An overview of the NFT space from Solana’s performance in NFTs to Porsche NFTs’ impact on the NFT space and notable hacks this week.
Performance of the top 10 cryptocurrencies by capitalization since January 1, when this relief rally started pic.twitter.com/2cIeNW4iZo
— ChainLogAnalyst – The more #Bitcoin goal (@ChainLogAnalyst) January 25, 2023
The Solana chain has been having a hard time since the start of 2022. This was intensified by SBF’s involvement in the space and his subsequent activities with FTX. All this put Solana in such bad shape that users were scared the chain would break apart.
Yet with the recently started bull run on BTC’s price, Solana outperformed Ethereum in 2023 thanks to NFT projects like $BONK and Hadeswap. $BONK is a new token used to incentivize participants of major NFTs on the Solana chain. This has caused the token to experience explosive growth in January alone. Then Hadeswap was launched on Solana, which is an NFT market maker. The platform allows the trade of NFTs in a decentralized way.
Something caught my eye on the Porsche NFT mint page that might just change the entire game for everyone.
And no one is talking about it… 👇🧵 pic.twitter.com/Vd4Mzidvhk
— Paul | Top Dog Studios (@darkp0rt) January 25, 2023
While on Ethereum, the Porsche NFT has been making waves in the NFT space. The popular brand decided to enter the NFT space like many other notable brands. It opened the minting of its iconic 911 model by pricing each NFT 0.911 ETH. although they teased a future integration allowing users to customize their NFTs, they could only mint 1,600 of the 7,500 NFTs available.
Some users were offloading their minted NFTs on the secondary market for less than the mint price. Even though the story finally ended well, that’s not the only reason they are causing a stir.
On the Porsche mint page, their lawyers referenced the rights of withdrawal of UK citizens, which made Paul Paul Price, the co-founder of Top Dog Studios, realize that users can request a refund for NFT purchases within 14 days of minting an NFT.
Under the rights of withdrawal regulations, customers who purchase digital products and pay for them can return them within 14 days of receiving them. If the seller doesn’t inform the customer of their rights, the return period extends to 1 year. Though the digital assets under this law were probably downloadables, books, in-game purchases, and posters, it would be quite easy to set a legal precedent for NFTs. This is sure to affect NFT offerings in the future.
Kevin Rose, the creator of Proof Collective and the wildly successful MoonBirds NFT collection fell victim to a hack, losing over 2 million dollars worth of NFTs. It's a reminder that we must all prioritize safety measures in the crypto world. pic.twitter.com/gYx9TiOQfe
— Lionsgate Network (@_Lionsgate_) January 26, 2023
And as always, the news wouldn’t be complete without hack reports within the space. Kevin Rose and Azuki NFTs were hit with successful hacks that led to the loss of more than $2 million worth of NFTs.