As a result of the discovery of a suspicious transaction, ParaSpace, an #NFT Lending platform, has announced the suspension of operations.

No transactions, including deposits, withdrawals, or liquidations, are currently possible on ParaSpace.

They are currently looking into it and will provide an update as soon as they learn more. Also, users have been made aware that the project's remaining property is still secure.

In addition, the auditing firm BlockSec reported that it had found an attack on the ParaSpace network, protecting about 2,900 #ETH (nearly $5 million) from hackers and sparing many #BAYC investors losses.

The lending effort ParaSpace has received recognition from the community on the NFTFi array.

ParaSpace has only been operational for two months at this time. It garnered the second-highest TVL on the same track without providing token incentives. In comparison to other NFT loans, its products are full of minor nuances that help customers and are better suited to the habits of veteran #DeFi gamers.

Although only recently launching its mainnet version, BendDAO has been surpassed by ParaSpace to take the top spot on the TVL ranking among NFT Lending efforts.

The Goerli Network testnet was released by ParaSpace on November 14, 2022, inviting participants to participate through the three separate activities of Traveler, Explorer, and Settler.

DeFi systems have recently come under more assault. This took place as a result of a recent hacking assault in which Euler Financial lost almost $200 million. Despite the hacker's capture being the subject of a $1 million prize from the initiative, the attacker began to distribute the money obtained through Tornado Cash.

In the world of non-fungible tokens (NFTs), the past 7 days have been quite eventful. Two of the most popular NFT projects, Bored Ape Yacht Club (BAYC) and CryptoPunks, have been making headlines for their contrasting performances.

According to the latest data from NFTGo, the floor price of BAYC has dropped by more than 8%, while CryptoPunks have risen by a whopping 13%. As a result, CryptoPunks have surpassed BAYC in terms of market value, with a current valuation of around 847,000 ETH, compared to BAYC’s 776,000 ETH.

There are several reasons that could explain this sudden shift in market sentiment towards CryptoPunks. Firstly, the launch of Wrapped CryptoPunks on Blur, a platform that allows users to buy, sell, and trade NFTs, has generated a lot of buzz in the NFT community. This has led to increased demand for CryptoPunks, as users see it as a more accessible way to own a piece of the iconic NFT collection.

Secondly, it appears that users of the nftperp trading platform are also favoring trading CryptoPunks over other NFT projects. Nftperp is a decentralized perpetual futures trading platform that allows users to trade NFTs with leverage. Its popularity among NFT traders means that any NFT project that gains traction on the platform is likely to see a significant increase in demand.

While BAYC’s recent dip in value may be seen as a cause for concern among its community of collectors, it’s worth noting that the project has already achieved significant success. Since its launch in April 2021, BAYC has become one of the most popular NFT collections, with a vibrant community of collectors and investors.

However, the recent rise of CryptoPunks shows that the NFT market can be fickle, and that even the most successful projects can face tough competition from newer players. It will be interesting to see how BAYC responds to this challenge and whether it can regain its position as the most valuable NFT project in the market.

In conclusion, the recent performance of BAYC and CryptoPunks highlights the dynamic nature of the NFT market. As more projects enter the space and compete for attention, it’s likely that we will continue to see fluctuations in market values and shifts in popularity. NFT collectors and investors will need to stay vigilant and adaptable to navigate this rapidly evolving landscape.

#NFT #BAYC #Cryptopunks #NFTGo #azcoinnews

This article was republished from azcoinnews.com

China’s XCMG, a major construction machinery group, has announced its entry into the Metaverse and Web3 fields, as well as its plans to release an NFT collection.

XCMG has positioned itself as the world’s third-largest construction equipment manufacturer and ranks 65th on the list of China’s Top 500 Enterprises. The company has more than 2,000 service bases in 183 countries and regions around the world, making it a significant player in the industry.

The company has revealed that it will make BAYC 3489, a popular monkey-themed NFT collection, its ambassador. XCMG’s move into the NFT space is part of its broader strategy to embrace the decentralized, open, and comprehensive digital economic zone that Web3 promises to deliver. As a starting point, XCMG has partnered with Zen Spark Technology to launch an official NFT collection called “For Real” on the Ethereum network.

The NFT collection will feature BAYC motifs, and XCMG explained that the company owns BAYC’s NFTs and wants to send a message to the cryptocurrency community that it supports the NFT ecosystem by utilizing BAYC. With commercial rights to their respective monkey illustrations, BAYC NFT holders can use their NFT illustrations as motifs for marketing and products. XCMG also plans to leverage this mechanism.

“For Real” will soon be available on the project’s official website and secondary distribution channels such as Opensea and Blur. While the design of the NFT collection is still unclear, XCMG’s announcement shows that the company is committed to exploring the practical applications of blockchain technology and collaborating with the crypto asset (virtual currency) community.

XCMG stated that it is encouraged by the clear global regulations regarding Web3, with relevant policies being implemented in China and Hong Kong in particular. With the potential for blockchain technology to bring about a significant change in the world, XCMG aims to leverage its network of 191 countries and high-quality product lines to explore practical adoption cases on blockchain while complying with regulations.

#XCMG #NFT #BAYC #azcoinnews #Metaverse

This article was republished from azcoinnews.com