NFT & Crypto Updates

2023-09-13 10:02:57 SokuNFT: First Affiliate NFT Marketplace Allowing Sellers to Set Referral Fees and Shifting Marketing Costs Post-Sale

The world of Non-Fungible Tokens (NFTs) is currently undergoing a significant transformation, reshaping conventional notions of digital ownership and value. NFTs have surged in popularity, influencing a broad spectrum of industries, including art, collectibles, music, and gaming. Amid this digital evolution, a notable innovation poised to further reshape the NFT landscape is the Affiliate NFT Marketplace. SokuNFT, a prominent entity in the NFT ecosystem, was founded with the vision to redefine digital asset ownership and commerce. While NFT marketplaces experienced exponential growth, there remained unexplored terrain – integrating affiliate marketing seamlessly into the NFT realm. The inception of SokuNFT marked a significant development. It was driven by the vision to empower users not just as NFT owners but as participants in the earning process. This vision led to the creation of the world's first Affiliate NFT Marketplace. • Accessible Income: Affiliates can generate substantial earnings through the Affiliate NFT Marketplace without requiring formal education, certification, or significant upfront investment.

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2023-09-13 04:02:57 CNA Insurance excludes NFTs from coverage of $20M trust policy

CNA Financial, the seventh-largest commercial insurer in the United States, has excluded nonfungible tokens (NFTs) coverage from Schwab Strategic Trust’s policy worth $20 million. In a filing submitted to the U.S. Securities and Exchange Commission, the insurer attached an exclusion to the document, mentioning that the bond does not cover any “loss, damage, claim, occurrence, or suit related to NFTs.” With the section attached to the policy, any losses related to NFTs will not be covered by the insurer. NFTs gained popularity in the bull market of 2021, with various celebrities and companies jumping on the trend. However, a couple of years later, NFTs showed a steep decline in terms of their prices and trading volume. On Aug. 3, NFTs showed a drop in terms of gas usage, signaling a shift in the landscape. Despite the drop in interest in NFTs, some celebrities and businesses continue to dive in. On Sept. 4, soccer star Cristiano Ronaldo said that he planned to release more NFTs in the future while being put through a lie detector test. The lie detector test was done to celebrate the launch of his second NFT collection with crypto exchange Binance.

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2023-05-22 10:03:01 FIRST RGB-POWERED NFT MARKETPLACE LAUNCHES AT BITCOIN 2023

DIBA, the first Bitcoin NFT marketplace utilizing RGB smart contracts, has officially launched on mainnet. According to a press release sent to Bitcoin Magazine, the platform also introduces BitMask, an exclusive Bitcoin-only wallet capable of storing unique digital assets (UDAs) such as music and art. The UDAs will be hosted on high availability storage and cloud services provided by Hut 8, a publicly traded bitcoin miner in North America. DIBA aims to bring Bitcoin utility to the masses by enabling the exchange of UDAs on a decentralized and censorship-resistant network. Notable bitcoin investors, including Tim Draper of Draper Associates and Bill Tai of ACTAI Unicorn Fund, support the venture. Gideon Nweze, founder and CEO of DIBA, expressed his excitement about the launch, stating, "This marks a major milestone in the transition of the internet onto Bitcoin." Tim Draper also commended DIBA's innovative approach, emphasizing the potential of NFTs on Bitcoin. He said, "What Gideon and the team at DIBA have built is a testament to the potential NFTs on Bitcoin hold in capturing the creative and sovereign spirit of this next generation."

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2023-05-22 04:03:02 Influencer served settlement demand via NFT following $7M token presale

A nonfungible token (NFT) influencer has been served with a settlement demand via an NFT — which casually dropped the “F-bomb” several times — alleging that the influencer engaged in wire fraud “at a minimum” on a recent $7 million token presale. On May 20, Mike Kanovitz, a partner at law firm Loevy & Loevy, stated in a tweet that a settlement demand letter had been served as an NFT to the wallet address associated with the influencer known as Ben.eth, whose real identity remains undisclosed. Ben.eth “used a manipulative launch strategy” for the Psyop (PSYOP) token, which raised $7 million in its initial presale over 72 hours. The concerns revolved around how the liquidity pools (LP) were structured and how the tokens “trickled out” after the presale. Shortly after the letter was published on Twitter, Ben.eth tweeted that 50% of the tokens had been sent out and “the rest will be sent in short order.” “At a minimum, you would be guilty of wire fraud, which is a predicate act for racketeering and the basis for a treble damages award against you ($7 million becomes $21 million),” the letter stated. he warned of a potentially “painful” process for Ben.eth if the letter is not complied with.

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2023-05-21 21:03:02 Influencer served settlement demand via NFT following $7M token presale

A nonfungible token (NFT) influencer has been served with a settlement demand via an NFT — which casually dropped the “F-bomb” several times — alleging that the influencer engaged in wire fraud “at a minimum” on a recent $7 million token presale. On May 20, Mike Kanovitz, a partner at law firm Loevy & Loevy, stated in a tweet that a settlement demand letter had been served as an NFT to the wallet address associated with the influencer known as Ben.eth, whose real identity remains undisclosed. Ben.eth “used a manipulative launch strategy” for the Psyop (PSYOP) token, which raised $7 million in its initial presale over 72 hours. The concerns revolved around how the liquidity pools (LP) were structured and how the tokens “trickled out” after the presale. Shortly after the letter was published on Twitter, Ben.eth tweeted that 50% of the tokens had been sent out and “the rest will be sent in short order.” “At a minimum, you would be guilty of wire fraud, which is a predicate act for racketeering and the basis for a treble damages award against you ($7 million becomes $21 million),” the letter stated. he warned of a potentially “painful” process for Ben.eth if the letter is not complied with.

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2023-05-21 16:03:01 Bankrupt crypto hedge fund 3AC’s NFT auction fetches $2.5M

The auction for parts of bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital’s (3AC) nonfungible tokens (NFT) collection fetched $2.5 million at its conclusion on May 19. Facilitated by fine arts broker Sotheby’s, collectibles on sale included Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187 and Tyler Hobbs Fidenza #861. The highest sale amount was Tyler Hobbs Fidenza #725 at $1 million. In response to the news, Kyle Davies, co-founder of 3AC. At the same time, fellow co-founder Su Zhu said, “Sent a few of them the Sothebys auction results, and the response is *crickets*” in response to journalist inquiries on the liquidity of the NFTs. At the commencement of the auction, Zhu quoted English poet Alfred Tennyson: “[Tis] better to have loved and lost than to have never loved at all” as a response to the sale. The NFTs were recovered by liquidators of 3AC after the hedge fund filed for bankruptcy in July 2022. At its peak, 3AC’s estimated assets under management reached $10 billion before being hit hard by the ongoing cryptocurrency bear market. The firm reportedly owes creditors a total of $3.5 billion.

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2023-05-21 10:03:02 Injective (INJ) Surges By 19% Following ‘Surprise’ NFT Announcement

Injective (INJ) is one of the few tokens to have racked up impressive gains in the last week. While most of the assets in the crypto market were marked by insignificant price actions leading to little gains or losses, INJ stood out with an excellent price movement to become one of the biggest weekly gainers. According to data from CoinMarketCap, Injective’s price gained by 19% in the last seven days boasting of a market performance. INJ initially began the week trading around a price region of $6.08 and soon recorded consecutive gains and losses before experiencing a price hike on May 17 to hit a market price of $6.7. On May 13, the team behind the Injective blockchain tweeted a statement urging the user community to interact more with dApps built on Injective or its L1 chain, stating there could be a chance to receive an “NFT-related surprise.” Interestingly, the price rally by INJ in the last week appears to be due to an exciting announcement made by the project developers six days ago. This announcement sparked much excitement within the Injective community, which has been represented not just in price but also in the network activity.

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2023-05-21 04:03:01 Bitcoin Frogs Best Selling NFT for 24-Hrs as BTC Catches Pepe Mania

The ordinals are coming in dank this week. Bitcoin Frogs was the #1 selling NFT collection for the 24-hour period on Wednesday. Frogs sales outpaced Bored Apes Yacht Club, CryptoPunks, and other popular collections for the day. The BRC-20 memecoin project describes itself as “10,000 unique frog collectibles minted directly on the Bitcoin Blockchain.” As of publication time, 3,700 frogs had owners. Meanwhile, hundreds were listed for sale on NFT marketplaces. According to data from CryptoSlam, a leading aggregator of on-chain NFT analytics, Bitcoin Frogs sales reached a trading volume above $2.2 million for the day. Frogs outsold Bored Apes NFTs for Wednesday, May 17th. Some of the BAYC sellers may have even been cashing out to buy PEPE Coin in the meanwhile. There’s been a lot of that going on during this season of Pepe fever. CryptoSlam data shows Bitcoin Frogs selling for an average price of 0.12 BTC (around $3,200 USD) on Wednesday. The PEPE-inspired boom in sales overtook Bored Apes Yacht Club despite the higher average sale price of around $83,000 for the blue-chip NFT. The inclusion of cool NFT features like generative AI to produce unique properties in each mint brings the artistry of smart contract minting to the Bitcoin blockchain.

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2023-05-20 21:03:01 NFT Trading Volume on Track to Drop Below $1B

The non-fungible token (NFT) market is evolving, and measuring its success depends on which metrics you're looking at. According to a new report released by DappRadar on Thursday, NFT trading volume for the month of May has reached $333 million so far, putting it on track to fall below $1 billion for the first time this year. In contrast, there have been 2.3 million sales executed so far this month and a notable increase in the number of weekly active wallets interacting with NFTs. Sara Gherghelas, a blockchain analyst at DappRadar, told CoinDesk that the number of NFT sales appears to be on track to reach or surpass last month's numbers, as opposed to trading volume, which is significantly lagging behind last month's count. In her view, this could signal that there are more NFT traders in the market making smaller dollar-figure trades. The number of unique active wallets linked to NFT activities grew by 27% in May, the report added, attributing the growth to the Miladys NFT collection – which received a notable pump from Elon Musk – as well as profits made from the hyped PEPE token that funneled back into the NFT market. This contributed to an uptick in on-chain activity, which sent Ethereum gas fees skyrocketing.

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2023-05-20 16:03:01 NFT Lending Platform Blend Surges Past 100,000 Ethereum in Total Volume

NFT marketplace Blur is growing by leaps and bounds. With the launch of Blend, Blur’s new lending platform, it’s hit yet another milestone. Blend lets users take out Ethereum loans by putting their NFTs up as collateral. They can then use this loan to purchase new NFTs on the Blur marketplace. In return, liquidity providers receive interest, a mechanism that’s spawned the “NFTfi” niche in crypto. Data per Dune, now shows that Blend has facilitated more than 100,000 ETH in total volume, or roughly $181 million, just 17 days since its launch. Though the project racked up more than 3,000 loans from 900 unique lenders, adding Bored Apes Yacht Club (BAYC) and Mutant Ape Yacht Clube (MAYC) collections on Monday fueled further enthusiasm among NFT collectors. BAYC and MAYC accounted for a total volume of 2,267 ETH on day one. On Wednesday, BAYC was the third-most traded collection on the platform with a volume of 3,082 ETH, just behind Azuki (4,616 ETH) and Wrapped Cryptopunks (2,260 ETH).

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