Twitter Developing Crypto Wallet

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Haider Jamal
October 25,2022

As part of an ongoing trend for social media platforms which also include both Instagram and Facebook, Twitter has announced that it is developing a new wallet prototype which will reportedly allow users to deposit and withdraw cryptocurrencies.

Last September, the social media giant introduced a feature that enabled users to tip content creators with Bitcoin (BTC). In mid-February, Ethereum users gained access to Twitter-native crypto tipping as well.

Earlier in 2022, the company also permitted users to display their NFTs as profile pictures. To that end, the new inclusion of crypto wallets could transform Twitter into a full-fledged Web3 platform, however it is still too early to make that claim.
 







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May 22,2024

Trump Continues To Embrace Crypto As Biden Administration Intensifies Crackdown Efforts

On May 21st, 2024, the campaign of former US President Donald Trump launched a fundraising page that permits federally permissible donors to contribute using cryptocurrency via Coinbase Commerce. Trump being open to adopting crypto presents a stark contrast with the current administration and their position on digital assets.

The campaign announced that supporters can visit the specified website to donate to the Trump campaign using cryptocurrency. All donation limits and disclosure requirements for crypto donations will comply with Federal Election Commission regulations.

 

Liberating Americans

In the announcement, Trump stressed his aim to lessen government control over financial choices for all Americans. Accepting crypto donations reflects his dedication to an agenda prioritizing individual freedom over increased government control, according to the campaign.

Biden surrogate Elizabeth Warren stated in opposition to cryptocurrency that she was assembling an anti-crypto army to limit autonomy in financial decision-making. MAGA supporters, now with a new cryptocurrency option, will assemble a crypto army, propelling the campaign to victory on November 5th, the announcement states. The mention of MAGA is intriguing, given that MAGA is a Trump-themed meme coin. It appears that Trump intends to signify openly embracing crypto through this asset.

 

Key Details

The campaign accepts various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDC, XRP, Dogecoin (DOGE), 0x (ZRX), and Shiba Inu (SHIBA). Supporters can donate in custom amounts or choose various predefined options such as $20.24, $2,024, $45, $47, and $4,547. The numbers 45 and 47 represent the fact that Donald Trump was the 45th President of the United States and aims to be the 47th.

However, it is worth noting that while the announcement claimed Trump as the first major party nominee to accept crypto donations, he is not the official nominee until July. Additionally, in 2015, Republican Senator Rand Paul accepted Bitcoin donations for his own presidential campaign.

 

An Intriguing Opportunity

The focus on crypto in politics comes as President Joe Biden and his administration demonstrates a tougher stance toward the digital assets industry. This shift is notable, considering Trump was skeptical of crypto during his first presidency between 2017 to 2021.

Nevertheless, many believe that Trump being re-elected could offer a positive outlook for the crypto industry. Standard Chartered Researcher Geoffrey Kendrick previously noted that the Trump administration might adopt less stringent regulatory measures for crypto compared to the current Biden administration. This potential shift in policy could also prompt foreign official buyers of US treasuries to consider alternative financial assets like Bitcoin, potentially driving its price higher.

 

May 22,2024

How To Find NFT Gaming Gems In A Saturated Market

NFT-based gaming ventures frequently boast ambitious promises of groundbreaking gameplay and intricate digital economies. Yet, many of these initiatives meet untimely demise due to inadequate development efforts or, in some cases, deliberate abandonment by unscrupulous creators.

Amidst the turbulent landscape of promising but often underperforming projects, it is crucial for gamers and investors to prioritize sustainable development and genuine utility when assessing blockchain gaming endeavors. In response to this scenario, CryptoWeekly has compiled a brief guide outlining what to seek (and be cautious of) when evaluating new projects.

 

Identifying A Committed Community

A vibrant community serves as the backbone of any successful GameFi project. Prospective gamers should seek active participation on platforms like Discord, Telegram, and Twitter, where lively discussions and frequent updates indicate a strong connection between developers and their audience. Authentic dialogues and substantive updates are preferable to mere promotional content. Additionally, community teams should maintain well-organized and regularly updated servers.

Also, while project size does not always correlate with health, an engaged community sustains interest and facilitates organic marketing through word-of-mouth and social sharing. Active involvement by development teams, even in periods without significant updates, fosters familiarity and support within the community.

 

Assessing NFT Performance

Examining the historical performance of NFTs provides valuable insights. While notable collections like CryptoPunks and Bored Ape Yacht Club are widely recognized, other successful NFT gaming collections offer lessons on the attributes contributing to their longevity and value. Instead of fixating solely on token price, longevity and consistency should take precedence over short-term speculation.

Professional presentation across platforms

Initial impressions matter, especially in GameFi projects, where online expression across various platforms reflects legitimacy and professionalism. Conversely, a lack of transparency or poor presentation can raise doubts about overall commitment and competence. Moreover, observing price movements in response to announcements or broader market shifts also provides insights into stability and growth potential.

 

May 21,2024

Web3 Fundraising Deals - May 14th to May 20th, 2024

Sorbet, a platform focusing on innovative financial solutions, secured a strategic raise supported by Adaverse on May 19th.

 

 

Bitlayer, a tech company specializing in blockchain infrastructure, secured a strategic raise backed by OKX Ventures on May 19th, gaining notable traction with 396.48K Twitter followers.

 

 

Focus Tree, a startup developing advanced AI-driven tools for businesses, raised $2M in Seed funding via Sfermion on May 17th, with influencers like Eva Beylin and Andrew Steinwold showing support.

 

 

FantaGoal (FGC), a sports and entertainment platform, secured $3M in undisclosed funding with KuCoin Exchange Ventures on May 17th.

 

 

Chainstack 🛠️💙, a blockchain infrastructure provider, raised $6M in undisclosed funding through SBI Investment on May 16th.

 

 

Param Labs Inc, a pioneer in decentralized finance (DeFi) solutions, raised $7M in undisclosed funding through Animoca Brands on May 16th, engaging a vast audience of 896.74K on Twitter.

 

 

Multipool (MUL), a DeFi protocol, secured $650K in undisclosed funding by NXGEN on May 15th.

 

 

STON.fi DEX (STON), a decentralized automated market maker (AMM) built on the TON blockchain, completed an undisclosed funding round led by CoinFund on May 15th.

 

 

RavenDAO, a proprietary high-frequency algorithmic trading firm and market maker active on both centralized and decentralized exchanges, raised $2.7M in Seed funding by Hack VC on May 15th.

 

 

Pencils Protocol (PenPad), an auction platform and yield aggregator, secured a strategic raise supported by OKX Ventures on May 15th.

 

 

Humanity Protocol, a platform aiming to revolutionize human resource management using blockchain technology, secured a substantial $30M in Seed funding by Kingsway Capital Partners on May 15th.

 

 

Shogun (GUN), an intent-centric protocol that aims to maximize trader extractable value (TEV) via optimized orderflow and complete chain abstraction, raised $6.9M in Seed funding by Polychain Capital on May 15th, with 24 notable backers.

 

 

Cross The Ages (CTA), an NFT and digital arts project trading card game, secured $3.5M in undisclosed funding via Animoca Brands on May 15th.

 

 

GamicHQ (GNG), a social app & chat for gamers, creators, and blockchain enthusiasts, raised $1.8M in undisclosed funding by LD Capital on May 14th.

 

 

Anomaly, an AI-powered zero-gas layer 3 gaming platform and studio, raised $1.45M in Pre-Seed funding by Shima Capital on May 14th.

 

 

Re, a decentralized global insurance transaction layer, raised $7M in undisclosed funding by Electric Capital on May 14th.

 

 

Polymarket, a decentralized prediction market, raised an impressive $45M in Series B funding through Founders Fund on May 14th.

 

 

Chainalysis, a blockchain data platform that caters to various companies in over 70 countries, completed an undisclosed funding round led by Haun Ventures on May 14th.

 

May 21,2024

Over $210 Million Worth Of GALA Tokens Stolen By Hacker

Gala Games, a project in Web3 gaming, encountered a significant security breach on May 20th. An individual exploited the smart contract of the platform, creating 5 billion GALA tokens, valued at around $214 million. This event has caused considerable concern within the community and led to widespread speculation.

 

Gala Games Security Breach

Following the exploitation of the smart contract, the individual promptly sold 592 million GALA for 5,952 ETH, approximately $21.8 million. The Gala Games team swiftly took action to minimize the impact, by blacklisting the address of the individual in question, thereby preventing further token offloading.

In an official statement, the team underscored their dedication to security and openness. They reassured users of their ongoing cooperation with law enforcement to locate the culprits. This incident was isolated, and its root cause has been resolved, according to the team, who will update the community as the investigation progresses and implement all necessary measures to avert future occurrences.

 

Taking Responsibility

Eric Schiermeyer, CEO of Gala Games, expressed regret over the incident. He acknowledged that the breach was detected and contained within 45 minutes. He also highlighted the security of their ETH contract for GALA, safeguarded by a multi-signature wallet.

Eric claims that there were certainly gaps in internal controls, and that while this should not have happened, the team is currently implementing measures to prevent its recurrence. He went on to say that the team has successfully identified the responsible party and are cooperating with the FBI, DOJ, and international authorities. It is worth mentioning that the matter of daily distribution remains unresolved, and that there will still be a node vote on its resolution as the community will decide the next course of action, Schiermeyer stated.

Following the admission of internal control deficiencies by Eric, a Solidity developer known as Quit corroborated the findings. According to Quit, the address behind the exploit possessed admin-level permissions, enabling it to execute arbitrary actions involving the smart contract. Quit advocates for banning contracts with admin privileges allowing arbitrary token minting.

 

May 21,2024

SEC Allegedly Changes Its Mind As Ethereum ETF Looks Imminent

Bloomberg ETF analysts have made a surprising move, suddenly raising their odds for spot ETH ETF approval to a whopping 75% compared to the previous 25%. The rumours that the United States Securities and Exchange Commission may approve an Ethereum ETF has caused the crypto market to surge, with ETH recently crossing the $3,700 mark.

 

Renewed Communication

Eric Balchunas, a senior Bloomberg ETF analyst, revealed that the SEC has unexpectedly changed its mind about rejecting spot ETH ETFs. This has led issuers to quickly finalize their applications before the first decision deadline on May 23rd.

It is worth mentioning that even though the Biden Administration has recently taken a strong anti-crypto stance, Balchunas believes the increasing political debates around crypto are behind this sudden shift. Earlier today, the market was pessimistic about Ethereum getting spot ETF approval, with Polymarket showing only an 11% chance. Now, the odds have shot up to over 50% for the first time since January, as the ETH/BTC ratio strengthens.

 

An Inevitability

Balchunas suggests political pressure made the SEC change its stance, but the approval of an Ethereum ETF has seemed inevitable for a while now. Various experts had noted that the lack of meaningful communication between the SEC and issuers was a bad sign, suggesting denial. However, when the SEC approved commodity futures-based ETH ETF products last October, it likely decided then that Ether was not a security.

With renewed confidence by the experts, the crypto community is now widely expecting ETH ETF approval to happen this Thursday. Still, as is so often the case with the crypto industry, anything could happen in the blink of an eye, and traders are being urged to think carefully before making any big decisions regarding their investments.

 

May 20,2024

Buterin Claims Ethereum Does Not Censor Anything Despite Evidence To The Contrary

Ethereum (ETH) co-founder Vitalik Buterin recently lauded the ecosystem and its commitment to free speech. Nonetheless, his claim encountered criticism on social media, particularly regarding how Ethereum may not in fact be open to criticism. Some have gone as far as to say that Ethereum silences dissenting opinions about its protocol or ecosystem.

 

More Than Meets The Eye

Vitalik Buterin stated that he is immensely proud of the fact that Ethereum does not have any culture of trying to prevent people when it comes to speaking their minds, even when they have very negative feelings toward major things in the protocol or ecosystem. However, as alluded to earlier,  his comment, hinting at censorship on other blockchain platforms, was met with pushback. Some social media users reported experiencing censorship by Ethereum influencers and even called Vitalik ignorant and tone deaf.

An X user, using the pseudonym dubzy, reportedly said that after telling someone that ETH fees were expensive and needed to be addressed, he was met with abuse for 13 minutes before being completely shut down. Meanwhile, Matthew Gould, founder and CEO of blockchain firm Unstoppable Domains, stated he also experienced censorship and criticism for divergent opinions on the network.

 

Why It Matters

Constructive criticism is essential for technological advancement and industry progress, as experts frequently emphasize. In a surprising twist of events, Anatoly Yakovenko, co-founder of Solana, supported Buterin and his perspective, noting it as a widespread industry characteristic. Solana and Ethereum are fierce competitors, so many were shocked to see Yakovenko support Vitalik so openly.

Anatoly stated that he thinks this industry is amazing and that it is exceedingly unlikely that we will see the likes of Apple, Microsoft, and Google engineers all in one chat room constantly challenging each other and their design decisions.

Regardless, like any other initiative, Ethereum has both positive and negative aspects. It is praised for its robust blockchain technology, smart contract capabilities, and active developer community, making it a leader in decentralized applications (dApps). However, it faces criticism for high transaction fees and scalability issues.

 

May 20,2024

Kraken Will Not Delist USDT In Europe Despite MiCA Regulations

After several rumours last week of Kraken potentially delisting the USDT stablecoin, the cryptocurrency exchange has now reassured users that it does not intend to remove USDT in Europe and will continue adhering to all legal obligations. The rumours began when the Markets in Crypto Assets (MiCA) bill, which will be implemented later this year, introduced new rules focusing on stablecoins, which are designed to maintain a stable value against traditional currencies.

Kraken Global Head of Asset Growth and Management, Mark Greenberg, addressed recent speculation regarding the potential delisting of USDT in the European market in a social media announcement. He stated that European users highly value access to USDT and the company is exploring all options to provide USDT under the forthcoming regulatory framework.

 

The Lawsuit Against Kraken

In November 2023, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Kraken, alleging that it had been operating an unregistered securities trading platform. This action followed a settlement of charges related to previous staking services provided by Kraken months earlier.

In February 2024, Kraken sought to dismiss the lawsuit, arguing that the case was based solely on a registration issue, asserting that cryptocurrencies complying with SEC regulations should be classified as commodities rather than securities. Recently, Kraken intensified its defense, urging the court to dismiss the SEC and its claims to avoid a major restructuring of the U.S. financial regulatory system, according to court documents filed in the Northern District of California on Thursday.

The SEC opposed Kraken and their motion to dismiss, asserting its enforcement action falls within its authorized mandate and highlighting its role in enforcing registration requirements for securities intermediaries. Kraken has pushed for the dismissal of these claims by the SEC in order to prevent a significant restructuring of the U.S. financial regulatory system.

 

Stablecoin Comparison

There has been ongoing debate about the safety of stablecoins, specifically USDT and USD Coin (USDC). As of April, the market capitalization of USDT stood at $104 billion, more than three times that of USDC which is at $32 billion. This disparity is partly due to the network effect, with USDT having launched in 2014, four years before USDC. Still, the dominance of USDT is also reflected in its daily trading volume, which is 7.5 times higher than that of USDC.

Stablecoins come in several different types, each employing unique mechanisms to maintain their value. Fiat-collateralized stablecoins are backed by reserves of fiat currency, such as the US dollar, held in a bank account, with USDT and USDC being prominent examples. Crypto-collateralized stablecoins, like DAI, use other cryptocurrencies as collateral, leveraging mechanisms like over-collateralization and smart contracts to ensure stability. Algorithmic stablecoins maintain their value through algorithms and smart contracts that adjust the supply based on market demand, without relying on collateral, TerraUSD (UST) was a notable example before its collapse. Additionally, commodity-backed stablecoins, such as PAX Gold (PAXG), are supported by reserves of commodities like gold or oil. Each type of stablecoin aims to provide price stability but uses different strategies to achieve this goal.

 

May 19,2024

Bitcoin Tries To Recover After Turbulent Few Weeks

Bitcoin (BTC) has continued its impressive climb, reaching over $67,400 yesterday, the highest it has been in over a month. This comes after a turbulent start to May when BTC plummeted to a multi-month low below $57,000. However, the flagship cryptocurrency began its recovery, hitting $65,000 on May 6th, only to dip again below $61,000 on May 10th. TON and NEAR are among the few altcoins currently seeing declines, while the broader crypto market experiences significant movement.

 

Surging To New Heights

The bulls took control at that point, halting further declines. BTC steadied itself over the weekend and began rising again, reaching just over $63,000 by Monday. A slight dip to $61,200 on Tuesday was quickly reversed following lower U.S. inflation rate announcements on Wednesday. This news sent BTC soaring past $66,000, despite a brief pullback, with Bitcoin ETF inflows pushing it to a 5-week high of over $67,400.

Despite some retracement, BTC remains around $67,000, with its market cap increasing to $1.320 trillion. Its dominance over altcoins has slightly decreased to 51.6%. Ethereum (ETH) has finally joined the rally. After struggling to reclaim the $3,000 mark for several weeks, ETH surged past this resistance level, reaching over $3,100 yesterday for the first time in over a week.

Most large-cap altcoins are also seeing gains of around 1-2%. However, Toncoin has fallen by more than 3%, and HEAR is down by 4%. The overall crypto market cap has grown by approximately $20 billion overnight, now standing at $2.560 trillion.

 

Other Markets

The Dow has surpassed 40,000 for the first time as investors show optimism about potential rate cuts. Stock markets worldwide are hitting record highs. Meanwhile, multinational companies are seeking ways to protect themselves against the strengthening Mexican peso. The recent surge in meme stocks has led to significant volatility for some traders. The S&P is experiencing a profit boost, driven by big tech companies and strong consumer spending.

In other news, a recent survey indicates that most Thais support the proposal to reclassify cannabis as a drug. Mexico has issued a state of alert for its power grid due to an ongoing heat wave. Traders are now navigating new U.S. tariffs on Chinese goods. At Gildan, executives are pushing for board changes and the return of former CEO Chamandy, while major funds are anticipating an end to the Anything But Bonds trade.

Additionally, the owner of Inter Milan FC has criticized creditor Oaktree as a loan deadline approaches. Fund managers are looking to benefit through Italian tax incentives, and Russia has frozen the assets of Deutsche Bank, Commerzbank, and UniCredit. Lastly, the FBC Holdings in Zimbabwe has acquired a unit of Standard Chartered.

 

May 18,2024

New MiCA Regulations Could Cause Kraken To Delist USDT

Kraken is contemplating the removal of Tether (USDT) on its European Union (EU) platform to adhere to upcoming Markets in Crypto-Assets (MiCA) regulations, based on a recent Bloomberg report. The EU is instituting MiCA rules for crypto trading, particularly focusing on stablecoins such as USDT and USDC. These regulations will come into effect in July, likely imposing restrictions on how these stablecoins are offered within the EU.

As the European Banking Authority finalizes the technical standards for MiCA, exchanges like Kraken are preparing for a future where the present variety of stablecoins may not be viable in Europe. Earlier this year, OKX, another significant crypto exchange, already restricted USDT functionality in the EU.

 

Clarity Needed

During an interview on Thursday, Marcus Hughes, the Global Head of Regulatory Strategy for Kraken, mentioned that they are awaiting clearer guidelines on the rules before making a final decision. In light of the MiCA regulations, Tether highlighted the need to concentrate on Euro liquidity for European clients while keeping USDT as a transactional gateway.

Tether CEO Paolo Ardoino has also expressed concerns regarding certain MiCA requirements, indicating that Tether will keep engaging with regulators but does not plan to be regulated under MiCA in the medium term. Moreover, as MiCA regulations aim to create a licensing framework for stablecoin issuers and enforce stricter corporate governance and reserve management standards, Kraken foresees that many stablecoins presently available in the EU will likely be removed in the near future.

 

Tether Is On Board

The scope of the type and number of stablecoins that are offered today in Europe are unlikely to be able to be offered going forward, Hughes stated, before adding that at some point in the future, a lot will depend on which assets are being properly registered within the European Union under the e-money regime.

As of right now, there are no current plans to delist Tether or alter USDT trading pairs. As a leading crypto exchange, Kraken is constantly evaluating their global strategy and operations to ensure that they remain compliant both now and in the future. Regarding MiCA, Kraken claims to be fully committed to following the rules as they continue their mission of accelerating the adoption of cryptocurrencies on a global scale.

 

May 16,2024

Sexual Misconduct Claims Lead To Eclipse CEO Being Replaced

Neel Somani, the initiator behind the Ethereum (ETH) layer-2 blockchain Eclipse, has stepped down as CEO amidst accusations of sexual misconduct. On May 16th, 2024, Eclipse Labs announced on X that Vijay Chetty would assume the role of CEO immediately, succeeding Neel Somani, who is departing.

 

Time For Change

Chetty, formerly the Chief Growth Officer at Eclipse, brings leadership experience through Uniswap Labs, dYdX Trading, and Ripple Labs, along with investment expertise gained at BlackRock. In an operational update on behalf of Eclipse Labs, it was stated that with immediate effect, Vijay Chetty will be appointed CEO of Eclipse Labs, taking over after Neel Somani, who is stepping down. Chetty, will now assume all CEO responsibilities, as per the latest announcement.

Somani had mentioned on May 9th that he would be temporarily reducing his public role within the firm due to serious allegations about sexual misconduct against him, which he has refuted. He stated that he had never sexually assaulted or harassed any woman and vowed to work to clear my name and defend myself.

 

A New Era

There has been a notable shift in the sociopolitical climate in recent years, especially regarding issues of sexual misconduct and other misdemeanors. With the rise of social media and increased awareness around issues of harassment and discrimination, there has been a heightened scrutiny on the behavior of individuals, particularly those in positions of power or influence.

Organizations are facing increased pressure to address allegations of misconduct swiftly and transparently. This shift is partly due to the MeToo movement, which has empowered survivors to come forward with their experiences and demand accountability. As a result, many companies are implementing stricter policies and procedures for addressing allegations of misconduct, and there is a growing expectation for swift and decisive action when such allegations arise.

 

May 16,2024

Chinese Authorities Initiate Crackdown On Massive Operation Linked With Tether

Chinese law enforcement authorities have made a significant breakthrough in their efforts to combat illegal financial activities. They have dismantled a sizable underground banking network believed to be facilitating unlawful transactions using the USDT stablecoin. The operation, which spanned across multiple provinces, has reportedly facilitated over $2 billion worth of illicit USDT transactions.

Recently, Tether froze approximately $5.2 million USDT in response to findings by the crypto tracking and compliance platform MistTrack. The platform identified 12 Ethereum addresses associated with phishing operations, prompting Tether to implement new security measures in collaboration with Chainalysis to monitor secondary markets and detect suspicious transactions promptly.

 

A Huge Case

A major underground banking case involving a massive 13.8 billion Yuan ($1.9 billion) was uncovered by the Chengdu Municipal Public Security Bureau, according to local reports. The operation extended across 26 provinces, municipalities, and autonomous regions. A total of 193 suspects have been apprehended nationwide, with public security agencies in each jurisdiction initiating 58 cases. Authorities have also seized 149 million Yuan in funds linked to the operation.

The investigation began in November 2022 when the Longquanyi District Branch flagged suspicious fund settlements through underground banks, indicating potential involvement in illegal foreign exchange activities.

The Chengdu Municipal Public Security Bureau formed a task force comprising various departments, including economic investigation, cyber security, legal affairs, and technical investigation. On June 1st, 2023, the task force conducted coordinated arrest operations in several locations under the command of the Ministry of Public Security and the Public Security Department.

 

The Crackdown

25 criminal suspects, including Lin, Weng, and Chen, were apprehended, and significant evidence, such as bank cards and payment instruments, was seized. The investigation uncovered that the criminal gang, led by Lin, Weng, Chen, and others, primarily operated within the import and export business sector.

Authorities claim they exploited USDT to provide illegal services to customers seeking to transfer funds abroad, primarily involving illegal foreign exchange, payment, and settlement businesses. These activities reportedly facilitated various criminal operations, including drug smuggling, overseas asset purchases, and fraudulent tax refund schemes.

Tether has taken swift action against criminal operations utilizing its digital currency in response to allegations of involvement in illicit activities. Tether CEO, Paolo Ardoino, has reiterated the company remains committed to combating illicit activity and has denounced Tether as the dumbest choice for doing illicit activity.

 

May 16,2024

Allegedly Misled NFT Buyers Furious With Dolce & Gabbana

A customer recently initiated a lawsuit against Dolce & Gabbana USA on Thursday, alleging that the NFTs they acquired lost 97% in value due to a mishandled delivery on part of the company. According to Bloomberg on Friday, the Italian fashion brand sold the NFTs on Ethereum, assuring buyers of a slate of digital, physical and experiential benefits.

 

Unusable Digital Fashion

The company purportedly informed consumers that purchasing their DGFamily NFTs would provide access to various digital rewards, physical items, and exclusive events. The lawsuit further claims that Dolce & Gabbana did not deliver the NFTs and promised benefits on schedule. The digital outfits, which were delivered 20 days late, could only be used in a metaverse platform with minimal users.

Even after the delayed delivery, token holders reportedly had to wait another 11 days before they could utilize them. The complaint asserts that Dolce & Gabbana had not in fact obtained prior approval by the metaverse platform. Their typical approach has been to promise products they fail to deliver, then abandon a project and community they promised to support, the complaint stated.

 

NFT Market Growth Slows In 2024

Plaintiff Luke Brown claims he incurred a loss of $5,800 on the NFTs he bought. Brown mentioned he is suing on behalf of others who purchased digital assets associated with this NFT project. His lawsuit also implicates NFT marketplace UNXD, including it in the legal action.

Meanwhille, the NFT market has exhibited growth so far in 2024, with estimates indicating a 41% increase in marketplace value compared to 2023. However, this represents a significant deceleration compared to the explosive growth of previous years.

NFTs offer several advantages, including verifiable proof of ownership and authenticity for digital assets, allowing artists and creators to earn royalties through future sales of their work. They open up new monetization opportunities across various industries such as art, music, and gaming, and provide a way to collect and trade unique digital items. However, there are also significant drawbacks. The creation and trading of NFTs can have a substantial environmental impact due to the energy-intensive blockchain processes involved. The market is highly volatile and speculative, which can result in financial losses for investors.