SNEAK PEEK

Trump’s World Liberty Financial to launch on September 16 as a DeFi platform.

The project highlights US dollar-pegged stablecoins and hints at an Ethereum-based ecosystem.

Mixed reactions from the crypto community and security concerns cloud the platform’s launch.

Donald Trump revealed that his much-anticipated crypto platform, World Liberty Financial, will officially launch on September 16. The former U.S. President made this announcement in a video posted on X (formerly Twitter) on September 12. 

.@WorldLibertyFi pic.twitter.com/rHEGQXl4jL

— Donald J. Trump (@realDonaldTrump) September 12, 2024

Trump highlighted the project as a significant step toward embracing the future of finance. His sons, Donald Jr. and Eric Trump, manage the project.

World Liberty Financial is positioned as a decentralized finance (DeFi) platform that aims to disrupt traditional banking systems. The platform is expected to offer users various services, including digital wallets, credit accounts, borrowing and lending capabilities, and investment opportunities in assets like cryptocurrencies. 

Additionally, the platform will introduce a nontransferable governance token, indicating a decentralized approach to decision-making within the ecosystem.

Statements from World Liberty Financial have indicated a strong emphasis on integrating United States dollar-pegged stablecoins into the DeFi ecosystem. This focus suggests a strategic move to attract users looking for stability in the volatile crypto market. 

Moreover, the project has hinted at a potential partnership with the DeFi protocol Aave, raising speculation that World Liberty Financial may be built on the Ethereum blockchain, a leading platform for decentralized applications.

The announcement of World Liberty Financial has garnered mixed reactions within the crypto community. 

ALERT: Lara’s and Tiffany Trump’s X accounts have been hacked. Do NOT click on any links or purchase any tokens shared from their profiles. We’re actively working to fix this, but please stay vigilant and avoid scams!

— WLFI (@worldlibertyfi) September 4, 2024

While Trump’s supporters have shown enthusiasm, others have expressed scepticism, especially concerning the timing of the launch, which is set just 50 days before the U.S. presidential election. 

Nic Carter, a partner at Castle Island Ventures and a Trump supporter, labelled the project a “huge mistake,” suggesting that it may be an attempt by Trump’s inner circle to capitalize on his recent crypto endorsements.

Sophisticated security concerns have also arisen, affecting the project in the last couple of weeks. On September 4, the X accounts of Trump’s daughter-in-law Lara Trump and daughter Tiffany Trump were hacked by the scammers who posted fake links stating affiliation to World Liberty Financial.

The post Trump’s World Liberty Financial Set to Launch Crypto Platform on Sept.16 appeared first on Today NFT News.

SNEAK PEEK

UK introduces bill to classify digital assets as personal property under English and Welsh law.

New legislation to enhance legal protection and clarity for digital assets like Bitcoin and NFTs.

Bill aims to position the UK as a global leader in digital asset regulation and ownership rights.

The United Kingdom has taken a significant step towards legal clarity in the crypto world by introducing a bill that aims to classify digital assets like Bitcoin, NFTs, and other cryptocurrencies as personal property under English and Welsh law. 

This legislative amendment, tabled in Parliament on Wednesday, aims to establish a new category of personal property, address the changing face of digital assets, and offer legal cover. 

 The proposed bill also seeks to introduce a new kind of property, a third kind of property, to be more precise. This will be in addition to the current ‘things in possession’ and ‘things in action’. The proposed new kind of property will be digital assets to enhance their legal status. 

 The bill, if approved, will set the legal foundation of digital currencies, NFTs, and other similar digital assets, and enable their owners to have better protection against fraud and scams. 

Minister of Justice Heidi Alexander underlined that the existing legislation has to be brought in line with the changes that have taken place in the world. She said, “It is important that our legal system is capable of adapting to the new technologies and this legislation will ensure that the UK maintains its position at the forefront of the crypto assets market as well as providing guidance in cases concerning property. ” 

The bill seeks to legalize the use of digital assets such as cryptocurrencies as well as Non-Fungible Tokens (NFTs), and even carbon credits in the digital form as property. This is expected to provide a clear direction for the judges, especially those handling cases that involve the disputed digital assets or the settlements made with them in a bid to minimize the chances of confusion during the trial. 

The bill’s provisions aim to strengthen the legal recourse for digital asset owners, especially in cases of fraud or scam, which has become rife in the digital world.

The introduction of this bill follows recommendations from a 2023 Law Commission report, which identified challenges in recognizing digital assets as property under existing English and Welsh private law. By addressing these challenges, the UK government aims to solidify its position as a global leader in the crypto sector.

The post UK Introduces Bill to Recognize Bitcoin and NFTs as Personal Property appeared first on Today NFT News.

SNEAK PEEK

Buterin sets “stage 1” decentralization as the new standard for layer-2 scaling solutions.

Only “stage 1” layer-2 projects with active proofs will earn Vitalik Buterin’s recognition.

Buterin’s shift highlights stricter decentralization and cryptographic trust for rollups.

Vitalik Buterin, Ethereum’s co-founder, has set a clear benchmark for recognizing layer-2 scaling solutions, emphasizing that only those at “stage 1” of decentralization will gain his acknowledgment moving forward. This declaration, shared on Sept. 12 via X (formerly Twitter), underscores Buterin’s commitment to devolution and marks a significant shift in his stance on layer-2 projects.

I take this seriously. Starting next year, I plan to only publicly mention (in blogs, talks, etc) L2s that are stage 1+, with *maybe a short grace period* for new genuinely interesting projects.

It doesn't matter if I invested, or if you're my friend; stage 1 or bust.

Multiple… pic.twitter.com/4cGxgsfmUc

— vitalik.eth (@VitalikButerin) September 12, 2024

In his recent communication, Buterin highlighted the importance of meeting the “stage 1” decentralization criteria as a minimum standard. This requirement involves an active fraud-proof or validity-proof mechanism and a multi-signature-based override system or “security council.” 

The security council has to function with restrictions, including getting at least 6 of 8 signatures and being located outside of the roll-up organization. Further, the updates need to have at least a week worth of buffers for proper assessment and security concerns. 

Buterin’s message is clear: starting next year, he will only publicly acknowledge layer-2 networks that have achieved this decentralization. He emphasized the seriousness of this stance by stating, “It doesn’t matter if I invested or if you’re my friend, stage 1 or bust.”

Nevertheless, Buterin divides decentralization on layer-2 solutions into three fundamental stages. The first one is known as “stage 0” or “full training wheels,” wherein projects claim rollup status such that all computations and transactions happen on-chain with no interference from the operator. 

 “Stage 1,” the new minimum for Buterin’s acknowledgment, is the next level of decentralization. Third, “stage 2” or “no training wheels” means that no group can prevent something from happening based on the code output unless a flaw is discovered with the new system. 

This stage allows minimal use of security councils, limited to clear bug cases, and requires a 30-day upgrade activation delay.

The problem is that the focus on attaining “stage 1” or higher is rather problematic. Some of the zero-knowledge rollup teams have said they are on course to meet these targets by the end of the year, something that Buterin warmly looks forward to. He pointed out that “the era of rollups being glorified multisigs is ending,” meaning that cryptographic trust will become instrumental.

The post Vitalik Buterin Sets High Standards for Layer-2 Decentralization appeared first on Today NFT News.

SNEAK PEEK

The Digital Chamber urges Congress to classify NFTs as consumer products, not securities.

SEC scrutiny of NFTs raises concerns, pushing for clearer U.S. regulatory guidance.

Legislative protection for NFTs could prevent the sector from moving overseas, impacting the U.S. economy.

The Digital Chamber of Commerce has urged the U.S. Congress to introduce legislation that would clarify the status of non-fungible tokens (NFTs) in the wake of increasing scrutiny from the Securities and Exchange Commission (SEC). 

The organization advocates for NFTs to be classified as consumer products, a move that would exempt them from being treated as securities under federal law.

The Digital Chamber’s recent appeal emphasizes the need for Congress to act swiftly to ensure that NFTs are recognized as consumer goods rather than financial products. This classification would place NFTs beyond the regulatory reach of the SEC, which has been increasingly assertive in its approach to the broader cryptocurrency market. 

The @SECGov’s overreach is putting the livelihoods of NFT creators and communities at risk. NFTs are primarily consumer goods—not securities. We need Congress to take action now and protect innovation, creators, and consumer rights. https://t.co/dp1fb2R3cf

— The Digital Chamber (@DigitalChamber) September 10, 2024

The Chamber argues that without such legislative protection, the growing NFT sector could be driven overseas, potentially harming the U.S. economy.

The SEC’s ongoing actions against various crypto firms have raised concerns within the digital asset community. Recently, the regulator issued a Wells Notice to the NFT marketplace OpenSea, signaling potential enforcement action. 

This move has been met with criticism from crypto advocates, who warn that it could stifle innovation in the emerging NFT space. The Chamber’s statement reflects broader apprehension about the SEC’s approach, which many in the industry view as overreaching.

The Digital Chamber’s call comes at a critical time, as the crypto community waits for clearer regulatory guidance from U.S. authorities. The absence of specific rules has led to an environment where enforcement actions, rather than legislative clarity, dominate. 

This has not only sparked legal battles but has also contributed to the migration of crypto talent and businesses to jurisdictions with more favorable regulatory frameworks.

With the advancement of the next election cycle in the United States, the problem of regulating cryptocurrencies seems to be on an upward trend in terms of policy agenda. There are several crypto-related bills introduced in Congress which shows that the sector is increasingly gaining attention as a national issue. 

 The emergence of the Digital Chamber and its call for legal framework to support NFTs underlines the questions about the source of growth when moving upmarket.

The post Digital Chamber Pushes for Legislative Clarity on NFTs Amid SEC Scrutiny appeared first on Today NFT News.

SNEAK PEEK

X Empire’s NFT voucher system adds complexity to pre-market trading, causing player confusion.

X Empire’s airdrop allocation and in-game coin conversion remain unclear, sparking uncertainty.

X Empire’s approach deviates from traditional games, using NFTs on TON for speculative trading.

X Empire, a new tap-to-earn game on Telegram with a theme centered around Elon Musk, has initiated pre-market trading ahead of its upcoming token launch and airdrop. 

Following the model set by the earlier game Notcoin, X Empire introduces NFT vouchers as a means for players to trade their pre-market tokens. This approach allows players to mint NFT vouchers, which can be traded on the Getgems marketplace before the token officially launches.

Unlike other Telegram-based games such as Hamster Kombat and Catizen, which utilized established exchanges for pre-market trading, X Empire is taking a different route by allowing its players to mint NFTs on The Open Network (TON). 

These NFTs represent a portion of the player’s future airdrop allocation and can be traded, creating an early speculative market.

While the model mirrors Notcoin’s strategy, there are significant differences in gameplay that might affect how the airdrop allocation is managed. Notcoin’s straightforward tap-to-earn structure made it easy for developers to establish a clear conversion rate—1,000 in-game coins for one on-chain NOT token. 

However, X Empire’s gameplay includes more complex elements such as avatar enhancements, betting on fictional stocks, and rock-paper-scissors style negotiations, all of which utilize in-game coins.

This complexity adds uncertainty to the process, as the developers have not yet disclosed how the airdrop allocation will be determined. Players currently face challenges in understanding the value of their in-game coins in relation to the NFT vouchers they can mint.

A high-level X Empire account currently offers the opportunity to mint two NFT vouchers, each said to represent 69,000 on-chain tokens. However, it is not clear whether these vouchers are the final possible tokens that the player will be able to get. This situation has created a lot of confusion among the players, and they are not sure whether to go ahead and mint the NFT vouchers.

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SNEAK PEEK

Shibarium’s closed beta minted 140K NFTs with just 800 BONE, showcasing its cost-efficiency.

BONE’s role in Shibarium extends beyond transactions, influencing system upgrades and SHIB burns.

Shibarium’s low gas fees make it a scalable, affordable platform for large-scale NFT projects.

Shibarium, a prominent layer-2 solution within the Shiba Inu ecosystem, has achieved a significant milestone by supporting the minting of 140,000 NFTs during the closed beta phase of Shiba Eternity. 

Shibarium Beta Milestone: 140K NFTs Minted with Just 800 BONE in Sponsored Gas Fees

We’re excited to share an incredible achievement from our Shiba Eternity Beta Closed for Leash holders!

So far, these dedicated testers have minted a staggering 140,000 NFTs on Shibarium,… pic.twitter.com/3sPgFMvQ7L

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 6, 2024

This accomplishment not only underscores Shibarium’s capabilities but also highlights its cost-effectiveness, with only 800 BONE tokens, equivalent to around $310, used to cover gas fees for over 20,000 transactions. 

The development is a testament to Shibarium’s potential to become a preferred platform for large-scale NFT projects, offering a scalable and economical solution for creators.

Central to Shibarium’s operations is BONE, a key token utilized for all transaction fees on the platform. BONE’s utility extends beyond just transactions, as it also plays a critical role in system upgrades within the Shibarium ecosystem. This ensures BONE’s continued relevance and importance across current and future projects. 

Additionally, Shibarium incorporates a SHIB burn mechanism, automatically reducing the supply of SHIB tokens with every BONE transaction. This burning process contributes to creating scarcity, potentially increasing the value of SHIB over time, and further solidifying BONE’s importance in the ecosystem.

The minting of 140,000 NFTs during the Shiba Eternity beta highlights Shibarium’s efficiency and affordability. The platform’s ability to handle such a large volume of transactions with minimal costs demonstrates its suitability for NFT creators looking to develop large-scale projects. 

The low gas fees, particularly during the beta phase, have made it easier for creators to engage with the platform, providing a seamless experience for users. This cost-effective structure positions Shibarium as a competitive option for those in the NFT space.

As Shibarium continues to grow and attract more users, particularly from the Shiba Inu community, its role in the decentralized finance (DeFi) sector is likely to expand. With over 1.4 million SHIB holders who have yet to fully engage with Shibarium, the platform’s user base is poised for significant growth. 

Possible with such a rapid strategy of development, new needs will emerge, which means that BONE will strengthen its position in the ecosystem even more. Simply minting NFTs in the Shiba Eternity beta phase indicates that Shibarium is capable of processing large volume transactions at low prices, which puts it on a strong footing as one of the most promising layer-2 solutions in the DeFi world.

The post Shibarium Hits Major Milestone, Strengthens Position in the NFT Space appeared first on Today NFT News.

SNEAK PEEK

SuperRare’s private sales service enhances onchain transactions, maintaining provenance and royalties.

The service offers personalized outreach and negotiations for high-value digital artworks.

Private sales are becoming a preferred method for important digital art transactions over auctions.

SuperRare, a well-known platform for digital art, has introduced a new private sales service to facilitate the buying and selling of high-value digital artworks. 

This service marks a significant shift in how transactions for digital art will be conducted, emphasizing the importance of maintaining provenance and royalties while offering a more personalized experience for buyers and sellers.

To clarify, this service is our unique take on “private sales.”Since day 1, strong provenance and royalties have been core to our beliefs, and that will never change. We care deeply about maintaining the importance of these works and their place in art history.Sales through… https://t.co/Y6vBhvppqi

— SuperRare (@SuperRare) September 6, 2024

Since its inception, SuperRare has prioritized the preservation of strong provenance and the assurance of royalties, principles that remain at the core of its operations. The introduction of this private sales service aligns with these values, ensuring that all transactions continue to take place onchain. 

This approach distinguishes SuperRare from over-the-counter (OTC) offerings, which often bypass these critical elements of digital art sales.

The private sales service on SuperRare is designed to offer a more hands-on approach to the sales process. Unlike traditional auction models, this service allows SuperRare to manage the outreach, negotiations, and final sale of artworks privately before a price is agreed upon. 

This method provides both buyers and sellers with a more customized and private experience, catering to the specific needs of high-profile digital art transactions.

As the digital art market continues to grow, there is a growing trend toward private sales as a preferred method for transacting high-value artworks. SuperRare’s new service is poised to capture a significant share of this market by offering an alternative to traditional auctions. 

This model is particularly appealing to sellers who are concerned with not only achieving the best possible price but also ensuring that their artworks find a suitable home.

Offering private sales services, SuperRare is an outstanding example of how the contemporary digital art market can develop under the influence of an early-stage NFT market. 

 With time, such services are expected to gain high demand as the market for art digitalization grows; they create a secure transaction environment for all players.

The post SuperRare Launches Private Sales Service for Digital Artworks appeared first on Today NFT News.

SNEAK PEEK

CyberKongz fully decentralised Rune No. 2 by sending it to Satoshi Nakamoto’s wallet.

The project invested over $1 million to preserve Rune No. 2’s autonomy and integrity.

The move could enhance CyberKongz NFT value and boost community engagement in the metaverse.

On September 6, 2024, CyberKongz made a landmark decision by decentralizing Rune No. 2 and transferring it to Satoshi Nakamoto’s wallet. This move underscores the project’s commitment to decentralization, which is extremely critical in ensuring Rune No. 2 operates without concentration. The decision reflects the belief that Rune No. 2’s powerful message should belong to the entire community.

Rune 2 DECENTRALIZED, etched by Ethereum NFT project CyberKongz, released a final statement that it will completely decentralize DECENTRALIZED, the team will withdraw, and said that Rune 2 has been sent to the Satoshi wallet. The team said that it cost more than $1 million to…

— Wu Blockchain (@WuBlockchain) September 7, 2024

Rune No. 2’s story began with Prometheans, a pre-rune collection that symbolized exploration. These NFTs were primarily airdropped to the Bitcoin and Ordinals communities, setting the stage for what would eventually become the centrally organised ticker. Initially, Rune No. 2 was intended as a symbol of cultural value and provenance, not for further growth.

However, the CyberKongz team’s continuous experimentation led to the launch of the Untitled project, which emphasised Rune No. 2’s significance in Bitcoin history. This journey reflects the team’s ongoing commitment to innovation within the NFT space.

Besides, the decision to decentralise Rune No. 2 aligns with the broader movement within the blockchain community toward autonomy and community-driven initiatives.

CyberKongz invested over $1 million into Rune No. 2, underscoring the project’s material and cultural commitment. The investment was not merely about money but preserving the integrity and autonomy of Rune No. 2. 

Hence, Rune No. 2 stands as more than just an NFT. It is a cultural timestamp connected to the Runes protocol and block 840,000, highlighting the ongoing shift towards decentralisation in the crypto space.

Furthermore, handing over Rune No. 2 to Satoshi Nakamoto’s wallet also indicates how the project is rooted in cryptocurrency. Thus, it guarantees the Rune No. 2 is kept free from centralized control, thus underlining the basic tenants of decentralization. 

The controlled governance of Rune No. 2 could particularly effects the CyberKongz the environment. Although specific details about the rune’s future utility remain unknown., the project’s innovative history suggests potential benefits for the community. The rune might offer in-game utility within the CyberKongz metaverse, enhancing user engagement and increasing the value of CyberKongz NFTs.

The post CyberKongz Decentralises Rune No. 2 and Transfers It to Satoshi’s Wallet appeared first on Today NFT News.

SNEAK PEEK

Ethereum Foundation to release a financial report addressing spending transparency concerns.

Foundation’s $650M holdings allow for a 10-year budget; transparency under community scrutiny.

Significant ETH transfers spark backlash; Foundation explains treasury management practices.

The Ethereum Foundation is preparing to release a detailed financial report in response to growing community concerns about its spending practices. This follows recent scrutiny regarding the foundation’s budget strategy and transparency, particularly after significant movements of ether from its main wallet.

In a recent ask-me-anything (AMA) session on the r/ethereum subreddit, Justin Drake, a researcher at Ethereum, shared insights into the foundation’s financial management. According to Drake, the Ethereum Foundation currently holds approximately $650 million in its main wallet and has a budget that allows for about ten years of operation. 

Vitalik Buterin said in Reddit that the current budget strategy is roughly to spend 15% of remaining funds each year. This means that EF will last forever, but as part of the ecosystem it will become smaller and smaller over time. https://t.co/B0VPkd09Wm

— Wu Blockchain (@WuBlockchain) September 6, 2024

Drake further revealed that the foundation is expected to publish a financial report soon, similar to the one released in April 2022. This report aims to address the community’s concerns about the foundation’s spending and provide greater transparency. 

The spending approach as noted by the ethereum creator, Vitalik Buterin, seeks to spend about $15 million in every year. This way, Buterin pointed, would help sustain the Ethereum Foundation in the long-run while slowly decreasing its proportional stake in the longer term. 

The foundation has been accused of embezzlement of funds through several large ether transfers which raised concerns from the community over the foundation’s operations.

Last month, the blockchain analytics provider Lookonchain reported a transfer of 35,000 ETH, valued at $94.07 million, from the foundation to the Kraken exchange. This move led to significant backlash, with community members expressing their frustration over the lack of prior communication.

Addressing the concerns, Ethereum Foundation Executive Director Aya pointed out that the transfers was a normal undertaking in the management of the foundation’s treasury. She added that most of the funds are directed towards the grants and salaries which are legal tender, therefore, needs to be converted into fiat money. 

Miyaguchi also highlighted that the foundation could also go through a time it could not be involved in treasury operations because of legalations and this made it difficult for them to make a notice to the community earlier.

The post Ethereum Foundation to Release Financial Report Amid Community Concerns Over Spending appeared first on Today NFT News.

SNEAK PEEK

CryptoPunk #6915 sold for 620 ETH ($1.48M), setting a new record in 2024.

Ethereum dominates NFT sales, with $4.8M in the past 24 hours, leading over Solana and Bitcoin.

CryptoPunks’ floor price surged 20% since August, reflecting a broader NFT market recovery.

CryptoPunks have once again made headlines in the NFT market with the recent sale of CryptoPunk #6915 for a record-breaking 620 ETH, roughly $1.48 million.

The sale of CryptoPunk #6915 has once again captured the attention of the crypto community. Initially, the buyer offered 550 ETH for the NFT but later increased the bid to 620 ETH, successfully closing the deal. 

This transaction becomes another high-profile sale in 2024 and follows the tendency of large transactions in the CryptoPunk series. Another CryptoPunk, #635, was sold back in April for 4000 ETH which is equivalent to $12. 4 million.

This is also evidence of Ethereum’s continued dominance in the NFT space, especially with the sale of CryptoPunk #6915. As indicated by the cryptoslam, Ethereum has continued to dominate the market in NFT sales on different blockchains. Over the last one day alone, Ethereum has witnessed NFT sales worth $4.8 million. Solana and Bitcoin continue the ranking in the second and third places, with $2.16 million and $1.83 million, respectively

This trend is consistent even when considering the broader market over the last month. Ethereum remains in the lead with $124.5 million in NFT sales, followed by Solana with $75.99 million and Bitcoin with $54.9 million. Despite Ethereum’s stronghold, the highest sale in the past 30 days was not from the CryptoPunks collection but from Uncategorized Ordinals on the Bitcoin blockchain.

The NFT market has recently shown signs of price recovery, as evidenced by the latest record sale. Collections such as Bored Ape Yacht Club (BAYC), CryptoPunk, and Pudgy Penguins have all seen increases in both floor prices and total sales volumes. 

Specifically, CryptoPunks have experienced a notable price surge since August 20, with their floor price jumping over 20% in just eight days, from 22.8 ETH to 28.5 ETH. Similarly, Pudgy Penguins and BAYC have seen increases of 14.78% and 2.18%, respectively, indicating a positive trend in the NFT market.

The post CryptoPunk #6915 NFT Sells for Record 620 ETH, Elevating Ethereum’s Dominance in the NFT Market appeared first on Today NFT News.

SNEAK PEEK

Magic Eden leads NFT market in August 2024, securing 36.7% share with $122.47M trading volume.

Blur’s market share drops to 25.4% with an 83.2% decline in trading volume since January 2024.

NFT market facesa downturn, with total August sales falling to $374M, far below March’s $1.6B peak.

Magic Eden has emerged as the leading non-fungible token (NFT) marketplace, claiming the largest market share in August 2024. With a trading volume of $122.47 million, Magic Eden secured 36.7% of the total NFT market share, outpacing rivals such as Blur and OpenSea. 

This marks the sixth consecutive month that Magic Eden has maintained its position at the top of the NFT trading space, according to data released by CoinGecko on September 4th.

Magic Eden’s sustained leadership in the NFT market began in March 2024, when it first surpassed Blur in trading volume. At that time, Magic Eden recorded an impressive $734 million in monthly trading volume, compared to Blur’s $530 million. The platform’s ongoing success is partly attributed to its integration of the Bitcoin Ordinals protocol, which has gained popularity among NFT collectors.

In August, Magic Eden continued to outpace its competitors, with Blur and OpenSea trailing behind. Blur recorded a trading volume of $84 million, representing a significant 83.2% decline from its nearly $500 million volume in January 2024. Consequently, Blur’s market share dropped to 25.4%, positioning it as the second-largest NFT marketplace after Magic Eden.

OpenSea, once the dominant player in the NFT space, managed to record a trading volume of $66.5 million in August, securing 19.9% of the market share. This marked a recovery from its 9.9% share in January, though it remains far from its previous highs. 

OpenSea’s challenges in August were compounded by a Wells notice from the United States Securities and Exchange Commission (SEC), signaling potential regulatory action against the company.

Despite the performance of the leading NFT marketplaces, the overall NFT market experienced a decline in August. According to CryptoSlam, NFT monthly sales volumes failed to surpass $400 million, with total sales reaching only $374 million. This represents a significant drop from the market’s peak in March 2024, when NFT sales volumes reached $1.6 billion.

Magic Eden, Blur, and OpenSea together controlled 82% of the NFT market in August, but the sector as a whole continues to face challenges, with trading volumes and sales declining from earlier highs. The NFT market’s future remains uncertain as it navigates these ongoing difficulties.

The post Magic Eden Leads NFT Trading Volume, Surpassing Competitors appeared first on Today NFT News.

SNEAK PEEK

SEC targets OpenSea with a Wells notice, hinting at potential regulatory actions against NFTs.

NFT market declines sharply, yet average transaction value increases by 27% amid fewer sales.

Trump’s “America First” NFT earns $2.2M, despite overall market downturn and community criticism.

The United States Securities and Exchange Commission (SEC) has issued a Wells notice to OpenSea, the leading NFT marketplace, indicating potential regulatory action against the company. This move from the SEC comes as the NFT market faces a significant downturn, with monthly sales dipping below $400 million for the first time in 2024. 

OpenSea CEO Devin Finzer confirmed that the SEC has raised concerns about NFTs on the platform, suggesting they might be categorized as unregistered securities. This classification could lead to significant regulatory challenges for the platform and the broader NFT market. 

Finzer expressed concern that such a move could hinder innovation and disproportionately impact creators, many of whom may lack the resources to defend themselves against regulatory actions.

The SEC’s focus on NFTs as potential securities has sparked a strong response from the crypto community. Ji Kim, Chief Legal and Policy Officer at the Crypto Council for Innovation, criticized the SEC’s stance as “legally flawed” and warned that it could stifle growth in the emerging digital asset space. 

Lawmakers, including North Carolina Representative Wiley Nickel, also voiced their discontent, urging the SEC to collaborate with Congress to establish clear and fair regulations rather than pursue enforcement actions that could impede innovation.

The NFT market has seen a dramatic decline, with August 2024 recording a total sales volume of $374 million, the lowest point of the year. This represents a 76% decrease from the market’s peak monthly sales of $1.6 billion earlier in the year.

In general, the market has contracted, but the average transaction price of NFTs has gone up from $39. 93 to $50. 74, a 27% increase, while the number of transactions stood at 31% decrease.Donald Trump’s fourth NFT collection, titled “America First” was able to rake in $2.2M. This product was able to record in sales even in the general market downturn. However, there has been some negative feedback from some of the community members who consider it as the project as an exploitation of the COVID-19 pandemic.

The post OpenSea Receives SEC Wells Notice Amid Declining NFT Market appeared first on Today NFT News.

SNEAK PEEK

U.S. spot Bitcoin ETFs saw $287.78M in outflows amid a 4% drop in Bitcoin prices.

Major ETFs like Fidelity’s FBTC and Grayscale’s GBTC led the significant withdrawals.

Broader market selloff, weak U.S. economic data drove negative sentiment across ETFs.

On Tuesday, U.S. spot Bitcoin exchange-traded funds (ETFs) faced substantial net outflows, marking the largest negative flows since early May. 

According to data from SosoValue, these ETFs recorded $287.78 million in outflows, reflecting the ongoing volatility in the cryptocurrency market. The significant outflows come as Bitcoin prices dropped nearly 4% over the past 24 hours, trading at $56,680 at the time of the report.

These were across several spot Bitcoin ETFs in the U. S. market. Additionally, BlackRock’s IBIT, the biggest spot Bitcoin ETF by net asset value, was declared to have recorded no flows on Tuesday. The second-largest spot Bitcoin ETF, Grayscale’s GBTC, saw a decline of $50.39 million outflow which as added negative contribution on the total mood in the market. 

Withdrawals from Fidelity’s FBTC have been the most affected registering a $162.26 million leaving the fund. Some of the other large ETFs are ARKB and BITB of Ark and 21Shares respectively and BITQ and others which followed BITB and saw an outflow of $33.6 million and $24.96 million, respectively. 

The outflows from spot Bitcoin ETFs coincided with a broader market selloff, driven by weaker economic data in the U.S. 

The Institute for Supply Management (ISM) manufacturing index for August came in at 47.2%, a slight increase from July’s figure but still indicative of contraction in the sector. This data added to concerns about the U.S. economy, contributing to the negative sentiment across financial markets, including cryptocurrencies.

In addition to Bitcoin ETFs, U.S. spot ether ETFs also faced significant outflows on Tuesday, marking the largest daily negative flows since August 2. The Grayscale Ethereum Trust (ETHE) reported an outflow of $52.31 million, while Fidelity’s FETH ETF was one of the few to see net inflows, totaling $4.91 million. The total trading volume for ether ETFs dropped to $163.5 million on Tuesday, down from $173.66 million on Friday.

The post U.S. Spot Bitcoin ETFs See Record Outflows Amid Market Volatility appeared first on Today NFT News.

SNEAK PEEK

Kwon’s $63.9M Bitcoin transfer deepens scrutiny amid ongoing legal battles and extradition process.

Third major BTC move raises questions about Kwon’s financial actions during legal proceedings.

Kwon’s cryptocurrency activities continue to impact ongoing trials and the wider crypto market.

Over two years have passed since Terra-UST collapsed, sending shockwaves through the cryptocurrency market. Amid this turmoil, Do Kwon, the founder of Terraform Labs, is embroiled in ongoing legal battles. 

As extradition proceedings continue, questions remain about whether Kwon will face trial in South Korea or the United States. Recently, a significant development has emerged, shedding light on Kwon’s cryptocurrency holdings.

According to recent blockchain data, a substantial transaction has been detected involving one of Kwon’s Bitcoin wallets. A total of 1,075 BTC, estimated to be worth around $63.9 million, was transferred from Kwon’s wallet to an unidentified account. 

This transfer is notable as it marks the third instance of funds being moved from this specific wallet. The transaction underscores the ongoing complexity surrounding Kwon’s financial activities.

Digital Asset, a platform that has been closely monitoring Kwon’s wallet activities since November 2022, has reported that these transactions likely involve Kwon himself. The latest transaction, which occurred four months ago, has drawn significant attention due to its size and timing.

Kwon’s legal issues started with the collapse of Terra-UST, which had a domino effect on the cryptocurrency market. As the founder of Terraform Labs, Kwon has been involved in several investigations and legal cases. 

The extradition procedure is still ongoing, which is also an important factor of the case as both South Korea and the United States want him being extradited. 

As the legal proceedings continue, the recent transfer of Bitcoin from Kwon’s wallet adds another dimension to his case. The movement of such a large sum of cryptocurrency raises questions about the intentions behind these transactions and how they may impact the ongoing legal process.

This latest development highlights the ongoing saga of Do Kwon’s legal and financial challenges, with significant implications for the broader cryptocurrency market. The case continues to evolve, with further developments expected as legal proceedings advance.

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SNEAK PEEK

Solana secures its spot as the second-largest NFT blockchain despite a 41.69% market drop.

Solana’s average NFT sale price holds steady at $66.62, surpassing the market average of $51.

Solana’s scalability and low fees make it a resilient player amid declining NFT transaction volumes.

Solana recorded a move in August 2024, recording $79 million in NFT sales, securing its position as the second-largest blockchain by NFT sales volume. Despite the overall decline in the NFT market, Solana maintained its standing, trailing only behind Ethereum, which led the market with $131 million in sales. 

In the past 30D, Ethereum, Solana, and Bitcoin have led the way in NFT sales volume, surpassing other major blockchains! pic.twitter.com/JzRq1yYgwy

— Coin98 Analytics (@Coin98Analytics) September 1, 2024

The NFT market saw a notable decrease in activity in August 2024, with total sales volume dropping by 41.69% to approximately $374.2 million. Solana, however, managed to remain resilient, holding onto its second-place position with $78.8 million in sales. 

This figure puts Solana in front of Bitcoin which only registered $59 million of NFT sales during the same time. However, Solana’s performance remains consistent and demonstrates its place as one of the leaders in the niche, with the overall negative market trend affecting all the projects in the NFT space. 

Data from Crypto Slam reveals a significant drop in the number of unique buyers and sellers on the Solana network. The number of buyers decreased by 34.39%, while sellers saw a 24.96% reduction. Total transactions on the Solana network also fell by 48.48%, bringing the total number of transactions to just over 1.1 million. 

Despite the decline in transaction volumes, the average sale price of NFTs on the Solana network remained relatively stable at $66.62, slightly above the overall market average of $51. This stability in pricing suggests that while fewer transactions occurred, the value of individual sales has held firm.

Solana’s low fees and scalability continue to make it an attractive platform for NFT creators and buyers, especially in comparison to Ethereum, where gas fees alone can reach up to $70.The broader NFT market continues to face challenges, with sales volumes and transaction numbers declining significantly. In August 2024, the total NFT sales volume dropped to $374.2 million, down from previous months. Despite a slight increase in average sale prices, the market remains far from its peak in January 2022, when monthly volumes soared to $17 billion.

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SNEAK PEEK

Vitalik’s “glue and coprocessor” architecture optimizes resource-intensive computations efficiently.

Ethereum’s EVM uses this architecture to balance business logic with intensive operations.

Cryptography benefits from specialized processing in modern computing, enhancing efficiency and security.

Ethereum co-founder Vitalik Buterin discusses a modern computing trend that leverages a “glue and coprocessor” architecture to enhance efficiency in resource-intensive computations. This architecture divides tasks into “business logic” and “expensive work,” enabling a more modular and efficient approach to complex computational processes. 

This method optimizes performance across various fields, particularly in cryptography, by separating general tasks managed by the glue and specific, highly intensive tasks handled by coprocessors.

Buterin highlights that tasks can be split into two main components in many resource-intensive computations today. The first is a relatively small amount of complex “business logic,” which involves less computational power but requires high generality. 

The second component involves “expensive work,” a large volume of structured and resource-heavy operations. This separation allows for more efficient processing, with each type of task being handled by different specialized architectures.

In the Ethereum Virtual Machine (EVM), this concept is already being practiced. For instance, when processing a transaction, the EVM handles business logic tasks, like extracting data and managing small operations, through higher-level languages such as Solidity. 

Meanwhile, the more intensive operations, such as storage reads and cryptographic computations, are managed by specialized modules within the client code. This division ensures that the EVM can efficiently process transactions while maintaining flexibility for developers.

Buterin also points to modern cryptography as another area benefiting from this architecture. For example, the computational workload is divided similarly in SNARKs (Succinct Non-Interactive Argument of Knowledge) and STARKs (Scalable Transparent Arguments of Knowledge). 

The business logic is often written in general-purpose programming languages, while the expensive cryptographic operations are optimized through specialized code. This approach enhances efficiency and maintains the security and openness necessary for cryptographic applications.

The proposed model also known as the “glue and coprocessor” design, is an important development in computing because it depicts a way of dealing with general and intensive computations. 

This is a model for achieving the separation of these tasks and the optimization of each and as such provides a pathway toward making other types of computational processes, such as cryptographic, faster and more secure. Indeed, in this regard this trend is still developing and it seems that in future will affect significantly different technological fields concerning with the effective management of the resource-consuming computations.

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SNEAK PEEK

Yuga Labs launches “The Workshop” to drive rapid product development on ApeChain network.

ApeChain focus: Yuga Labs’ new team aims for swift innovation and high-impact blockchain solutions.

The Workshop reflects Yuga Labs’ strategy to adapt and thrive amid NFT market challenges.

Yuga Labs, a prominent player in the blockchain and NFT space, has launched an internal initiative called “The Workshop” to drive the rapid development of on-chain products, focusing on the upcoming ApeChain network. 

This move marks the first significant undertaking by CEO Greg Solano, also known as Garga, since he assumed the role in February. The Workshop is designed to foster innovation and agility in product development, aiming to enhance the Yuga Labs ecosystem and boost the utility of the ApeCoin token.

shortly after I took over as CEO, we created a new division at Yuga to focus exclusively on emerging products. we call it The Workshop. 13 of our best engineers and product people. no fat, just doers.we have a deep well of technical talent here that was squandered on trying… pic.twitter.com/LAwBIGb1fh

— Garga.eth (Greg Solano) (@CryptoGarga) August 30, 2024

The Workshop, consisting of a lean team of 13 engineers and product experts, focuses on quickly creating high-impact products. This initiative reflects Yuga Labs’ commitment to innovation and rapid deployment, especially in the evolving blockchain landscape. 

Solano’s vision for The Workshop was inspired by Coinbase’s deployment of the Base Layer 2 blockchain, leading to establishing an agile and creative environment within Yuga Labs. The Workshop’s primary objective is to deliver products that gain traction quickly while discontinuing those that do not, ensuring a streamlined and effective approach to product development.

ApeChain, Yuga Labs’ forthcoming Ethereum Layer 2 network, will be the primary focus of The Workshop’s efforts. Powered by Arbitrum and supported by Offchain Labs and Horizen Labs, ApeChain is expected to strengthen the Yuga Labs ecosystem. 

The Workshop’s efforts aim to enhance the functionality of ApeChain but also to revive Yuga Labs’ approach to NFTs, which has faced challenges due to the current market conditions for NFT-related projects. This strategic move is seen as a response to the declining market price of ApeCoin, which has dropped over 57% since last August.

The Workshop was launched after a radical overhaul of the company in April which was primarily done to improve flow and creativity. 

It has become clear that as Yuga Labs operates in the current unfavorable conditions, The Workshop is a deliberate effort by the company to navigate through the challenging conditions such that it continues to progress in the blockchain space.

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SNEAK PEEK

Trump’s new NFT collection sold 22K units, generating over $2.17M in just one day.

Purchasers of 75 NFTs are invited to a gala dinner at Trump Country Club in Florida.

The SEC may scrutinize NFTs amid Trump’s increasing involvement in the crypto community.

Former U.S. President Donald Trump has launched his fourth series of non-fungible token (NFT) digital trading cards, titled “The America First Collection.” This new collection features 50 unique digital cards, including an image of Trump holding Bitcoin, adding a cryptocurrency twist to the mix. The release was made public on August 27 through Trump’s social media platform, Truth Social.

The collection is being promoted as a chance for collectors to own what is being described as a piece of American history. Each card is priced at $99, and those who purchase 15 or more digital cards will also receive a physical trading card. 

These physical cards are said to contain a part of the suit Trump wore during his debate with Joe Biden in the presidential elections. Notably, five of these tangible cards will be randomly signed by Trump himself. Furthermore, buyers who purchase 75 cards will be invited to a gala dinner at Trump Country Club in Jupiter, Florida.

Trump stressed that such procedures are clearly simple because to become an owner of these NFTs, it is enough to have an email address and a payment method, ranging from credit cards and to cryptocurrencies. This simple mode of transaction has ensured that the collection sells very fast, and Trump has recently autoproclaimed himself as the “crypto president”, as he actively courts the crypto people. 

The new collection saw impressive sales on its first day, with over 22,000 units sold on the Polygon network, generating more than $2.17 million. However, out of the total 360,000 NFTs available, only 6% have been sold so far. Should the entire collection sell out, it could potentially bring in over $35 million. It’s important to note that the NFTs will not be tradable on secondary markets until January 31, 2025.In parallel with this release, the American Securities and Exchange Commission (SEC) is reportedly planning to take action against NFTs, which could impact the market. This comes amid Trump’s recent statement that he would fire current SEC chairperson Gary Gensler if re-elected, indicating a potential shift in his stance as he becomes more involved in the crypto community.

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SNEAK PEEK

Mad Lads hits $673K in sales, ranking 2nd among NFT collections on Thursday.

FSIC tops charts with $887K in sales, surpassing CryptoPunks in a market shift.

Ethereum leads with $4.48M in NFT sales, facing strong competition from Solana and Bitcoin.

The non-fungible token (NFT) market, the Solana-based Mad Lads collection registered impressive daily sales of $673,970 on Thursday. This surge in sales positioned Mad Lads as the second-highest-selling NFT collection of the day, reflecting growing interest and activity within the Solana NFT ecosystem.

The FSIC collection, a new entrant on the Bitcoin network, was topping the NFT sales chart on Thursday. FSIC recorded $887,396 in sales, making it the first collection this week to dethrone the usual chart-toppers, CryptoPunks and DMarket. This development highlights the evolving landscape of the NFT market, where new collections are increasingly challenging established players.

Mad Lads, developed by Backpack, continues to solidify its place in the NFT market. With Thursday’s sales, the collection has become the second-best-selling Solana NFT collection of all time. 

To date, Mad Lads has amassed $207 million in total sales, securing its position as the 33rd top-selling NFT collection across all platforms. This milestone underscores the collection’s strong performance and the continued appeal of Solana-based NFTs.

Ethereum’s CryptoPunks, a long-standing leader in the NFT space, slipped to the third position on Thursday, with daily sales amounting to $643,866. Despite the drop, CryptoPunks remains a dominant force in the NFT market, consistently ranking among the top collections.

Holding on to the title of the most deployed smart contract on the Solana blockchain, Solana Monkey Business occupied the $543,019 in sales and placed fourth. Next was the Guild of Guardians Heroes from Immutable with $485,837 on daily sales earning the fifth position. Both collections are healthy enough in the market and they enhance the variety among the top-selling NFTs.

Ethereum had a seamless day with respect to NFT sales, accumulating $4.48 million on Thursday as the second-place holder. This continued violence on the market confirms the main thesis, that Ethereum is firmly seated in the saddle of the global market for NFT sales, although there is growing pressure from fellow Blockchain Solana and Bitcoin as well.

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SNEAK PEEK

Chinese game developers pivot to TON blockchain, escaping domestic market restrictions.

TON blockchain’s success, driven by viral games like Notcoin, attracts displaced developers.

TON’s decentralized platform offers new growth opportunities for China’s struggling game industry.

Chinese game developers are increasingly turning to the TON blockchain as a new platform for their creations. This trend reflects a significant shift in strategy as developers seek alternatives to overcome the limitations of the domestic gaming market, particularly in the face of stringent approval policies and declining opportunities.

Feature: Chinese game developers are flocking to TON blockchain gamesRead more https://t.co/rjQKYzKqGe pic.twitter.com/9s3ORkLK54

— Wu Blockchain (@WuBlockchain) August 29, 2024

The downturn in China’s traditional gaming sector has been evident since 2018, with the implementation of strict game approval policies leading to significant industry disruption. 

The issuance of domestic game licenses decreased dramatically, resulting in the closure of over 600 game companies by the end of the year and the deregistration of 14,000 game-related companies by 2021.

Developers like Xiaoze, who faced layoffs and uncertainty, began exploring new avenues, eventually finding a potential lifeline in the emerging blockchain gaming space.

As traditional avenues closed, blockchain games began to gain traction, offering a refuge for developers displaced by industry shifts. The TON blockchain, developed by the TON Foundation after Telegram ceased its involvement, has become a focal point for this movement. 

The platform’s recent success, highlighted by the viral popularity of the game Notcoin, has attracted significant interest from both independent developers and established game companies. Notcoin’s simple, click-based gameplay has proven highly engaging, boasting over 5 million daily active users and generating significant revenue.

The TON chain’s appeal lies in its lack of centralized restrictions and access to Telegram’s vast user base. This has made it an attractive option for developers looking to repackage or revitalize their existing projects, particularly those who had previously struggled to find success in traditional or larger-scale blockchain games. 

As more and more developers and companies join the TON ecosystem, it is becoming clear that the platform will be one of the major players in the global gaming market creating new prospects for its further development and implementation.

Although the prospects of the large-scale games on the blockchain are more or less questionable in the long run, the fact that mini-games are popular on the TON chain suggests that it is a shining niche market waiting to be explored.

The storm in the industry has passed for developers like Xiaoze, and a new hope and prospects for development in this sector are emerging for him.

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