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💰 Bitcoin Network Confidently Ranks 2nd In NFT Sales
Bitcoin emerges as the NFT world’s emerging star. According to CryptoSlam statistics, the network has swiftly risen to become the second-largest NFT chain as NFTs continue to attract the Bitcoin community. The network has seen an incredible amount of NFT sales on secondary marketplaces in the last 30 days. Bitcoin’s Ordinals trading volume is presently second only to Ethereum, which did $391.8 million in NFT volume, more than double that of Ordinals in 30-days $171 million beginning April 24. BRC-20 token transactions accounted for the bulk of ordinals activity on the network, according to a Dune dashboard created by BRC-20 token standard inventor Domo. BRC-20 is patterned after Ethereum’s ERC-20 token standard and was suggested in March 2023 by Anonymous developer Domo in Bitcoin Request for Comment 20. The BRC-20 token standard enables the minting and transfer of fungible tokens on the Bitcoin network by using ordinal inscriptions. Token standards are basic rules that specify how produced tokens function; for example, ERC-20 is the token standard for producing ERC-20 tokens on the Ethereum network. Unlike the ERC-20 standard, the Bitcoin BRC-20 standard has not been ratified and is still in the works.
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📣 NFT marketplace enables cross-chain purchases on multiple networks
A new feature on nonfungible token marketplace NFTrade allows collectors to purchase items on one network while paying on a separate one. The feature was created through an integration with cross-chain messaging protocol Rarimo, according to a May 23 announcement. The cross-chain purchases with NFTrade work on Ethereum, Polygon, Avalanche and BNB Chain. For example, if users want to buy an item on Avalanche, they can pay with a currency from any of the other three networks. The feature is also integrated with Circle’s Cross-Chain Transfer Protocol (CCTP), which allows buyers who pay with USD Coin to burn their tokens on one chain and have them be re-minted on another chain. Cross-chain purchases will also be expanded to Immutable X, Skale, Palm and Moonbeam at some point in the future. The competition between NFT marketplaces continues to heat up as they try to attract users with new features. LooksRare released a new version with lower fees on April 7, and Blur offered perpetual lending with NFT collateral beginning on May 1. Nonfungible token marketplace NFTrade now supports cross-chain purchases on Ethereum, Polygon, Avalanche and BNB Chain.
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⚡️ Mocaverse and CyberConnect Unleash the Power of Web3 in Membership NFT Collection
Mocaverse, a prominent membership NFT collection, has exciting news today! Significantly, they are teaming up with CyberConnect, a decentralized social network, in a strategic partnership. This collaboration aims to leverage CyberConnect’s scalable cross-chain infrastructure and social network protocol. Ultimately, they aim to enhance the Mocaverse Web3 Membership Program. Let’s take a closer look! Animoca Brands, the creators of the Mocaverse membership NFT collection, has announced an exciting partnership with CyberConnect. This strategic collaboration will use CyberConnect’s scalable technology to boost the Mocaverse Web3 Membership Program. Firslty, let’s take a look at Mocaverse. The vibrant PFP membership NFT collection within the Animoca Brands ecosystem is on a mission to foster collaboration, connection, and growth in the Web3 world. With 8,888 unique NFTs called Mocas, Mocaverse provides a platform for creators and enthusiasts alike. Notably, it aims to empower Mocaverse NFT holders to build their Web3 social reputation.
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🖼 Top NFT Collections of 2022 Lose Their Shine as Floor Prices Fall
Several popular nonfungible token (NFT) collections have seen their floor prices tumble this year. Moreover, the NFT boom of previous years has failed to gain any traction in 2023. NFT markets are in the doldrums. While crypto markets have gained 40% since the beginning of the year, the same cannot be said for NFTs. The Doodles collection has declined 90% in terms of floor price, falling from 23 ETH to just 2.3 ETH. At the time of writing, OpenSea was showing a floor price of just 2.169 ETH, or around $3,900. According to CryptoSlam, Doodles’ sales volume was $2.4 million in April, down from $53 million in April 2022. Moonbirds is another NFT collection that has fallen from its heights. Floor prices have dropped 94% from 32 ETH to 2.1 ETH, the researcher noted. Moonbirds’ sales volume is down from a whopping $484 million when the project launched in April 2022 to just $3.1 million last month, according to CryptoSlam. The Goblintown NFT collection once had a floor price of 6 ETH. It has now tanked to just 0.27 ETH, or $490, for one of these once sought-after nonfungible collector’s items. Sales volume has slumped 99% from the $37 million in monthly sales when the collection launched in May 2022.
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⚡️ OIST hosts French-Japanese Seminar on Metaverse and Virtual Reality
Okinawa Institute of Science and Technology (OIST) welcomed participants of the French-Japanese Seminar on “Metaverse and Virtual Reality – The Science and Technology of Interacting with Digital Worlds”. The Seminar was the brainchild of Dr. Anatole Lécuyer, Research Director at Inria, France’s National Institute for Research in Digital Science, who came to OIST in March 2023 as a guest of TSVP, OIST’s Theoretical Sciences Visiting Program. Its goal was to gather experts from Japan and France working on a wide range of areas in science and technologies needed to build the Metaverse, to exchange ideas and build collaborations. “Virtual reality has always been a multi-disciplinary subject,” said Dr. Lécuyer. “It’s too big a challenge to face alone”. The seminar was hosted by TSVP, with funding provided by the French Embassy in Japan, and was co-organized by Dr. Shunichi Kasahara of Sony Computer Science Laboratories, who recently joined OIST as a Visiting Researcher. “We can imagine having new technologies, abilities or new bodies, but how do we subjectively feel it as self?” Dr. Kasahara asked. Participants in the seminar were welcomed by OIST’s Dean of Research.
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📣 Immutable and MetaStudio Announce Partnership to Enhance the Gaming Metaverse
MetaStudio, a renowned Portuguese game studio, has announced a new partnership with Immutable, a leading Ethereum Layer 2 scaling solution provider, aimed at transforming the gaming metaverse. MetaStudio has been recognized for its innovative games and games-as-a-service offerings, along with their unique non-fungible token (NFT), Rune Realms, which offers holders a chance to partake in a 10% revenue share in the studio’s earnings. By integrating with Immutable’s Layer 2 blockchain infrastructure, MetaStudio can provide players with a dynamic gaming experience and unique benefits such as zero gas fees for peer-to-peer trading and secure ownership of in-game assets. This partnership comes at a time when interest in the metaverse is increasing rapidly. As a collective virtual shared space created by the convergence of virtually enhanced physical and digitally created reality, the metaverse offers significant opportunities for innovative gaming experiences. The partnership between Immutable and MetaStudio is expected to contribute significantly to this evolution.
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🖼 FIRST RGB-POWERED NFT MARKETPLACE LAUNCHES AT BITCOIN 2023
DIBA, the first Bitcoin NFT marketplace utilizing RGB smart contracts, has officially launched on mainnet. According to a press release sent to Bitcoin Magazine, the platform also introduces BitMask, an exclusive Bitcoin-only wallet capable of storing unique digital assets (UDAs) such as music and art. The UDAs will be hosted on high availability storage and cloud services provided by Hut 8, a publicly traded bitcoin miner in North America. DIBA aims to bring Bitcoin utility to the masses by enabling the exchange of UDAs on a decentralized and censorship-resistant network. Notable bitcoin investors, including Tim Draper of Draper Associates and Bill Tai of ACTAI Unicorn Fund, support the venture. Gideon Nweze, founder and CEO of DIBA, expressed his excitement about the launch, stating, "This marks a major milestone in the transition of the internet onto Bitcoin." Tim Draper also commended DIBA's innovative approach, emphasizing the potential of NFTs on Bitcoin. He said, "What Gideon and the team at DIBA have built is a testament to the potential NFTs on Bitcoin hold in capturing the creative and sovereign spirit of this next generation."
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📣 Influencer served settlement demand via NFT following $7M token presale
A nonfungible token (NFT) influencer has been served with a settlement demand via an NFT — which casually dropped the “F-bomb” several times — alleging that the influencer engaged in wire fraud “at a minimum” on a recent $7 million token presale. On May 20, Mike Kanovitz, a partner at law firm Loevy & Loevy, stated in a tweet that a settlement demand letter had been served as an NFT to the wallet address associated with the influencer known as Ben.eth, whose real identity remains undisclosed. Ben.eth “used a manipulative launch strategy” for the Psyop (PSYOP) token, which raised $7 million in its initial presale over 72 hours. The concerns revolved around how the liquidity pools (LP) were structured and how the tokens “trickled out” after the presale. Shortly after the letter was published on Twitter, Ben.eth tweeted that 50% of the tokens had been sent out and “the rest will be sent in short order.” “At a minimum, you would be guilty of wire fraud, which is a predicate act for racketeering and the basis for a treble damages award against you ($7 million becomes $21 million),” the letter stated. he warned of a potentially “painful” process for Ben.eth if the letter is not complied with.
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🖼 Injective (INJ) Surges By 19% Following ‘Surprise’ NFT Announcement
Injective (INJ) is one of the few tokens to have racked up impressive gains in the last week. While most of the assets in the crypto market were marked by insignificant price actions leading to little gains or losses, INJ stood out with an excellent price movement to become one of the biggest weekly gainers. According to data from CoinMarketCap, Injective’s price gained by 19% in the last seven days boasting of a market performance. INJ initially began the week trading around a price region of $6.08 and soon recorded consecutive gains and losses before experiencing a price hike on May 17 to hit a market price of $6.7. On May 13, the team behind the Injective blockchain tweeted a statement urging the user community to interact more with dApps built on Injective or its L1 chain, stating there could be a chance to receive an “NFT-related surprise.” Interestingly, the price rally by INJ in the last week appears to be due to an exciting announcement made by the project developers six days ago. This announcement sparked much excitement within the Injective community, which has been represented not just in price but also in the network activity.
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🖼 NFT Trading Volume on Track to Drop Below $1B
The non-fungible token (NFT) market is evolving, and measuring its success depends on which metrics you're looking at. According to a new report released by DappRadar on Thursday, NFT trading volume for the month of May has reached $333 million so far, putting it on track to fall below $1 billion for the first time this year. In contrast, there have been 2.3 million sales executed so far this month and a notable increase in the number of weekly active wallets interacting with NFTs. Sara Gherghelas, a blockchain analyst at DappRadar, told CoinDesk that the number of NFT sales appears to be on track to reach or surpass last month's numbers, as opposed to trading volume, which is significantly lagging behind last month's count. In her view, this could signal that there are more NFT traders in the market making smaller dollar-figure trades. The number of unique active wallets linked to NFT activities grew by 27% in May, the report added, attributing the growth to the Miladys NFT collection – which received a notable pump from Elon Musk – as well as profits made from the hyped PEPE token that funneled back into the NFT market. This contributed to an uptick in on-chain activity, which sent Ethereum gas fees skyrocketing.
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🖼 Pudgy Penguins wants to use its NFT-inspired toys to bring IP to the real world
Pudgy Penguins, an (admittedly adorable) NFT collection that also doubles as a web3 IP company, is releasing a line of toys dubbed Pudgy Toys, Luca Netz, CEO of the company, told TechCrunch+ in an exclusive interview. As the NFT sector continues to waddle through a period of frosty consumer interest, some collections are diving deep, exploring new waters and expanding their horizons to the physical realm in hopes of reaching more people and growing their brand. The penguin plushies are being made in collaboration with PMI, which also produces toys for Fortnite and Among Us, Netz said. The company sees physical toys as a “Trojan horse” for the web3 ecosystem and NFTs. “Unfortunately, NFT revenue is not sustainable and it’s not really growable,” Netz acknowledged, adding that the toys are meant to make the company more sustainable. “Secondly, we wanted to create an IP that transcends this ecosystem, and the way I know how to do that is through physical products.”. Launched in 2021 and acquired by Netz in April 2022, the 8,888-NFT collection has grown to include real-world products.
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🪙 NFT Marketplaces Diminish in Ethereum Gas Use Amid Fee Crisis
Ethereum’s gas consumption patterns, Non-Fungible Tokens (NFTs) no longer reign as the top gas guzzlers on the network. Data from the crypto analytics platform Nansen revealed that last week, NFT marketplaces accounted for just over 3% of all gas consumption. In stark contrast, the decentralized exchange Uniswap used more than ten times that amount, clocking in at 31.99%. Highlighting the development, Nansen tweeted. The Ethereum network’s congestion and high gas prices are attributed, in part, to intense activity caused by a surge in meme coin trading, such as PEPE tokens and Floki Inu. This led to an overflow of transactions and, subsequently, skyrocketing gas prices. Ethereum’s community has responded to these challenges, and various Layer 2 (L2) scaling solutions have been proposed to reduce gas prices. Layer 2 solutions, such as state channels, plasma chains, and rollups, aim to offload some computational workloads from the main Ethereum blockchain, thereby reducing the need for gas and its cost. One trader was reported to have paid as much as 64 ETH.
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🖼 NFT Show Europe Invites Exhibitors to the Major Blockchain and Digital Art Conference
NFT Show Europe, the leading conference for the blockchain, metaverse, and digital art industries, is inviting exhibitors to sign up for its forthcoming event. As an exhibitor at NFT Show Europe 2023, companies will have the opportunity to showcase their innovative solutions to potential investors, clients, and industry partners who are eager to discover the next big thing. NFT Show Europe, set to run from July 14-15, 2023. At #NFTSE, participants will have the opportunity to rub shoulders with leaders from Alpine F1, Activision Blizzard, Epic Games, and Crypto. Page, Decentraland, SKI Federation, Joyn, Lama, Navi Studio, United Nations, UNICEF, Odos, Polkadot, and Zepeto among other companies and visitors from 55+ countries. Exhibitor spaces are now available for the European conference but spaces are selling fast. Interested parties are encouraged to reserve their spot now to ensure their company’s presence at the major event. NFT Show Europe is one of the world’s leading meeting points for web3, blockchain, metaverse, and digital art pioneers.t.
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🖼 NFT Market size to Cross USD 342.54 Billion By 2032, With an 27.60% CAGR by 2032
According to a comprehensive research report by Market Research Future (MRFR), " NFT Market By Offering, By End Users, And By Region and Forecast till 2032”, the market is predicted to thrive substantially during the assessment era from 2022 to 2032 at a healthy CAGR of approximately 27.60% to attain a valuation of around USD 342.54 Billion by the end of 2032. The MRFR study reports imply that the NFT Market Research Report Information by Offering, Region, and End Users. Forecast Till 2032, the global NFT market is predicted to bolter substantially during the review era from 2023 to 2032 at a substantial growth rate of around 27.60%. The reports further predict the market will acquire nearly USD 342.54 billion by the end of 2032. As per the documents, the NFT market was valued at nearly USD 38.2 billion in 2022. An NFT, non-fungible token, or nft crypto refers to a unique token recorded in a blockchain that shows ownership of a digital or physical asset. NFTs have an NFT drop feature that enables creators to pre-announce when they toss their latest NFT projects on Coinbase NFT.
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📣 ITV STUDIOS LAUNCHES THE VOICE IN THE METAVERSE
ITV Studios and The Virtual Brand Group have launched The Voice Studios, an immersive virtual experience based on the Emmy Award-winning series The Voice. The free-to-use virtual experience allows fans to create their own music, show off their dancing skills, compete in Battle rounds, test their musical knowledge and audition to be on an upcoming season of the hit series. The Voice Studios launches in Vegas City, a metaverse entertainment destination in Decentraland. Virtual Brand Group known for building immersive experiences, communities and virtual fashion, is collaborating with ITV Studios to develop, build and operate The Voice Studios. The Voice Studios is set to launch with five music-themed experiences, including Music Maker, where users can publish a track and compete to win prizes or just make music for fun. Other games include an immersive Musical Treasure Hunt, Dance Off, Rhythm Challenge and Music Trivia. The Voice Studios on their own or participate in head-to-head Battles with others vying to be the top Gamer, Dancer and Creator. The fans themselves will get to vote on who ultimately gets crowned the winner in each category.
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⚡️ The NFT Gaming Company Announces Enhancements to AI Gaming Platform Leveraging RECUR Builder
The NFT Gaming Company, Inc. ("NFTG" or the "Company"), a company developing a digital gaming platform and community that will offer users the ability to create unique avatars playable in all of the games on the platform in the form of non-fungible tokens, or “NFTs,” today announced that it will be leveraging the powerful web3 tool, RECUR Builder, to deliver its AI gaming offerings to market. The NFT Gaming Company will be building on RECUR’s cutting-edge Web3 infrastructure to monetize their expanding game catalog. The NFT Gaming Company will also provide experiences and unique opportunities for the RECUR community. “Partnering with RECUR allows us to bring our AI gaming offering to market as quickly as possible in the best web3 infrastructure available,” said Vadim Mats, CEO of NFT Gaming Company. “This relationship enables us to utilize the same technology as top brands like Paramount, Nickelodeon, Star Trek™, Top Gun: Maverick, emoji®, Care Bears™, and others.” "We're delighted to have The NFT Gaming Company onboard to enhance their AI gaming product and create unforgettable web3 experiences with RECUR Builder.
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🖼 Fantom and Dogecoin holders rush to secure free NFT during Avorak AI ICO
The world of NFTs is growing daily, with apparel brands joining the field to secure a significant market share in the Web3 ecology. Fantom and Dogecoin holders have showcased massive interests in non-fungible tokens (NFTs) offered in the ecosystem of an emerging AI-powered technology, Avorak AI. Fantom is classified as a decentralized smart contracting platform that offers an alternative to Ethereum. Dogecoin is a cryptocurrency designed and developed in December 2013. The project was launched as a meme coin offering peer-to-peer and open-source transactions. The Meme coin has attracted a massive cult-like following of crypto enthusiasts, speculators, and public figures. In fact, Tesla and SpaceX Founder Elon Musk has openly endorsed the project on Twitter. For the longest time, Fantom has pitched itself as a faster network than its competitors. Fantom’s FTM price history indicated the token started selling for $0.017 and has moved on a roller coaster. DOGE has also been in a frenzy with Elon Musk changing the Twitter Logo to Dogecoin’s logo.
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📣 Glory Star's Digital Collection NFT App CheerReal Announces Major Platform Upgrade
Glory Star New Media Group Holdings Limited, ("Glory Star", the "Company" or "we") (NASDAQ: GSMG), a leading digital media platform and content-driven e-commerce company in China, today announced a major upgrade to its self-developed digital collection non-fungible tokens ("NFT") application, CheerReal. The update is now available on both Android and IOS apps and comes with improved security, advanced technology, enhanced functionality, and a more user-friendly interface. CheerReal is positioned as a "cultural and artistic digital collection" platform that aims to create a new cultural and artistic interactive experience, connecting virtual and real economy through innovative digital art and a diverse and inclusive metaverse world. As a member of the Trusted Blockchain Branch of the Beijing Information Industry Association, the platform is powered by Blockchain Service Network-Decentralized Digital Certificate ("BSN-DDC"), a network infrastructure that is jointly initiated by the State Information Center, China Mobile, and China UnionPay, which consists of more than ten BSN Open Permissioned Blockchains with robust technical systems and distinctive features.
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📣 Tech Mahindra Partners With EarthID To Create Blueprint For Self-Sovereign Identity (SSI) Powered Metaverse
Tech Mahindra, a leading provider of digital transformation, consulting and business re-engineering services and solutions, has recently announced a strategic partnership with EarthID, the Decentralized Identity Management platform that allows secure and frictionless exchange and verification of identity information. The partnership will co-create a blueprint for a Self-Sovereign Identity (SSI) powered Metaverse platform that will provide users control over their data. SSI-powered Metaverse will empower enterprises to mitigate security concerns related to stolen identities and sensitive data, which may lead to huge legal and financial losses. Together, Tech Mahindra and EarthID will create industry-leading solutions to prevent identity theft, optimize costs, and advance sustainability by facilitating secure, frictionless transmission and verification of identities. On this partnership Rajesh Dhuddu, Global Business Head, Emerging Technology Practice, Tech Mahindra, said, "In the early days of the internet, when the Safe Code of Practice for online interactions was not formed, naive internet users shared Personally Identifiable Information (PII) without restriction.
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⚡️ Metaverse in Healthcare Market is Expected to Reach $79.6 billion
The concept of the metaverse, a virtual reality space where individuals can interact with each other and digital content, is poised to make significant strides in the healthcare industry in the near future. The metaverse has the potential to revolutionize healthcare delivery by offering immersive and personalized experiences for patients, providers, and researchers. In the metaverse, healthcare professionals can conduct virtual consultations, perform medical procedures in a simulated environment. Metaverse in Healthcare market in terms of revenue was estimated to be worth $9.5 billion in 2023 and is poised to reach $79.6 billion by 2028, growing at a CAGR of 52.9% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The factors driving market growth include increasing demand for telehealthcare services, and shift towards patient-centric healthcare delivery. However, the lack of data security and concerns regarding data theft and healthcare fraud, and authenticity and reliability issues are challenging the market growth during the forecast period. Based on product & service, the software segment accounted for the largest share of 70.9% of the metaverse in healthcare market.
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🖼 'In Hindsight the Metaverse Will Be Obvious and Inevitable' Says Affyn CEO Lucaz Lee
Despite the many obstacles that currently make mainstream adoption seem impossible, the metaverse will eventually “mature when gateways that form the access point for entering the myriads of metaverses come onstream,” Lucaz Lee, CEO of Affyn, has said. Lee suggested that when this point is reached, entering and exiting the metaverse will be as easy “as ordering dinner from a takeaway app.” Lee also said he believes augmented reality (AR), rather than virtual reality, will play a key role in the metaverse. The boss of Affyn, a play-and-earn metaverse, said this is because AR is capable of being “seamlessly integrated into the apps we use every day.” All of this will happen with users being none the wiser. The CEO also offered his thoughts on why the play-to-earn (P2E) model has not lived up to the hype and what he sees as the more sustainable Web3 gaming model. He also explained to Bitcoin.com News why he still believes in the metaverse despite the many false starts he has seen so far. Nevertheless, the core elements that make the metaverse so immersive are not the technology it’s built upon, but rather the communities that coalesce around it. Just as newsgroups united people with shared interests in the early days of the internet.
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📣 Influencer served settlement demand via NFT following $7M token presale
A nonfungible token (NFT) influencer has been served with a settlement demand via an NFT — which casually dropped the “F-bomb” several times — alleging that the influencer engaged in wire fraud “at a minimum” on a recent $7 million token presale. On May 20, Mike Kanovitz, a partner at law firm Loevy & Loevy, stated in a tweet that a settlement demand letter had been served as an NFT to the wallet address associated with the influencer known as Ben.eth, whose real identity remains undisclosed. Ben.eth “used a manipulative launch strategy” for the Psyop (PSYOP) token, which raised $7 million in its initial presale over 72 hours. The concerns revolved around how the liquidity pools (LP) were structured and how the tokens “trickled out” after the presale. Shortly after the letter was published on Twitter, Ben.eth tweeted that 50% of the tokens had been sent out and “the rest will be sent in short order.” “At a minimum, you would be guilty of wire fraud, which is a predicate act for racketeering and the basis for a treble damages award against you ($7 million becomes $21 million),” the letter stated. he warned of a potentially “painful” process for Ben.eth if the letter is not complied with.
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📣 Bankrupt crypto hedge fund 3AC’s NFT auction fetches $2.5M
The auction for parts of bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital’s (3AC) nonfungible tokens (NFT) collection fetched $2.5 million at its conclusion on May 19. Facilitated by fine arts broker Sotheby’s, collectibles on sale included Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187 and Tyler Hobbs Fidenza #861. The highest sale amount was Tyler Hobbs Fidenza #725 at $1 million. In response to the news, Kyle Davies, co-founder of 3AC. At the same time, fellow co-founder Su Zhu said, “Sent a few of them the Sothebys auction results, and the response is *crickets*” in response to journalist inquiries on the liquidity of the NFTs. At the commencement of the auction, Zhu quoted English poet Alfred Tennyson: “[Tis] better to have loved and lost than to have never loved at all” as a response to the sale. The NFTs were recovered by liquidators of 3AC after the hedge fund filed for bankruptcy in July 2022. At its peak, 3AC’s estimated assets under management reached $10 billion before being hit hard by the ongoing cryptocurrency bear market. The firm reportedly owes creditors a total of $3.5 billion.
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💰 Bitcoin Frogs Best Selling NFT for 24-Hrs as BTC Catches Pepe Mania
The ordinals are coming in dank this week. Bitcoin Frogs was the #1 selling NFT collection for the 24-hour period on Wednesday. Frogs sales outpaced Bored Apes Yacht Club, CryptoPunks, and other popular collections for the day. The BRC-20 memecoin project describes itself as “10,000 unique frog collectibles minted directly on the Bitcoin Blockchain.” As of publication time, 3,700 frogs had owners. Meanwhile, hundreds were listed for sale on NFT marketplaces. According to data from CryptoSlam, a leading aggregator of on-chain NFT analytics, Bitcoin Frogs sales reached a trading volume above $2.2 million for the day. Frogs outsold Bored Apes NFTs for Wednesday, May 17th. Some of the BAYC sellers may have even been cashing out to buy PEPE Coin in the meanwhile. There’s been a lot of that going on during this season of Pepe fever. CryptoSlam data shows Bitcoin Frogs selling for an average price of 0.12 BTC (around $3,200 USD) on Wednesday. The PEPE-inspired boom in sales overtook Bored Apes Yacht Club despite the higher average sale price of around $83,000 for the blue-chip NFT. The inclusion of cool NFT features like generative AI to produce unique properties in each mint brings the artistry of smart contract minting to the Bitcoin blockchain.
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🖼 NFT Lending Platform Blend Surges Past 100,000 Ethereum in Total Volume
NFT marketplace Blur is growing by leaps and bounds. With the launch of Blend, Blur’s new lending platform, it’s hit yet another milestone. Blend lets users take out Ethereum loans by putting their NFTs up as collateral. They can then use this loan to purchase new NFTs on the Blur marketplace. In return, liquidity providers receive interest, a mechanism that’s spawned the “NFTfi” niche in crypto. Data per Dune, now shows that Blend has facilitated more than 100,000 ETH in total volume, or roughly $181 million, just 17 days since its launch. Though the project racked up more than 3,000 loans from 900 unique lenders, adding Bored Apes Yacht Club (BAYC) and Mutant Ape Yacht Clube (MAYC) collections on Monday fueled further enthusiasm among NFT collectors. BAYC and MAYC accounted for a total volume of 2,267 ETH on day one. On Wednesday, BAYC was the third-most traded collection on the platform with a volume of 3,082 ETH, just behind Azuki (4,616 ETH) and Wrapped Cryptopunks (2,260 ETH).
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📣 Zombie-themed Deadfellaz NFTs Let You Bring the Avatars to Life on Video
DFZ Labs, the creative team behind zombie themed non-fungible token (NFT) collection Deadfellaz said Friday its rolling out a video utility extension to allow community members to bring their tokens to life and embody their avatars on screen. Called Streamingfellaz, the tool will let Deadfellaz token holders, also known as The Horde, to utlize the collection’s intellectual property (IP) beyond the artwork itself. Betty, CEO & Co-Founder of DFZ LABS said in a press release that Streamingfellaz will further extend Deadfellaz’ mission of giving holders a Web3 digital identity and new modes of self-expression. One member of The Horde, Dead Channel, was able to beta test the new tool and was enthusiastic about the product. “It’s been great bringing my full Web3 identity to life with my Streamingfella. Like many in the Horde: I am my fella, and my fella is me!” Dead Channel said in the release. Deadfellaz has been keen on expanding its IP beyond its digital artwork since its inception. In October, the collection teamed up with popular DJ and NFT collector Steve Aoki.
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🪙 ApeCoin DAO Approves Proposal to Boost Bored Ape NFTs, APE Ecosystem Growth
ApeCoin DAO has passed a community proposal that would see the launch of an Accelerator that supports the incubation of projects utilizing apecoin tokens (APE) to bolster the fledging ecosystem. The new AIP-209, which was submitted and approved via ApeCoin DAO’s Idea Proposal system, will incubate and launch community-approved projects that focus on improving the value of the Bored Ape Yacht Club (BAYC) NFT collection, and other projects that use ApeCoin. The "Ape Accelerator" aims to engage the ApeCoin community as initiators, voters, and participants. Initiators can submit proposals for projects to be incubated, while voters can use their APE tokens to vote on whether the proposed projects should be launched. Participants will be able to support approved projects by purchasing NFTs and other yet-unspecified tokens. ApeCoin was initially issued as a governance token by creator Yuga Labs to holders of the popular BAYC NFT collection, which is composed of 10,000 unique images of cartoon apes that sell at $83,000 apiece as of Thursday.
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🇨🇳 China prosecutors to crack down on NFTs used as crypto proxies
China's national agency responsible for legal prosecution published a new set of non-fungible token (NFT) guidelines on May 15, warning that NFTs are being used as a proxy for illegal securities and speculative digital assets. The guidelines from the Supreme People's Procuratorate of the People's Republic of China recommend stronger "risk research and judgment" to differentiate between “true innovation” NFTs and quasi-crypto “pseudo-innovation,”. The prosecutors acknowledged that “as a new application of blockchain technology, NFT has certain development potential." However, they also saw a tendency toward “securitization” of NFTs where ownership of one token or collection was shared among multiple individuals, which they claim violated proper NFT criteria such as non-reproducibility, indivisibility and uniqueness. The court found that NFTs “have the object characteristics of property rights such as value, scarcity, controllability, and tradability” and “belong to network virtual property” meaning that they “should be protected by the laws of our country.” Their definition of NFTs set an important and far-reaching precedent for digital property in China.
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🖼 Mattel To Launch Fast & Furious NFT Collection On May 22
Hot Wheels is preparing to rev up the engines this week with the arrival of the all-new Hot Wheels x Fast & Furious Virtual Collectibles, which will be available on the Mattel Creations Virtual Collectibles Marketplace on May 22. The Hot Wheels NFT Garage x Fast & Furious collection will be available on the Flow Blockchain and will include vehicles from the films such as Dominic Toretto’s 1970 Dodge Charger, Brian O’Conner’s 1969 Camero, and Suki’. Each NFT has its own set of features and information, such as original artwork and extensive backstories about automobiles. These tokens provide fans with more than just ownership; they provide a rich, immersive experience that strengthens their bond with the Fast & Furious world. The Hot Wheels x Fast & Furious Collection will debut on the heels of the May 19 U.S. release of Fast X, the next movie in the Fast & Furious Saga, and will highlight legendary automobiles from the Fast & Furious franchise’s history. Each NFT in the collection is a beautifully built digital model of a well-known vehicle from the series.
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📣 Subversive Announces Metaverse ETF Closure
Subversive Capital Advisor (the "Advisor" or the "Company"), a Registered Investment Advisor primarily focused on different mission-driven emerging sectors, has announced today that the Board of Trustees (the "Trust") has determined to close and liquidate the Subversive Metaverse ETF (CBOE: PUNK) (the "Fund") effective immediately after the close of business on May 31, 2023. Subversive Capital Advisor will continue to operate its other Exchange Funds as usual. In 2022, the world watched as Meta, formerly Facebook, place a big bet, including its name, on the future of the Metaverse. Subversive Capital Advisor launched the Fund with a skeptical view of Meta's imagining of what that world would look like, and to invest in other companies spearheading innovation in this new space. "We continue to believe Meta's focus is misguided and, we've decided to pivot given the rapid advances in more promising technology such as Artificial Intelligence." said Subversive's portfolio manager, Christian H. Cooper. The Fund's last day of trading will be May 31, 2023, which will also be the final day for creation unit orders by authorized participants.
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