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NFT Prices Tumble As Crypto Investors Place Big Bets On Bitcoin And Ethereum ETFs

Published

9 months ago

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In a market dominated by optimism surrounding the price spikes of Bitcoin (BTC) and Ethereum (ETH), the non-fungible token (NFT) market has seen a decline in popularity. NFTs, which include digital artwork and collectibles recorded on blockchains, have recently experienced a notable loss of appeal. 

According to a Bloomberg report, Google searches for NFTs have reached their lowest levels since 2021, when these tokens first gained mainstream attention.

Popular NFT Collections Experience Steep Price Declines

A significant drop in sales further highlights the NFT market’s struggles. Researcher DappRadar reveals that NFT sales have decreased by more than six percent to $8.5 billion in the first five months of this year compared to the same period in the previous year. 

This decline starkly contrasts the industry’s peak in January 2022, when it recorded an impressive $17.2 billion in NFT sales within a single month.

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The report further notes that the sentiment surrounding NFTs hit last month when the US Securities and Exchange Commission (SEC) initiated steps toward approving exchange-traded funds (ETFs) directly investing in Ethereum. 

In anticipation of this approval, some investors reportedly began reallocating their investments into ETH while divesting from NFTs. 

Nicolas Lallement, co-founder of NFT data tracker NFT Price Floor, explains that capital rotation is common in crypto markets, with Ethereum likely to continue attracting and absorbing market capital, resulting in price drops for other assets like NFTs.

This year, many popular NFT collections have experienced significant price declines. NFT Price Floor reports that prices for these collections are down by 40 percent to 50 percent year-to-date. CryptoPunks, a collection minted on the Ethereum network, is trading around 2021 levels and has dropped by 29% from its lowest point in the previous year. 

Similarly, collections such as Bored Ape Yacht Club (BAYC) and Chromie Squiggle have seen their price floors, based on Ethereum, decrease to approximately half of what they were at the lowest point of last year.

Market Correction Looms

Daniel Maegaard, an NFT collector, confirms that most NFT collections continue to decline or remain stagnant after the peak euphoria observed in 2021. Maegaard has recently sold several blue-chip NFTs, including works by digital artists XCOPY, Hackatao, and Coldie. 

While some NFT art collections, such as XCOPY’s, have posted positive returns over the past 90 days, Lallement says the overall trend points to a market correction.

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Amidst the challenges faced by the NFT market, one platform that has shown resilience is the NFT marketplace, Magic Eden. The platform has been gaining market share as trading activity on its platform has increased, as per Sara Gherghelas, an analyst at DappRadar. Although Magic Eden recorded record volume in April, trading activity has since decreased.

In sum, the current state of the non-fungible token market reflects a decline in popularity and prices. While some individual collections have shown positive returns, overall market sentiment suggests a continuation of the NFT market correction. 

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The daily chart shows that ETH’s price is trending downwards. Source: ETHUSD on TradingView.com

At the time of writing, ETH was trading at $3,480, following Bitcoin’s lead, with a sharp 5% drop in the past 24 hours and over 8% in the past seven days.

Featured image from DALL-E, chart from TradingView.com



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Pudgy Penguins Linked Abstract Chain Goes Live On Mainnet

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4 weeks ago

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January 27, 2025

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In an astounding development, Abstract Chain, an Ethereum Layer-2 network launched by Pudgy Penguins’ parent company, Igloo Inc., has gone live on the mainnet. Reportedly, the Ethereum-based Layer 2 blockchain is designed to empower crypto communities and facilitate user-centric Web3 applications.

Despite Abstract Chain’s mainnet launch, Pudgy Penguins’ PENGU token has seen a massive decline. While the token’s descent aligns with the broader market trend, the community remains anxious about its further movements.

Igloo’s Abstract Chain Sees Mainnet Launch

Abstract Chain is now live on the mainnet, opening it up to the public for usage. According to a press release, Abstract Chain is now available for consumers, with the mission of driving mass crypto adoption. Developed by Igloo Inc., the parent company of the popular NFT collection, Pudgy Penguins, Abstract Chain focuses on providing a user-friendly experience.

On January 26, Pudgy Penguins CEO Luca Netz shared an X post announcing Abstract Chain’s mainnet launch. Netz proclaimed that the launch would take place on January 27, effective today.

Commenting on the launch of Abstract, Netz stated,

The launch of Abstract is more than just a technical milestone—it’s a shift in how everyday users – and not just crypto natives – experience blockchain. We’ve built Abstract to strip away the complexities of crypto, offering an intuitive and enjoyable experience that empowers users to explore and create effortlessly.

Igloo Introduces the Consumer Blockchain Platform- The Portal

Meanwhile, the Abstract Blockchain unveiled The Portal, which the L2 network describes as the consumer blockchain platform. In a more intriguing description, the blockchain network calls The Portal a “Digital Theme Park of Fun” that revolutionizes the way billions interact with blockchain technology.

The Portal allows users to set up a wallet using just their email address, providing seamless access to a vast ecosystem featuring over 100 community-driven decentralized applications (dApps). The platform aligns with Abstract’s vision of merging the simplicity of Web2 with the transformative potential of Web3.

Abstract Chain’s Zero-Knowledge Rollups

Leveraging ZKsync’s ZK stack, Abstract Chain utilizes zero-knowledge rollups. Reportedly, it provides scalable and cost-effective on-chain solutions with reduced transaction fees.

In response to Abstract’s mainnet launch, ZKsync co-founder Alex Gluchowski cited,

For blockchain to reach the masses, we must abstract away the complexity. Users need to experience better apps, builders need to have more engaged users, and creators need to be rewarded for their efforts – while cutting out unnecessary middlemen. Abstract building for everyone, not just Web3 power-users, is the path to get the next billion onchain.

Pudgy Penguins’ PENGU Token Falls 11%

Echoing the broader market sentiment, Pudgy Penguins’ PENGU token dropped by more than 11% in a day despite Abstract Chain’s mainnet launch. Mainly triggered by China’s DeepSeek AI launch, the crypto market is bleeding today, with Bitcoin slipping below $99k.

As of press time, PENGU is exchanging hands at $0.2282, with a decrease of 4.5% over the last seven days. In a month, the token has seen a massive fall of 37%. However, PENGU’s 24-hour trading volume has seen a hike of 48%, currently at $376 million. PENGU token’s substantial decline follows its last month’s remarkable surge that earned a staggering 14,500x return for an investor. With an initial investment of just $6, the investor made a profit of $87K.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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CyberKongz Receives Wells Notice from SEC, Vows to Fight for NFT Clarity

Published

1 month ago

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January 21, 2025

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The NFT collection CyberKongz said the Securities and Exchange Commission (SEC) will likely charge it.

In a post on X on Monday, the collection said it received a Wells Notice, a letter from the SEC staff that recommends an enforcement action. It commented that the SEC is trying to pull through its laws before Joe Biden’s administration is over.

CyberKongz: “We Will Not Be Silenced”

In a recent post on X, CyberKongz revealed that it received a Wells Notice. A Wells Notice is a formal letter from the SEC staff notifying a company that the staff intends to recommend an enforcement action.

In a statement, the NFT collection said it was disappointed with the approach of the SEC and vowed to stand up for and fight for greater clarity in the NFT space.

The collection shared that, for the past two years, it remained silent in response to SEC inquiries. The SEC was concerned that combining an ERC-20 token with a blockchain game could be considered a security.

It also mentioned that the SEC raised concerns about its business with Genesis Kongz in April 2021, describing it as a “contract migration.”

It said:

“They cannot distinguish between a primary sale and a contract migration. What hope do we have for a clear regulatory pathway moving forward?”

CyberKongz added it intends to fight for clearer crypto regulation, particularly regarding NFT projects.

Eyeing Trump’s Crypto-Friendly Stance

The NFT collection has been vocal about the current administration, which it claims is anti-crypto in its approach. Just recently, as the US Senate Banking Committee was preparing to vote on SEC Commissioner Caroline Crenshaw’s renomination, lawyer Bill Hughes raised concerns about her stance on cryptocurrency regulation. Hughes argued that her renomination one could see as politically hostile to the crypto industry. This stands in contrast to the increasing support for crypto-friendly policies under the incoming administration.

CyberKongz is optimistic that the new administration will provide a more level playing field with a more just regulatory framework. In the meantime, the team comited to support all NFT projects on every blockchain platform.

In the past year, the SEC has acted against several cases related to NFTs. This includes lawsuits against podcast studio Impact Theory and Stoner Cats 2 LLC over unregistered NFT offerings that raised millions. The commission also doled out a Wells Notice to NFT marketplace OpenSea, signaling potential enforcement action.

It is up to wait and see how this enforcement will unfold in the transition of the commission’s leadership. The current SEC Chairman Gary Gensler announced his departure on January 20, in concert with the inauguration of President-elect Donald Trump. Trump has named former SEC Commissioner Paul Atkins, considered friendlier to the crypto industry, as the head of the SEC.

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Teuta is a seasoned writer and editor with over 15 years of expertise in macroeconomics, technology, and the crypto and blockchain sectors.

She began her career in 2005 as a lifestyle writer for *Cosmopolitan* before transitioning to business and economic reporting for renowned outlets like *Forbes* and *Bloomberg*.

Inspired by thought leaders like Don and Alex Tapscott and Laura Shin, Teuta embraced blockchain’s potential, viewing cryptocurrency as one of humanity’s most transformative innovations.

Since 2014, she has specialized in fintech, focusing on crypto, blockchain, NFTs, and Web3. Known for her strong collaboration and communication skills, Teuta also holds dual MAs in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Unyted + Vesa

Published

3 months ago

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December 4, 2024

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Unyted we (meta) stand

Many of the fancy metaverse projects take loooong to build and often require developers and budgets just to stay alive. In fact, one of my favorite ones had the whole company collapse around it in the build phase. I absolutely love what we’ve built with Superworld, for example, and what we’re about to release with Asvoria. Both of these require heavy machinery and rotation to come to life—and to be maintained.

Enter Unyted and my newest spatial Web3 space, which allows me to deliver fluent, up-to-date presentations on what’s happening now while also providing an overview of my entire career. I built it mostly by myself, with some guidance and glitch-fixing help from the team—special thanks to Tijana, Saskia, and Florian. I can update it in minutes to include a new project, presentation, or missing link. It’s freeing and necessary.

Unyted is at the forefront of spatial computing, offering innovative solutions that empower users to create, own, and monetize immersive 3D virtual environments. Their platform is designed to facilitate seamless transitions into the metaverse, providing tools for education, collaboration, and personalized digital experiences.

Link to join the metaverse
Link to join the X spaces.

Join us for a session with Ador, Bitcoin LIVE and others tomorrow 20.00 CET

Starting Thursday, we’ll kick things off with a joint presentation with Ador, and from there, we’ll host regular spaces that people can join visually. X is great for connecting with people, but for an artist, a lot is still missing from the full experience. Let’s see if we can bring these two innovations together in a sensible way.

 

Watch the Tijana introduction to Unyted as well as my keynote held some time ago regarding web3, metaverse and creativity.

Delivering the Metaverse

They’re just starting out, and sure, sure there are a few glitches, but I’ve already given a couple of presentations that feel like a real departure from the world of Zoom. Nothing is ever perfect and getting going and constantly working on it is what keeps the thing alive.

It’s a step closer to delivering something of real value in the metaverse. People showed up to my first keynote in the space done together, they asked questions and then some were left to wonder around the space to explore it on their own. Promises kept. Those matter, after the last run.

I’ve been friends with Florian Krueger since the early blockchain days in London back in 2018, and we’ve collaborated on several projects. He remains one of my favorite people in the crypto space—always looking out for his people and tirelessly fighting for the ethical side of it. I was happy to hear he was starting a new venture and that I could also be a part of.

If you prefer the (virtual) city life?

Key Features of Unyted:

  • Modular Environments: Unyted enables users to design and customize digital spaces, such as virtual homes, offices, or campuses, reflecting their unique vision. These environments can be monetized, allowing creators to generate revenue through their virtual properties.
  • EdTech Solutions: The platform offers immersive educational experiences with features like AI-driven personalized learning paths, customizable avatars, and virtual classrooms. These tools aim to enhance student engagement and retention, providing scalable and cost-effective solutions for educational institutions.
  • Data Protection and Security: Operating under EU regulations and compliant with GDPR, Unyted ensures top-tier data protection. Users maintain complete control over their personal and institutional data, upholding responsible practices in the metaverse.
  • Sustainability Commitment: Unyted is dedicated to sustainability, calculating energy consumption and offsetting carbon emissions for each project. Through Unyted.World, users can stake tokens specifically for carbon offsetting, promoting environmental responsibility within the digital landscape.

In many ways what is important about the metaverse is our ability to pre-visualise the world we would like to live in, and then walk toward that direction.

 

Founded in 2022 by Gaby K. Slezák and Florian Krueger, Unyted envisions a decentralized, independent metaverse where users have equal access to a secure three-dimensional internet. Their mission is to empower individuals to shape their digital futures, fostering a community where creativity and collaboration thrive.

For those seeking to explore the metaverse, Unyted offers consulting services to guide organizations through VR, AR, blockchain, Web3, and Web4 technologies. Their seasoned team provides strategy insights and design expertise to craft unique digital experiences aligned with organizational visions.

Unyted stands as a visionary force in the evolving digital landscape, pioneering innovation while prioritizing user ownership, open collaboration, data protection, and sustainability.

Ador aka BitSavage will join us for the Monday talk in which we also dwell deeper into DAF – the Department of Artistic Freedom

Asvoria coming up soon!

I’ll soon travel to Bulgaria to film some content in the Asvoria linked Hotel Satoshi Nakamoto, as well as guide the team on advances in our shiny updated metaverse space.

The art cars are also gearing up for their auction in Dubai in January, but more on that later.

See you Dec 5th 20.00 CET:

Link to join the metaverse
Link to join the X spaces.

Much to build,

VESA
Crypto Artist, Speaker, Consultant, Writer
All links to physical, NFTs, and more below

http://linktr.ee/ArtByVesa



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