Nifty News: Judge compares NFTs to “luxury” property, Reddit NFTs climb into OpenSea’s top 10, and more.

Three of Reddit’s tokenized avatar collections made it into the top 10 projects on OpenSea this week, demonstrating the success of the Polygon-based nonfungible token (NFT) initiative.

In terms of 24-hour sales volume, Yuga Lab’s Bored Ape Yacht Club (BAYC), which sold 684 ETH, is ahead of Spooky Season by Reddit user poieeeyee with 274 Ether (ETH tickers down $1,509), or $401,000 at the time of writing.

The Senses by user Rojom and Imagination Station by user Chipperdoodle, with 121 ETH ($177,400) and 120 ETH ($175,900) in sales during the last 24 hours, respectively, claim the ninth and tenth rankings.

Zooming out to the seven-day overall sales chart, Spooky Season, which has sold 880 ETH ($1.2 million) worth of tokens and is currently ranked sixth, is the only Reddit project to make it into the top 10.

If you’re not familiar with Reddit’s NFT initiative, it offers a Collectible Avatars Creator Program that allows users to make and sell collections of profile picture (PFP) NFTs that are based on the Reddit mascot emblem Snoo.

In Singaporean court, NFT was compared to tangible property like “luxury watches.”

The High Court of the Republic of Singapore judge compared the asset class to tangible goods like fine wine or posh watches and used existing property rules to allow a motion to prevent a defendant holder from selling a BAYC NFT.

Plaintiff Janesh Rajkumar claims that defendant chefpierre.eth violated the conditions of an NFT loan arrangement by prematurely foreclosing on the token.

Using his BAYC NFT as collateral, Rajkumar, according to court filings, borrowed cryptocurrency assets from chefpierre.eth via the NFTfi platform, but he stipulated rules that prevented the asset from being sold without a “fair opportunity to achieve full repayment of the loan.”

Chefpierre.eth listed the NFT for sale after the NFT was liquidated. Rajkumar then filed a lawsuit, asking the court to halt the sale while the issue is pending.

Judge Lee Seiu Kin equated NFTs to tangible collector’s items to explain why he decided to approve the motion.

Your grandmother won’t mind if you get a teardrop tattoo in the metaverse.

Swallow, a recently established Australian Web3 tech company, wants to bring the tattoo industry into the metaverse.

The company stated in a launch statement this week, “metaverse-goers and gamers may customize their avatars and accessories with tattoos and skins from the world’s most intriguing tattoo artists.”

Offering tattoo artists options to increase their presence outside of their shops, increase exposure for their artwork and designs, and create a digital community will be a major area of concentration for the business.

“Giving people the option to use wearable art to represent themselves online is a crucial aspect of their digital experience. According to the release, tattoo artists are also searching for new ways to share their works with a wider audience outside of their physical facilities.

Swallow claims that over 100 tattoo artists joined right once, including Aaron Della Vedova, who is a favorite of well-known podcaster Joe Rogan. Additionally, 25 corporate alliances have been signed, including agreements with the blockchain-based metaverses Bloktopia and CrypCade.

Galaxy declares that NFT royalties are a “core value proposition,” entering the discussion.

Asset manager Galaxy has emphasized that the community should be careful about departing from what it views as a “core value proposition of NFTs” in light of the recent debate over whether royalties from NFTs are good for the industry or not, which some projects have chosen to move away from the model.

In thorough research, Galaxy emphasizes information showing that, to yet, royalties totaling more than “$1.8 billion have been paid out to developers of Ethereum-based NFT collections,” indicating that there may be “a substantial contingent of consumers prepared to pay royalties.”

In the end, the paper concludes that it is still too early to determine which NFT sales model will be the most effective because more solutions are expected to emerge with various platforms and businesses taking various directions.

Only time will tell whether artists continue to profit from secondary sales or whether they will forgo potential money in favor of a “pure” ownership model.

Other Interesting News: Apple has essentially reiterated that its 30% sales commission fee on all in-app purchases will apply to NFTs since it will not allow apps to drive users to external channels to purchase the NFTs, despite recently permitting NFT purchase functionality on its app store.