Logan Paul to Buy Back NFTs, Bitcoin Hosts SNES Games: Nifty Newsletter
In this week's newsletter, read about nonfungible token (NFT) founders who have begun issuing company equity to their owners, and see how community members told YouTuber Logan Paul how he finally paid back disgruntled investors for his CryptoZoo NFT project. In other news, learn how NFTs are stored and how NinjaAlert developers wrote a Super Nintendo emulator on the Bitcoin network.
NFT projects start offering “free” company equity to shareholders
During the holiday season, Pons Asinorum, founder of the “Plug” NFT collective, announced that owners would be gifted a percentage of his company's shares. Following the announcement, another NFT cluster founder, Ovi Farouk, also known as OSF in the NFT space, made a similar move for Rektguy NFT cluster owners on January 1st.
Although this sounds like a legitimate risk, Pons believes the move is legitimate because it was completely unexpected. The founder of the pseudo-NFT explained to Cointelegraph that there is no expectation that holders will receive equity and that it is a gift.
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Logan Paul “Buy” CryptoZoo NFTs One Year After Entering Return
Internet celebrity Logan Paul has announced a refund program for disgruntled owners of CryptoZoo NFTs. According to Paul, the program will be funded with $2.3 million, which he personally committed to buying NFTs at the original purchase price. The YouTuber said the refund was given to someone who was supposed to play the game for a revenue-generating game that was never released.
The announcement comes a year after Paul promised to return NFT project investors' money. In the process, various sections of society asked the influencer to fulfill his promise.
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Logan Paul's NFT buyback shows that celebrities can't “play” in Web3
Following Paul's announcement, some members of the community celebrated the victory, while others warned of Paul's “ulterior motives.” Crypto content creator Mason Versluus commented on the development, saying that major brands cannot “play” in the Web3 space without accountability.
Meanwhile, YouTube investigator Kofizilla said Paul is “being crushed by the allegations” and is trying to “save his own skin” by making the comeback show. On the refund claim website, the terms and conditions state that participants waive their right to sue Paul and CryptoZoo.
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Bitcoin Ordinals Explain How to Choose Off-Chain NFT Storage: Execs
Executives working in the NFT space urged innovators to consider which NFTs should be hosted on the blockchain and which should be kept off-chain. According to Witek Radomski, co-founder of Atlas Development (Engine), developers need to decide which NFTs deserve the “vault treatment,” meaning they can be stored on-chain and live in the cloud.
The executive proposed a hybrid option, such as using platforms such as the Interplanetary File System. Unlike the Bitcoin blockchain, Radomski said this platform is designed for storage.
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Bitcoin blockchain hosts classic SNES games.
In an attempt to raise the technical bar for Bitcoin Ordinals projects, developers at Ninjalerts have released a Super Nintendo Entertainment System (SNES) emulator on the Bitcoin blockchain, allowing the community to play classic games on the network.
Citing research that says 90% of classic video games are at risk, Ninjalerts CEO Trevor Owens explained that bitcoin is a great place to preserve cultural “digital heritage” for future generations.
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Check out the Cointelgraphs NFT SteEZ podcast
Thanks for reading this roundup of the week's most notable developments in the NFT space. Come back next Wednesday for more reports and insights into this actively growing space.
