Rabbit AI NFT Scam & D&G Lawsuit: Nifty Newsletter

In this week’s newsletter, we delve into Captain Tsubasa’s NFT game launch on the Oasys blockchain and the South Korean university that created a metaverse in collaboration with an LG subsidiary. We also explore the almost $1 billion investments in blockchain gaming witnessed in April, and the details of Dolce & Gabbana’s lawsuit over their NFT delays. In a separate incident, Coffeezilla exposed an alleged NFT scam by an artificial intelligence company.

South Korea’s Yonsei University, in partnership with LG Uplus, launched an immersive metaverse. This virtual world reimagines the university’s Sinchon campus, featuring iconic landmarks such as the auditorium and the library. Named “Meta Yonsei,” this digital experience restricts specific features to authenticated students. While the general public can roam the virtual campus, only students can access certain meeting tools and exclusive areas.

The Japanese manga Captain Tsubasa has also entered the NFT arena by launching its soccer game on the Oasys blockchain. Oasys announced on May 20 that the popular manga from the 80s released a Web3 version of its game on their network. Initially revealed in 2022, the game officially launched on January 12, 2023. A governance token for the game was introduced on June 4, 2023.

Remarkably, April saw a surge in blockchain gaming investments, almost reaching the $1 billion mark. According to a report by DappRadar and the Blockchain Gaming Alliance, the investments amounted to $988 million, marking the highest influx in this sector since January 2021. Not limited to gaming alone, metaverse projects also displayed notable growth. For instance, Mocaverse, an NFT metaverse, recorded an impressive trading volume of $8.4 million, significantly outperforming its competitors.

The fashion world intersected with the digital sphere as Dolce & Gabbana and the Web3 platform UNXD faced legal challenges due to delays in delivering NFT products. An unhappy customer, Luke Brown, filed a class-action lawsuit claiming the delay resulted in a 97% drop in the assets’ value. Brown purchased DGFamily NFTs for $6,000, but the alleged late delivery reduced their value by $5,800.

In another intriguing development, the YouTube reporter Stephen “Coffeezilla” Findeisen unveiled an alleged NFT scam perpetrated by the artificial intelligence company Rabbit. Coffeezilla alleged in his video that Rabbit raised funds for an NFT project but failed to deliver on its promises. He suggested that the company’s current AI product, Rabbit R1, bore striking resemblances to the unsuccessful NFT endeavor, naming it a project “built on the skeleton of that scam project” and accusing it of being similarly overhyped.

These events underscore a dynamic period in the blockchain and NFT sectors, marked by both significant forward strides and controversial setbacks. Yonsei University’s metaverse venture and Captain Tsubasa’s entry into the NFT game industry exemplify the expanding possibilities in digital landscapes. Substantial financial investments highlight growing confidence and anticipation within blockchain gaming realms.

As demonstrated by Dolce & Gabbana’s legal woes and the exposé by Coffeezilla, challenges persist, particularly in terms of trust and credibility. These incidents emphasize the need for transparency and reliability in the ever-evolving digital asset space. As the sector continues to grow and evolve, stakeholders must navigate both opportunities and pitfalls to sustainably harness the potential of blockchain and NFT technologies.