Web3 round-up: Bitcoin slumps as Russia attacks Ukraine, Sotheby cancels CryptoPunks auction

You’re reading this week’s round-up of the hottest news in crypto, blockchain, and non-fungible tokens (NFTs). Let’s start!

Bitcoin tumbles as Russia invades Ukraine

Cryptocurrencies, including Bitcoin, dropped in value as Russian President Vladimir Putin ordered military operations into Ukraine. Bitcoin’s price tumbled to a one-month low, falling over 7 per cent to just US$34,783. Other cryptocurrencies like Ether, Cardano, and Solana also slumped. Ether dropped nearly 9 per cent to US$2,390.61.

Seller pulls out of CryptoPunks auction

Sotheby failed to auction off 104 CryptoPunks NFTs this week after the seller decided to pull out. No official reason was given for the cancellation except that the seller, known as “0x650d,” announced a decision to “hodl” instead. The CryptoPunks collection designed by LarvaLabs was one of the earliest projects that sparked the NFT art movement of profile photo avatars. The seller bought the NFTs in a single purchase. They are now worth between US$20-30 million.  

Mark Zuckerberg reveals AI projects for the metaverse

Mark Zuckerberg revealed AI projects that will support his company’s metaverse. During a live stream demonstration, the head of Meta showed how he had created a virtual island for himself using AI feature Builder Bot. He also promised that the AI systems will preserve privacy and be used responsibly. 

NFT collector sues OpenSea over listing bug

An NFT collector has filed a lawsuit against OpenSea for allegedly failing to secure its NFT marketplace. The collector claimed of losing a Bored Ape Yacht Club NFT over a listing bug on the platform. The security issue caused NFTs to be sold at a fraction of their value. The Bored Ape Yacht Club NFT in question was sold at just US$26 when the floor price was more than US$200,000.

That’s all for this week’s round-up. Have a good weekend, everyone!