In this week’s newsletter, discover how NFTs featuring the 1928 portrayal of Mickey Mouse took the top spot on OpenSea’s trending list. However, a lawyer has cautioned the community about the restrictions of using this character, as its copyright has recently expired. Additionally, explore the opinions of Web3 professionals on the challenges that NFTs may face in 2024 in one of Cointelegraph’s New Year specials. And don’t miss out on this week’s Nifty News, which includes former U.S. President Donald Trump cashing out his NFT profits.
The early version of Mickey Mouse from the 1928 short film “Steamboat Willie” has become the most popular NFT on OpenSea after its copyright expired. This allowed several NFT collections related to “Steamboat Willie” to dominate OpenSea’s trending list within 24 hours of the copyright expiration.
One of these collections, named “Steamboat Willie Public Domain 2024,” achieved a 24-hour trading volume of approximately $1.2 million. This collection joined other prominent collections like Bored Ape Yacht Club and Pudgy Penguins on OpenSea’s “top” list.
However, a lawyer has reminded the crypto community that there are limitations on the use of the Mickey Mouse character now that the copyright has expired. In an interview with Cointelegraph, lawyer Oscar Franklin Tan explained that people cannot use the 1928 depiction of Mickey to falsely imply affiliation with Disney.
Tan clarified that while the character of Mickey Mouse is now in the public domain, the trademark and brand associated with Mickey Mouse are still private. He also noted that in countries with different copyright laws, the 1928 depiction of Mickey Mouse remains private.
Looking ahead to 2024, Cointelegraph reached out to Web3 professionals to gather their predictions on the future of NFTs. These predictions covered various trends and challenges, including the tokenization of real-world assets and the impact of regulation. One notable prediction focused on the gaming industry, with Jason Lau, the chief innovation officer at crypto exchange OKX, suggesting that Web3-enabled games would introduce new ways for gamers to engage with NFTs.
In other news, it has been revealed that a crypto wallet associated with former U.S. President Donald Trump transferred around $2.4 million in Ether (ETH) to the crypto exchange Coinbase on December 8th. These funds were earned from Trump’s NFT collections, which included a mugshot captured when he surrendered to authorities in Georgia in August 2023.
Meanwhile, the Bitcoin community has been engaged in a heated debate about the Ordinals protocol. Maximalists who oppose Ordinals have resorted to using derogatory language, describing Bitcoin NFTs as “shit” and “farts,” arguing that they are detrimental to the network.
Don’t forget to check out Cointelegraph’s NFT Steez Podcast for more insights and discussions on the latest developments in the NFT space. Thank you for reading this summary of the week’s most significant events in the NFT industry. Join us again next Wednesday for more reports and insights into this rapidly evolving space.