Tag: NFT

NFT trader sells CryptoPunk after a year for nearly $10M loss

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An investor has sold a CryptoPunk non-fungible token (NFT) at a nearly $10 million realized loss, reflecting the continued decline in the once-booming blue-chip NFT market. A whale, or large cryptocurrency investor, sold a CryptoPunk NFT for 4,000 Ether (ETH) worth more than $6 million at the time of writing. The investor originally purchased the NFT for 4,500 ETH, or roughly $15.7 million, a year ago, according to blockchain analytics firm Lookonchain. “Did he only lose 500 $ETH($774K)? No—he actually lost $9.73M!” Lookonchain wrote in an X post. “When he…

NFT sales drop 4.7%, but Courtyard dethrones Cryptopunks

The NFT market is feeling the impact of the broader crypto slump, with sales volume decreasing by 4.7% to $94.7 million. According to data from CryptoSlam, this is a continued downward trend from the previous week’s $102.8 million. The drop extends beyond just sales volume, with NFT buyers plummeting by 77.9% to 128,244, and NFT sellers falling by 75.2% to 85,792. NFT transactions have also declined by 6.3% to 1,441,009. The downward momentum coincides with Bitcoin (BTC) dropping to the $83,000 level. At the same time, Ethereum (ETH) has lost…

Solana-Based NFT Marketplace Magic Eden Acquires Slingshot

Non-fungible token (NFT) marketplace Magic Eden has acquired Slingshot, a trading app that allows users to see their crypto balance across multiple protocols. Slingshot allows users to trade tokens from a single universal USDC balance, removing hurdles like wallet setup, bridging assets across chains, and juggling gas fees, thus expanding Magic Eden well past Solana to every chain, including bitcoin. We just acquired @SlingshotCrypto! 8M+ tokens. Every chain (Bitcoin soon). No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all…

OpenSea urges SEC to exclude NFT marketplaces from regulator’s remit

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Non-fungible token marketplace OpenSea has urged the US Securities and Exchange Commission to exclude NFT marketplaces from regulation under federal securities laws. The SEC needs to “clearly state that NFT marketplaces like OpenSea do not qualify as exchanges under federal securities laws,” OpenSea general counsel Adele Faure and deputy general counsel Laura Brookover said in an April 9 letter to Commissioner Hester Peirce, who leads the agency’s Crypto Task Force. Faure and Brookover argued that NFT marketplaces don’t meet the legal definition of an exchange under US securities laws as…

Shaquille O’Neal gets judge’s greenlight for $11M Astrals NFT settlement

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Former NBA star Shaquille O’Neal has been granted final court approval to settle a class-action lawsuit for $11 million with Astrals non-fungible token (NFT) buyers. Florida federal court judge Federico Moreno granted approval of the settlement between O’Neal and the class group led by Daniel Harper in an April 1 order made available on April 8. The deal created a fund of up to $11 million for eligible class members and awarded $2.9 million in attorney fees and costs. All those who purchased Astrals NFTs from May 2022 to Jan.…

Gaming NFT maker Aavegotchi votes to ditch Polygon for Base

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Aavegotchi, a non-fungible token (NFT) protocol focused on Web3 gaming, has opted to abandon blockchain network Polygon and “go all-in” on Base, an Ethereum layer-2 scaling chain, according to the results of an onchain vote.  On April 8, Aavegotchi’s community members voted 93.5% in favor of a proposal to “Make Aavegotchi Based Again” by deprecating the protocol’s smart contracts on Polygon and re-deploying on Base, according to Aavegochti’s governance page.  “Given our close relationship with the Base team, as well as recent developments in the Base ecosystem […] we believe…

NFT Marketplace X2Y2 Announces Suspension of Operations, Token Tanks

Key Notes NFT marketplace X2Y2 has announced the suspension of operations by April 30th. X2Y2 was once the second-largest NFT trading platform after OpenSea. The firm is exploring artificial intelligence’s role in decentralized finance (DeFi). Non-fungible token (NFT) marketplace X2Y2 has announced that it will shut down operations on April 30, 2025, marking the end of a three-year journey that once saw it rise to the second-largest NFT marketplace after OpenSea. The platform, which amassed a cumulative trading volume of $5.6 billion, said that declining NFT trading volumes, despite a brief…

NFT marketplace X2Y2 shuts down after 3 years, pivots to AI

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Non-fungible token (NFT) marketplace X2Y2 announced it is shutting down after three years of operation. According to a March 31 announcement, X2Y2 will shut down on April 30, with the team switching its focus to an artificial intelligence project. The team shared its enthusiasm for the rapidly growing sector: “It’s a pivot. Over the last 12 months, we’ve been diving deep into AI—hands down the biggest paradigm shift we’ll see in our lifetimes—and how it can transform crypto. We’re building something new.“ Token Terminal data shows that X2Y2 saw $53.6…

NFT sales recover 4.5% to $102.8m, CryptoPunks sales surge

Despite the overall market’s decline, the non-fungible token (NFT) market is showing resilience, with sales volume increasing by 4.5% to $102.8 million. Bitcoin’s price has dropped below $83,000 in the last seven days. At the same time, Ethereum is hovering at the $1,800 level. The global crypto market cap is now $2.71 trillion, down from last week’s $2.77 trillion. According to data from CryptoSlam, last week’s NFT sales volume stood at $100.9 million. This week’s figure represents a mild recovery for the sector. NFT buyers have increased dramatically by 28.9%…

NFT sales slip 5.3% to $100.9m, Bitcoin NFT sales drop 30%

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The NFT market has continued its downward trend despite minimal crypto price recovery, with Bitcoin nudging up to $84,000 and Ethereum holding steady at $1,900. The global crypto market cap has moved up to $2.77 trillion from last week’s $2.73 trillion. According to CryptoSlam data, NFT sales volume has fallen to $100.9 million, marking a 5.34% decline from the previous week. Despite the sales drop, market participation metrics show strong growth in both buyers and sellers. The weekly metrics reveal: NFT sales volume fell to $100.9 million from $99.1 million…