Analysis: Catalysts for NFT market recovery include Atomic NFT, focus on utility, integration with DeFi, etc.
KOL @arndxt_xo released the following analysis on the topic "Is the NFT market dead?" on X: The floor price of BAYC once exceeded 150 ETH, but has now fallen sharply to 11 ETH, a drop of 90% in USD terms. It's not just BAYC, the entire NFT market has basically disappeared: daily trading volume once reached 100-200 million USD (sometimes even reaching 1 billion USD), and now only hovers around 5 million USD. The reasons for the current situation facing the NFT market are as follows: - Unsustainable use cases: the hype surrounding digital art and collectibles initially cannot be sustained. Although innovative, many projects lack long-term utility beyond speculation; - Liquidity crisis: the broader contraction of the crypto market has had a particularly severe impact on NFTs. With reduced capital flows, NFT illiquidity has become a major liability; - Narrative shift: market attention has shifted away from NFTs. Current trends indicate that people are turning to Meme coins and other narratives; - Technological limitations: many NFTs do not store actual content on the chain, but rely on URLs or IPFS hashes. This raises concerns about long-term viability and true ownership; - Market saturation: the influx of low-quality projects and "cash grab" behavior has diluted the market space, making it harder for quality projects to stand out. Looking to the future, although the current situation is bleak, there are still some potential catalysts for recovery: - Atomic NFTs: integrating files and metadata on the chain can solve some key technical issues;- Utility-focused projects: NFTs that provide real utility rather than speculation may garner attention; - Integration with DeFi: NFT collateral loans or fractionalization can improve liquidity; - Gaming and Metaverse applications: these areas can bring more sustainable use cases for NFTs.They believe that NFTs are a great idea, but without a lot of innovation around PFP, it cannot be sustained. If projects use new ERC NFT standards such as ERC404, they may eventually be adopted and breakthrough with good support or promotion, "I really hope to see the return of NFTs".
2024-08-26 21:42:54
Solana daily transaction fees drop to multi-month low as Memecoin craze cools
According to TheBlock, with the cooling of the Memecoin craze, the total daily transaction fees paid on the Solana blockchain have dropped to the lowest level in months. On Monday, Solana's daily transaction fees dropped to $639,000, a 65% decrease from this month's peak of $1.83 million on August 8 and an 87% decrease from the historical high of $5.08 million on March 18.
2024-08-26 21:42:52
The NFT sector of mainstream blockchain networks is recovering
According to data from NFT tracking platform CryptoSlam, the weekly sales volume of NFTs on mainstream blockchain networks has finally turned from a decline to an increase after experiencing a series of declines in 2024. The digital collections based on the top five NFT blockchains have performed well in terms of sales. The sales data of Ethereum, Solana, Polygon, and Mythos Chain have all increased, among which Polygon's seven-day sales volume growth leads with a 123.20% increase. In addition to the increase in weekly sales volume, the number of NFT buyers also increased last week, with over 500,000 NFT buyers in the past seven days, an increase of 37.97% from the previous week. (Cointelegraph)
2024-08-26 21:42:50
Optimism: Retro Funding 5 registration is officially open, 8 million OP will be distributed
Optimism announced on the X platform that Retro Funding 5: OP Stack registration is officially open. 8 million OP tokens will be distributed to the following contributors: Ethereum core development contributors, OP Stack R&D contributors, and OP Stack tool contributors. The registration deadline is September 5th.
2024-08-26 09:37:36
Memeland team: Treasury funds have been used to buy $1 million worth of TON
The Memeland team announced on its social media platform that it has used team treasury funds to buy $1 million worth of TON on the public market, which it will hold until Durov is released. Prior to this, it was reported that DWFLabs founder ZhuSu had supported Durov using a similar method.
2024-08-26 09:37:34
Telegram releases official statement on the arrest of founder Pavel Durov
Telegram has released its first official statement regarding the arrest of its CEO, Pavel Durov. "It is still unclear what charges Durov is facing or whether he has been arrested. There are various reports that he may have been arrested due to the lack of management on the Telegram platform, but the facts are still unclear as there has been no official confirmation from the French government or further explanation from Telegram," the statement read. "Telegram CEO Pavel Durov has nothing to hide and travels frequently in Europe."
2024-08-26 09:37:31
Former Heartland Tri-State Bank CEO Sentenced to More Than 24 Years in Prison for $47 Million Cryptocurrency Scam
Former CEO of Heartland Tri-State Bank, Shan Hanes, has been sentenced to 293 months of federal imprisonment for his involvement in a $47 million cryptocurrency fraud case. Court documents show that Hanes executed 11 unauthorized wire transfers between May and July 2023, transferring $47.1 million of the bank's funds to a cryptocurrency wallet as part of a scheme known as the "Piggyback Plan," which involved luring unsuspecting investors into fraudulent digital asset investments. Special Agent Justin R. Bundy announced Hanes' sentencing for his involvement in the embezzlement scheme, which ultimately led to the collapse of Heartland Tri-State Bank.
2024-08-26 09:37:29
Jupiter launches Jupiter Lock, a solution for projects to gradually release their tokens for free
Solana ecosystem trading aggregator Jupiter announced on X platform that Jupiter Lock, an open-source, free, and audited alternative solution, allows any project to gradually release its tokens for free over time. It has now entered the beta testing phase. On the locking page, you can browse the detailed breakdown of all tokens, their ownership schedule, recipients, and funding purposes. It brings certainty to holders and helps achieve consistency in long-term goals. The entire operation is transparent.
2024-08-24 18:22:02
Analyst: Powell did not stop betting on 50 basis points in September
Analyst Anna Wong said that in our opinion, Powell's statement sounded quite dovish. So far, he has not stopped the bet on a 50 basis point rate cut in September, has not indicated that rate cuts should be gradual, and has not used the phrase "methodical" like his colleagues to describe possible rate cut paths.
2024-08-24 18:22:00
Bitcoin Price Rises as Fed Chairman Signals Rate Cuts
Federal Reserve Chairman Jerome Powell's announcement of rate cuts in the coming months has led to a rise in the price of Bitcoin, which briefly surpassed $62,000. Powell stated that the central bank is pleased with cooling inflation but is more attentive to growing weakness in the labor market. Ethereum and Solana also saw price increases of 2.7% and 2.1%, respectively. Traders are confident that the Fed will ease up in its inflation fight, with a 67% chance of a 0.25% rate cut in September according to CME Fedwatch. This is a developing story and will be updated with additional details.
2024-08-24 18:21:59
Fed's Harker: We need to start cutting rates
Harker of the Federal Reserve said that we need to start cutting interest rates. This process should continue to move forward.
2024-08-24 18:21:58
WazirX: Indian rupee withdrawals to be enabled in phases starting August 26
WazirX has issued an important announcement regarding the next steps for Indian rupee and cryptocurrency withdrawals. For cryptocurrency balances, users will not be able to withdraw cryptocurrency from their platform accounts for a period of time due to network attacks and a large amount of balance loss caused by ERC-20 token theft. WazirX does not have enough token assets to repay the debt generated by the platform users' owed token balances. Subsequently, a bankruptcy restructuring application will be submitted to the Singapore High Court in order to obtain fair distribution of cryptocurrency assets according to the bankruptcy plan and user approval.For Indian rupee balances, WazirX will lift the suspension on INR balance withdrawals on August 26, 2024, and will gradually enable INR withdrawal functions. WazirX will reduce the withdrawal fee by 60%, from 25 rupees to 10 rupees.
2024-08-24 18:21:58
Justin Sun responds to the withdrawal of BTC collateral from USDD: USDD does not belong to anyone
The Block's report on Sun Yuchen's withdrawal of BTC collateral from USDD, Sun Yuchen responded on Platform X: "USDD is a decentralized stablecoin protocol that has nothing to do with anyone's name, just like Satoshi Nakamoto created Bitcoin, but Bitcoin does not belong to Satoshi Nakamoto." Earlier, Tron DAO Reserve withdrew about $750 million worth of Bitcoin on Wednesday, which was previously used to support the USDD stablecoin. Tron founder Justin Sun said users don't need to worry and explained that this move was to improve capital efficiency, as the previous long-term collateralization rate for USDD exceeded 300%.
2024-08-24 18:21:56
Agency: Powell acknowledges Fed's growing concerns about job market
Karl Schamotta, chief market strategist at forex company Corpay, said that the key sentence in Powell's speech was that they will "make every effort to support a strong labor market while making further progress in price stability." In my opinion, this does indicate that Powell acknowledges the increasing concerns of policymakers about the direction of the labor market. Powell did not mention the possibility of a 50 basis point rate cut in September, which to some extent also aligns with market expectations.
2024-08-24 18:21:56
Data: El Salvador currently holds 5,851 BTC
March, El Salvador has purchased 162 bitcoins and currently holds 5,851 BTC.
2024-08-24 18:21:54
Mai Ngo, Head of Southeast Asia at Gate.io: Web3 empowers brand interaction and enters the era of decentralization
According to an official announcement on August 23rd, Gate.io, as one of the official sponsors, once again focused global attention at the Coinfest Asia 2024 event. Mai Ngo, Gate.io's Southeast Asia representative, participated in the first panel discussion. She pointed out that Web3 is not only a technological advancement, but also a revolutionary change in the way brands interact with customers. She emphasized that the decentralized nature of Web3 provides brands with new interactive channels, allowing customers to participate and influence the direction of brand development. Mai Ngo also called on the industry to ensure the true decentralization of Web3, avoiding domination by big brands, and looked forward to the potential of AI technology in Web3, believing that AI will further enhance the interaction experience between brands and customers. She emphasized that brands need to use AI with caution to ensure that the technology application does not undermine the decentralization advocated by Web3.
2024-08-24 18:21:53
Sony Unveils Soneium, a User-Friendly Ethereum Layer-2 Blockchain with Optimism's OP Stack Technology
Sony Group has partnered with Web3 infrastructure provider Startale to develop Soneium, an Ethereum layer-2 blockchain that prioritizes scalability, security, and decentralization while remaining user-friendly. The network will initially operate on a testnet in collaboration with Astar Network and is expected to be based on the Superchain ecosystem platform utilizing Optimism's OP Stack technology. Sony plans to use its parent company's distribution channels and existing user base to make Web3 technology more accessible to everyday consumers. Soneium will release technical documentation and tools for developers in the coming weeks, offering a testnet that aims to support high-volume applications and drive blockchain technology adoption.
2024-08-23 14:41:06
AscendEX will list EUROVEGAS COIN (EVC)
AscendEX (formerly BitMax) will launch EUROVEGAS COIN (EVC) on August 23 at 21:00, opening the EVC/USDT trading pair and recharge is now available. The Meme Research Institute team under AscendEX (formerly BitMax) platform selects high-quality memes based on on-chain data and project background for online launch, with a high initial launch rate of 80% for Memecoin on the platform.
2024-08-23 14:41:05
dappOS announces integration with Layer 1 blockchain Monad
DappOS announced yesterday that it has integrated with Layer 1 blockchain Monad. Monad stands out in the blockchain field with an amazing throughput of 10,000 transactions per second.This integration will enhance the ability of dappOS to execute network intentions and launch new user experience products. At the same time, this integration will also promote the migration of applications and transactions to Monad, attracting more Web3 users to join the Monad ecosystem.
2024-08-23 14:41:03
Longsun Group and Ant Digits completed the first RWA of new energy physical assets in China, with an amount of approximately 100 million yuan
Langxin Group and Ant Financial recently completed the first domestic RWA (Real Asset Tokenization) based on new energy physical assets in Hong Kong, with an amount of about RMB 100 million.The project combines artificial intelligence, blockchain, and AIoT technology, and the funds will be used in the energy storage and charging pile industry in the new energy field, supporting thousands of small and medium-sized operators.As the platform operator, Langxin's subsidiary, New Electric Road, will anchor some charging piles as RWA assets and issue digital assets on the blockchain.AntChain provides technical support to ensure the security and transparency of asset data.
2024-08-23 14:41:01