This week's newsletter covers several important developments in the NFT space. The artificial general intelligence company Sentient completed a large NFT minting event, attracting over 650 thousand participants who gained partial ownership of its decentralized AI model Dobby through a random IQ test. The MegaETH project launched a soulbound NFT collection called The Fluffle, offering shares of network ownership, priced at 1 Ethereum, potentially bringing around 28 million dollars to the project. OpenSea is under scrutiny due to rumors regarding its airdrop terms and conditions, with CEO Devin Finzer denying these rumors. NFT infrastructure provider Reservoir raised 14 million dollars to expand its infrastructure.

In this week’s newsletter, read about how the MegaETH project uses soulbound non-fungible tokens (NFTs) to provide ownership stakes in its network, and how the artificial general intelligence firm Sentient completed one of the largest NFT mints with 650,000 participants. Check out OpenSea’s response to rumors about its airdrop terms and conditions, and, in other news, NFT infrastructure provider Reservoir has raised funds to expand. Ethereum layer-2 project MegaETH revealed an NFT collection called The Fluffle, which grants network participants ownership stakes. The collection has 10,000 pieces and represents 5% of the MegaETH network. The assets are soulbound, which means they cannot be transferred. The NFTs will be sold and priced at 1 Ether, which means the collection could net the project around $28 million. MegaETH launched a soulbound collection because it avoids “invasive” Know Your Customer requirements, remains anti-Sybil and uses stringent Anti-Money Laundering procedures. Continue reading Open-source artificial general intelligence firm Sentient completed one of the largest NFT mint campaigns, with over 650,000 users securing fractional ownership of its decentralized artificial intelligence model, Dobby. Participants minted “Fingerprints,” NFTs requiring them to prove their humanity through a randomized IQ test. The effort aims to create a community-owned AI protocol. According to Sandeep Nailwal, founder of Polygon and a core contributor to Sentient, the first AGI should be community-controlled to “guarantee its loyalty.” Continue reading Community members flagged an OpenSea website containing terms and conditions for an airdrop. Users reported that the site included Know Your Customer and Anti-Money Laundering checks and implied that some countries may be barred from participating. This received backlash, with users expressing dissatisfaction online. OpenSea CEO Devin Finzer denied the rumors circulating on X, calling them “completely false.” The executive said that what the community saw was simply a “test website.” Finzer said on X that the terms and conditions shown contained “boilerplate language” and were not the actual rules. Continue reading NFT infrastructure provider Reservoir, which caters to clients like Coinbase, MetaMask and Magic Eden, closed a $14 million funding round to expand its infrastructure to new marketplaces. The funding round was led by tech venture capital firm Union Square Ventures, an early investor in Polygon, Dune Analytics, Matter Labs, Arweave, Dapper Labs and Algorand. The funds will be used for expansion and enabling more networks to integrate NFT trading. This also includes providing tools for indexing token images and data. Continue reading Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space. 

Sentient has completed the minting of 650 thousand NFTs, and MegaETH has launched soul-bound NFTs.