In a worrying turn of events, the NFT market weathered a challenging third quarter in 2023, witnessing a substantial plunge in sales volume, marking its lowest point since January 2021. A recent report by Binance Research reveals that NFT sales for Q3 amounted to a mere $299 million, a staggering decline from the previous quarter’s […]
Introduction In recent years, nonfungible tokens (NFTs) have emerged as significant players in the dynamic realm of cryptocurrencies. The peak of NFT excitement coincided with the 2021/22 bull run, with a staggering monthly trading volume of nearly $2.8 billion in August 2021. During this time, headlines were ablaze with million-dollar NFT deals, creating the impression […]
The non-fungible token (NFT) market, once a red-hot hub of innovation and investment, is facing a significant slowdown, with data from DappRadar revealing alarming statistics. Between January 2022 and July 2023, monthly trading volumes for NFTs plummeted by a staggering 81%, while sales dipped by 61%. NFTs, unique digital assets representing everything from art and […]
The advent of Ethereum blockchain technology is giving rise to a transformative solution for the age-old problem of stolen artifacts held within museums. Pioneering researchers are crafting an Ethereum-based blockchain tool named Salsal, aimed at revolutionizing the organization and oversight of valuable historical collections within museums and cultural institutions. Decolonizing Museums Through Blockchain Mark Altaweel, […]
Introducing ERC-6551, a new token standard for non-fungible tokens (NFTs) that has the potential to reshape the NFT landscape referred to as “Token-Bound Accounts” (TBAs), this emerging category of NFTs seamlessly integrates with the existing ERC-721 NFTs. TBAs equip NFTs with smart contract capabilities, amplifying their functionality and enabling them to function as smart contract […]
What are Ordinals? Ordinals are a new concept in the Bitcoin world that involves building on top of the Bitcoin blockchain. Originally designed as a cryptocurrency, Bitcoin has failed to meet expectations as a means of payment. This is quite unlike smart contract platforms such as Ethereum, which have become popular among developers who are […]
Approximately nine out of every twenty NFT trade volumes have been wash trades since the NFT’s inception, according to Dune Analytics, and more than five out of every 10 NFT trade volumes in 2022. When a trader or a group of traders processes a buy and sell either alone or by colluding with an exchange, […]
The top two NFT projects on the blockchain announced on Christmas Day that they planned on expanding their ecosystem to Polygon, shocking the Solana NFT community in the process. In a tweet that included the video announcement, company founder Frank DeGods stated, “It’s just the beginning.” The associated cryptocurrency $DUST is also migrating to Ethereum […]
Non-fungible token (NFT) owners haven’t had a good year in 2022, and statistics indicate that interest in the topic has significantly decreased this year. The search phrase “NFT” got a score of about 52 for the week of December 26, 2021, to January 1, 2022, according to Google Trends (GT) data. On January 16–22, 2022, […]
