Sotheby's NFT Auction Rakes in $2,482,850
Mark Kennedy
May 22, 2023
GM. It's Lootbox, your trusty sidekick navigating the labyrinth of NFTs and web3 gaming news.
Here are the gems we found for today
Sotheby's NFT Auction Rakes in a Whopping $2,482,850
MetaMask Joins Ledger in the Hotseat
The Sneakies - Gala Games Burns 21B tokens
NFTs Making A Comeback?
NFTs have been in a lull lately, but not at Sotheby’s and Pudgy Penguins, as they both had an extraordinary week.
Let’s begin with Sotheby’s.
Sotheby’s recently concluded a high-stakes auction of rare NFTs from the Grails collection.
This collection was previously owned by the now-bankrupt crypto hedge fund, Three Arrows Capital (3AC) and contains NFTs that signify the work of leading artists redefining the frontiers of contemporary algorithmic art.
Sotheby’s even called it "some of the most significant digital artworks ever assembled."
And it didn’t disappoint at the auction, generating a staggering $2,482,850.
So what were the leading NFTs?
Auction highlights included Tyler Hobbs' Fidenza #725 and Larva Labs' Autoglyph #187. These were among the top-priced NFTs, exceeding their estimated sale prices by a wide margin.
Autoglyph #187 Sold For $571,500
Originally predicted to sell for $120,000-$180,000, Fidenza #725 ended up fetching an impressive $1,016,000, while Autoglyph #187 realized a final sale price of $571,500. Talk about smashing expectations!
Pudgy Penguins crushes it on Amazon
Last Thursday, Pudgy Penguin toys went on sale on Amazon, you know, the 2-day shipping guys.
And it absolutely dominated the toys sales chart, becoming #1 in the Toys & Games category.
Luca Netz also revealed the numbers stating Pudgies saw more than $500,000 in sales. This is a big W.
The lingering question now is if this is the community buying or genuine interest from the public.
Metamask Joins Ledger in the Hotseat
In a plot twist that feels like discovering a secret level in your favourite dungeon crawler, confusion surrounding Metamask’s new tax clause has been put to rest.
A recent update from Accounting, a crypto portfolio tracking firm, clarified misconceptions on Twitter and explained how the clause really works.
Let’s take a look.
The cause of the chaos
This is from the MetaMask TOS
The Twitter meltdown
In true CT form, degens went full throttle on Metamask without exactly understanding the purpose of this clause.
Take a look.
Pay your taxes.
Or Metamask will pay them for you.
#Bitcoin fixes this
— Shannen Michaela (@ShannenPill)
May 20, 2023
Man these @MetaMask tax rates are getting insane. May start using my old bank account again!
— OKHotshot (@NFTherder)
May 21, 2023
So what does this actually mean?
Essentially, the Metamask tax clause is designed to apply to users who purchase products or services from Metamask.
This means if you're using Metamask as a crypto wallet or for non-commercial purposes, and you're not buying goods or services directly from them, the tax clause doesn't affect you.
Moreover, the tax isn't related to customers' capital gain tax. Instead, it concerns the taxes on the sale of services between users and Metamask. In other words, MetaMask plays the role of the service provider that is responsible for handling and paying these taxes.
Lootbringer’s take
It's essential for users to stay updated and understand these complexities to navigate the crypto landscape effectively. In this case, Metamask users can breathe a sigh of relief knowing the tax clause doesn't apply to them unless they are purchasing products or services directly from MetaMask.
The Sneakies
Hyperspace Powers Up with Mysten Labs - Plotting a course to new realms, Hyperspace allies with Mysten Labs to bring its NFT marketplace onto the Sui protocol, laying the groundwork for a new age in Web3 gaming and NFT trading.
Gala Games' Token Bonfire - Gala Games puts its native GALA tokens to the torch. This bold, community-driven act of burning 21 billion tokens lights the way for secure expansion and a fortified node ecosystem.
Gucci's Metaverse Debut on Zepeto - Sashaying into the digital sphere, Gucci presents its "Cruise" collection on Zepeto, marking a trendsetting moment for fashion in the metaverse, complete with a virtual Gucci store and photo booth.
Stepn Integrates Apple Pay - After seeing their user count drop significantly from the high of over 700,000 MAU to just over 40,000 in the last month, Stepn is integrating Apple Pay as a fiat on-ramp to reduce the barrier of entry into their ecosystem.
Tweet of the Day
Our CEO @skilllevel7 is commenting on the new token standard for NFTs: ERC-6551, its functionality, and the whole new enhancement layer it can bring to the ownership of digital collectibles in games 🎮
— Mighty Bear Games (@MightyBearGames)
May 22, 2023
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