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- 1 The rising popularity of NFT comes with a number of ups and downs, influencing the financial stability of the NFT marketplace.
- 2 Not only financially, the NFT marketplace is offering users a way to innovate and collaborate with other industries.
From paper art to digital art and games to music, NFT expanded its strong roots to every sector. The combination of creativity with digital technology resulted in creating a strong, different, and impressive community, the so-called NFT space.
Let’s explore the ups and downs in the NFT space.
Stoner Cats NFT Fined $1 Million by SEC
The founder of Stoner Cats NFT was fined $1 Million by the US Securities and Exchange Commission (SEC). According to the SEC, Stoner Cats 2 LLC was conducting an unregistered offering of crypto asset securities in the form of NFTs. The action resulted in generating around $8 Million from investors to sponsor ‘Stoner Cats’, an animated web series. The team was ignoring legal accountability and wanted the benefits of selling security to the public.
Magic Eden is all Set to Adopt Saolana’s Compressed NFTs
Magic Eden, one of the popular NFT marketplaces, announced its partnership with Solana’s compressed NFTs (cNFTs). The purpose is to offer a budget-friendly and scalable path to users and enable some of the well-known cNFT collections. The cNFTs are going to be minted at a rough cost of $110. The compression technology is seen as a better option in terms of cost and data storage.
Friend.tech Back in the Game, Surpassed NFTs in Trading Volumes
Friend.tech, a new and friendly marketplace for traders and investors, is back in the game, showing an immersive hike in transaction volume. The trading was virtually dead for some time and revived with time. The decentralized social media app represented a boost in trading volume, surpassing NFTs on the Ethereum blockchain. The scenario repeated for the third time in the history of Friend.tech, crossing $12.3 Million trading volume, whereas NFT trading volume stood at $9.2 Million.
CoinMarketCap Partnered with HELLO Labs, Why?
CoinMarketCap, the world’s most trusted source for crypto market capitalization, partnered with HELLO Labs to launch ‘Killer Whales’, a Web3 television series.
The series is going to grasp the attention of NFT and crypto entrepreneurs and boasts a stellar cast including CoinDesk, Yuga Labs, SkyBridge, AltCoin, etc. In addition to this, viewers can also expect Web3 education, fierce competition, and pure entertainment from the upcoming launch. Also, HELLO TV streams in more than 55 countries and is expected to attract more and more NFT and crypto enthusiasts.
Machi Offered 11M $APE to Museums Worldwide
Machi Big Brother, an NFT titan, offered around 11 Million $APE to be spotlighted in an international museum. The offer is to purchase diverse blue-chip digital collectibles, including Bored Apes, Mutant Apes, CryptoPunks, etc. Machi’s plan to hit the international museum is effective; $APE holders will receive $DAM, a new token, in exchange for giving their ApeCoin. Machi’s proposal can be a game changer in the NFT space.
Conclusion
The NFT marketplace is becoming popular, with several ups and downs in the space. Based on the news, the competition among the NFT creators as well as the NFT and crypto enthusiasts is high.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
