SEC FUD can’t stop the fun in NFTs
The challenges faced by the crypto and NFT industries, the NFT community has shown resilience and continues to thrive. Here are some noteworthy happenings from the past week:
IP Licensing Advancements: Luca Netz, the owner of Pudgy Penguins, discussed the upcoming NFT IP licensing platform called Overpass. This platform will enable Pudgy Penguins holders to connect with entities interested in licensing their NFTs, opening up new opportunities for licensing and monetization.
Art Sales Surge: Notable sales in the art space include Tyler Hobbs' Fidenzas and XCOPY's Hackproof 2049, fetching significant prices. Collectors are showing strong interest in acquiring art NFTs, indicating a continued appetite for art in the NFT market.
Blend Lending and Bored Ape Yacht Club (BAYC): Blur.io introduced a group of projects, including Bored Ape Yacht Club, for 2x rewards in points farming. Traders utilized the Blend lending protocol, potentially leading to wash trading practices. It's important to be aware of such activities within the NFT market.
Bitcoin NFTs: Bitcoin-related NFTs experienced notable events, including the release of $MXRC and Magic Eden's first Bitcoin drop called Bitcoin Bears Club. While $MXRC faced some challenges, Bitcoin Bears Club garnered success and became one of the most traded BTC collections on Magic Eden.
BAYC Teaser Video: Bored Ape Yacht Club released a teaser video featuring apes, dogs, and HV-MTL characters, generating excitement and maintaining its prominence in the NFT space.
Gaming NFTs and Wash Trades: DMarket and Gods Unchained secured top spots on the 24-hour rankings. Gaming NFTs with more affordable assets may be seen as resilient projects during uncertain times.
Wash Trades and Season 2 Rewards: Wash trades on Ethereum have been trending upward, likely influenced by the anticipation of Blur's Season 2 rewards distribution.
Blockchain Rankings: Bitcoin remains in the second position, attracting more traders to the Ordinals ecosystem. Polygon and Solana continue to compete for third and fourth place, but the impact of their native tokens being labeled as securities on their NFT ecosystems remains uncertain.
Despite the regulatory challenges and market conditions, the NFT community remains active and resilient, with ongoing developments and activities in various sectors.
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