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.
Main Topic: The shutdown of NFT startup Recur
Key Points:
1. Recur, a startup that helps businesses create and manage NFT collections, announced its shutdown.
2. The company had raised a $50 million Series A round at a $333 million valuation in September 2021.
3. Recur had prominent investors, including metaverse investment firm Digital, Steve Cohen's family office, and musicians Jason Derulo and David Choi.
Donald Trump's NFT collections experienced a surge in prices and volumes after an interview with Tucker Carlson went viral, with the Polygon-based Trump Digital Trading Cards selling for over 0.13 ether and accumulating over 17 ether in trading volume on OpenSea.
Nvidia's stock price surge and high valuation indicate a "Big Market Delusion" and a potential bubble that could have broader implications for the market, warns Rob Arnott of Research Affiliates.
The nonfungible token (NFT) market has experienced a significant decline in value, but experts believe that NFTs still have potential for growth and innovation in the future, particularly if they can offer tangible benefits and utility beyond digital art, such as asset-backed NFTs and membership-based models.
Renowned investor Jeremy Grantham warns that the US tech bubble is on the verge of bursting due to inflated stock prices driven by AI hype, with a high chance of a US recession in the next 18 months. He advises caution in investing in US equities, real estate, and commodities, but sees compelling opportunities in climate-change stocks.
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.
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.
Wall Street is concerned about the possibility of a market bubble in gains related to artificial intelligence, but experts believe that Nvidia stock is not at risk of a dot-com style collapse similar to that of Cisco.
Sales of Donald Trump NFTs have spiked over 350% in the last 24 hours, reaching a total of 54 transactions, following speculation of him potentially assuming the position of Speaker of the House.
A CrypToadz NFT was sold for $1.6 million, raising suspicions of wash trading or money laundering due to its connection to Tornado Cash, a service used for obscuring the flow of cryptocurrency.
An NFT from the CrypToadz collection was sold for $1.6 million, raising questions about the high price and the involvement of the Ethereum coin mixing service Tornado Cash, known for its use in suspicious fund transactions.
The majority of NFTs are reportedly worthless, with 69,795 out of 73,257 NFT collections having zero market cap, and 95% of NFT owners have lost money, leading major brands such as GameStop, Nivea, and Anheuser-Busch to reconsider their NFT ventures.
The recent collapse in the price of NFTs is not a sign of distress but rather a sign of maturation in the technology, as market adjustments and a shift towards genuine utility and innovation are expected to stabilize the market, according to Web3 executives.
The company that tracks NFTs has declared that most NFTs are now worthless, with around 23 million people investing in NFTs that have no value, and the actual number of worthless assets may be even higher than reported due to pricing oddities within the market.
