Web3 news of the day: May 5, 2022

They say Thursday is a little Friday, but in the NFT market every day is a working day. Here’s what this Thursday has brought.

New Ethereum NFT project to donate all proceedings to Ukraine’s non-profits

The Russian invasion of Ukraine is still ongoing, and a lot of projects try to help in any way they can, and Freedom Squares is one of them.

Freedom Squares is an Ethereum NFT project that is turning Ukrainian president Zelensky’s words into NFTs. “Every square today, no matter what it’s called, is going to be called Freedom Square, in every city of our country,” Zelensky said on March 1. 

Image: Screenshot of one of Freedom Squares’ NFTs

The project plans to donate “100% of net proceeds” of 6,468 NFTs sales to non-profit organizations providing relief to Ukraine.

Moonbirds and Solana are the biggest contributors to NFTs sales in April

The NFT market has grown by 23% since March and reached $6.3 billion in trading volume, DappRadar data shows.

Image: DappRadar

A blockchain platform, Solana brought around $300 million in NFTs sales, with Moonbirds, a series of PFP NFTs, putting in $500 million, according to DappRadar.

ApeCoin falls following BAYC metaverse NFT land sale

The coin associated with the Bored Ape Yacht Club NFTs has been losing its ground after the infamous digital land sale that took place on April 30.

The cryptocurrency that was once selling like hot pies has fallen by 13.4% in the last 24 hours alone. 

Image: CoinMarketCap

Even though the ApeCoin is not an official coin of the BAYC collection but is a governance token of the ApeDAO, it sure is taking some heat from the event. The cryptocurrency was trading at $13.51 at press time.

Coinbase NFT marketplace fails to attract users on the first day

The NFT marketplace of one of the biggest crypto exchanges, Coinbase, has only received 150 signups a day after its announcement, Duna Analytics data shows.

According to the data platform, the total number of users is 1,215 at press time.

The reasons behind the not successful as anticipated interest might be the fact that the exchange does not plan to provide any substantial differences compared to what else is on the market. 

The word on the street is that some of the features of the platform, like an ability to comment on NFTs, might have contributed to the number of signups. 

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NFTs need a rebranding—and a decoupling

On MSNBC’s “Morning Joe,” branding expert Donny Deutsch gives NFTs a “brand down” assessment. Here’s why NFTs need a rebrand and a decoupling from cryptocurrencies.


What makes a work of art transformative?

What makes a work of art transformative and considered fair use under US copyright law? IP attorney Lance Koonce lays out the four factors that constitute fair use under copyright law precedents.



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