Coatue Management, a technology investment business based in the U.S, has written down its investment in the OpenSea NFT marketplace by 90%. Documents seen by The Information on November 7 revealed that Coatue had decreased its investment from $120 million to $13 million, suggesting that OpenSea’s on-paper worth had plummeted
October instilled a notion of optimism within the crypto space. From Bitcoin’s foray into $35,000, the global crypto market entering the greed zone to signs of recovery in non-fungible tokens (NFTs) and decentralized finance (DeFi), it went through a rollercoaster ride of hype and skepticism. There’s a growing curiosity in
Due to increased competition for available block space, Bitcoin transaction fees are at their peak level in almost six months. BitInfoCharts reports that as of November 7th, the average BTC transaction cost was close to $6. This week, on-chain transactions have seen significantly increased costs due to the resurgence of
The blockchain analytics firm Nansen reports that the amount of weekly Ether sales of NFTs has been rising steadily. For the week ending October 9, Nansen said on Twitter that NFT sales totaled 29,704 ETH, or almost $56 million. Week after week, more and more people bought and sold until
The parent business of Bored Ape Yacht Club (BAYC), Yuga Labs, hosted the much awaited return of its big in-person event, ApeFest 2023, which was held in Hong Kong from November 3 to November 5. This year’s Hong Kong event did not focus on music in the same way that
Yuga Labs, the company behind the Bored Ape Yacht Club NFT project, has announced a partnership with Magic Eden, a major multi-chain NFT marketplace. The collaboration is geared towards the introduction of a new Ethereum-based marketplace that promises to maintain creator royalties on all purchases of NFTs. Notably, this platform
NFT trade volume increased by $99 million in October compared to the previous month, according to a research issued by crypto analytics company DappRadar, suggesting that the NFT market is bouncing back. However, there has been significant reductions in staff at renowned NFT marketplace OpenSea as announced on Friday. According
In a recent appearance on the Joe Rogan Experience podcast, tech mogul Elon Musk shared his perspective on ordinals in the world of NFTs and the inherent risks within the crypto space. Elon Musk expressed concerns about the high number of scams in the crypto world, particularly in the case
Despite the devastating impact of the 2022 crypto winter that has claimed dozens of projects, Origin Protocol, a vibrant crypto ecosystem, has successfully clocked six years since its inception. Backed by top crypto investors like Pantera Capital, Alexis Ohanian, BlockTower, among many others, Origin Protocol has grown to a mature
The natural evolution of Game Finance (GameFi) from Web2 to Web3 has been a journey that has yielded crucial lessons. The bear market that intensified in 2022 provided a boost for innovators and builders in the space to experiment with new paradigms. Ultimately, users are getting the opportunity to explore
