeezilla, “maliciously and repeatedly” made false statements about his NFT project CryptoZoo.

NFT sales down 44%, Logan Paul sues Coffeezilla: Nifty Newsletter

Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on non-fungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.

This week’s Nifty Newsletter sheds light on declining non-fungible token (NFT) sales and whether the downfall of the NFT market is exaggerated. In other news, check out how a Japanese village turned to NFTs to help the elderly, and social media star Logan Paul has filed a lawsuit against Coffeezilla for defamation.

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NFT sales fall 44% as crypto dips, memecoins steal “mind share” in Q2

A recent flood of celebrity, political and animal-themed memecoins, along with a crypto market downturn, may have contributed to a 44% fall in the sale of NFTs in the second quarter, according to Apollo Crypto’s investment chief.

Data from CryptoSlam shows NFT sales fell from $4.14 billion in Q1 to $2.32 billion in Q2 as part of a broader market downfall.

“Q2 was a difficult market with Bitcoin declining by 15%, and many altcoins performed significantly worse than that,” Henrik Andersson, chief investment officer at Apollo Crypto, told Cointelegraph.

Logan Paul sues Coffeezilla for defamation over CryptoZoo videos

Influencer Logan Paul filed a defamation lawsuit on June 27 against Stephen Findeisen, better known as “Coffeezilla” on YouTube, over videos he produced about Paul’s failed CryptoZoo NFT project in 2022.

The suit filed in a San Antonio, Texas district court claimed Findeisen “maliciously and repeatedly [published] false statements accusing Paul of operating a scam in connection with a troubled blockchain project called CryptoZoo.”

Japanese village turns to NFTs to help older adults

Yamakoshi, a secluded Japanese village nestled in the Niigata mountains, has attracted 1,700 “digital citizens” through the sale of NFTs in an initiative aimed at supporting and sustaining its aging population.

The Neo-Yamakoshi Village project, led by local residents, manages the Nishikigoi NFT collection, which is named after the vibrant breed of koi carp. This digital asset is both an identifier for Yamakoshi’s “digital citizens” and a governance token enabling participation in the village’s DAO-managed voting processes.

Why reports of the death of NFTs are greatly exaggerated

The narrative surrounding NFTs is evolving. Following a period of explosive growth and a subsequent decline in trading volumes, some members of the crypto community are questioning whether digital collectibles remain viable.

With some writing obituaries for NFTs, those working directly with the asset class beg to differ. Experts across the Web3 space believe the market is maturing rather than dying. As the hype settles, NFTs find their footing in more practical and sustainable applications.

Arts

https://cointelegraph.com/news/cambodia-undp-blockchain-digital-credentials-pilot

Interesting NFTs
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).
Cosmic Chess
Cosmic Chess is a playable artwork that will evolve in time as the game progresses. This piece utilizes a special Layer Changer tool that lets owners move their pieces just like they would a regular chess game! To see the current state of the board you can view the tool here: https://asyncchess.herokuapp.com/1148
Punk #93
Inscription #619
#54746
By OthersideDeployer
CryptoPunk #2140
The CryptoPunks are 10,000 uniquely generated characters. No two are exactly alike, and each one of them can be officially owned by a single person on the Ethereum blockchain. Originally, they could be claimed for free by anybody with an Ethereum wallet, but all 10,000 were quickly claimed. Now they must be purchased from someone via the marketplace that's also embedded in the blockchain.