Over the past few years, the wider cryptocurrency market has undergone several ups and downs, some firms massively expanded their operations and others went out of the market.
However the pace of growth remains appreciable and in the same period, massive funding has been granted to the digital asset market.
In the most recent development, Yuga Labs the company behind the famous NFT, Bored Ape has acquired the tech team of Tokenproof. Following this move, the chief executive officer and founder of Tokenproof said Yuga has acquired its technology and some of its employees.
It is worth noting that Tokenproof is a platform that helps to verify the ownership of the NFT in the real world; the firm has partnered with Yuga Labs several times before.
Greg Solano the co-founder of Yuga Labs quoted “ Together with Tokenproof, we tackled a bunch of thorny problems, so that your monkey jpeg could safely and efficiently get you into a festival across the world.”
As per experts, Yuga will leverage the tech team to expand its dominance in the NFT industry, yet it is one of the Bored Ape Yacht Club NFTs and is one of the most traded and adopted NFTs in the vast market.
Yuga Labs Aims to Expand Dominance in the NFT Industry!
Yuga Labs has made a good image in the vast blockchain-based NFT market, the Bored Ape Yacht Club (BAYC) is also maintaining a 21.27 ETH floor price, posting an impressive 75.79% weekly gain.
Source: Forbes
The NFT sector has faced declining trading volumes over the past few quarters. However, a slight uptick in sales was observed last week. Back in 2022, the NFT market experienced significant growth, marked by a surge in trading activity.
A recent report from a data aggregator highlighted that Magic Eden achieved the highest half-yearly trading volume in the broader market. In March 2024, its monthly trading volume exceeded $734.60 million, more than doubling its previous figures, surpassing Blur, and securing a 38.5% market share for the first time.
Previously, on August 29, Todayq reported that OpenSea, a leading NFT marketplace, was issued a Wells Notice by the U.S. Securities and Exchange Commission.
OpenSea leads the NFT market with an 87% share, followed by LooksRare at 6% and X2Y2 at 2%, along with other smaller platforms. A substantial share of global NFT revenue is generated in the United States, with the United Kingdom, Russia, Germany, and Japan following closely behind.
The conflicts between the SEC and the Web3 community are well-known worldwide. Reports suggest that the crypto community has made substantial donations during U.S. elections, allegedly aiming to counteract the influence of the regulatory authority.
In March, Starbucks, the global coffee giant, shut down its NFT-based rewards platform. Earlier in January, video game retailer GameStop discontinued its NFT and cryptocurrency services, which had already been scaled back the previous year.
According to Statista, the number of global NFT users is projected to reach 16.35 million by 2028. By the end of 2024, the total count of non-fungible token holders is expected to rise to 14.67 million.
