NFT News Today February 19 2022

NFT news today February 19 2022 can be accessed below:

What are NFTs? 

NFTs are: Nonfungible tokens, or NFTs, are verifiably unique digital and physical commodity representations. Each NFT is unique in terms of its composition, and thus in terms of its worth.

iexclusive News Nigeria has compiled the latest news on NFT making rounds this week.

OPENSEA SMART CONTRACT UPGRADE TO DELIST INACTIVE NFTS ON ETHEREUM

OpenSea, one of the most prominent nonfungible token (NFT) exchanges, has updated its smart contract as part of a proactive effort to weed out inactive listings on the site. All OpenSea users will be required to convert their NFT listings, which are now hosted on the Ethereum (ETH) blockchain, to the new smart contract as part of the scheduled upgrade. According to the OpenSea announcement, NFT listings created prior to February 18 will automatically expire one week later, on February 25, at 2 p.m. ET: READ More

ART LOVERS CAN OWN PART OF AN NFT OF GUSTAV KLIMT’S ‘THE KISS’

The Belvedere museum in Vienna collaborated with the artèQ investment fund to launch a nonfungible token (NFT) drop inspired by one of Austrian painter Gustav Klimt’s most famous works “The Kiss.” Released on Valentine’s Day, a digital copy of this early 20th century depiction of a pair of lovers was divided into a 100-by-100 grid of 10,000 individual pieces offered as NFTs. READ More

HOW NFTS COUNTERFEIT RESULTED IN MARKETPLACE SHUTDOWN

NFTs, “Rampant” issues relating to minting counterfeit nonfungible tokens, have forced popular platform Marketplace Cent to halt some operations. Marketplace Cent Founded in 2017, kicked off as a “social network and informal platform for creative experimentation.” In 2020, the team also launched an NFT platform called Valuables to mint and auction iconic tweets. READ More

NFT FRAUD: UK TAX AUTHORITY MAKES FIRST SEIZURE IN £1.4M VAT SCAM

NFT Fraud..The UK tax authority has seized three Non-Fungible Tokens as part of an investigation into suspected VAT fraud involving 250 alleged bogus companies. HM Revenue and Customs (HMRC), the United Kingdom’s chief tax authority, has seized three nonfungible tokens (NFTs) associated with a suspected tax evasion fraud. READ More

NFT PRESALE AND PUBLIC MINTS: WHAT YOU NEED TO KNOW

NFT Presale, as the name implies, is the process of opening the minting process to community members or early supporters of an NFT project before the official launch to the public, usually through a whitelist or a mint pass. NFT, Non-Fungible Token, collections appear on a daily basis, giving collectors the opportunity to be the first buyer of an NFT – a process known as “minting.”  READ More

JOHN LEGEND LAUNCHES NEW MUSIC NFT PLATFORM

John Legend, Grammy-winner, American singer-songwriter is solidifying his position among the ranks of celebrities flocking to the world of nonfungible tokens (NFTs), helping to launch a new NFT platform for musicians and other entertainers. OurSong is a platform that allows artists to tokenize and sell their work, rewarding buyers with benefits such as access to unreleased music and private chatrooms. READ More