In this week’s newsletter, read about how Moonbirds founder Kevin Rose lost more than $1.1 million worth of nonfungible tokens (NFTs). Find out why NFT collectors are suing NFT marketplace OpenSea for locking their accounts for three months and how the Porsche NFT collection achieved almost $5 million in sales volume, despite a failed launch. In other news, find out how NFT trademarks can be a reliable signal for NFT traders. Finally, professionals in the Web3 space share various ways to combat NFT theft.
Moonbirds creator Kevin Rose lost $1.1M+ in NFTs after one of his moves
Moonbirds founder Kevin Rose lost over $1.1 million in NFTs after falling victim to a phishing scam. According to various analysts, Rose approved a malicious signature that allowed attackers to transfer tokens from their wallets. An on-chain analyst named “Quit” on Twitter said the malicious token was activated by the Seaport market contract, which is the platform that powers the OpenSea NFT market.
After the hack, Rose urged her followers on Twitter not to buy NFTs from the Squiggles collection until they have all been alerted not to buy the stolen NFTs.
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NFT collectors are suing OpenSea for locking their accounts after being defrauded
NFT collectors have taken legal action against OpenSea for various allegations, including locking their accounts for more than three months. Speaking to Cointelegraph, NFT investor Robbie Acres shared that two of his NFTs were stolen through a phishing scam, which he reported to the NFT platform.
However, Acres claimed that the market asked him to perjure himself before finally unlocking his account after three months, causing financial loss. In response to the allegations, OpenSea said the theft occurred outside the marketplace and that it had disabled the items and unlocked the accounts.
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Porsche NFT trading volume nears $5M despite launch issues, stalling
Despite what some considered a botched launch, sales volume for the Porsche NFT topped nearly $5 million on January 26, according to data tracking website NFTScan. The increase in trading volume came as a surprise as the car manufacturer stopped the minting process suddenly after the launch, after various complaints from users.
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Keep an eye out for major company NFT trademark filings this year
NFT-related trademark filings can be a “credible signal” for collectors and traders. In an interview with Cointelegraph, intellectual property lawyer Michael Kondoudis pointed out that it is impossible to register a trademark without the intention to use it.
Kondoudis also points out that in 2023, one of the most visible trends will be liquor companies filing for NFTs. According to Kondoudis, well-known alcohol brands such as Absolut Vodka, Chivas Regal and Malibu Rum have filed for NFT-related trademarks.
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Here’s how to prevent NFT theft, according to industry professionals
As more people jump into NFTs, the space becomes a target for bad actors on Web3. However, professionals working in the crypto space believe that some methods and tools can help users prevent hacking.
Due diligence, separating NFTs in different wallets and using tools to check and revoke permissions are some of the methods highlighted by industry experts who spoke to Cointelegraph.
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Thanks for reading our overview of this week’s most important developments in the NFT space. Come back next Wednesday for more reports and insights on this actively growing space.