Nothing to see here: OpenSea denies exec involved in $60M rug pull: Nifty Newsletter

Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.

In this week’s newsletter, read about how an art gallery in Dubai plans to educate artists about nonfungible tokens (NFT) and Web3, and why NFT marketplace OpenSea said it’s unaware of any involvement of a former executive in a $60 million rug pull. Check out what happened with the Astrology-themed NFT series Lucky Star and, in other news, find out what a Chinese government-owned newspaper plans to do with its own NFT platform.

First look: Art gallery in Dubai to educate artists on NFTs, Web3

The forthcoming art gallery 37xDubai, which plans to debut in October, aims to educate artists and collectors on NFTs and the broader Web3 ecosystem through its physical presence.

Gallery founder Danilo Carlucci said it plans to hold educational workshops in the gallery space after its launch. Additionally, the gallery intends to use NFTs based on its “Tree of Life” art installation for its membership token.

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OpenSea “unaware” of any involvement of former exec in $60 million rug pull

NFT platform OpenSea says it is unaware of evidence that could point to the involvement of former head of ventures, Kevin Pawlak, being tied to the infamous AnubisDAO rug pull in 2021 after new accusations sprung up on social media.

An anonymous X (formerly Twitter) account called NFT Ethics tagged the platform, asking it to speak to the accusations. They claimed Pawlak is linked to the pseudonymous identity “0xSisyphus” and was involved in “various dubious business dealings.“

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Astrology NFT project Lucky Star Currency rugged for over $1 million — CertiK

The astrology-themed NFT project Lucky Star Currency (LSC) has been caught in the middle of trying to pull off an exit scam for more than $1 million, according to a report from the blockchain security firm CertiK.

The account of the deployer of the project utilized the “withdrawToken” function on both the NFTMerge and AdwardCenter contracts. This removed over $1 million worth of LSC tokens from the account, after which they were exchanged for the Binance USD (BUSD) stablecoin and sent to another account.

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Chinese government-owned newspaper to launch NFT platform

China Daily, an English-language newspaper under the ownership of the Publicity Department of the Chinese Communist Party, has plans to create its own metaverse and NFT platform.

The publication is awarding 2.813 million Chinese yuan ($390,000) to a third-party contractor to design the NFT platform, which can either be Chinese or foreign. It also said that the digital collectibles sold on the platform could be bridged to others, such as OpenSea and LooksRare.

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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.