On this week’s e-newsletter, learn how non-fungible tokens (NFTs) remained a scorching matter as Pudgy Penguins’ PENGU token noticed a drop of over 50% in NFT gross sales, try why PUBG creator Brendan Inexperienced rejected NFT integration in his upcoming metaverse and discover out why the Eden Gallery filed a movement to dismiss a lawsuit from NFT holders.
On Jan. 5, Pudgy Penguins’ native token, PENGU, surged 13% to develop into one of many prime performers within the crypto market, buying and selling at $0.040 on the time — up 250% from its launch on Dec. 17, 2024.
Whereas the token debuted at $2.8 billion, some massive holders seized the rally to money out, and the token has since dipped to $2.3 billion because the undertaking’s NFT gross sales slumped over 50% in seven days, in line with CryptoSlam knowledge.
Nonetheless, the group lead at Pudgy Penguins mentioned on Jan. 3 that in simply the “first few days of 2025,” the undertaking continued to see public curiosity thanks partially to its viral GIF and sticker technique that garnered over 1.1 billion views within the first 5 days of January.
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PUBG creator rejects the thought of NFT incorporation
On Jan. 4, Brendan Greene, the creator of on-line battle royale shooter PlayerUnknown’s Battlegrounds (PUBG), launched plans to create a gameplay-focused metaverse known as Artemis.
Regardless of the intention to create a metaverse, Greene instructed gaming web site IGN that he was “not even fascinated with” incorporating NFTs within the undertaking.
Whereas the crypto trade continues to champion NFTs as the perfect methodology of securing mental property and in-game belongings throughout totally different gaming ecosystems, Greene doesn’t appear to agree.
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Artwork gallery seems to be to dismiss NFT holder class-action lawsuit
The Eden Gallery Group has argued in a movement to dismiss a class-action lawsuit from a gaggle of NFT holders that bought “Meta Eagle Membership” NFTs from the artwork gallery in October 2024.
The gallery filed the movement to dismiss in a New York federal courtroom on Jan. 7, arguing that it isn’t chargeable for losses because of “common market decline” in NFTs.
The 36 people who filed the class-action lawsuit alleged they had been victims of fraud and unjust enrichment, describing Eden Galley and artist Gal Yosef’s undertaking as “a rug pull.”
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