Porsche NFT trading volume nears $5M: Nifty Newsletter, Jan 25–31 By Cointelegraph

In this week’s newsletter, read about how Moonbirds founder Kevin Rose lost nonfungible tokens (NFTs) worth more than $1.1 million. Find out why an NFT collector is suing NFT marketplace OpenSea over locking his account for three months and how the Porsche NFT collection gained almost $5 million in sales volume, despite a failed launch. In other news, find out how NFT trademarks could potentially be a reliable signal for NFT traders. Lastly, professionals within the Web3 space shared various ways to combat NFT theft.

Moonbirds co-founder Kevin Rose lost over $1.1 million in NFTs after falling victim to a phishing scam. According to various analysts, Rose approved a malicious signature that let the attacker transfer tokens from his wallet. An on-chain analyst named “Quit” on Twitter said that the malicious signature was enabled by the Seaport marketplace contract, which is the platform that powers the OpenSea NFT marketplace.