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Magic Eden's New Bitcoin Marketplace

Courts Decide On NFT Ownership

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Gannon Breslin & Von Doom
March 23, 2023

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Here is the breakdown of today's newsletter:

🚀 Magic Eden Launches BTC Marketplace⚖️ Court Rules On NFT Ownership

  • Long time browser-based RPG MapleStory just picked up the Polygon blockchain to implement NFTs into their game. (DC)

  • Here's an excellent thread covering why Logan Paul and the CryptoZoo team is being sued for $40 million.

  • Otherside 2nd Trip is scheduled for March 25th at 12:00 PM EDT / 4:00 PM UTC. You can check out the trailer here.

  • A BTC DeGod sold for $100,000 USD. (@frenkdegods)

  • Here is an excellent thread by our friend Kouk.eth about wash trading and the damaging effects it has on the NFT ecosystem.

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Magic Eden Bitcoin Marketplace 🚀

This is not a drill! Magic Eden has launched a Bitcoin NFT marketplace to allow traders to purchase Ordinals (inscriptions minted on satoshis) within the Bitcoin network. The company is integrating support for Bitcoin wallets Hiro and Xverse to help collectors list, purchase, and sell Ordinal NFTs. Magic Eden originally started as a Solana NFT marketplace and later expanded to include Ethereum NFTs - Ordinals is next and they have their sights on hitting the ball out of the part

Here is the official announcement below:

To get the marketplace off the ground, Magic Eden partnered with popular Ordinal collections such as Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits. The marketplace will also provide information about NFTs, such as ordinal rarity and inscription numbers. 

More than likely we will see other big-named marketplaces adopt Bitcoin NFT trading but for now, Magic Eden has the first-to-market stronghold!

Courts Decide On NFT Ownership ⚖️

Art, as we know it, is changing over time. With the introduction of NFTs, we have come to realize that physical art ownership is easy to prove: if you have the piece in your possession, it’s yours. But with digital art, that question gets a little more muddled. And now, a case brought before the United States Federal Court might start the conversation as to how to properly prove ownership.

Back in 2014, Kevin McCoy created what was the world’s first NFT, Quantum. It was built on the Namecoin blockchain, one that requires you to renew your ownership. As a result, McCoy rebuilt the NFT on the Ethereum blockchain and sold it at Sotheby’s in 2021 for a whopping $1.47 million. But, lurking in the shadows was Free Holdings, a company that renewed the original NFT when McCoy abandoned it on the Namecoin blockchain. In their eyes, they are the rightful owners. But, the courts disagree.

James Cott, who is a magistrate judge for the U.S. District Court for the Southern District of New York, chose to dismiss the case as Free Holdings was not able to provide proper evidence to substantiate their claims of ownership and injury. According to the judge, Free Holdings “demonstrated nothing more than an attempt to exploit open questions of ownership in the still-developing NFT field to lay claim to the profits of a legitimate artist and creator.” They had nothing to do with the creation of Quantum.

💡 The DropOwnership in the blockchain is easily tracked. But when it comes to tricky situations like this one, we must take into account the origin of the NFT and the proper transfer of ownership. Did McCoy commit a mistake by not renewing his registration? Yes. But did Free Holdings try to blatantly steal someone else’s work? That’s what the court thinks. WAGMI.

There has been a rush of news about the SEC and Coinbase. It seems that SEC is changing its mind on a rule that involves crypto staking with one of the biggest exchanges in the world: Coinbase. CEO Brain Armstrong covers it here below:

Sponsored Content: This newsletter is sponsored by Webecy.

That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking NFT/web3 news! (@TheDropNFT)

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.