In this week's newsletter, read how France's leading contemporary art museum will exhibit non-fungible tokens (NFTs). Find out why a founder of the Bored Monkey Yacht Club (BAYC) Copycat project, RR/BAYC, opposes Yuga Labs' trademark applications. See how Ethereum-based NFTs lost 60% of their market capitalization and learn how Bitcoin (BTC) non-zero addresses increased due to Bitcoin NFTs. And don't forget about this week's Nifty News, which features American socialite Paris Hilton launching a dating metaverse called Parisland.
France's Leading Modern Art Museum to Showcase CryptoPunks, Autoglyphs NFT
The Center Pompidou, the main modern art museum in Paris, France, announced a permanent NFT exhibition. The museum will showcase NFTs from various global digital artists, including CryptoPunk #110 and Autoglyph #25.
According to Xavier Rey, director of France's National Museum of Modern Art, the center is pursuing its interest in digital art in relation to blockchain. Rey pointed out that the collection reaffirms his support for artists in "their conquest of new means of expression."
BAYC Copycat Files Opposition to 10 Yuga Labs Trademark Applications
One of the founders of NFT copycat collection RR/BAYC has opposed 10 Yuga Labs trademark applications in a bizarre twist to the intellectual property dispute between the creators of BAYC and the founders of RR/BAYC, Jeremy Cahen and Ryder Ripps.
However, the Yuga Labs team seems unfazed by the efforts. In an interview with mainstream media, a Yuga Labs spokesperson said that the presentation is simply an attempt to "distract" from the real problem.
Ethereum NFT Collections Lost Nearly 60% Of Its Market Cap By 2022: Report
NFTs have not been immune to the effects of the crypto winter of 2022. A report by DappRadar analyzed 81 collections of NFTs based on the Ethereum network and showed a sharp decline in overall market capitalization in 2022.
While the NFT market on Ethereum was worth $9.3 billion at the start of the year, data suggests the valuation has dropped to $3.7 billion by the end of 2022. According to the report, the market capitalization can be seen influenced by the decrease in the value of Ether (ETH) in 2022.
Bitcoin Hits Record 44 Million Non-Zero Addresses, Thanks To Ordinals: Glassnode
The launch of the Bitcoin NFT, Bitcoin Ordinals, has brought the number of non-zero Bitcoin addresses to its new all-time high of 44 million. According to analytics platform Glassnode, this is the first time in BTC's 14-year history that the platform has been used for other purposes.
Glassnode noted that the increase in the use of Ordinals led to an uptick in the use of the Bitcoin network. The platform also highlighted that this new functionality brought new active users with a non-zero balance to Bitcoin.
Nifty News: Find Love In The Paris Hilton Metaverse, BTC CryptoPunks Soar And More
American socialite Paris Hilton worked with metaverse platform The Sandbox to launch "Parisland," a virtual reality dating experience where players can participate in an in-game dating reality show.
WATCH COINTELEGRAPH'S NFT STEEZ PODCAST
Thanks for reading this roundup of the week's most notable developments in the NFT space. Check back next Wednesday for more reports and information on this ever-evolving space.
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