New York House Listed As An NFT?

Hey readers, we hope you had a great weekend. We've got some interesting developments this week, so let's jump right into it!

$25 Billion In All-Time Ethereum NFT Sales

It's well known that Ethereum is the most popular blockchain for NFTs to live on, but just how popular is it? According to Be[In]Crypto, as of May 31st, the total sales volume hit $27.50 billion. The next top NFT blockchain is Ronin at just over $4 billion, but that's an Ethereum sidechain that was made for the popular NFT play to earn game “Axie Infinity”. The next closest standalone blockchain is un-surprisingly Solana, which on the previous morning NFTea we reported had for the first time ever surpassed Ethereum NFT sales in a 24hr period. Despite this, Solana is only at $2.3 billion in total sales. As a whole, this once again shows us how early and small the NFT world currently is. For perspective, all the NFTs ever sold could barely buy you half of Twitter. There is clearly lots of growth to be made, and we will be here spilling the tea on it.

New York House Listed As An NFT

In yet another example of NFTs being more than just jpegs, a seven-story building in Manhattan New York has been listed as an NFT on OpenSea for 15,000 ETH or $29.5M USD. This does not just look like a publicity stunt as the chief governance officer at Kaddex says “This is unironically one of the best use cases of NFTs”. With the inevitable rise of Web3.0, naturally, there will be steps to integrate the blockchain with existing government infrastructure. Things like property transfers, records of ownership, and price history on a public ledger is a highly valuable prospect for the real estate market, and another perfect case of NFTs being able to disrupt and revolutionize different industries.

Money Laundering through NFTs

Currently, in the USA there are charges going down for the first-ever alleged insider trading scheme involving NFTs. Nathaniel Chastain is a former product manager at OpenSea and has been charged with wire fraud and money laundering. This all stemmed from Nathaniel knowing confidential information about which NFTs were going to be featured on the homepage of OpenSea and then using that knowledge for his own financial gain. It was a part of Nathaniel's job to select which NFTs would be featured on OpenSea, and typically the floor prices of NFTs would substantially increase after being on the homepage, so it's pretty straightforward to see how this system could be exploited. It is no doubt that the Crypto and NFT space is a bit like the wild west at the moment with a lack of regulations and accountability, but this court case is a long-awaited step forward in reducing the amount of shady stuff happening.

What's Up Block?

Another week, another large corporation experimenting with NFTs. Warner Bros has announced a collaboration with the NFT-focused social media platform 'Nifty' to launch a story-driven NFT collection around Looney Tunes. The Looney Tunes characters have been around since 1930 and are some of the most recognized cartoon characters in pop culture, and now they will be brought to life in the “Looney Tunes: What's Up Block” NFT collection starting with 10,000 Tweety Avatars, with more characters to follow. According to Nifty, the NFTs will be $80 each, and allow fans to participate in fun activities and games as the story unfolds. Rewards and benefits include special access to Looney Tunes merchandise, virtual meet and greets, never before seen content and access to new NFT drops. It is great to see another large company diving into NFTs and embracing not only its avenue for releasing art to its community, but also giving them utility in both the physical and digital world.

That's it for today folks.  We hoped you enjoyed today's edition of Morning NFTea.  Feel free to follow us on Twitter for more exclusive content!

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DISCLAIMER: 

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.