NFT Market News: Week of February 21 – February 27, 2022

This week’s NFT market news is compiled by Bitcoinist around key headlines such as: events at leading auction house Sotheby’s, AP news agency in light of recent NFT sale, OpenSea faces more hurdles, and Rakuten is the latest to hit the NFT market.

NFT Market News: A Bizarre Story at Sotheby’s

Earlier this month, Sotheby’s announced an epic listing coming to the NFT market: 104 CryptoPunks at once. The owner, Twitter user @0x650d, wrote a series of multiple tweets about the importance of the listing, describing it as “an opportunity to showcase CryptoPunks with some of the most important and top-grossing tech companies.” Contemporary and Modern Art in History”.

However, the list was withdrawn earlier this week.

NFT Market News: OpenSea experiences another hack and faces its first lawsuit over stolen NFTs

It was revealed that OpenSea suffered a phishing attack that affected just over two dozen users, allowing attackers to maliciously secure NFTs they did not own. The attackers used Tornado Cash to withdraw more than 1,000 ETH after the attack. Check out our full report on the hack.

The NFT Mintable website was able to locate three stolen NFTs and return them to their rightful owners. NFTs are said to have followed the NFT market as an outlier.

Meanwhile, OpenSea’s legal team is also busy with the market handling the “Ape hacked” case for the first time – a lawsuit that could set a precedent for the extent of liability of NFT markets in securing assets for their users . An exploit related to dormant entries left the Texas-based owner with a loss on Bored Ape worth more than $1 million, and this user said OpenSea didn’t do enough to recover their account owner’s property — or their money to get back.

NFT Market News: Associated Press to stop discounting NFT

The Associated Press (AP) has spent decades establishing its credibility as a news source, and many are questioning the integrity of its journalism this week following an NFT publication. The AP was poised to release a new NFT of a video about “migrants floating in a crowded boat in the Mediterranean” – leading many other journalists to wonder if the AP would release the NFT to raise awareness of issues to aggravate human suffering, or to seek quick relief from the impact fix?

The AP has since pulled the NFT list, removed the tweet message, and issued statements calling the NFT “a poor image choice” and repeating that profits will go to the nonprofit newsroom while they still remain says that of course the NFT will not be auctioned. All else aside, it’s an ill-timed move given the broader geopolitical events taking place this week.

NFT Market News: Rakuten Launches NFT Market

Will the NFT markets become a dime? Coinbase, the New York Stock Exchange and many others are working on their own NFT markets to join an already saturated market that has certainly been led by OpenSea so far.

The latest player to enter the space this week is Japanese e-commerce giant Rakuten, which plans to offer digital collections of sports and entertainment.

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