The NFT market is facing a severe crisis, with a staggering 96% now considered “dead”, according to NFT Evening’s 2024 report. This designation applies to NFTs that exhibit no trading volume, minimal sales over seven days, and almost no social media activity. The report analyzed more than 5,000 NFT collections
The monthly volume of sales for non-fungible tokens (NFTs) continued its downward trend in August, reaching $374 million, the lowest monthly sales volume of 2024. As of this year, digital collectibles have never before achieved a monthly volume below $400 million. The digital collectibles market was worth only $374 million
Solana’s [SOL] NFT market demonstrated notable resilience in August, emerging as the second-highest blockchain by NFT sales volume, only trailing behind Ethereum [ETH]. According to data from Coin98 Analytics, Ethereum recorded $131 million in NFT sales, while Solana followed closely with $79 million. Bitcoin [BTC] also made it to the
The launch of “The Workshop” was announced by Yuga Labs CEO Greg Solano in a bold move that heralded a new era for the company. The mission of this division is to create ground-breaking ApeChain products. In addition, the move is part of the company’s aim to learn from Coinbase’s
The U.S. Securities and Exchange Commission (SEC) has intensified its regulations in the cryptocurrency sector by issuing a Wells notice to OpenSea, a leading NFT marketplace. This indicates that the SEC is considering legal action against the platform, alleging that the NFTs traded on OpenSea might be under unregistered securities.
Donald Trump’s latest NFT collection, launched on August 27, shows contrasting outcomes just one day after its debut. The “America First Edition” digital trading cards have achieved over $2 million in sales despite a sluggish NFT market. However, the collection’s overall performance appears mixed when considering its size. In a
In its first four months of launch, Bitcoin Runes—a protocol for non-fungible tokens—processed 15.6 million transactions, resulting in fees of $162.4 million. In the first two months, Runes accounted for the bulk of transactions, with Dune Analytics reporting daily totals reaching 300,000. With almost a million transactions in minting, etching,
The Federal Bureau of Investigation (FBI) is taking an innovative approach to reach victims of crypto fraud. The agency plans to use Non-Fungible Tokens (NFTs) to notify victims of a Miami-based crypto scheme called CluCoin. The FBI aims to distribute approximately $1.14 million back to the victims. This represents one
Magic Eden is planning to introduce and use a utility token called “ME” on its Non-Fungible Token (NFT) marketplace. Importantly, the firm said that the ME Foundation is working on the token’s development. The new token is designed to make cross-chain trade easier on the platform that is built on
CryptoPunks is a groundbreaking project of 10,000 collectible characters or crypto avatars on the Ethereum blockchain. It has recently experienced dramatic fluctuations in value due to a dip in “blue chip” NFTs. CryptoPunks launched in July 2017, is celebrated as one of the earliest examples of non-fungible tokens (NFT), inspiring
