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NFT Sales Are Down 92% During Broader Crypto Downturn.
Data research firm Chainalysis reports that NFT sales totaled $1 billion in June. That’s their worst performance since June 2021, when sales were $648m. NFT sales reached their peak in 2022, with sales totaling $12.6 billion that month.
NFTs rely on blockchain technology, which is a decentralized ledger to track ownership. Most NFTs are based on the Ethereum blockchain, but music NFT companies like LimeWire and Napster are looking at proof of stake blockchains like Alogrand. NFT sales reached $40 billion in 2021 and the 2022 data has already exceeded that figure at $42 billion. But sales in January and February 2022 accounted for more than half of the 2022 total, according to Chainalysis data. The crypto bubble may have popped due to several factors.
Data research firm Chainalysis reports that NFT sales totaled $1 billion in June. That’s their worst performance since June 2021, when sales were $648m. NFT sales reached their peak in 2022, with sales totaling $12.6 billion that month.
NFTs rely on blockchain technology, which is a decentralized ledger to track ownership. Most NFTs are based on the Ethereum blockchain, but music NFT companies like LimeWire and Napster are looking at proof of stake blockchains like Alogrand. NFT sales reached $40 billion in 2021 and the 2022 data has already exceeded that figure at $42 billion. But sales in January and February 2022 accounted for more than half of the 2022 total, according to Chainalysis data. The crypto bubble may have popped due to several factors.
ADA Can Now Be Purchased via Bank Card on Biggest Cardano NFT Marketplace.
Cardano's largest NFT marketplace, JPG Store, announced the integration of MoonPay payment service into its platform. With the new solution, users will be able to buy ADA tokens directly using their bank cards, as well as ApplePay or GooglePay.At the same time, JPG Store specifies that purchasing ADA via MoonPay is available only for certain regions and, in particular, is designed more for the user from the United States. MoonPay itself requires a KYC procedure, and it is better to use a debit card when using the service.
Cardano's largest NFT marketplace, JPG Store, announced the integration of MoonPay payment service into its platform. With the new solution, users will be able to buy ADA tokens directly using their bank cards, as well as ApplePay or GooglePay.At the same time, JPG Store specifies that purchasing ADA via MoonPay is available only for certain regions and, in particular, is designed more for the user from the United States. MoonPay itself requires a KYC procedure, and it is better to use a debit card when using the service.
Venezuela Ranks Third Among Countries With Most Crypto Adoption.
Venezuela, one of the first countries in Latam to be considered “crypto-friendly” by some standards, has ranked third in adoption rates, according to a report issued by the United Nations. The report, issued last month, states that the cryptocurrency ecosystem has grown by 2,300% between September 2019 and June 2021, and that the Covid-19 pandemic was one of the main catalysts for this growth.
Venezuela, one of the first countries in Latam to be considered “crypto-friendly” by some standards, has ranked third in adoption rates, according to a report issued by the United Nations. The report, issued last month, states that the cryptocurrency ecosystem has grown by 2,300% between September 2019 and June 2021, and that the Covid-19 pandemic was one of the main catalysts for this growth.
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Celo blockchain suffers a critical network outage.
The Celo blockchain is facing downtime after the production of new blocks on the network stopped all of a sudden. The network came to a halt at block #14,035,19 at 06:20 p.m. ET on Wednesday. Meanwhile, all of the various applications on the chain remain unusable.
According to its official block explorer, Celo's proof-of-stake network could not validate new transactions for over nine hours until block production was restored for a few minutes at 3:39 a.m. ET on Thursday. However, the chain froze again at block #14,035,044.
The Celo blockchain is facing downtime after the production of new blocks on the network stopped all of a sudden. The network came to a halt at block #14,035,19 at 06:20 p.m. ET on Wednesday. Meanwhile, all of the various applications on the chain remain unusable.
According to its official block explorer, Celo's proof-of-stake network could not validate new transactions for over nine hours until block production was restored for a few minutes at 3:39 a.m. ET on Thursday. However, the chain froze again at block #14,035,044.
Tencent shuts down NFT platform as gov policy makes it impossible to thrive.
China’s internet giant Tencent has reportedly shut down one of the two nonfungible token (NFT) platforms owing to declining sales aided by the regressive monetary policies of the Chinese government. Tencent shut down one of its NFT platforms on July 1 while the other one is struggling to remain afloat.
The primary reason for the slow down in sales and ultimate closure of Tencent’s digital collectible platform is being blamed on flawed government policy that prohibits buyers from selling their NFTs in private transactions after purchase, which makes these NFTS not so lucrative. The lack of a secondary market kills any chance of making a profit on these digital collectibles. However, with the rise in popularity, it also got attention from the government which has warned investors to be wary of frauds associated with these NFTs.
China’s internet giant Tencent has reportedly shut down one of the two nonfungible token (NFT) platforms owing to declining sales aided by the regressive monetary policies of the Chinese government. Tencent shut down one of its NFT platforms on July 1 while the other one is struggling to remain afloat.
The primary reason for the slow down in sales and ultimate closure of Tencent’s digital collectible platform is being blamed on flawed government policy that prohibits buyers from selling their NFTs in private transactions after purchase, which makes these NFTS not so lucrative. The lack of a secondary market kills any chance of making a profit on these digital collectibles. However, with the rise in popularity, it also got attention from the government which has warned investors to be wary of frauds associated with these NFTs.
Indian NFT Marketplaces Hit By TDS On Transactions, See Decline In Volume
Non-fungible tokens or NFTs was one of the most prominent Web3 buzzwords in 2021, emerging as one of the most searched terms on Google. Sales of NFTs also rose dramatically to reach $40 Bn in 2021. While the momentum continued during the first few months of 2022, the NFT market has been seeing a downfall amid an overall bearish sentiment in the cryptocurrency market.
Non-fungible tokens or NFTs was one of the most prominent Web3 buzzwords in 2021, emerging as one of the most searched terms on Google. Sales of NFTs also rose dramatically to reach $40 Bn in 2021. While the momentum continued during the first few months of 2022, the NFT market has been seeing a downfall amid an overall bearish sentiment in the cryptocurrency market.
Putin signs law prohibiting crypto payments in Russia.
People in Russia will soon no longer be allowed to use digital assets as a form of payment. Russian president Vladimir Putin has signed a bill into law prohibiting the use of digital assets, such as cryptocurrency and NFTs, to pay for goods and services. In addition, as Protocol notes, the new law also requires crypto exchanges and providers to refuse transactions in which digital transfers can be interpreted as a form of payment.
It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws.
People in Russia will soon no longer be allowed to use digital assets as a form of payment. Russian president Vladimir Putin has signed a bill into law prohibiting the use of digital assets, such as cryptocurrency and NFTs, to pay for goods and services. In addition, as Protocol notes, the new law also requires crypto exchanges and providers to refuse transactions in which digital transfers can be interpreted as a form of payment.
It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws.
🇮🇳 India's minister of finance says the Reserve Bank of India believes that cryptocurrency should be prohibited.
RBI is expressing concerns that crypto will destabilize the monetary and fiscal stability of India, so they are calling for it's ban. But it's no surprise that Indian regulators wants crypto banned because they're already treating crypto badly.
RBI is expressing concerns that crypto will destabilize the monetary and fiscal stability of India, so they are calling for it's ban. But it's no surprise that Indian regulators wants crypto banned because they're already treating crypto badly.
Tesla, $TSLA earning reports reveals they sold 75% of their #Bitcoin worth $936 million.
The current bitcoin holdings are currently way down from their previously reported $1.26 billion. The 75% sales bring the firm’s current bitcoin holdings to $218 million.
The current bitcoin holdings are currently way down from their previously reported $1.26 billion. The 75% sales bring the firm’s current bitcoin holdings to $218 million.
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Xiaomi Files Patent to Create Its Own Blockchain-Powered Virtual Characters.
Xiaomi, one of the biggest mobile phone and tech companies in the world, has introduced a patent that implements blockchain technology for the creation of its own virtual characters. The patent, introduced in China, mentions that the creation of these characters will be randomized thanks to the introduction of a gene sequence, responsible for determining the looks of the character.
Xiaomi, one of the biggest mobile phone and tech companies in the world, has introduced a patent that implements blockchain technology for the creation of its own virtual characters. The patent, introduced in China, mentions that the creation of these characters will be randomized thanks to the introduction of a gene sequence, responsible for determining the looks of the character.
FTX Offers to Bail Out Voyager Customers in Joint Liquidity Proposal
Debtors of crypto lender Voyager may still pursue their claims against now-defunct Three Arrows Capital for additional recoveries.
Voyager customers are being offered the opportunity to receive liquidity and an option to sign up for FTX.
Customers will be able to withdraw their cash immediately or use it to purchase digital assets on the FTX platform.
Debtors of crypto lender Voyager may still pursue their claims against now-defunct Three Arrows Capital for additional recoveries.
Voyager customers are being offered the opportunity to receive liquidity and an option to sign up for FTX.
Customers will be able to withdraw their cash immediately or use it to purchase digital assets on the FTX platform.
Shiba Inu Gets Major Boost After Listing On Philippines’ Popular Crypto Exchange.
Shiba Inu acceptance is on the upswing as the meme coin gets listed on Coins.ph, a popular cryptocurrency exchange in the Philippines.
Coins.ph has more than 18 million registered users and is approved by the Bangko Sentral ng Pilipinas (BSP). This means that the dog-themed cryptocurrency is accessible to this massive number of users not only in this part of Asia but the whole world.
Analysts assessed the Shiba Inu price trend and forecasted a run up to the bullish goal price of $0.0000140. The meme coin could recover its losses and begin an uptrend with a $0.0000140 price objective in mind. Sunday’s Coingecko stats show that Shiba Inu is presently trading at $0.00001180, an increase of 7.1% over the last seven days.
Shiba Inu acceptance is on the upswing as the meme coin gets listed on Coins.ph, a popular cryptocurrency exchange in the Philippines.
Coins.ph has more than 18 million registered users and is approved by the Bangko Sentral ng Pilipinas (BSP). This means that the dog-themed cryptocurrency is accessible to this massive number of users not only in this part of Asia but the whole world.
Analysts assessed the Shiba Inu price trend and forecasted a run up to the bullish goal price of $0.0000140. The meme coin could recover its losses and begin an uptrend with a $0.0000140 price objective in mind. Sunday’s Coingecko stats show that Shiba Inu is presently trading at $0.00001180, an increase of 7.1% over the last seven days.
UFC Fighter Becomes First Latin American Sportswoman To Accept Entire Salary in BTC
Ultimate Fighting Championship (UFC) strawweight fighter Luana Pinheiro has become the first female sportswoman in Latin America to receive her entire salary in Bitcoin.
According to a report by Cointelegraph, the UFC’s 15th ranked strawweight contender Luana Pinheiro will now receive her full contract salary in Bitcoin. Pinheiro, who fights out of Brazil, has announced a partnership with Bitwage to convert her salary into Bitcoin. The reports claims that she will still receive her sponsorship money in fiat payments before converting them immediately to Bitcoin via payroll service Bitwage.
Ultimate Fighting Championship (UFC) strawweight fighter Luana Pinheiro has become the first female sportswoman in Latin America to receive her entire salary in Bitcoin.
According to a report by Cointelegraph, the UFC’s 15th ranked strawweight contender Luana Pinheiro will now receive her full contract salary in Bitcoin. Pinheiro, who fights out of Brazil, has announced a partnership with Bitwage to convert her salary into Bitcoin. The reports claims that she will still receive her sponsorship money in fiat payments before converting them immediately to Bitcoin via payroll service Bitwage.
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Bitfinex and Tether launch peer-to-peer chat app Keet
The two companies have invested $10 million to date in the new project and plan to invest up to $100 million more : CTO Paolo Ardoino
The two firms along with P2P infrastructure developer Hypercore have created a new company and protocol called Holepunch and the trio has launched its first app Keet: a peer-to-peer encrypted video calling app with integrated Bitcoin Lightning & $USDT payments support.
The two companies have invested $10 million to date in the new project and plan to invest up to $100 million more : CTO Paolo Ardoino
The two firms along with P2P infrastructure developer Hypercore have created a new company and protocol called Holepunch and the trio has launched its first app Keet: a peer-to-peer encrypted video calling app with integrated Bitcoin Lightning & $USDT payments support.