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Hamster Kombat To Integrate NFTs And September NFT Sales Hit Record Low

According to Cointelegraph, the popular Telegram clicker game Hamster Kombat has announced plans to integrate non-fungible tokens (NFTs) as in-game assets. The game, which has amassed over 300 million users since its launch, revealed its roadmap for the last quarter of 2024 and 2025. The NFT integration is scheduled for November, although specific details about the integration have not been disclosed. This move could potentially reignite interest in digital collectibles given the game's large user base. In other news, September saw the lowest monthly NFT sales volume since January 2021, with a total of $296 million in sales. This marks an 81% drop from March and a 20% decrease from August. Additionally, the number of NFT transactions fell from 7.3 million in August to 4.9 million in September. Despite these declines, the average value of NFT transactions increased slightly, rising to $60 in September from $50.71 in August. Indonesia's largest postal service, Pos Indonesia, has launched NFT-integrated postage stamps. The state-owned company released its inaugural stamps featuring “Cenderawasih,” or “bird of paradise,” with NFT counterparts. Pos Indonesia aims to merge traditional values with blockchain innovation and attract stamp enthusiasts with this new offering. In an interview with Cointelegraph, Bay Backner, the head producer at Decentraland, discussed how decentralized metaverse platforms could help address the loneliness epidemic. Backner highlighted that these platforms can foster genuine online connections and create tighter communities than traditional social platforms, thanks to the community-oriented ethos of Web3 and blockchain technology. Stay tuned for more updates and insights into the evolving NFT space.
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Pos Indonesia Launches NFT Postage Stamps Featuring Bird Of Paradise

According to Cointelegraph, Pos Indonesia, the state-owned postal service, has introduced its first-ever postage stamps with non-fungible token (NFT) counterparts, blending tradition with modern technology. The announcement was made on Pos Indonesia's official Instagram page, revealing the release of the inaugural NFT stamp featuring 'Cenderawasih,' or 'bird of paradise.' The NFT stamp will have both a physical version and an NFT counterpart, and the collection will also be available as a booklet. Pos Indonesia stated that the new stamps merge traditional values with blockchain innovation, a combination that could attract enthusiasts. This initiative aligns with Indonesia's growing involvement in the Web3 space. On March 28, Indonesian financial authorities announced plans to launch a regulatory sandbox for crypto assets in early 2025 to prevent fraud. The introduction of NFT postage stamps in Indonesia comes at a time when interest in digital collectibles is declining. In September, NFTs reached their lowest monthly sales volume since January 2021, with a volume of $296 million, according to CryptoSlam data. This figure represents a 20% decline from August and an 81% drop from March when NFT sales peaked at $1.6 billion. The number of NFT transactions also decreased in September, from 7.3 million in August to 4.9 million, marking a 32% decrease. NFT stamps are not entirely new. In 2021 and 2022, various organizations attempted to revive interest in stamp collecting by incorporating NFTs. Efforts were made in the United Arab Emirates, Austria, and the Netherlands to combine blockchain technology with traditional stamp collecting. For instance, on June 17, 2022, the UAE celebrated its 50th anniversary by launching the world's most expensive modern postage stamp, which contained one gram of gold and came with an NFT version. Additionally, on September 23, 2022, Cointelegraph spoke with the Netherlands' PostNL and the Austrian Post Office at the Blockchain Expo in Amsterdam about their efforts to use NFTs to revive stamp collection. The two organizations partnered to release postage stamps with NFT counterparts.
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NFT Sales Decline in September Amid Regulatory Scrutiny

According to Cointelegraph, non-fungible token (NFT) sales continued to decline in September, with digital collectibles' monthly sales volumes failing to recover. Data from CryptoSlam shows that NFTs recorded $296 million in sales during September, marking a 20% decrease from August's sales volume of $373 million. This figure represents an 81% drop from the $1.6 billion in sales volume recorded in March, which was the strongest month for digital collectibles in 2024.Digital collectibles have not seen a monthly sales volume below $300 million since January 2021, when the monthly sales volume fell to $109 million. In addition to the decline in sales volume, total NFT transactions dropped 32% from 7.3 million in August to 4.9 million in September. Despite these negative statistics, the average value of NFT transactions increased by 18%, rising from $50.71 in August to $60 in September.The downward trend in the NFT space coincides with increased scrutiny from the United States Securities and Exchange Commission (SEC). On August 28, Devin Finzer, CEO of NFT marketplace OpenSea, reported that the company received a Wells notice from the SEC. Finzer claimed that the SEC alleged some NFTs on the platform might qualify as unregistered securities. On September 16, the SEC fined the NFT-themed restaurant Flyfish Club $750,000 for selling NFTs. SEC commissioners Hester Peirce and Mark Uyeda criticized this enforcement action, arguing that the NFTs sold by Flyfish should not trigger securities laws, as they were merely “a different way to sell memberships.”Despite the SEC's actions, Luca Schnetzler, CEO of the popular NFT collection Pudgy Penguins, dismissed the regulator's efforts as “nonsense.” In a previous interview with Cointelegraph, Schnetzler described the SEC's actions as a “nothing burger,” arguing that targeting OpenSea would necessitate going after larger organizations involved in NFTs, such as Sotheby’s, Nike, and Pokemon.
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SunPump And APENFT Launch First NFT Fair Issuance Platform On TRON Network

According to Odaily, SunPump, in collaboration with APENFT, has officially launched NFT Pump, the first NFT fair issuance platform on the TRON network. The platform aims to provide NFT investors and new users with a fair, transparent, and innovative NFT trading experience, further promoting the development of the TRON network's NFT ecosystem. NFT Pump simplifies the process of issuing and collecting NFTs, significantly reducing the cost of minting NFTs. Creators can set up pre-sale whitelists and enjoy up to 99% gas fee subsidies. Users can access the platform through the new domain (https://nftpump.meme) and the APENFT site (https://apenft.io) for a seamless trading experience.
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OpenSea Faces Lawsuit, Infinex NFT Sales Surge, Puma Enters Web3, Philippines Promotes Blockchain Education

According to Cointelegraph, two OpenSea users have filed a class-action lawsuit against the NFT marketplace. The lawsuit, submitted on September 19 by Anthony Shnayderman and Itai Bronshtein, alleges that the NFTs they purchased on OpenSea are now worthless because they are illegal. OpenSea has refuted the allegations, describing the lawsuit as 'baseless.' An OpenSea spokesperson stated that a lawsuit based on their disclosure of a Wells notice 'won’t make the allegations in the complaint true.' A Wells notice from the SEC serves as a warning, outlining the regulator’s concerns and giving the potentially accused company an opportunity to respond, signaling that the agency may pursue enforcement action in the future. In other news, decentralized applications platform Infinex’s latest NFT collection reached $40 million in sales in its first four days, despite the ongoing NFT bear market. Infinex Core working group lead Kain Warwick mentioned that the collection is expected to attract more interest as it expands to the wider community. Due to its ongoing launch season, Infinex reached a total value locked (TVL) of over $150 million on July 25, with the platform’s TVL growing by $100 million in just the first 10 days of the campaign. Additionally, global footwear company Puma has partnered with the Web3 mobile game UNKJD Soccer. UNKJD CEO Tal Friedman stated that the partnership aims to unlock more player experiences, noting that when established brands like Puma embrace Web3, it signals a shift in the perception of blockchain technology from niche to mainstream. The partnership will introduce Puma-based characters and branded skins in the game. Meanwhile, the Philippines’ Advanced Science and Technology Institute, an agency under the nation’s Department of Science and Technology, conducted a tech forum on September 20 to educate the youth on blockchain technology’s potential. The agency explained that technologies like artificial intelligence, cybersecurity, and blockchain are reshaping both the public and private sectors. These developments highlight the ongoing evolution and growing interest in the NFT and blockchain space. Stay tuned for more updates and insights into this rapidly changing industry.
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OpenSea Faces Class-Action Lawsuit Over Alleged Unregistered Securities Sales

According to Cointelegraph, two OpenSea users have filed a class-action lawsuit in the United States against the NFT marketplace, alleging it sells unregistered securities contracts. Anthony Shnayderman and Itai Bronshtein filed the suit on September 19 in a Florida federal court, claiming that NFTs they purchased on OpenSea, including those from the Bored Ape Yacht Club collection, are worthless due to their illegal nature.The plaintiffs pointed to OpenSea’s recent disclosure of a Wells notice from the Securities and Exchange Commission (SEC), which they argue indicates that OpenSea may be liable for facilitating the exchange of unregistered securities. A Wells notice is a warning that the SEC has conducted an investigation and may bring an enforcement action against the recipient. The lawsuit also references successful SEC actions against NFT projects Stoner Cats 2 and Impact Theory, where the regulator deemed the NFTs as unregistered securities sales.Shnayderman and Bronshtein argue that the Howey test, which defines securities, shows that the NFTs they bought on OpenSea were investment contracts under US securities laws. They allege that these NFTs represented an investment in a common enterprise with a reasonable expectation of profits derived from the efforts of others. The suit claims that OpenSea’s NFT listings were deceptive and misled the plaintiffs into purchasing worthless and unlawful unregistered securities. It also alleges that OpenSea breached a user warranty by failing to moderate its exchange for unregistered securities.Additionally, the plaintiffs accuse OpenSea of unjust enrichment by charging fees and accepting funds from the sale of unregistered securities. In a statement, Adam Moskowitz, managing partner of The Moskowitz Law Firm and counsel for Shnayderman and Bronshtein, emphasized the need for a well-regulated environment for selling NFTs. He expressed a willingness to work with OpenSea to develop a better process for both consumers and the crypto industry. OpenSea has not yet responded to a request for comment.
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Infinex Patron NFT Collection Surpasses $40 Million In Sales

According to Cointelegraph, Infinex's latest non-fungible token (NFT) collection has achieved over $40 million in sales within the first four days, despite a sluggish performance in the broader NFT market. Infinex, a non-custodial platform that provides access to onchain protocols and decentralized applications (DApps), announced the success of its new Patron NFT collection. Kain Warwick, the working group lead at Infinex Core, expressed optimism about the collection's potential to attract more investor interest, noting that the initial phase saw participation from major foundations, venture capital firms, and angel investors. Warwick emphasized the importance of the upcoming phases as the sale expands to a broader community. Over 74% of the Patron NFTs have already been sold, with six days remaining in the sale. The $40 million achievement comes amid a significant downturn in the wider NFT market, where some of the most popular blue-chip NFTs have seen valuations drop by over 74% from their peaks. Infinex also reported surpassing $150 million in total value locked (TVL) on July 25, driven by its ongoing 'launch season,' which added $100 million in TVL within the first 10 days. The Patron NFTs are available in three tiers, priced at $5,000, $3,000, and $1,250, with the lowest tier being locked for 12 months from the distribution date. Early participants in the NFT sale include Framework Ventures, Wintermute, Wormhole Foundation, and Variantm, along with notable crypto figures such as Sergej Kunz, co-founder of 1inch Network. Infinex aims to replace centralized cryptocurrency platforms as the primary point of contact for new crypto users. Despite the success of the Patron NFT sale, the broader NFT market continues to face challenges. CryptoPunks, the largest Ethereum-native NFT collection, is currently trading at a floor price of 29 ETH, significantly down from its peak valuation of 113 ETH in October 2021. Similarly, the Bored Ape Yacht Club (BAYC), the second-largest NFT collection, has seen its floor price drop by over 90% from its peak valuation, currently trading at 11.8 ETH.
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Digital Chamber Urges Support For NFT Act To Clarify Legal Status

According to Cointelegraph, the blockchain advocacy group Digital Chamber has called on United States-based crypto users to support a bill that aims to designate non-fungible tokens (NFTs) according to their use cases. On September 10, the organization urged the US Congress to classify certain NFTs as consumer products, which would exempt them from federal securities laws. The group argued that many NFTs function similarly to artwork and traditional collectibles and should be treated as consumer goods rather than securities. In response to this call, US Representative William Timmons introduced the New Frontiers in Technology Act (NFT Act), which seeks to address the legal and regulatory treatment of NFTs. According to Digital Chamber, the newly introduced NFT Act protects “covered NFTs,” classifying them as collectibles with the primary purpose of being a work of art, musical composition, literary work, or other intellectual property. This includes collectibles, merchandise, virtual land, or video game assets. The protection also extends to affinities, rewards, loyalties, rights, licenses, or tickets. However, the Act does not protect NFTs marketed as investment products, with actual or implied actions pointing toward a potential increase in value. The Act also encourages education by directing the US Comptroller General to conduct a study on NFTs after the bill is enacted. Digital Chamber urged the community to support the NFT Act, emphasizing that it would help the industry flourish without “misapplied” securities regulations. The organization encouraged Americans to contact their representatives in Congress to voice their support for the bill. “By supporting this Act, you can ensure continued technological innovation, greater consumer protection, and a true home within the United States for blockchain technology,” Digital Chamber wrote. This development comes amid the SEC’s recent actions against the NFT space. On August 28, the government agency sent a Wells notice to NFT marketplace OpenSea, suggesting that the SEC may take future enforcement actions against the trading platform. On September 17, the SEC fined the restaurant Flyfish Club $750,000 for selling NFTs. SEC commissioners Hester Peirce and Mark Uyeda criticized the enforcement action, arguing that the NFTs did not trigger securities laws and were simply a different way to sell memberships.
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