Nfts

Has the market decided that NFTs are no longer worth millions of dollars?

Published

7 months ago

21 June, 2024

SatoshiTimes Staff

Has the market decided that NFTs are no longer worth millions of dollars?

Posted June 20, 2024 at 7:18 PM EST.

Digital art collections CryptoPunks and Bored Ape Yacht Club (BAYC) are hitting multi-year lows in floor prices.

The lowest price to acquire a CryptoPunk has fallen to 25 ETH, worth almost $88,000 at current prices, a level not seen since August 2021, when the floor price for the collection rose from 33 ETH to its highest point of 125 ETH, according to CoinGecko data. watch.

Similarly, the floor price of a Bored Ape Yacht Club Collection NFT has fallen 94% to 8.68 ETH since its all-time high of 153.7 ETH set in 2022. “BAYC just had a bit of bad luck, they were so big and so representative. of NFTs overall that scammers have attached themselves to the brand like parasites,” wrote Carlos Mercados, data scientist at Flipside Crypto, in a Telegram message to Unchained.

The decline of the two largest NFT collections by market capitalization, which were acquired by Yuga Laboratoriesfueled doubt as to whether non-fungible tokens (NFT) can be redeemed their former glory from the latest crypto bull market in 2021. However, some collections such as Milady Maker and Pudgy Penguins are exceptions.

Learn more: NFT Market Cools as Traders Flock to Soaring Memecoins

NFTs such as CryptoPunks and BAYC “have not proven themselves to be worth tens or even hundreds of millions of dollars,” Mercados said. “While I think NFTs have a place in the long term (provenance, art, history), there’s a reason we see most L1s and L2s, aside from Ethereum, failing to have their moment NFT (Mad Lads on Solana semi-exclusive).”

Miladys and Pudgies stand out amid bloodbath

Although the NFT ecosystem “shows few signs of a near-term comeback,” Edward Wilson of blockchain analytics firm Nansen noted that a few NFT collections “buck this trend.”

“Pudgy Penguins and Miladys are outliers in this market as they have become the identity of crypto Twitter as they are both highly engaged and crypto-native. This has led many teams, like LayerZero, ZKsync and many others, to allocate a percentage of their drops to these communities,” Wilson, who is neither a Pudgies nor Miladys holder, told Unchained via Telegram.

Unlike the two collections under the Yuga Labs umbrella, Pudgy Penguins and Milady Maker, the largest NFT collections behind CryptoPunks and BAYC with non-zero 24-hour trading volume, saw their floor prices increase over the course of the year elapsed. According to CoinGecko, Milady Maker’s floor price has increased by 65% to 5 ETH over the past year, while Pudgy Penguins has seen its figure increase by almost 88% to 8.5 ETH.

Miladys schizo-poster

“What seems funniest to me are the NFTs which most symbolize a culture [do] I don’t have a problem with the price at all,” said Flipside’s Mercado.

Not only are those who hold a Milady “very serious about culture,” but members of the community are “some of the most interesting artists in the world right now,” said Milady holder @Virotechnics in a conversation with Unchained , which argues that Milady Maker is an NFT collection that transforms into fine art. “We’re fans of live laughter and we’re all about karma, charm, and beauty,” declares the homepage for Remilia Corporation, the art collective behind Milady Maker.

“Miladys is just chaotic, nothing seems to be able to bring them down. The more negative press, the bigger they get,” Mercado said. For example, the floor price of the NFT collection rose from 0.7 ETH to 0.067 ETH in approximately three days in May 2022 when Milady creator Charlotte Fang admitted to be part of an online cult before creating the collection, and yet the floor price Milady recovered the following month.

“To have a Milady (of which I myself had a few and which I sold) and to vibrate the [profile picture] is Twitter’s version of a middle finger. “Schizo posting” (posting as if it were a schizophrenic episode) is an essential characteristic of Milady culture,” Mercado added.

When asked what it means to be part of the Milady community, a crypto user who goes by the name @Dissensio_Owl said that holding a Milady serves “no purpose” but revealed that it helps ” have more street credibility because I [live action role play] as an anonymous character.

Su Zhu and Kyle Davies, the co-founders of the bankrupt hedge fund Three Arrows Capital, are prominent figures who have profile photos of Milady. However, they are not entirely representative of Milady Maker’s culture, given that its philosophy relies in part on pseudonymity, said @Virotechnic.

A rave Milady meme inspired by Plato's allegory of the cave A Milady rave meme inspired by Plato’s allegory of the cave. (Twitter/@NabokovT_T)

Part of Milady’s cultural status also comes from the raves that community members organize, which take place all over the United States and often in cities hosting crypto conferences such as ETHDenver and CoinDesk’s Consensus in Austin. In contrast, participants in a November 2023 BAYC event suffered from eye pain and loss of visiondamaging the reputation of BAYC events.

“If you had ever been to a Bored Apes party, you would understand why Bored Apes are worth zero. » wrote the economist Alex Krüger in a post

The mischief of the chubby penguins

Pudgy Penguins, in a similar vein, generally enjoy positive cultural and symbolic recognition, achieved by attracting long-term builders, according to Vest Exchange CEO Justin Ma, who owns a Pudgy Penguin.

While holders of other NFT collections such as BAYC sold during the bear market, with Pudgy Penguins, “You had builders who stuck with the bear and continued to use their Pudgy to represent themselves.”

Pudgy Penguins has a large online presence outside of the crypto ecosystem. For example, the NFT collection has nearly 460,000 subscribers on Tic Tac.

Additionally, Pudgy Penguins creates an interactive game on the layer 2 blockchain network ZKSync and distribute physical toys across Many Walmart stores in the United States are two examples of how community is built. When a person purchases a Pudgy toy, they also receive a QR code that allows the buyer access to Pudgy World, the online game on ZKsync. Per Nansen, almost 70,000 new wallets have been created over the past nine months thanks to toys.

Learn more: Pudgy Penguins Gets Domain Extension Via Unstoppable Domains

Ma also remembers how wearing a chubby penguin helped make a good impression on others. “There are a few people [like investors] who are very big fans of Pudgy and when we connect it immediately creates a good impression.

Nansen CEO Alex Svanevik, LayerZero founder Bryan Pellegrino, and Matter Labs head of business development Omar Azhar all have a Pudgy Penguin as their profile picture on Twitter.

Content creator Remy Zee, who attracted 20 million likes for his comedy sketches, made a Tic Tac where people shared a pickup line with him in exchange for a Coach bag and a Pudgy Penguin stuffed animal. “Pudgy Penguins has managed to create a playfulness that works with real-world objects like stuffed animals, cartoons, [and] gifs,” Mercado said.

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We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Nfts

NFTs Maintain Upward Momentum, Sales Volume Surpasses $107 Million

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

NFT weekly sales drop 9% to $145m, Bitcoin leads despite downturn

Non-fungible tokens, or NFTs, saw sales volume surge for the second week in a row, reaching $107 million, an increase of 8.5%.

A substantial increase in the number of NFT Buyers accompanied this growth, reaching 488,141 — a staggering increase of 89.56%.

On the other hand, the number of NFT sellers also increased by 69.8%, totaling 198,450, signaling an improved business environment and increased market engagement.

Below is a look at what happened in the NFT market over the past week.

Ethereum Maintains Leading Position While Solana and Bitcoin Follow

Blockchains by weekly NFT sales volume | Source: CryptoSlam

Over the past few weeks, Ethereum (E T H) continued to dominate the NFT market with $36.6 million in total sales, driven by 35,236 buyers, a 46.31% increase from the previous week.

Solana (GROUND) has emerged as a serious competitor, recording total revenue of $26.15 million, thanks to a substantial 114.07% increase in the number of buyers.

Bitcoin (Bitcoin) The NFT market also saw a notable surge, with total sales reaching $21.4 million, thanks to a staggering 222.29% increase in buyers.

Polygon (MATICS), which had the second best performance the previous week, saw its total sales volume drop by more than 15%, dropping it to 4th place just ahead of Immutable (IMX).

Other notable performances were achieved by Zora and Blast, which recorded the two largest percentage increases in sales volume, at 463% and 227% respectively.

Best Collections: Solana Monkey Business Shines

NFTs Maintain Upward Momentum, Sales Volume Surpasses $107 Million - 2 Ranking NFT collections by weekly sales volume | Source: CryptoSlam

Among the top NFT collections, Solana Monkey Business came out on top with $4.86 million in sales, an increase of 168.38%. The collection also saw a significant increase in transactions (137.34%) and buyers (130.84%).

The DMarket collection on the Mythos blockchain, which recorded $4.01 million in sales, came in a close second. Interestingly, this is the only collection among the top 5 by sales volume to see a decline in the number of transactions and buyers.

Immutable’s Gods Unchained cards also made headlines with $3.8 million in sales, an increase of 61.35%. This collection saw notable growth in both transactions (76.31%) and buyers (41.21%), a testament to the growing popularity of blockchain-based trading cards.

Best-Selling NFTs and Fan Tokens

In terms of individual sales, Ethereum’s Autoglyphs #167 led with a sale of $274,561, followed by Bitcoin’s Protoshrooms with $148,574. Other notable sales included BNB’s kNFT: Locked kUSDT and Arbitrum’s Umoja Synths, highlighting the diversity and breadth of the NFT market across different blockchains.

NFTs Maintain Upward Momentum, Sales Volume Surpasses $107 Million - 3 Top 5 Fan Tokens by Sales Volume

As can be seen in the table above CryptoSlamFan tokens also continued to see explosive growth, with Galatasaray’s token on the Chiliz blockchain recording a turnover of $280.5 million. This reflects an increase of 70149.47%.

FC Barcelona and Paris Saint-Germain followed with substantial sales volumes, indicating the growing popularity of sports-related NFTs.

Market consequences

The latest performance of the NFT market marks a significant turnaround, demonstrating resilience and renewed investor interest after a period of declining sales volumes.

This is the second consecutive week of improved sales, suggesting a potential upward trend. It is worth noting that this resurgence comes amid a broader recovery in the cryptocurrency market, which is currently valued at $2.55 trillion.

Major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana have all registered Prices have risen by double digits over the past week, further fueling optimism in the digital asset sector.

The correlation between rising cryptocurrency prices and the recovery of the NFT market could be an indication of strengthening investor confidence, setting a positive tone for the coming weeks.

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Nfts

APENFT’s One-Day Trading Volume Hits $16.67 Million (NFT)

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

APENFT's One-Day Trading Volume Hits $16.67 Million (NFT)

APENFT (NFT) fell 0.3% against the U.S. dollar in the 24-hour period ending at 9:00 a.m. ET on July 21. APENFT has a market cap of $8.54 million and $16.67 million worth of APENFT was traded on exchanges over the past day. Over the past week, APENFT has been trading 3.1% lower against the US Dollar. One APENFT token can now be purchased for around $0.0000 or 0.00000000 BTC on major cryptocurrency exchanges.

Here’s how other cryptocurrencies performed over the past day:

KILT Protocol (KILT) is up 1.9% against the dollar and is now trading at $0.20 or 0.00000302 BTC.
Aidi Finance (BSC) (AIDI) fell 2.2% against the dollar and is now trading at $0.0000 or 0.00000000 BTC.
Zoo Token (ZOOT) fell 2.2% against the dollar and is now trading at $0.0652 or 0.00000239 BTC.
CareCoin (CARES) fell 2.2% against the dollar and is now trading at $0.0809 or 0.00000297 BTC.
Kitty Inu (KITTY) rose 1.9% against the dollar and is now trading at $95.84 or 0.00338062 BTC.
Hokkaidu Inu (HOKK) rose 1.2% against the dollar and is now trading at $0.0004 or 0.00000001 BTC.
Jeff in Space (JEFF) fell 2.2% against the dollar and is now trading at $2.75 or 0.00010076 BTC.
Lumi Credits (LUMI) fell 0.7% against the dollar and is now trading at $0.0128 or 0.00000019 BTC.
AXIA Coin (AXC) fell 0.1% against the dollar and is now trading at $13.43 or 0.00048094 BTC.

About APENFT

APENFT launched on March 28, 2021. The total supply of APENFT is 999,990,000,000,000 tokens and its circulating supply is 19,999,800,000,000 tokens. The official website of APENFT is apenft.orgThe official APENFT Twitter account is @apenftorg and his Facebook page is accessible here.

According to CryptoCompare, “APENFT is a blockchain-based platform created by the APENFT Foundation to create, buy, sell, and trade non-fungible tokens (NFTs) on the TRON and Ethereum networks. It allows for the ownership and trading of unique digital assets such as artwork, music, videos, and more. It also provides tools for artists and creators to create and promote their own NFTs, as well as participate in community events and governance.”

APENFT Token Trading

It is not currently generally possible to purchase alternative cryptocurrencies such as APENFT directly using US dollars. Investors wishing to acquire APENFT must first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as CoinbaseGDAX or Gemini. Investors can then use their newly acquired Ethereum or Bitcoin to purchase APENFT using any of the exchanges listed above.

Receive daily news and updates from APENFT – Enter your email address below to receive a concise daily summary of the latest news and updates for APENFT and associated cryptocurrencies with FREE CryptoBeat Newsletter from MarketBeat.com.

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Nfts

Next US Vice President JD Vance Holds Bitcoin and NFTs, Expected to Boost MATIC and Algotech Post-Election

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Next US Vice President JD Vance Holds Bitcoin and NFTs, Expected to Boost MATIC and Algotech Post-Election

The blockchain technology landscape is about to transform as JD Vance, the likely next US vice president, emerges as a strong advocate for digital assets. Recent reports suggest that Vance not only holds Bitcoin (BTC) and NFTs, but is also willing to back promising blockchain initiatives like Polygon (MATIC) and Algotech (ALGT) post-elections.

JD Vance’s Cryptocurrency Investments Highlight Shift in Government Perspective

U.S. Senator JD Vance has garnered considerable attention for his recent investments in Bitcoin (BTC) and NFTs. Public records indicate that he owns between $100,000 and $250,000 worth of Bitcoin (BTC), indicating considerable interest in the success of the cryptocurrency market. This level of financial commitment from a high-profile government figure is unprecedented and underscores the growing credibility and promise of digital assets.

JD Vance’s interests extend beyond Bitcoin (BTC) to non-fungible tokens (NFTs), with reports suggesting his involvement in acquiring notable pieces from renowned collections. While the details of his NFT portfolio remain unknown, those who know the senator confirm his foray into this field.

This exploration of NFTs underscores Vance’s openness to exploring innovative and artistic applications of blockchain technology beyond cryptocurrencies’ typical role as assets or means of exchange. Vance’s involvement with cryptocurrency stands in stark contrast to the views of many of his peers in Congress, who often express doubt or hostility toward digital currency.

His direct involvement as an investor and user of these technologies gives him a unique perspective on their potential benefits and drawbacks. This practical understanding is likely to influence his stance on policy and regulation should he take on the role of vice president.

Polygon (MATIC) Hits $0.53, Eyes Breakout Amid Market Slowdown

The Vance administration, known for its support for cryptocurrencies, could significantly boost Polygon (MATIC), a major Ethereum layer 2 scaling project. MATIC has already attracted the attention of the developer community for its innovative solutions.

Even so, regulatory uncertainties have slowed widespread adoption and integration with traditional financial systems. Vance’s backing could serve as a driving force to unlock Polygon’s untapped capabilities.

A recent look at the MATIC token shows that its current trading value is $0.53, which represents an increase of over 2% in the last 24 hours. This surge coincides with a downturn in the broader cryptocurrency market, signaling solid fundamental strength and a growing sense of confidence among investors regarding Polygon’s future prospects.

Based on technical indicators, MATIC appears to be facing a resistance level that has persisted for several months, hinting at a potential breakout that could propel prices towards the previous peak around $1.29.

MATIC’s cutting-edge technology has taken a significant leap forward with the introduction of the Plonky3 zero-knowledge proof system. This innovation in zk-rollup technology is set to revolutionize MATIC’s scalability and efficiency, cementing its position as the premier choice for developers and enterprises.

Algotech (ALGT) Eyes $1 Price Hike When Its Exchange Launches

Algotech, a project that has attracted the interest of crypto enthusiasts and JD Vance, aims to transform algorithmic trading in the cryptocurrency space. Through the use of artificial intelligence and machine learning, Algotech offers advanced trading strategies to ordinary investors.

The platform’s innovative approach and ambitious roadmap are in line with JD Vance’s goal of driving financial innovation and making sophisticated investment tools more accessible to all. Algotech’s decentralized structure stands out, aligning perfectly with the core principles of blockchain technology.

By cutting out the middleman and giving users direct authority over their trading algorithms, Algotech embodies the essence of financial independence advocated by many in the crypto community, including Vance. This common ground makes Algotech a natural choice for endorsement by crypto-friendly leadership.

As Algotech’s pre-sale gains momentum, with over $9.6 million in funding, excitement is building for its official launch. Analysts have set lofty price targets, with some even suggesting that ALGT could surge to $1 shortly after it goes public.

While it’s wise to approach these predictions with caution, the combination of Algotech’s cutting-edge technology and the potential backing of key figures like JD Vance could pave the way for significant growth and adoption.

Learn more:

Visit Algotech Presale

Join the Algotech community

Disclaimer: This is a paid release. The statements, views, and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of any information available in this content. Do your research and invest at your own risk.

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Nfts

OG Crypto Artist Trevor Jones Unveils Groundbreaking Collection of Ordinals | NFT CULTURE | NFT News | Web3 Culture

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

OG Crypto Artist Trevor Jones Unveils Groundbreaking Collection of Ordinals | NFT CULTURE | NFT News | Web3 Culture

Trevor Jones’ New Genesis BTC Collection: CryptoAngels

Known for his innovative blend of physical and digital art, Trevor Jones continues to push the boundaries of the NFT space with his latest collection, CryptoAngels. Since his foray into Bitcoin-themed artwork in 2017, Jones has garnered a significant following, cementing his reputation with record-breaking sales and community events.

The Bitcoin Angel Journey

In 2021, Jones made headlines with his Bitcoin Angel open edition, selling 4,158 editions for an incredible $3.2 million in just seven minutes. This success paved the way for his latest venture, where he combines art, community, and technology in new ways. His annual Castle Parties, celebrating art, culture, and charity, have further cemented his place in the Web3 world.

CryptoAngels Collection Review

Jones’ CryptoAngels collection is divided into two main stages: Archangels and CryptoAngels.

Step 1: The Archangels The initial phase, Archangels, saw 21 collector’s packages sold for 87.9 ETH (approximately $335,291). Each package included:
- A physical bronze sculpture of the Bitcoin angel
- A 3D NFT avatar
- An Archangel Ordinal
Esteemed collectors like ModeratsArt, Batsoupyum, Bharat Krymo, Blondie23LMD, and 1Confirmation now lead the CryptoAngel army as Archangel Collectors.
Step 2: CryptoAngels The second phase, set to launch on August 7, features 7,777 unique CryptoAngels. These will be available for minting via OrdinalsBot, starting with a whitelisting phase. Each CryptoAngel is distinct and named by Jones himself. The collection is organized into 21 cohorts, each associated with one of Archangel’s collectors, fostering sub-communities within the larger collection. Additionally, there are seven 1/1 CryptoAngels, making them exceptionally rare and not aligned with a cohort.

Connecting Bitcoin and Art

Jones, who has been a strong Bitcoin supporter since mid-2017, expresses his deep connection to the crypto community. He sees the CryptoAngels collection as a tribute to that community, bringing his iconic Bitcoin Angel motif to the blockchain.

“I have been personally investing in Bitcoin since mid-2017 and its ethos quickly inspired me in my crypto art journey. I have followed the growth of Ordinals since its inception and the CryptoAngels collection is my offering to a community that has welcomed me with open arms and given me the opportunity to bring my Bitcoin Angel motif to the chain where it was always meant to be,” said artist Trevor Jones.

Collectors’ opinions

“Bitcoin’s OG artist Trevor Jones, behind the Bitcoin Angels depositing ordinals on the immutable chain is a match made in crypto-native art heaven.” – Bharat Krymo (@krybharat – Archangel Collector)

“The 2018 Bitcoin Angel oil painting is one of the first crypto tributes to Bitcoin, so CryptoAngels on Ordinals is a natural extension of Trevor’s artistic journey” – batsoupyum (Archangel Collector)

Interactive experience and limited editions

Rounding out the collection, 21 special Angels will be available to mint for $7 each on Base, playable in the exclusive retro arcade game, Dante’s Pixel Inferno. The game challenges players to guide their Angel through the nine circles of Fiat Hell, collecting Bitcoin and earning rewards. Each Angel in the game has unique abilities and weapons.

Whitelisting Opportunities and Community Engagement

Whitelisting (WL) opportunities are available through community partnerships, existing Bitcoin Angel OE and Trevor’s Ascended Angels holders, and weekly giveaways. To stay up to date and secure a spot on the whitelist, join Trevor Jones’ active Discord community.

TL;DR

Trevor Jones is launching the CryptoAngels collection on August 7th, building on his Bitcoin Angel legacy. Split into two stages, Archangels and CryptoAngels, the collection includes unique NFTs and physical artworks, fostering strong community connections. Exclusive gaming experiences and limited minting opportunities enhance engagement. Join the Discord for your chance to win.

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