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Welcome to your weekly NFT recap, where we bring you the latest news and trends in the world of non-fungible tokens. From new NFT drops to celebrity auctions and developments in the blockchain space, we’ve got you covered with everything you need to know about this fast-evolving market. Join us every Monday for a fresh update on what’s been happening in the world of NFTs.

Key Takeaways:

• Former Coinbase Engineers Launch NFT Lending Platform With Coinbase Funding
• Litecoin Network Got Its First NFTs
• Australian Cocktail Bar Launches NFT Membership Program
• Blur Founder ‘Pacman’ Revealed As 24-Year-Old High School, MIT Dropout
• Court Alleges NBA Topshot Collection Is Securities
• Spotify Is Testing Token-Enabled Music Playlists

Former Coinbase Engineers Launch NFT Lending Platform With Coinbase Funding

Coinbase Ventures invested $3 million, and four former Coinbase employees launched an NFT lending platform called PaprMeme. The platform does not offer direct peer-to-peer lending, but employs a novel mechanism built around its native token.

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Litecoin Network Got Its First NFTs

Developers are creating NFTs for older proof-of-work networks like Litecoin by forking the code behind Bitcoin Ordinals. Bitcoin developer Anthony Gurrera recently forked this code to the Litecoin blockchain and added a copy of the mimblewimble upgrade white paper, making it the first NFT on Litecoin. The effort was likely prompted by a public bounty offered to any developer who could successfully port Ordinals to Litecoin.

Australian Cocktail Bar Launches NFT Membership Program

A new cocktail bar named Bar Lulu in Sydney has launched an NFT members club bar named Cryptolulu. To access certain privileges, patrons must purchase the NFT member club bar on OpenSea on the Ethereum network. There are three tokens that represent different tiers of membership with unique rewards, priorities, and benefits.

Blur Founder ‘Pacman’ Revealed As 24-Year-Old High School, MIT Dropout

The co-founder of NFT marketplace Blur, Pacman, revealed his identity on Twitter after a year of enjoying anonymity. His real name is Tieshun Roquerre, a 24-year-old who previously worked as a software engineer at Teespring, dropped out of high school, founded StrongIntro, went through Y Combinator, attended MIT for two years, founded Namebase, raised $5 million, and sold it to Namecheap within three years.

Court Alleges NBA Topshot Collection Is Securities

A federal judge has ruled that Dapper Labs’ NBA-branded “Top Shot” NFTs may be securities, following a class-action lawsuit filed against the company and its CEO. The lawsuit alleges that the offering of the NFT collection violated federal securities laws by not registering with the U.S. Securities and Exchange Commission. The judge mentioned the Howey Test, which is used to determine whether certain transactions are “investment contracts.”

Spotify Is Testing Token-Enabled Music Playlists

Spotify is testing a new service called “token-enabled playlists” that lets non-fungible token (NFT) holders connect their wallets and listen to curated music. The service is currently being tested by Fluf, Moonbirds, Kingship, and Overlord communities for three months, with regularly updated playlists that can only be accessed by community members via a unique link.

Conclusion

As we conclude this week’s NFT recap, we’ve seen continued growth and innovation in the NFT space, with major developments in music and art. From the emergence of new platforms and marketplaces to the adoption of NFTs by major players in various industries, it’s clear that NFTs are here to stay. However, it seems that the government has not yet let go of crypto and NFT when repeatedly accusing some tokens of being securities. As always, we’ll keep a close eye on the latest trends and updates in the NFT world, and we look forward to bringing you another exciting recap next week.

This is the Weekly NFT Highlights from Oxalus Insights, bringing you highlights from the NFT space.

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