Tag: NFT

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NFT Creators Are Suffering and So Are Marketplaces

While Magic Edenโ€™s trading volume fell to a low of 56,556 SOL or $1,854,471 on October 14th, the day it said it would go royalty optional, according to data from Dune, it has bucked the downward trend of the other marketplaces abandoning royalties. As of writing, it is at 170,726 SOL or $5,688,590, a surge which can be credited to a new drop from Y00Ts, showing the power of popular collections to drive trading volume. Source

Tattoo industry expands into the NFT space amid digital culture shift

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Tattoos have been a universal phenomenon throughout the world for thousands of years, transcending cultural transformations and technological shifts. As the art continues to evolve, it has now taken steps into the nonfungible token (NFT) space in a bid to maintain relevant in an increasingly digital world. Known as Bang Bang in the tattoo industry, Keith McCurdy is one of the artists who hopes to merge the ethos of tattoo culture with disruptive technologies. He’s using a new type of rewriteable tattoo ink that appears and fades away under different…

US-Based Crypto Exchange Kraken Launches Beta Testing for New NFT Marketplace

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Crypto exchange Krakenโ€™s new non-fungible token (NFT) marketplace is now live for beta testers selected from a waitlist. In a new announcement, Kraken says that beta testers will soon receive an email providing them with exclusive access to the marketplace, which the exchange says will feature gasless internal transactions. โ€œKraken NFT Beta testers will have exclusive access to explore, trade and secure NFTs from the most popular artists and projects โ€” all while paying zero gas fees. Gas fees will be incurred when transferring NFTs and other crypto assets on…

UK lawmakers open inquiry into NFT regulation โ€” ‘there are fears that the bubble may burst’

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Members of the United Kingdomโ€™s Digital, Culture, Media and Sport Committee have opened an inquiry to hear from the public on the potential benefits and risks of nonfungible tokens, or NFTs, and blockchain on the countryโ€™s economy. In a Nov. 4 announcement, the DCMS committee said its inquiry was related to the sudden growth of the NFT market, responding to fears the assets may be overvalued and at risk of the bubble bursting. According to the committee, NFT regulation in the U.K. is โ€œlargely non-existent,โ€ with the DCMS planning to…

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NFT Market Decline Leads To Dapper Labs Laying Off 22% Of The Staff

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Crypto Firms such as Dapper Labs are currently feeling the heat of these marketsโ€™ downturn. As per a report, Dapper Labs has lost more than 90% of its NBA Top Shot sales volume dating from February 2021 till now. It appears that the drop in the prices of digital currencies is not the only aspect investors should be concerned about. This is particularly true considering the look of the NFT market recently. The sales volume of the companyโ€™s NBA Top Shot as of February last year was about $224 million,…

NFT Platform ImmutableXโ€™s $66M Unlocking Looms, Putting Sell Pressure on IMX Token

โ€œWe see no concerns surrounding this upcoming unlock, and even if some short-term selling should occur,โ€ Robbie Ferguson, co-founder of Immutable, wrote in an email. โ€œThe top 30 IMX holders, representing 85% of the remaining tokens, have committed to holding โ€“ many of whom are long-term equity shareholders of Immutable. For remaining IMX private sale holders that do wish to sell, new investors, including Coinbase and Kenetic Capital, have been lined up to absorb any sell pressure.โ€ Source