• DraftKings has shut down its NFT-powered fantasy sports experience Reignmakers and associated marketplace, citing “recent legal developments.”
• The closure comes after a federal judge allowed a class action lawsuit to proceed, alleging DraftKings’ NFTs were unregistered securities.
• Users can receive a cash payout for relinquishing their NFTs or withdraw them to a self-custodial wallet.
• DraftKings’ NFT business had generated $280 million in total sales since its launch in 2021.
• The decision follows a trend of legal challenges for NFT platforms, with NBA Top Shot recently settling a similar lawsuit for $4 million.

Fantasy sports and betting giant DraftKings has abruptly ended its NFT-powered fantasy sports experience, Reignmakers, and its associated marketplace. The company cited “recent legal developments” as the reason for the immediate discontinuation in an email to users on July 30, 2024.

The closure comes just weeks after a significant legal setback for DraftKings. In early July, Judge Denise Jefferson Casper of the United States District Court for the District of Massachusetts ruled that a class action lawsuit against the company could proceed to trial.

The lawsuit, filed in March 2023, alleges that DraftKings’ NFTs were offered as unregistered securities under the Howey Test, a legal framework used to determine whether an asset qualifies as a security.

Judge Casper found that the plaintiffs “plausibly alleged that DraftKings’ NFTs satisfy three prongs of the Howey test,” including the investment of money in a common enterprise where an expectation of profit is derived from the efforts of others.

This ruling denied DraftKings’ motion to dismiss the case, paving the way for a potential landmark trial that could reshape the NFT landscape.

DraftKings launched its NFT marketplace on the Ethereum scaling network Polygon in 2021, during the height of the NFT craze.

The Reignmakers platform allowed users to compete in fantasy sports contests across football, golf, and mixed martial arts using NFTs. The value of these digital assets sometimes fluctuated based on athletes’ performances and could be resold on a dedicated marketplace.

According to data from CryptoSlam, DraftKings’ NFTs generated $280 million in total sales, including secondary market trades, since its launch. The project saw its best month in September 2023, with $21 million in total sales across 30,000 unique buyers as the NFL season kicked off.

In response to the shutdown, DraftKings is offering users two options for their NFTs. They can either receive a cash payout for relinquishing their NFTs or withdraw them to a self-custodial wallet. The company stated that NFTs and “Reignmakers digital game pieces” will remain accessible and transferable during the discontinuation process.

The decision has met with mixed reactions from users. Some expressed frustration and disappointment, with one Reddit user stating, “I will never spend another dollar at this dumpster fire.” Others raised concerns about potential financial losses, wondering if the cash payout would be less than the amount they had spent on the NFTs.

DraftKings’ legal troubles reflect a broader trend of challenges facing NFT platforms. In June 2024, Dapper Labs, the company behind NBA Top Shot, reached a $4 million settlement with disgruntled holders of its NFTs in a similar lawsuit alleging unregistered securities offerings.

The closure of DraftKings’ NFT business comes at a time when the overall NFT market is experiencing a downturn.

According to CryptoSlam’s data, July 2024 is set to see the lowest monthly sales volume for NFTs since November 2023, with only $407.8 million in sales so far, marking a 74.6% fall from March’s 2024-record of $1.6 billion.

In a statement, DraftKings emphasized its commitment to innovation and disruption in providing gameplay experiences for customers.

The company added that Reignmakers and the NFT marketplace “saw immediate success upon launch” but maintained that discontinuing the service was “the right course of action” given the current legal climate.

The post Class Action Lawsuit Prompts DraftKings to Shut Down NFT Platform appeared first on Blockonomi.

As Bitcoin falters from a high level, the NFT market is under major pressure. NFTs are a risky asset, and when liquidity dries up, prices seem to fall off a cliff.

Several factors could contribute to the downturn. These include consumers purchasing NFTs at discounted rates, a growing shift of interest towards Bitcoin and Ethereum ETFs, the prevalence of wash trading practices, and NFT market saturation.

Despite the ongoing downward trend, some NFT collections managed to score huge profits. With so many NFTs out there, some deal must be on offer.

High Fliers Shot Down

CryptoPunks, one of the earliest and most influential NFT projects, staged a remarkable comeback. It became the top-selling NFT collection of the week ending June 22, with a 155% surge in sales volume to reach $5.26 million.

DMarket from Mythos saw a slight decline of 9.21% in sales but still achieved over $4 million. Bored Ape Yacht Club (BAYC), an Ethereum-based project, secured third place with nearly $3.5 million in sales, marking a 73.66% increase from the previous week.

Solana-based NFTs set a new record with $5 billion in all-time sales volume in February, while Bitcoin-based NFTs climbed the rankings, recording $4.27 billion in sales by June.

Besides, one of the quarter’s remarkable events involved billionaire Mark Cuban, whose crypto wallet, linked to the Ethereum Name Service (ENS) domain “markcuban. eth,” became active after nearly two years of dormancy.

Cuban reportedly sold various high-profile NFTs, including EulerBeats Genesis and Pudgy Penguins. In just two days, Cuban’s wallet sold 14 NFTs worth approximately $38,533, with the highest-priced item being Pudgy Penguin #6239, which was sold for $30,578.

Bitcoin Could Extend Correction

The decline in NFT trading volume reflects the broader negative outlook for the cryptocurrency market. Analysts predict that Bitcoin could drop to $50,000, partly influenced by macroeconomic factors, such as the upcoming U.S. elections and changes in the Consumer Price Index (CPI).

Apart from macro, the recent transfers from large Bitcoin holders, including Mt. Gox and US governments could exacerbate the bearish momentum.

According to an announcement on Monday, Mt. Gox will start to repay its customers in July. The repayments are estimated at over $9 billion in cash, Bitcoin, and Bitcoin cash. This could increase selling pressure across the markets.

The German government’s recent transfer of 900 BTC, with 400 BTC moved to Coinbase and Kraken, and the US government’s alleged transfer of nearly 4,000 BTC to Coinbase, also adds more fears to the overall market sentiment.

According to CoinGecko, Bitcoin is trading at around $61,000, down 1.3% in the last 24 hours. The Bitcoin greed and fear index is currently at “fear.”

Bitcoin’s struggle to reclaim its key resistance level has triggered worries among investors and market analysts about the long-term viability of the NFT market.

However, the drop in sales doesn’t indicate that NFTs are disappearing. Instead, it highlights the increasing popularity of affordable NFT sales, making the space more accessible to a broader audience that may prefer starting with lower-cost options.

The NFT market experienced a significant downturn last month, with sales volumes dropping across major blockchains like Bitcoin, Ethereum and Solana. July may be better, but it would be smart to use caution in all digital assets.

In May, the NFT market recorded a total sales volume of $0.63 billion, marking a 41% decrease from April. Sales volumes across major blockchains also dropped notably, with Bitcoin experiencing a steep decline from $602 million to $194 million in May, a decrease of 68%.

The post Bitcoin Slump Hits NFT Market: Sales Volume Drops Sharply in Q2 appeared first on Blockonomi.

• PleasrDAO has filed a lawsuit against Martin Shkreli for allegedly live-streaming a one-of-a-kind Wu-Tang Clan album.
• PleasrDAO acquired the album, “Once Upon a Time in Shaolin,” from Shkreli in 2021 for $4.75 million.
• The DAO claims Shkreli’s actions have caused significant monetary and irreparable harm.
• Shkreli denies the allegations and claims PleasrDAO members did not support the lawsuit.
• The court has granted PleasrDAO’s request for a temporary restraining order against Shkreli.

PleasrDAO, a decentralized autonomous organization (DAO) known for collecting digital and physical art, has filed a lawsuit against Martin Shkreli, the former pharmaceutical CEO notorious for raising the price of a life-saving drug.

The lawsuit, filed in the United States District Court for the Eastern District of New York, alleges that Shkreli illegally shared copies of a one-of-a-kind Wu-Tang Clan album, “Once Upon a Time in Shaolin,” which PleasrDAO acquired from him in 2021.

According to the legal filing, PleasrDAO purchased the exclusive rights to the album’s audio tracks from Shkreli for $4 million in 2021, with an additional $750,000 paid in 2024.

The Wu-Tang Clan had created the album to counter the increased digitization and commercialization of music, hoping to restore it to the realm of high art.

Okay we unblocked you.

Also you've been served ????‍ https://t.co/6UxhZckJPs pic.twitter.com/z8PVAsvNMO

— Pleasr (@PleasrDAO) June 11, 2024

Shkreli, who originally bought the album for $2 million in 2015, was forced to forfeit it in 2018 as part of a $7.4 million asset forfeiture following his conviction for securities fraud. Despite this, Shkreli allegedly hosted a livestream on X Spaces on June 9, 2024, where he played the album to thousands of listeners.

PleasrDAO claims that Shkreli’s actions have diminished the album’s value and caused significant monetary and irreparable harm to the organization.

The DAO had planned to selectively share the album’s contents after acquiring it but now alleges that Shkreli’s continued distribution of the unreleased tracks has undermined their efforts.

In response to the lawsuit, Shkreli has denounced the legal action, claiming that PleasrDAO members did not support the filing and were not given the opportunity to vote on it.

The debate has sparked discussions within the crypto community, with some supporting PleasrDAO’s efforts to protect their intellectual property rights and others questioning the validity of the lawsuit.

The court has granted PleasrDAO’s request for a temporary restraining order, barring Shkreli from using, disseminating, streaming, or selling any interests in the album, including its data and files.

Shkreli has also been ordered to provide an inventory of the copies he retained, records of the profits made from its distribution, and show cause as to why the court should not seize all his remaining copies of the album.

The post PleasrDAO Sues Martin Shkreli Over Wu-Tang Clan Album Rights appeared first on Blockonomi.

• Bitcoin NFTs have surpassed $4 billion in all-time sales volume, ranking fourth behind Ethereum, Solana, and Ronin.
• In May 2024, Bitcoin NFTs led the market with $171 million in sales, despite a broader market slump.
• Ordinals, a protocol for numbering and inscribing data on Bitcoin’s smallest units (satoshis), has fueled the rise of Bitcoin NFTs.
• The value of Ordinals is linked to the rarity and history of the satoshis they are inscribed on, as well as the inscribed artwork.
• Despite the success of Bitcoin NFTs, Ethereum still dominates the market with $43.8 billion in all-time NFT sales.

According to data from CryptoSlam, Bitcoin NFTs have now surpassed $4 billion in all-time sales volume, securing the fourth spot behind Ethereum, Solana, and Ronin.

In May 2024, amidst a broader market slump that saw overall NFT sales decline by 54% compared to April, Bitcoin NFTs defied the trend.

They recorded an impressive $171 million in sales, outperforming Ethereum ($159 million) and Solana ($90 million) over the same period.

This achievement is particularly noteworthy considering the dominance of Ethereum in the NFT space, with the blockchain boasting a staggering $43.8 billion in all-time NFT sales.

The rise of Bitcoin NFTs can be attributed to the emergence of the Ordinals protocol, created by Casey Rodarmor in late 2022.

Ordinals provide a system for numbering and inscribing data on satoshis, the smallest denomination of Bitcoin. By assigning unique numbers to each satoshi based on the order they were mined and transferred, Ordinals enables the creation of distinct digital assets on the Bitcoin blockchain.

What sets Ordinals apart from traditional NFTs is the additional layer of value they possess. Beyond the inscribed artwork, the worth of an Ordinal is intrinsically tied to the rarity and historical significance of the satoshi it is attached to.

Satoshis mined by Bitcoin’s creator, Satoshi Nakamoto, or those minted during specific milestones in Bitcoin’s history, such as halving events, command higher values among collectors.

The technical differences between Ordinals and conventional NFTs have led some to view them as an evolution of digital assets. By embedding all data on the Bitcoin blockchain, Ordinals are considered more decentralized and complete than their counterparts, which often rely on off-chain data for features like royalties.

However, the rise of Bitcoin NFTs has not been without challenges. The surge in activity has led to network congestion, echoing the issues faced by Ethereum during the CryptoKitties craze in 2017.

To address this, many Ordinals users have migrated to Layer-2 networks like Stacks and Merlin Chain, which offer more efficient platforms for trading and inscribing Ordinals.

Despite the lack of support from some notable NFT artists, the grassroots community has embraced Ordinals, creating a thriving ecosystem of unique and sought-after digital assets.

As Bitcoin continues to evolve beyond its original purpose as a store of value and payment mechanism, Ordinals represent a transformative moment, showcasing the potential for Bitcoin to host a diverse array of applications.

The post Bitcoin NFTs Cross $4 Billion in Sales: Outperform Ethereum & Solana Last Month appeared first on Blockonomi.

• Gresini Racing MotoGP, in partnership with Animoca Brands’ subsidiaries SPORTPASS and MotoGP Guru, launched the first fan-powered sponsorship program, allowing fans to purchase personal team sponsorship packages starting at €125.
• The program offers exclusive benefits such as VIP Paddock Experiences, name placement on bikes and team materials, exclusive events, custom merchandise, and a chance to win a Ducati Panigale V4S test bike.
• Gresini Racing has gained international attention after signing eight-time world champion Marc Marquez and his brother Alex for the 2024 MotoGP World Championship.
• SPORTPASS and MotoGP Guru, part of Animoca Brands’ Motorverse ecosystem, collaborated with Gresini Racing to create this innovative fan engagement initiative.
• Motorverse is building a global open ecosystem for digital vehicles, racing games, and motorsports, with partnerships across the automotive and motorsport industries.

Gresini Racing MotoGP, a prominent team in the world of motorcycle racing, has taken a groundbreaking step in fan engagement by launching the first-ever fan-powered sponsorship program.

In collaboration with Animoca Brands’ subsidiaries SPORTPASS and MotoGP Guru, Gresini Racing is offering MotoGP enthusiasts a unique opportunity to become personal team sponsors for as little as €125.

This program marks a shift in the way sports teams interact with their fans, providing them with exclusive benefits that were previously reserved for large corporate sponsors.

By purchasing a sponsorship package, fans can enjoy a range of perks, including VIP Paddock Experiences at the 2024 Grands Prix, name placement on the team’s bikes, websites, and sponsor walls, and invitations to exclusive events and Zoom calls with team members.

Fan sponsors will receive custom merchandise and have the chance to win a highly coveted Ducati Panigale V4S, an official test bike used by none other than Marc Marquez, the eight-time world champion who recently joined Gresini Racing alongside his brother Alex for the 2024 MotoGP World Championship.

The signing of the Marquez brothers has brought Gresini Racing into the spotlight, with fans anticipating the team’s performance in the upcoming season. The launch of the fan-powered sponsorship program capitalizes on this heightened interest, offering a new way for the team to connect with its dedicated fan base.

Behind the scenes, SPORTPASS and MotoGP Guru have been instrumental in bringing this initiative to life.

As subsidiaries of Animoca Brands, a leading company in the blockchain and gaming industry, these entities have leveraged their expertise to create a secure and valuable platform for fans to engage with their favorite team.

SPORTPASS CEO Jordan Fogerty emphasizes the significance of this program, stating,

“This is a world-first in sports; we have worked with Gresini Racing to bring the fans even closer to the team and the riders they support, and do so using the latest technology to provide the security of ownership and value.”

The fan-powered sponsorship program is not only a game-changer for Gresini Racing and its fans but also a testament to the growing influence of Animoca Brands’ Motorverse ecosystem.

Motorverse aims to create a global open ecosystem for digital vehicles, racing games, and motorsports, with partnerships spanning the automotive and motorsport industries.

Through the Motorverse ecosystem, car and bike enthusiasts, motorsport fans, and gamers can collect and trade officially licensed digital vehicles, participate in racing games, and experience unique collaborations with leading automotive brands and top motorsport IPs such as Formula Drift, Formula E, and MotoGP.

The post Gresini Racing Launches First Fan-Powered MotoGP Sponsorship Program appeared first on Blockonomi.

• Pudgy Penguins, an Ethereum NFT project, is partnering with Mythical Games to create a AAA mobile game.
• The game will launch in 2025 on the Mythos Chain, a Polkadot-based gaming network.
• Mythical Games is known for developing successful blockchain games like NFL Rivals and Blankos Block Party.
• The game will draw upon the lore and humor of the Pudgy Penguins characters while offering high-quality gameplay and accessibility.
• Pudgy Penguins holders will receive exclusive content and have the opportunity to provide feedback during the game’s development.

Pudgy Penguins, the beloved Ethereum NFT project known for its colorful and quirky characters, has announced a  partnership with Mythical Games to develop a AAA mobile game.

The collaboration brings together the creative force behind the Pudgy Penguins IP and the expertise of Mythical Games, a studio renowned for developing successful blockchain games such as NFL Rivals and Blankos Block Party.

HUGE news from @playmythical at #Consensus2024 – they are building a new @pudgypenguins game! I’ve always been bullish on The Huddle & @LucaNetz ???? Pudgy has the best parties IRL, now who’s excited to play with me in the game?????????????‍???? pic.twitter.com/svmL9tYKlg

— Cryptoxic ???? (@cryptoxicETH) May 30, 2024

The upcoming mobile game, set to launch in 2025, will be built on the Mythos Chain, a Polkadot-based gaming network spearheaded by Mythical Games.

With over one million active wallets, the Mythos Chain provides a robust platform for the game to reach a wide audience of players.

Luca Netz, CEO of Pudgy Penguins, expressed enthusiasm for the partnership, stating that the combination of Pudgy Penguins’ growth strategy and Mythical Games’ gaming expertise sets the project up for success.

The game aims to capture the essence of the Pudgy Penguins brand, drawing upon its lore and humor while delivering high-quality gameplay and accessibility.

John Linden, co-founder and CEO of Mythical Games, highlighted the importance of strong communities and great gameplay in the evolving world of Web3 gaming.

He noted that Pudgy Penguins has achieved mainstream success through partnerships with major retailers like Walmart and Target, as well as its growing social media presence.

Linden believes that the collaboration between Pudgy Penguins and Mythical Games will further push Web3 adoption among mainstream consumers.

Over 1,000,000 toys sold in the last 12 months as @pudgypenguins continues it's expansion in retailers all over the world.

Who would've thought that the Consumer Crypto revolution was going to be lead by fat flightless birds. pic.twitter.com/E8jmSICwlt

— Luca Netz ???? (@LucaNetz) May 12, 2024

In the lead-up to the game’s release, Pudgy Penguins holders will be treated to exclusive content, sneak peeks of in-game footage, and opportunities to help shape key aspects of the game’s development.

The post Pudgy Penguins Mobile Game to Launch on Mythos Chain in 2025 appeared first on Blockonomi.

• Square Enix, the company behind popular game franchises like Final Fantasy and Kingdom Hearts, is moving its Symbiogenesis blockchain game’s NFT character minting to Ethereum layer-2 network Arbitrum.
• The shift to Arbitrum aims to reduce gas fees for minting NFTs to around 1/1000 of the previous cost on the Ethereum mainnet, making the process more accessible and cost-effective for users.
• The first wave of 500 character NFTs was minted on the Ethereum mainnet in December, with some social media mockery around the curious names like “Egg” and “Starvation.”
• A total of 1,500 new NFT characters will be released on Arbitrum in a three-day public auction starting on May 31, with characters released in small batches.

Square Enix, the video game giant behind popular franchises like Final Fantasy and Kingdom Hearts, has announced a significant shift in its approach to NFT minting for its blockchain game Symbiogenesis.

The company is moving the next wave of NFT character minting to Ethereum layer-2 network Arbitrum, aiming to reduce gas fees and enhance user experience.

[SYMBIOGENESIS NFT Auction on Arbitrum!]
The public auction finally starts tomorrow, 5/31, at 11:48 AM (JST)!

For Chapter 2, we've adopted Arbitrum, reducing the gas fees to about 1/1000 of the previous cost (around 1.3 yen per bid).

Check out all 1,500 NFT characters!… pic.twitter.com/RsHfmeVafT

— SYMBIOGENESIS -NFT Art＆Game Project- | SQUARE ENIX (@symbiogenesisPR) May 30, 2024

The decision to adopt Arbitrum comes after the first batch of 500 character NFTs was minted on the Ethereum mainnet in December. While the initial minting process incurred high gas costs, the move to Arbitrum is expected to reduce fees to around 1/1000 of the previous cost, or approximately 1.3 yen (about $0.01) per bid.

Symbiogenesis is a story-driven adventure game that incorporates NFTs for characters and various in-game items.

The game’s unique approach has garnered attention from both gaming enthusiasts and blockchain technology advocates. However, the high transaction costs associated with minting NFTs on the Ethereum mainnet have been a significant challenge for the project.

By leveraging Arbitrum’s capabilities, Square Enix aims to tackle this issue head-on, making the NFT minting process more accessible and cost-effective for users.

The reduced fees are expected to boost adoption and engagement, as more players will be able to participate in the minting process without being deterred by high costs.

The upcoming public auction for 1,500 new NFT characters will take place over three days, starting on May 31. The characters will be released in small batches throughout the auction period.

Square Enix has provided a how-to guide for users to bridge their assets to Arbitrum One in preparation for the event.

While the shift to Arbitrum is a significant development for Symbiogenesis, it remains unclear whether Square Enix plans to continue using Polygon, an Ethereum sidechain scaling network, for future in-game NFT assets.

The company has not provided clarification on this matter, and the decision may depend on user feedback and the performance of Arbitrum during the upcoming auction.

The post Square Enix Adopts Arbitrum for Symbiogenesis NFT Character Minting appeared first on Blockonomi.

TLDR

1. Cristiano Ronaldo is launching his fourth NFT collection in partnership with Binance on May 29, 2024.
2. The collection will showcase highlights from Ronaldo’s football career and cater to the growing demand for unique digital assets.
3. Ronaldo and Binance have an ongoing multi-year partnership, which began in November 2022 with his debut NFT collection.
4. In December 2023, Ronaldo was sued in a $1 billion class-action lawsuit for allegedly promoting unregistered securities through NFTs with Binance.
5. Binance CEO Changpeng Zhao was found guilty in the U.S. of enabling fraud and sentenced to four months in detention in April 2024.

This latest release is part of an ongoing multi-year partnership between Ronaldo and Binance, which began in November 2022 with the footballer’s debut NFT collection.

The first collection showcased iconic moments from Ronaldo’s career, with the rarest items selling for nearly $10,000.

While specific details about the number of NFTs and pricing for the new collection have not been disclosed, Binance has stated that the price will be consistent for every “Normal NFT,” while the pricing for the final “Super Rare NFT” will differ.

Previous NFT events featuring Ronaldo have included unique perks, such as inviting holders to play football with the legend himself as part of a Binance promotion.

However, the partnership between Ronaldo and Binance has faced legal challenges. In December 2023, Ronaldo was sued in a $1 billion class-action lawsuit in a United States district court in Florida. T

he plaintiffs alleged that Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance” and that he should have known about Binance’s involvement in such activities.

The lawsuit against Ronaldo stemmed from Binance’s previous legal issues, which culminated in founder Changpeng “CZ” Zhao being found guilty in the U.S. of enabling fraud. Zhao was sentenced in April 2024 to serve four months in detention for his alleged role in a money laundering scheme.

The post Cristiano Ronaldo Announces Fourth NFT Collection with Binance appeared first on Blockonomi.

TLDR

• Yuga Labs revealed Nina Chanel Abney’s Super Punks World NFT collection on Monday, which reimagines CryptoPunks with a focus on race and gender.
• The collection faced immediate backlash from collectors and crypto observers, with some claiming the artwork was “woke” and others personally attacking the artist.
• Yuga Labs CEO Greg Solano announced that the company will no longer touch CryptoPunks, and the NFTs will be distributed to Super Cool World NFT holders.
• Abney affirmed Solano’s statement and decried the hateful attacks she received on social media as a result of the project reveal.
• Despite the controversy, CryptoPunks have recently seen record-breaking sales, with one Alien Punk selling for $12.38 million in Ethereum.

However, the reveal of Super Punk World on Monday was met with immediate backlash from collectors and crypto observers.

Some criticized the art style itself or the concept of reimagining an iconic project, while others accused the collection of being “woke” due to its emphasis on race and gender.

me: can i have a CryptoPunk?
mom: we have CryptoPunks at home

CryptoPunks at home… pic.twitter.com/403DhmBTig

— Mando (@rektmando) May 20, 2024

The project also received negative attention for potentially diluting the original Punks collection, which is considered a valuable, “blue chip” Ethereum NFT set.

In response to the backlash, Yuga Labs CEO Greg Solano announced that the company would no longer touch CryptoPunks.

gm,

wanted to share an update on punks: when we acquired the collection a couple years ago, we did so with the intention of preserving the legacy of the collection.

we see punks as the early cave paintings of this new medium, and we were heavily influenced by them when creating…

— Garga.eth (Greg Solano) ???? (@CryptoGarga) May 20, 2024

The NFTs, initially planned to be auctioned, will now be distributed to Super Cool World NFT holders, potentially through a randomized airdrop.

Solano also stated that Yuga Labs would support museums and institutions in acquiring CryptoPunks and educating their audiences about the collection.

Nina Chanel Abney affirmed Solano’s statement and thanked Yuga Labs for supporting her art.

However, she also decried the hateful attacks she received on social media as a result of the project reveal, including racist, sexist, homophobic, and transphobic comments.

Abney emphasized her mission toward creating an inclusive community where everyone is accepted and ideas that spark productive dialogue are welcomed.

Despite the controversy surrounding Super Punk World, CryptoPunks have recently seen record-breaking sales. In April, an ultra-rare Alien Punk sold for $12.38 million worth of Ethereum, making it one of the biggest NFT sales ever.  This sale came just weeks after another CryptoPunk sold for nearly $8 million, demonstrating the enduring value and interest in the collection.

The post Super Punk World NFTs Face Backlash Over Focus on Race and Gender appeared first on Blockonomi.

The company behind the globally recognized IP has successfully bridged the gap between digital collectibles and physical consumer products, showcasing the potential for NFT-based brands to expand into mainstream retail.

TLDR

• Pudgy Penguins has sold over 1 million plush toys in less than a year through various retailers.
• The NFT-inspired toy line is now available in Target stores nationwide, marking the second major U.S. retailer partnership.
• Each toy comes with a QR code that unlocks traits and collectibles in the Pudgy World online game.
• NFT holders receive royalty payments from the licensing platform OverpassIP for the use of their IP in Pudgy Toys.
• Pudgy Penguins’ success in the retail market demonstrates the potential for NFT-based IP to expand into mainstream consumer products.

Led by CEO Luca Netz, Pudgy Penguins has formed partnerships with major U.S. retailers, including Walmart and, most recently, Target. The Pudgy Toys line, which includes plushies, figurines, and collectibles, has become a top seller on Amazon and has won industry accolades such as Toy Insider’s Top Summer Toy of 2023.

Over 1,000,000 toys sold in the last 12 months as @pudgypenguins continues it's expansion in retailers all over the world.

Who would've thought that the Consumer Crypto revolution was going to be lead by fat flightless birds. pic.twitter.com/E8jmSICwlt

— Luca Netz ???? (@LucaNetz) May 12, 2024

The expansion into Target stores nationwide marks another significant step in Pudgy Penguins’ retail strategy, attracting a diverse new audience to the brand.

One of the unique aspects of Pudgy Toys is the integration of digital elements through QR codes on each product.

By scanning the code, consumers can unlock traits and collectibles in Pudgy World, an online, open-world game powered by the zkSync blockchain.

This seamless blend of physical and digital experiences enhances consumer engagement and fosters a strong community around the Pudgy Penguins brand.

Pudgy Penguins’ success also extends to its innovative approach to IP licensing. Through the OverpassIP platform, NFT holders can submit their unique penguin characters for consideration in future Pudgy Toy launches and other brand initiatives.

This revolutionary system simplifies the licensing process and ensures that NFT holders receive royalty payments for the use of their IP, creating real-world utility and value for the digital assets.

The company’s achievements in the retail market have not gone unnoticed within the NFT space. Pudgy Penguins briefly overtook the Bored Ape Yacht Club in floor price earlier this year, highlighting the growing interest in the project and its expanding ecosystem.

With plans to launch the Pudgy World alpha on the zkSync Era blockchain, Pudgy Penguins is poised to continue its growth and cement its position as a leader in the NFT-based consumer product market.

The post Pudgy Penguins Sells 1 Million Plush Toys in Less Than a Year: Expands Presence to Target appeared first on Blockonomi.