Found: Triple Logoman & Cracking Down On Counterfeit NFTs
A rare Panini card pulled live, and new software to stop NFT fraud
Cultured is a newsletter that gets readers up to speed on the most interesting things going on at the intersection of finance, art, collectibles, NFTs, and more. Cultured is produced by Otis, an alternative investment platform that was recently acquired by Public.com.
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🗞 STORIES OF THE DAY
During a live stream on WhatNot, a sports card hunter pulled a LeBron James “Triple Logoman” from a Panini Flawless box. The lucky break ended the search for one of the rarest sports cards around, and could net the breakers more than $5 million.
NBA Logoman cards are the rarest cards around, since only one of each player is usually minted. The LeBron card has one patch from each team he’s played on. Since The King doesn’t autograph Panini cards, this is the best LeBron card out there.
Part of the hype for this card comes from Drake, who bought up 10 Flawless boxes in the hopes of getting the card. Given that Drake will be bidding, the auction for the Triple Logoman will be huge.
Our Take: The growth of streaming in the card breaking industry has revealed the process of finding ultra-rare cards.
Sites like WhatNot have popularized live streams from major card breakers, sending the prices of rare boxes, like Panini’s Flawless box, through the roof. That’s because the excitement of watching someone pull a rare card (and knowing it’ll sell for big bucks) can play a major role in setting the auction price.
Companies are slowly starting to roll out tools to ensure that NFTs posted on their platforms are authentic. Copy detection systems on OpenSea and DeviantArt are helping platforms deal with an increase of clones and scams.
OpenSea recently announced a new copy detection system that uses image recognition technology to spot fakes. It’s also adding a “verified” badge for high-volume buyers, as well as scaling up removals.
DeviantArt recently opened up the protocol underpinning its Protect service to any Web3 creator. The service helps detect duplicates and frauds anywhere on the internet, then initiates the takedown process.
Our Take: The crypto crunch may be pushing platforms to crack down on fakes.
As crypto prices plummet and NFT trading volumes drop (or level out, depending on who you talk to), platforms are facing pressure to keep their existing content stable. That means cracking down on fakes and other forms of fraud that make it more difficult to use their services and lower prices. The rise of new verification tools may be a response to that crunch and a way for these platforms to ensure their longevity.
✨ AROUND THE INTERNET
A velociraptor skeleton sold at Christie’s for $12.4 million, more than double its pre-sale estimate.
Shanghai’s residents have turned to NFTs as a way of sharing their experience in lockdown and combatting government censorship.
Vans says that MSCHF is still selling its Wavy Baby sneakers despite a court-ordered ban.
Apple is stopping production of the iPod. In honor of the beautiful product line, take a look at some of its best moments.