May 22, 2022

Non-Fungible Tidbits: This Week In Bitcoin, Crypto And NFT

What happened this week in the crypto world.

Getty

Hello again, and welcome to GameSpot’s second edition of Nonfungible Tidbits, where we round up some of this week’s most interesting happenings in cryptocurrency, NFTs, and related fields.

Other than Bitcoin slowly breaking above $40,000 for the first time since November, the biggest story this week has been the $324 million hack on crypto platform Wormhole, which the company confirmed on Wednesday. In an interesting turn of events, a company called Jump Crypto stepped in the next day and refunded the money to Wormhole – but no word from the hackers yet. In other news, GameStop announced a partnership with a blockchain startup on Thursday and confirmed plans to create an NFT marketplace. Here are a few other stories that caught our attention this week.

“Trust yourself, not celebrities,” says NBA player Jimmy Butler in new Binance ad campaign

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Getty/Jordanie Mansfield

The world’s largest cryptocurrency exchange has teamed up with NBA player Jimmy Butler for a new ad campaign with a deceptively simple message: “Trust yourself, not celebrities.” Binance’s campaign is somewhat ironic – Jimmy Butler is a five-time NBA All-Star – and it comes as celebrity influencers are increasingly criticized for promoting cryptocurrency and NFTs to their audiences . A lawsuit alleging a pump and dump scheme was recently filed against Kim Kardashian, Floyd Mayweather Jr. and others by a group that purchased a celebrity-promoted cryptocurrency.

Nevertheless, fame and cryptocurrency remain intertwined. Crypto.com and FTX, two major cryptocurrency exchanges that compete with Binance, have both bought ad time on this year’s Super Bowl, which is less than two weeks away. Crypto.com recently released an ad campaign featuring Matt Damon.

Picasso’s estate disagrees with NFTs of his art

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Basswall

A few weeks ago, Pablo Picasso’s granddaughter, Marina Picasso, and her son, Florian Picasso, presented a ceramic bowl that they claimed was a work of art created by Pablo Picasso. The mother and son told The Associated Press that they plan to make NFTs to sell online. However, a lawyer representing the Picasso administration, which is run by Picasso’s three children and two grandchildren and manages the late painter’s estate and intellectual property, said no authorized Picasso NFTs were on the way. The commercial director of Marina Picasso and Florian Picasso then noted that the NFTs offered for sale are based on the work of Florian – and not Pablo – Picasso. So if you find a Guernica NFT online, feel free to save the JPEG – but don’t buy it.

Anonymous internet group wants to do mad scientist stuff with mice

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istockphoto

BitMouseDAO is an online group raising funds for an extremely 2022 project: Integrating the code of a bitcoin into the DNA of a mouse. Let’s back up for a moment. DAO is an acronym for Decentralized Autonomous Organization, basically a collective of crypto-savvy people online who use digital tokens to vote on what they do as a group. A spokesperson for BitMouseDAO, who declined to identify themselves, told Motherboard that “BitMouseDAO is an art project that connects the crypto world to the art world as well as the biological realm through the idea bold to put bitcoin in [a] Mouse.”

The group appears to have nine investors and a few thousand dollars in funding ether. BitMouseDAO claims that its art project is inspired by the work of Eduardo Kac, an artist who combined the DNA of a rabbit and a jellyfish to create a fluorescent bunny that glowed green in 2000. Perhaps to avoid any confusion, the BitMouseDAO spokesperson told Motherboard: “We are exploring consensus on the value of crypto and our vision for the future of the technology. We are not making a biochemical monster.”

That’s it for this week’s treats. Thanks for reading. If you’re so inclined, here’s last week’s edition of Nonfungible Tidbits. We’ll be back with a lot more to tell you next week. In the meantime, check out this story on quantum computing and cryptocurrency by CNET’s Stephen Shankland. See you.