Another reason for the increase in trading volume is due to NFT marketplace Blur’s “airdrop seasons and farming,” according to Sara Gherghelas, blockchain analyst at DappRadar. “The NFT whales decided to farm [virtual] land, especially the MG Land project, which is an NFT collection.” Source
SVB collapse chilled NFT trading volumes: DappRadar The recent collapse of the Silicon Valley Bank (SVB) resulted in dwindling numbers for NFT trading volumes, with traders holding on to their assets amid the banking crisis in the United States. Before the crisis, NFT trading volumes were around $68 million to $74 million. After SVB collapsed on March 10, the trading volume declined, falling to $36 million on March 12. In addition, the daily NFT sales count also dropped by 27.9% between March 9 and 11. Continue reading… Dubai to Abu…
New York’s Emily Xie is exploring the new frontier of digital art by combining her skills and passion for computer science and generative art. In a little under two years, since she minted her first NFT in March 2021, she has caught the attention of prolific collectors, such as Punk6529, DC Investor and Bob Loukas, and recently left her software engineering job to pursue life as a full-time artist. “I studied art history, took studio art courses, but also studied computational science and engineering. I made all sorts of art…
Magic Eden is not the first to ride the Ordinals NFT wave. ORDX and Generative, launched in February, are two of the first Ordinals NFT marketplaces. Non-fungible token (NFT) marketplace Magic Eden is set to launch a fully audited Bitcoin NFT marketplace. This comes as Bitcoin-based Ordinals NFTs become increasingly popular. The platform will enable traders to purchase inscriptions – NFTs minted on Bitcoin’s satoshis. To facilitate the selling, buying and listing of Ordinals NFTs, Magic Eden is working on integrating support for Bitcoin wallets Hiro and Xverse. Jack Lu,…
“There’s a lot of high-value items that are being inscribed or created on the bitcoin chain, and for a very, very burgeoning NFT ecosystem that it’s, it’s been super exciting to see,” Yin told CoinDesk. “And at Magic Eden, we’re working on a lot of cross-chain things anyway, and we felt like this was a really cool adjacent ecosystem for us to tackle.” Original
The top six nonfungible token (NFT) marketplaces saw a rise in wash trading for the fourth straight month, with a total volume of $580 million. According to a new report from CoinGecko, February 2023 witnessed a 126% increase from the previous month’s volume of $250 million. As for the reason for the jump, the report points to a correlation with the overall recovery of NFT marketplace trading volume, which hit $1.89 billion in February. Wash trading refers to the manipulation of trading volume or price through repeated transactions. The six marketplaces…
“That means that billions of dollars went to creators but, more importantly, an even larger number went to owners of the assets of these entities that fueled an industry that made it possible to create companies like Blur, OpenSea or Magic Eden,” he said. Source FlourishNFTProjectsRoyalties CryptoX Portal
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Negative swings in the market price of Ethereum may have had a material impact on the company’s earnings and carrying value. PLBY Group (NASDAQ: PLBY) has announced that it lost about $4.9 million in the value of the Ethereum (ETH) assets it held last year. The parent company of Hugh Hefner’s Playboy confirms that the impairment loss came as a result of the crypto winter that swept through the industry and significantly impacted market prices across the board. PLBY Group Gives Analysis, Claims Impairment Losses May Not Be Recovered According…
The number of NFT traders actively trading on March 11 was only 11,440, the lowest amount reported since November 2021. This decline in traders can be attributed to fear that the implications of a central United States bank failing might have been instilled in investors, leading to the trading volumes of nonfungible tokens suffering a tremendous hit after the failure of Silicon Valley Bank last week. According to a study published on March 16 by the data aggregation platform DappRadar, trade-in nonfungible tokens (NFTs) were between $68 million and $74 million in…