Nfts

Will the market rebound in 2024?

Published

7 months ago

23 June, 2024

TOPSHOT – A woman uses her cell phone to take a photo of Olivier Ratsi’s Spectrum while she visits… [+] an exhibition in a museum in Beijing on July 22, 2022. – RESTRICTED FOR EDITORIAL USE – MANDATORY MENTION OF THE ARTIST WHEN PUBLICATION – TO ILLUSTRATE THE EVENT AS SPECIFIED IN THE CAPTION (Photo by WANG Zhao / AFP) / RESTRICTED TO EDITORIAL USE – MANDATORY MENTION OF THE ARTIST WHEN PUBLICATION – TO ILLUSTRATE THE EVENT AS SPECIFIED IN THE CAPTION / FOR EDITORIAL USE ONLY – MANDATORY MENTION OF THE ARTIST WHEN PUBLICATION – TO ILLUSTRATE THE EVENT AS SPECIFIED IN THE CAPTION THE LEGEND (Photo by WANG ZHAO/AFP via Getty Images)

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Despite the lasting slowdown and the negative context, like OpenSea cutting half of its staff last week, the market is projected to nearly double from $1.6 billion in 2023 to $3.2 billion by 2027. NFT volume in October was at its highest level since late August and 38% higher than the previous week. lowest in September, based on Nansen’s data.

The main appeal lies in the inherent properties of tokens – providing proof of ownership and guaranteeing provenance, which are essential in sectors like art, gaming and customer engagement. NFTs are still seen as a gateway to fostering a more transparent and accountable digital ecosystem.

Speaking about the obstacles to market growth in 2024, Matt Medved, co-founder and CEO of media company nft now, told me in an interview: “Many of those who are not part of this niche community associate NFTs to cookie-cutter PFP projects and Absurd Prices. Similar to the early days of crypto, some even call the entire industry a “scam.” Education is key to helping the mainstream market understand the power and potential of digital ownership, emerging use cases, and the paradigm shift we are seeing with Web3. »

John Wu, president of development company AVA Labs, highlighted the transformative potential of NFTs in an interview with me: “NFTs offer artists a way to establish ownership of their digital creations, create new sources of income and to involve communities around the work of artists. “.

Here are five other trends that experts predict for the NFT trajectory in 2024.

Integration with Real World Assets (RWA)

The integration of NFTs with RWAs unveils possibilities for transforming physical (illiquid) assets into highly liquid on-chain tokens and facilitates instant cross-border investments. The transition from purely digital assets to a mix of digital and real assets could expand the reach and appeal of NFTs, bridging the gap between the traditional financial realm and the burgeoning blockchain space.

“RWAs are an incredible NFT use case, turning illiquid RWAs into highly liquid on-chain tokens, enabling instant cross-border investment in all kinds of infrastructure and other projects,” the platform’s Max Thake told me blockchain peaq, in an interview.

In real estate, the tokenization process aligns with that of millennials preference for more flexible investment and ownership models, transforming market dynamics. Meanwhile, in the art and collectibles space, tokenization provides a fractional ownership mechanism, allowing a wider range of investors to participate in the ownership of high-value artworks. This not only strengthens market liquidity but also ensures price transparency.

Need for regulatory clarity

Experts are calling for friendlier infrastructure and clearer regulation for NFTs. A clear regulatory framework is seen as crucial to protecting consumers and investors, ensuring a level of stability required for the NFT space to mature and grow.

This sentiment highlights the critical role of a clear regulatory framework in cultivating a stable and reliable NFT ecosystem, which in turn could propel the industry towards a more sustainable growth trajectory.

Although it is unlikely that we will see regulatory action regarding NFTs in 2024. “To push for a fairer regulatory approach to NFTs, the industry must first focus its efforts on educating policymakers about the value and nuances of NFTs, distinct from those of cryptocurrencies. and regulations are justified, creating a level playing field that takes into account the individuality of different Web3 technologies is a complex task – and one that should not be rushed,” Rusty Matveev of blockchain app Calaxy told me in a interview.

Market Growth Leads to Value-Based NFTs

The initial cosmic growth of NFTs, often driven by speculation, is evolving into a more value-driven market. In 2024, projects should introspect on the real value and utility they provide. This shift leads to more sustainable and valuable NFT projects that are resilient to market fluctuations.

“NFTs have a use case that spans fashion, rare gemstones, and pharmaceuticals: preventing counterfeiting. From high-value clothing and handbags to anti-malaria drugs in Africa, counterfeiting is a major problem. In the rare gemstone market, NFTs could be used to authenticate whether a stone comes from an ethical mine that does not rely on child labor,” Richard Gardner, CEO of Modulus, told me in an interview.

In another example, authors and educators have transferred their works to NFT formats and given rise to NFT publishing marketplaces such as Book threadwhich provided a platform for these digital formats.

This thought process is instrumental in steering the NFT market in a more value-driven and sustainable direction, where projects thrive on the utility they provide rather than speculative hype.

“What will happen next is a calmer, more reasonable, more sensible search for use cases where NFTs can add real value…we will see more and more NFTs that have value because of their usefulness, not mere speculation,” Thake added.

Environmental concerns

The carbon footprint associated with the calculations necessary to validate transactions and create new tokens on the blockchain. It is projected that an average NFT will emit 211 kg of carbon dioxide (CO2) over its lifetime due to the processes involved in its creation and acquisition.

Ilya Rybchin, partner at business consultancy Elixirr, highlights an ethical conundrum facing environmentally conscious consumers. In our interview, he mentioned that “many of the consumers interested in NFTs are also environmentally conscious. For them, investing in an asset that produces a huge environmental impact creates an ethical dilemma.” Companies must therefore take into account the environmental impact.

Brand and artist collaborations

Collaborations between established brands, artists and digital art communities are seen as a significant step towards promoting NFT adoption and creative expression.

The recent launch of Web3 artist residency by Adidas highlighted the convergence of art and fashion to a broader audience of creators and investors. Collaborations help foster a more inclusive NFT ecosystem, leading to broader acceptance of NFTs.

“Initiatives such as Adidas Digital Art Studio Residency have the potential to be an important catalyst for the revival of the NFT market. Engaging artists and creators in such programs will help promote NFT adoption and creative expression” , Rusty Matveev told me in an interview.

Matt Medved believes that innovation and culture are driving market growth. As he noted in an email he sent me: “NFTs have helped bring blockchain technology mainstream by engaging the creative industries and introducing a new generation of creators and builders to Web3. As we conduct more of our daily lives digitally, the ownership layer will be important. in all categories. Fortune 500 brands like Starbucks and Lufthansa are launching loyalty programs across the board. Gaming, music, and fashion are multi-billion dollar industries currently adopting this technology.

Although experts agree that the future of NFTs will not look like the 2021 surge, some are talking about a potential market recovery in 2024. This positive outlook comes from projects focused on utility and value, creative collaborations and real-world product demand. applications.

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Related Topics:Matt Medved NFT The future of NFTs: will the market revive

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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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