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- 1 The top news for this week includes big names and brands associated with the NFT market.
- 2 Recur, OpenSea, Yuga Labs, and Sage Labs have grabbed the attention of the NFT community.
This week is full of exciting and eye-opening news related to the NFT market. It is well-known that the NFT market is very volatile and it gets affected frequently with the news surfacing in the market.
The main causes of market fluctuations are big names behind NFT, the creators, brands, and firms. Some of the top news that is taking place this week are discussed below.
1. Recur Announced the Shutdown Soon, Concerns Raise in the NFT Market
Recur the NFT startup announced to close its Web3 platform soon. The startup is holding big brands like Hello Kitty and Nickelodeon. This grabbed the attention of the community members as it has secured $50 Million in a Series A funding round. It also secured a valuation of $333 Million.
The startup declared the unknown challenges in the business as the main reason for its shutdown. This move has raised fear regarding the uncertainty in the NFT market. The Recur is popular and its sudden move to shutdown has ignited the questions of unpredictability in the market. The decision to close the firm will be active from November 16, 2023.
2. OpenSea Decision to Close Royalty Fees led Yuga Labs to Block the Trade
OpenSea, the secondary NFT marketplace, decided to end the Operation filter which helps block the platforms and does not imply the royalty fees. The decision to make royalty fees optional made Yuga Labs take strict actions to stop its support for the marketplace recently.
This news grabbed the attention of the NFT creators. Many have supported the decision taken by Yuga Labs. Mark Cuban has also supported the decision being a huge NFT investor.
Yuga Labs is the company behind many famous NFT collections like Bored Ape Yacht Club, CryptoPunks, etc. The decision by OpenSea could potentially impact the revenue streams from many NFT creators who depend on these fees.
3. Sage Labs Facilitates Extension of Star Atlas in Web3 Gaming
Sage Labs comes forward as an extension of the Star Atlas Universe. It facilitates players with a browser-based open-world experience. It has expanded the reach of Star Atlas Economy to enthusiasts worldwide, possibly on Solana.
The limitless action is provided with the ultimate experience. The release made the news as it shows the developments of the gaming sector within the Web3 industry. Star Atlas NFTs will be usable in-game. Sage Labs is a browser-based open-world game with real-time gameplay.
4. Zepeto and Jump Crypto Partnership Raises $13 Million For ZTX Venture
Zepeto partnered with Jump Crypto to secure $13 Million in Seed investment to develop their joint venture ZTX. Zepeto is South Korea’s leading metaverse platform.
Jump Crypto has brought several influential investors for funding.
5. Magic Eden Declared $1M Creator Find to Support Polygon NFTs
Magic Eden announced the launch of $1 Million of Funds to enhance the NFTs on Polygon. This fund is much needed for technological guidance, development, and marketing aid. The main aim of the Magic Eden is to renovate the promising NFT projects on Polygon thus, making the blockchain distinctive.
Summary
The NFT market is eruptive and any type of news can make the prices fluctuate. It is always advisable to be alert to the news surfacing online. One should have in-depth knowledge of any NFT before investing in any trade related to it.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
