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OpenSea has launched a new initiative called "Get Based", which aims to highlight artists creating on Coinbase's Base network, an Ethereum Layer 2 (L2) solution.

The series will feature the work of up to 15 artists throughout the summer.

#OpenSeaMarket #opensea #nft #base #EarnFreeCrypto2024

💥 NFTs That Once Sold for Millions—What Are They Worth Today?

The once-booming world of NFTs, which saw celebrities and investors alike pour millions into digital art, is now facing a harsh reality. As the hype fades, the values of these digital assets have plummeted, leaving many investors questioning their decisions.

- CryptoPunk #5822: A symbol of the NFT craze, CryptoPunks were among the most sought-after digital collectibles. In February 2022, CryptoPunk #5822 sold for a staggering 8,000 ETH, equivalent to $23.7 million at the time. Fast forward to today, and the value of similar CryptoPunks has halved. While 8,000 ETH would now be worth $26.6 million, the market value of the punk itself has dropped significantly, highlighting the volatility of the NFT market.

- EtherRock #93: An even more puzzling investment, EtherRock #93, a simple JPEG of a digital rock, fetched $1.8 million in 2021. However, today, similar EtherRocks are trading for around $750,000 to $800,000, representing a loss of over $1 million. The rapid decline in value serves as a stark reminder of the speculative nature of NFT investments.

- Bored Ape #8817: Perhaps the most iconic of all NFT collections, the Bored Ape Yacht Club was the epitome of digital art hype. Bored Ape #8817 sold for $3.4 million at its peak, driven by its rare gold fur. Yet, recent sales of similar apes show a dramatic decrease in value, with some selling for as low as $665,000. The dream of quick riches has turned into a sobering reality for many collectors.

- The Bigger Picture: While these high-profile NFTs have seen drastic drops in value, lesser-known collections have fared even worse. A report by dappGambl revealed that 95% of identified NFT collections now have a market cap of 0 ETH, leaving countless investors holding worthless digital assets.
Did you sell your NFTs at the peak or did you drive a significant loss?

Let me know in the comments!

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🇺🇸 #SEC Plans to Sue #OpenSeaMarket !

SEC Issues Wells Notice to Marketplace – NFTs Are “Securities”

OpenSea CEO: “We Are Shocked by the SEC’s Radical Actions Against Creators and Artists. But We Are Ready to Fight.”

✔️“NFTs Are Art, Collectibles, Video Games, Domain Names, Event Tickets, and More.”

✔️“We Shouldn’t Regulate Digital Art the Same Way We Regulate Securities.”

💡A Wells is a formal notice from the SEC informing the recipient that the agency plans to take enforcement action against them.