Browsing:NFT News

Digital collectibles on Bitcoin reached a milestone of over $4 B
3 weeks ago 1 min read

Digital collectibles on Bitcoin (BTC) reaches a milestone of over $4 billion

Digital collectibles on Bitcoin reached a milestone despite a 54% drop in non-fungible token (NFT) sales in May. On June 4, NFT data tracker CryptoSlam reported an all-time high of over $4 billion in Bitcoin blockchain NFT sales. It comprised $3.97 billion in NFTs and $82 million in wash sales. The greatest 30-day sales volume of blockchain-based NFTs was $171 million for Bitcoin. Ethereum was next with $159 million, then Solana with $90 million last month. Bitcoin NFTs top 30-day volumes but are just the fourth-largest blockchain in sales. The Ronin blockchain, which has $4.2 billion in revenues, is third.

OpenSea CEO Devin Finzer remains optimistic about NFTs
4 weeks ago 1 min read

OpenSea CEO remains optimistic about the future of NFTs, emphasizing growth

Despite market volatility, OpenSea CEO Devin Finzer remains optimistic about NFTs. Finzer told BeInCrypto that digital assets are growing, trends are evolving, and new collaborations are underway. Due to rising gaming and physically supported NFT demand, Finzer said NFTs are not declining. OpenSea has worked with Courtyard on Pokémon card initiatives and Parallel and Revolving Games. “We see emerging use cases popping up on OpenSea all the time,” he added. OpenSea prioritizes gaming user experience. To boost user engagement, the business launched engaging game trailers and a new redeemables standard. “Video should highlight gameplay,” Finzer said. Recent crypto market advancements

Adidas remains committed to the metaverse, launching NFTs as others exit
2 months ago 1 min read

Adidas remains committed to the metaverse, launching NFTs as others exit

Amidst the waning enthusiasm for NFTs and the metaverse, many firms have chosen to withdraw, with prominent individuals either leaving or redirecting their attention elsewhere. However, Adidas has chosen to stay. The compay has collaborated with the STEPN program, which allows users to earn rewards by being physically active, to introduce 1,000 non-fungible tokens (NFTs) that symbolize Adidas footwear on the Solana blockchain. The digital assets necessary for STEPN’s activities that allow users to earn rewards were first introduced at 10,000 GMT. Their approximate value in USD, based on current exchange rates, is $2,400. Evgeniy Medvedev, who formerly worked at

These two NFT artists were ordered to pay $9 million in disgorgement against Yuga Labs
5 months ago 1 min read

These two NFT artists were ordered to pay $9 million in disgorgement against Yuga Labs

Ryder Ripps and Jeremy Cahen, NFT artists, received a negative ruling in their lawsuit against Yuga Labs, the developer of the well-known Bored Ape Yacht Club. The verdict not only dismissed their counterclaims but also imposed a $9 million penalty, complicating their legal situation. The legal battle began in April 2023, when Yuga Labs sued Ripps and Cahen, alleging copyright infringement due to unauthorized copies of BAYC NFTs. The dispute arose following the release of the Ryder Ripps BAYC (RR/BAYC) collection in May 2022, in which the artists incorporated the BAYC brand into their work. The initial litigation resulted in

Donald Trump's NFTs Surge Amidst NFT Market Dip in January
5 months ago 1 min read

Donald Trump’s NFTs Surge Amidst NFT Market Dip in January

In the third week of January, the NFT market experienced a dip, with trading volumes falling to $223 million, a 23% decrease from the previous week. Despite the overall downturn, the number of NFT enthusiasts continues to grow, with over 730,000 collectors actively participating, representing a 35% increase in interest. Despite the difficulties encountered by various NFT collections, there is one exception: Donald Trump’s NFTs. The former president’s NFTs are doing well on the Polygon network, where sales increased by over 72% this month. The Trump Digital Trading Card Series 2 saw a 24% increase in price, thanks in part

NFT platform MINCL
5 months ago 1 min read

South Korea’s KT Corp shuts down NFT platform MINCL

KT Corporation, South Korea’s telecommunications giant, has decided to close its NFT platform, MINCL, citing changing business conditions as the primary reason. This move is consistent with a larger trend in the region, in which several companies are reconsidering their participation in Web3 projects. MINCL users are urged to transfer their NFTs to alternative e-wallets before the platform is shut down on March 4. MINCL, which launched in April 2022, offered users NFT services such as non-fungible token creation and trading. KT Corporation has yet to provide detailed comments on the closure of MINCL or the specific factors that influenced

5 months ago 1 min read

OpenSea NFT Marketplace Disables Ledger Connect Amid Ledger Connect Security Breach

The security breach at Ledger Connect has sent shockwaves through the community, with many NFT enthusiasts worried about potential losses. The incident has had a significant impact on users such as Muro, an OpenSea user who suffered a $50,000 financial setback and lost some NFTs. As the crypto world deals with the aftermath, OpenSea, a major NFT marketplace, has taken proactive steps to protect its users. OpenSea, a leading NFT marketplace, quickly responded to the Ledger Connect security breach. The platform quickly responded by temporarily suspending the use of Ledger Connect on its website and mobile app. This proactive step

X (Twitter) Deactivates NFT Profile Images Feature for Users
6 months ago 1 min read

X (Twitter) Deactivates NFT Profile Images Feature for Users

In an unexpected move, Twitter, dubbed the “X” of the online world, has disabled support for non-fungible tokens (NFTs) in its premium membership section. Premium subscribers initially had the unique ability to showcase their NFT holdings through personalized profile pictures, adorned with a distinct hexadecimal profile photo. Users could seamlessly feature an NFT as their profile image after establishing a temporary link to their cryptocurrency wallets. When finished, the digital asset would take on a distinct hexagonal shape, serving as a visual reminder of the user’s ownership. However, as of the time of publication, the option to display NFTs had

Logan Paul Keeps Pledges $2.3M for CryptoZoo NFT Refunds Amid Lawsuit Drama
6 months ago 1 min read

Logan Paul pledges $2.3 million to refund CryptoZoo NFT investors

Logan Paul is stepping up to the plate, pledging over $2.3 million to compensate investors who were let down by his doomed NFT project, CryptoZoo. Paul took to X to announce a buy-back program, admitting the project’s failure and pledging to make things right. Despite admitting that the venture fell short of expectations, Paul blamed CryptoZoo’s demise on “bad actors.” Despite initial excitement and comparisons to popular games, the project was met with harsh criticism for unfulfilled promises and financial setbacks for investors. Taking full responsibility for the outcome, Paul is now on a mission to compensate CryptoZoo’s investors for

Nifty Island
6 months ago 1 min read

Nifty Island Launches $ISLAND Token for Public Access to Social Metaverse Game

Nifty Island, Nyft Studio’s open social metaverse game platform, has announced plans to launch its native token, $ISLAND. This scarce digital commodity aims to turn Nifty Island into a public good that can be accessed by communities all over the internet. The token distribution event is set to begin on January 17, 2024. In contrast to traditional methods such as minting or pre-sale, $ISLAND tokens will be distributed via a Play-to-Airdrop (P2A) event, which is intended to increase user engagement and interaction. The entire web3 community will be able to farm $ISLAND tokens, with special consideration given to members of

OKX's NFT has outperformed major players such as OpenSea
6 months ago 1 min read

OKX NFT Marketplace Surpasses $50M Daily Trading Volume

OKX‘s NFT has outperformed major players such as OpenSea, Blur, and Magic Eden, with a staggering daily trading volume exceeding $50 million. This milestone, reported by DappRadar, occurred around 10:00 a.m. UTC on December 18, demonstrating OKX NFT Marketplace’s market dominance. While the platform’s daily trading volume has decreased slightly to $35 million, it still has a significant lead over other well-known NFT markets. The combined 24-hour trading volume of Blur, Magic Eden, and OpenSea is around $24 million, highlighting OKX NFT Marketplace’s current dominance. The increased trading volume can be attributed to the platform’s introduction of Bitcoin Ordinals trading.

The peer-to-peer trading platform NFT Trader was hacked in a major security breach
6 months ago 1 min read

Massive NFT Heist: NFT Trader Platform Hacked, Millions Worth of NFTs Stolen

The peer-to-peer trading platform NFT Trader was hacked in a major security breach, resulting in the theft of numerous valuable NFTs, including those from the renowned Bored Ape Yacht Club (BAYC). Following the incident, NFT Trader contacted its user base urgently, urging them to revoke access to two compromised smart contracts to prevent further exploits. In a Twitter post responding to the hack’s aftermath, NFT Trader emphasized the importance of user vigilance in protecting their digital assets. The primary hacker, whose identity has not been revealed, communicated via the blockchain, claiming that the initial goal of the hack was to

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