Ethereum News Daily TheBitTimes.com

Metagood CEO Danny Yang attributed the move to the Bitcoin network being seen as a more secure platform for its users, among other reasons. The team behind nonfungible token collection OnChainMonkey is shifting its entire collection of 10,000 NFTs from Ethereum to Bitcoin, in a massive undertaking expected to take several months. "A historical transition is on the horizon as we prepare to migrate our flagship collection , OCM Genesis, from Ethereum to Bitcoin,” Metagood co-founder and CEO Danny Yang said in a statement on Sept. 7. The OnChainMonkeys were first launched in September 2021 on Ethereum, but Yang said the migration to Bitcoin Ordinals was due to its community seeing Bitcoin as offering a more secure platform for its users. “The Bitcoin Ordinal protocol is better designed for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin.” The proposal to migrate to Bitcoin was passed by 99% of OnChainMonkey tokenholders. Yang said ...

Art broker Sotheby's has been named in the Bored Ape investors case against NFT company Yuga Labs, which said that the new allegations are without merit and described the complaint as "opportunistic." Fine arts auction firm Sotheby’s has recently been named in the class-action lawsuit filed by Bored Ape Yacht Club (BAYC) investors against BAYC creators Yuga Labs. The investors allege that the auction house helped Yuga Labs “deceptively promote” the nonfungible token (NFT) collection.  On Dec. 10, BAYC investors filed a class-action lawsuit against over 40 defendants including Yuga Labs and celebrities like Post Malone, Justin Beiber and Paris Hilton. The lawsuit alleged that Yuga Labs and the celebrities were able to “artificially increase” the prices of the NFTs through celebrity promotions. In a new development, Sotheby’s has been named in an amendment to the lawsuit . On Sept. 10, 2021, Sotheby's auctioned 101 BAYC NFTs which generated over $24 million in sal...

Film festivals have seen an increase in blockchain and crypto-funded film projects and initiatives as Web3 technologies continue to merge with the entertainment industry. Web3 technologies continue to infiltrate various mainstream industries to bring innovation to old systems. This includes legacy creative fields such as the music industry and more recently, the film industry. This year, the Slamdance Film Festival, an oscar-accredited film festival for indie filmmakers, will see the premiere of the new film “Fuzzy Head,” which received its funding through the blockchain-powered crowdfunding platform Untold.io.  Ali Aksu, the CEO of Untold.io, told Cointelegraph that filmmakers, as in the case of Fuzzy Head, can use blockchain technology to democratize their financing process and open up investment opportunities to both accredited and unaccredited investors. “The most important aspect of crypto/blockchain integrations in the film industry will be opening up a new asset class to all ...