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Today’s latest NFT news, drops and marketplace updates

16 Feb

NFT Market Sees Decline In Trading Volume But Rise In Participants

According to PANews, recent data from CryptoSlam indicates that NFT trading volume has decreased to $112.7 million over the past week, marking a 35.15% drop compared to the previous week. Despite the decline in overall value, market engagement has notably increased, suggesting growing interest from new traders. The number of NFT buyers surged by 624.41% to 203,994, while the number of sellers rose by 519.61% to 158,805. However, the total number of NFT transactions saw a slight decrease of 1.41% to 1,443,007. On the Ethereum network, trading volume fell by 41.25% to $56 million, although the number of buyers increased by 81.43% to 30,598. The Mythos Chain network ranked second with a trading volume of $13.9 million, reflecting a 4.66% increase. Despite a 32.56% decline, the Solana network maintained its third position with $11 million in trading volume. The Polygon network, formerly known as MATIC, showed strong performance, ranking fourth with a trading volume of $8.1 million, up by 10.76%. The Bitcoin network dropped to fifth place with a trading volume of $6.7 million, a decrease of 71.42%. The top-selling NFTs for the week included Uncategorized Ordinals #8912771, which sold for $7,749,449 (80.1296 BTC), followed by CryptoPunks #2550 at $331,955 (125 ETH), CryptoPunks #793 at $146,683 (53.5 ETH), CryptoPunks #9634 at $128,988 (47.5 ETH), and CryptoPunks #9701 at $122,883 (45 ETH).
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31 Jan

Nelk Boys Face Lawsuit Over NFT Project Promises

According to Cointelegraph, a lawsuit has been filed against the Nelk Boys, a group of YouTubers, accusing them of not fulfilling promises related to a non-fungible token (NFT) project that generated $23 million. The complaint, lodged by Trenton Smith in a California federal court on January 29, targets Kyle Forgeard, John Shahidi, and their associated entertainment companies. The lawsuit describes the group as "snake-oil salesmen masquerading as entrepreneurs," alleging they failed to deliver on business ventures and investment opportunities tied to their NFT, Metacard. The lawsuit claims that the Nelk Boys offered several perks to Metacard holders, including discounts on branded merchandise, access to an event with rapper Snoop Dogg, and a $250,000 giveaway. However, the suit argues that these promises were not fulfilled, leaving Metacard holders without the expected returns on their $23 million investment. The Nelk Boys are accused of selling an NFT that did not meet the expectations set for purchasers. The complaint further alleges that through their crypto company Metacard, the Nelk Boys minted 10,000 NFTs in January 2022, which sold out rapidly. Each NFT was priced at $2,300, but the lawsuit claims that Metacards lacked intrinsic value beyond the promised perks. Currently, the NFT marketplace OpenSea lists the floor price for a Metacard at 0.034 Ether (ETH), approximately $111. Smith's lawsuit also contends that the Nelk Boys promised NFT holders access to exclusive content, meet-ups, merchandise discounts, and participation in Nelk Boys projects. Smith is seeking damages, equitable relief, restitution, disgorgement of funds from NFT sales, and attorney’s fees. The Nelk Boys have not yet responded to requests for comment, and information on legal representation for Nelk, Forgeard, and Shahidi was unavailable at the time of writing. This lawsuit is part of a broader trend of legal actions against companies involved in NFT projects. In September, a lawsuit was filed against OpenSea, with users alleging the platform sold unregistered securities. The NFT market continues to face challenges, with reports indicating that 2024 was the worst year for trading and sales volumes since 2020.
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28 Jan

Getgems Optimistic About NFT Adoption Through Telegram

According to Cointelegraph, despite a challenging year for non-fungible tokens (NFTs) in 2024, the TON-based marketplace Getgems remains hopeful about increased adoption through the instant messaging platform Telegram. Blockchain analytics platform DappRadar labeled 2024 as one of the worst-performing years for NFTs since 2020, with trading volumes and sales counts dropping nearly 20%. This downturn has affected NFT platforms, leading to closures like that of MakersPlace on January 15, citing ongoing market challenges. Nevertheless, some developers and companies are focusing on the long-term utility of NFTs. Getgems sees potential through Telegram's extensive user base and tools. With Telegram CEO Pavel Durov reporting 950 million monthly active users in September, Getgems is optimistic about leveraging this audience. A spokesperson from Getgems highlighted that while NFTs have had significant moments in the past, they have never been seamlessly connected with mass users like Telegram can offer. The platform emphasizes utility over volume or gambling, with features like Telegram Usernames providing ownership rights for digital identities and Anonymous Telegram Numbers representing accounts. According to Getgems, Usernames have generated a total volume of 72 million Toncoin (TON), and Anonymous Numbers have accounted for 24 million TON, with TON trading at approximately $5. This results in a combined volume of roughly $480 million, demonstrating the demand and usability of Telegram-based NFTs. On October 5, 2024, Telegram introduced Gifts, animated images for congratulating contacts with custom messages, with a feature allowing users to convert them into NFTs. Since their release, Telegram Gifts have gained popularity, with over 20 million acquired by users, according to Durov. On January 22, Telegram began integrating Gifts into the TON blockchain. The Getgems marketplace remains optimistic that Telegram's new onchain NFTs will achieve greater adoption, aiming to make them more accessible and appealing to a broader audience. Even before the NFTs went onchain, their pre-mint trading volume reached $1 million, with a market capitalization of $10 million. Getgems believes that the demand and usability of Telegram-based NFTs have already been proven.
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