Main topic: Decline in NFT sales and the need for new opportunities in the sector.
Key points:
- NFT sales in July totaled $495.6 million, down 23% from June.
- This marks the fifth consecutive month of declining NFT sales since February.
- The average sale in July was just $47, indicating less interest in high-value NFTs.
- Transaction levels remain high, indicating a growing prevalence of low-barrier NFT sales.
- Ethereum, Bitcoin, and Solana were the top blockchains for NFT sales in the past 30 days.
- The decline in NFT sales highlights the need for players and builders in the sector to find new growth opportunities.
Recur, an NFT platform that featured collectibles from popular brands, is shutting down due to challenges and changes in the business landscape, causing a decline in the value of its offerings. Users can still access their NFTs through IPFS, but the company will disable deposits and gradually take its websites offline. This closure follows a trend in the NFT community, as other platforms have also shut down recently.
China's economic woes, including deflation, declining exports, and weak domestic consumption, could spell trouble for the crypto market, although the impact may be diminished compared to the past; meanwhile, the decision by NFT marketplaces to no longer enforce creator fees has caused fear and uncertainty in the NFT markets; however, the launch of Friend.tech, a decentralized application integrating tokenomics with social media, has attracted over 100,000 users and demonstrated the demand for a fresh social media experience combined with the allure of quick profits.
Real-world asset tokenization is expected to revolutionize the financial industry, with predictions that it will shape a $16 trillion market by 2030, offering increased liquidity and market accessibility.
The U.S. Securities and Exchange Commission (SEC) treating a non-fungible token (NFT) as a security for the first time highlights the need for developers to consider regulatory compliance when selling crypto-assets.
Web3 technologies, such as DeFi and NFTs, are paving the way for the tokenization of real-world assets, which could unlock a new Golden Age in blockchain and traditional finance.
OnChainMonkey, a nonfungible token collection, is migrating its 10,000 NFTs from Ethereum to Bitcoin due to the belief that Bitcoin offers a more secure platform, with the migration process expected to cost over $1 million; however, Ethereum still dominates the NFT market.
Google will allow games featuring nonfungible tokens (NFTs) to advertise on its platform, a developer stole $1 million from the Milady NFT collection, CNA Insurance excludes NFT coverage from a $20-million policy, the metaverse is popular in Asian markets, and Binance ends support for Polygon-based NFTs.
A recent study has found that 95% of NFT collections are effectively worthless, indicating that the NFT market has significantly declined compared to its peak in 2021 and 2022.
A recent study has found that 95% of non-fungible token (NFT) collections have no value, highlighting the high-risk nature of the NFT market and the need for caution in purchasing these assets.
As many as 95 percent of non-fungible tokens (NFTs) created during the cryptocurrency bull run are now worthless, according to a report, highlighting the decline in NFT valuation as the cryptocurrency craze subsided.
PayPal has filed a patent application for a nonfungible token (NFT) purchase and transfer system that could handle fractionalization, decentralized autonomous organizations (DAOs), and royalties through a third-party provider, potentially revolutionizing the music industry by tokenizing music royalties as NFTs.
The NFT bubble has burst as prices and trading volumes have plummeted, leaving many NFTs worthless and their future prospects bleak.
The Bored Ape Yacht Club, known for its unique NFT art, has faced challenges as its affiliated restaurant, Just Bored & Hungry, appears to be out of business, while the value of its APE coin has plummeted, raising questions about the sustainability of NFT investments and emphasizing the importance of utility-driven NFTs, particularly in gaming.
