• An NFT influencer was served a demand for settlement using an NFT for engaging in wire fraud during a $7 million token presale.
• NFTs offer potential solutions to issues such as fake credentials, undervalued teachers and low wages in the education sector.
• The auction of the NFT collection previously held by bankrupt crypto hedge fund Three Arrows Capital (3AC) fetched $2.5 million.
Influencer Served Settlement Demand via NFT
An NFT influencer, known as ben.eth, has been served with a demand for settlement accusing them of engaging in wire fraud during a $7 million token presale. The demand was delivered via an NFT and part of an ongoing legal dispute. This highlights the complexities and potential risks involved in the growing NFT market, where fraud and questionable practices can arise.
NFTs Combat Issues in Education Sector
Fake credentials, undervalued teachers and low wages remain ongoing challenges in the education sector. Cointelegraph explored whether or not nonfungible tokens (NFTs) offer potential solutions to these issues within the education industry. Beau Brannan, a professor at Pepperdine University, believes that they can provide more insight into college degrees while community-led protocols are working on solutions to help teachers get more revenue from their work.
3AC’s Bankruptcy Liquidation Auction Fetches $2.5M
The auction of Three Arrows Capital (3AC)’s previously held NFT collection fetched $2.5 million after its bankruptcy filing last year resulted in its liquidation process being initiated by its creditors who are now owed a total of $3.5 billion by 3AC.. The sale was facilitated by Sotheby’s and included several high-end assets like Tyler Hobbs Fidenza #725 which was sold for $1 million.
Bitcoin Network is Second-Largest NTF Chain By Sales Volume
Data shows that the Bitcoin network has become the second-largest nonfungible token chain by sales volume over 30-day, 7-day and 24-hour metrics according to the latest figures from May 17 – 23rd 2021 edition of ‘Nifty Newsletter’ .
As we have seen this week, there is still much room for growth when it comes to understanding how nonfungible tokens (NFTs) can be used solve various problems ranging from fraud prevention to helping teachers earn more revenue off their work within different industries like education or art & design.. Additionally , data also shows that Bitcoin has become one of the leading networks when it comes to sales volume for these types of digital assets . Moving forward , it will be interesting tto see how this space evolves over time with many projects already underway trying to make use cases out of these innovative technologies .