Magic Eden Foundation has launched the ME token, designed to enhance cross-chain trading of digital assets and support the expansion of the Web3 ecosystem, positioning Magic Eden as a leader in the global NFT market.

Let’s see all the details below. 

The ME token of Magic Eden powers cross-chain trading and the web3 ecosystem

As anticipated, Magic Eden Foundation has recently announced the launch of the ME token, a strategic initiative aimed at revolutionizing cross-chain digital asset trading and strengthening the platform’s presence in the growing Web3 ecosystem. 

With this move, Magic Eden aims to redefine the dynamics of the NFT market, expanding its influence across different blockchains and facilitating a smoother and more interconnected user experience.

The ME token has been designed to be a growth engine for decentralized applications (DApp) Web3, enabling cross-chain trading of digital assets with greater efficiency. 

Although Magic Eden initially consolidated its reputation as an NFT platform based on Solana (SOL), it quickly expanded its reach to include other blockchain.

This multichain approach allows the platform to integrate the ME token into different networks, promoting greater interoperability and incentivizing users to trade digital assets across different chains, at any time and with ease.

Magic Eden has always sought to be at the forefront of the NFT sector and, with the introduction of the ME token, aims to further consolidate its position as a leader. 

According to the official press release, the token will be the fulcrum of the operation of the Magic Eden ecosystem, incentivizing not only existing users but also third-party DApps to integrate and use these innovative protocols.

Exponential growth of the Magic Eden platform

The growth of Magic Eden has been impressive, and the launch of the ME token represents a further step forward in its expansion. 

The platform has surpassed 6 billion dollars in total trading volume, a figure that represents over 60% of all revenue generated by NFTs.

This success was partly due to Magic Eden’s ability to surpass its competitors, such as Blur and Yuga Labs, with a volume of NFT trades that reached 756.5 million dollars in March 2023. 

Marking therefore an increase of 194.4% compared to the previous month. 

This significant increase in trading volume has not only solidified Magic Eden as a leader in the NFT market, but has also demonstrated the robustness of its infrastructure and the trust of users in the platform. 

The launch of the ME token is intended to further enhance this growth. Thus offering new tools for cross-chain trading and promoting greater adoption of DApps in the Web3 ecosystem.

The role of investors and the lessons of the NFT hype cycle

Despite the impressive growth of Magic Eden, it is essential to reflect on the lessons of the recent past in the bull and bear market of NFTs. 

Between 2021 and 2022, the NFT market experienced an unprecedented hype cycle. With collections like CryptoPunks and Bored Apes gaining enormous traction.

However, this euphoria was followed by a sharp decline, with the market capitalization of NFTs dropping drastically from a peak of 526 billion dollars in May 2022 to only 18 billion dollars in August 2023, a 97% decrease in value.

This collapse has highlighted the risks associated with investing in NFT. With a report from dappGambl from September 2023 revealing that 95% of NFT collections, among the 73,257 analyzed, had a market capitalization of zero Ether. 

These data show how volatile and unpredictable the NFT market is. Furthermore, they highlight the need for more sustainable and long-term approaches, such as the one proposed by the Magic Eden Foundation with the ME token.

Chiliz and Socios have announced a new integration with PUML Better Health, an Australian platform specialized in health, wellness, and sports GameFi: physical activity and token rewards for users. 

Specifically, this collaboration aims to bring the concept of “Move to Earn” and the well-being of the fans to the Chiliz community. Let’s see all the details below. 

The GameFi of well-being on Chiliz and Socios: sports and rewards in tokens at the center of the project

As anticipated, Chiliz, leader in blockchain for the sports and entertainment sector, enthusiastically announces a new partnership with PUML Better Health, an Australian health and wellness platform GameFi.

This collaboration aims to introduce the concept of “Move to Earn” and to promote the health of fans within the Chiliz community.

PUML Better Health allows users to connect their wearable devices and record their daily steps, rewarding them with PUML, the in-app game currency. 

This token can be converted monthly into the native token $PUMLx, which in turn can be exchanged for CHZ and Fan Token.

Among the main features we find, first of all, the daily rewards. Chiliz users will be able to increase their daily rewards by maintaining 100 CHZ in the PUML self-custody wallet, directly in the app. 

This allows holders of CHZ to declare 10,000 steps per day and to obtain the advantages of a premium subscription, as long as they keep their balance above 100 CHZ.

Users can also participate in daily and monthly health challenges, such as daily step goals, team challenges, and distances. 

Just download the app and connect your wearable devices to monitor your steps and compete with other members of the community. Some challenges will use CHZ and Fan Token. 

Creating thus a unique experience for the fans and allowing device monitoring and community chat.

Members can then earn by activating the GPS to track walks and runs, obtaining the PUML token for the first run of each day.

This collaboration comes at a time when the integration of health and wellness into digital platforms is rapidly growing. 

Physical activity, connection and well-being 

With the increase in global attention towards fitness and well-being, Chiliz and PUML Better Health are well positioned to lead this trend in the sports community. Alexandre Dreyfus, founder and CEO of Chiliz, stated the following: 

“Our mission at Chiliz is to constantly innovate and improve the fan experience. The collaboration with PUML Better Health allows us to integrate the health and well-being of fans and introduce our first Move to Earn platform into our ecosystem, offering fans a unique way to engage with their community through gamified fitness challenges.”

Damien King, CEO and founder of PUML Better Health, added: 

“We are excited to collaborate with Chiliz and bring our gamified health platform to a wider audience. This partnership not only promotes physical activity but also offers a unique way for fans to connect with each other through a SportFi experience.”

With this new integration, Chiliz and PUML Better Health are paving the way for an innovative fusion of fitness, wellness, and sports entertainment. Thus offering users an engaging and rewarding platform.

With a recent unprecedented sale of CryptoPunk, Ethereum stands out as a leader in the non-fungible token (NFT) market, generating over 32 million dollars in just 24 hours.

Let’s see below all the details. 

CryptoPunk: Ethereum’s triumph in the era of non-fungible tokens (NFT)

As anticipated, for the second consecutive day, Ethereum remains at the top of the non-fungible token (NFT) market, as reported by CryptoSlam.

In the last 24 hours, sales of NFT on Ethereum have exceeded $32.81 million. 

A significant contribution to this value was made by CryptoPunk #7804, sold for 16.38 million dollars, or 4,850 ETH, giving it the second place in the ranking of CryptoPunks with the highest value ever recorded.

This new peak in sales has further consolidated the primacy of Ethereum in the all-time sales volume, now standing at 43.30 billion dollars.

On the other hand, Bitcoin and Solana, classified respectively in second and third place on Thursday, have recorded a decrease in their sales performance. 

Sales of Bitcoin have decreased by 12% to $10.26 million, while Solana’s sales have decreased by 17% to $6.39 million.

The all-time sales volume of Bitcoin now stands at around $2.91 billion, while Solana, which holds the second place in the all-time sales ranking, has reached a total of $5.25 billion.

SEC uncertainties about Ethereum ETF: Thorn warns about likely delay

Alex Thorn, head of corporate research at Galaxy Digital, has indicated that the possibility of a spot Ethereum ETF in May is extremely low due to the positions taken by the SEC and their lack of commitment.

According to recent reports, the SEC is trying to classify ETH as a security. There are reports indicating that the SEC has issued various subpoenas to cryptocurrency companies regarding their ties to the Ethereum Foundation. 

According to Thorn, this, together with the lack of commitment from the SEC towards those requesting the ETF, raises strong doubts about the approval of a spot ETF on Ethereum. 

This position is significantly different from when the commission approved spot Bitcoin ETFs in January.

A Fortune report highlighted the SEC’s strenuous legal battle to classify ETH as a security. This report cited various subpoenas received by US companies as part of the investigation. 

Other reports claim that the Ethereum Foundation has been the subject of a confidential investigation by an unknown government agency, which led to the removal of the “warrant canary” from its website.

More reflections on Ethereum ETFs

Thorn, a former veteran of Fidelity Investments, speculated that the SEC might be interested in the interactions between cryptocurrency companies and the Ethereum Foundation. 

It could also be considered whether the 2014 Ethereum initial coin offering was an unregistered securities offering rather than considering the secondary trading of ETH as securities trading.

Thorn suggested that, although the SEC may distinguish between ICOs and secondary trading of ETH, coercive action against the Ethereum Foundation after almost a decade would be “extremely irregular”. 

His opinions reflect those of other market experts who doubt the approval of a spot ETF on Ethereum by May. 

One of them is Bitwise’s CIO, Matt Hougan, who suggested that delaying the approval of a spot ETF on Ethereum could have benefits. 

That is, allowing Wall Street to assimilate Bitcoin spot ETFs before introducing new ones. It also indicated that a delay could attract more resources.

This morning, the cryptocurrency exchange Binance completed the listing of the Sleepless Ai (AI) token, starting trading with 6 different trading pairs.

The cryptographic currency, belonging to a decentralized gaming project that leverages artificial intelligence technology, aims to be one of the most promising digital currencies for 2024.

As part of the listing process on Binance, the AI token was previously included in the launchpool section of the same exchange and later distributed to early adopters of the platform through a crypto airdrop.

Let’s see all the details below.

What is the crypto Sleepless AI project?

Today Binance has presented to its customers the Sleepless AI project, carrying out the listing of the AI token within various markets of the exchange. 

Sleepless AI represents an innovative platform of decentralized games in which the technology of artificial intelligence is combined with the dynamics of social interactions normally present in human relationships.

Its development has been supported by VC companies such as Binance Labs, Foresight Ventures, and Folius Ventures.

The mission of the project is to offer virtual encouragement to all those people who face moments of loneliness, weakness, and lack of affection in their daily lives.

As highlighted by the same AI project, relationships in real life, although meaningful, often involve a series of limitations and disappointments.

Through Sleepless AI’s two flagship games, HIM and HER, users can engage in a virtual relationship with a bot that offers tailor-made emotional support, providing a liberating, joyful, and deeply personal love experience.

By using these two games, you don’t simply interact with a character on the screen, but you connect with a virtual entity that behaves like a real person.

These bots speak intelligently, and their personalities change based on how we play, and we can have interesting conversations with them.

Sleepless AI is one of the first projects that aims to explore the connection between human relationships and artificial intelligence, through a soft approach based on a game.

The AI token, a native resource of the platform, is used for the following purposes:

• get a discount on game token recharge, which can then be spent on purchasing clothes, accessories, upgrade cards, etc. 
• to be exchanged with game tokens
• participate in gameplay governance issues, which mainly deal with game object updates
• accumulate transaction fees that are distributed in part to token holders

The Sleepless AI game is only available on the Binance Smart Chain network, but in the future it could expand to other blockchains.

The listing of the AI token by Binance not only strengthens the growing importance of blockchain and cryptocurrency in the gaming sector, but also opens up new opportunities for investors and enthusiasts to participate in the emerging landscape of AI-based gaming experiences.

Listing on Binance for the AI token accompanied by a launchpool and an airdrop for the first users of the project 

Binance, the world’s largest cryptocurrency exchange, concluded this morning at 10:00 UTC (11:00 Italian time) the listing of the AI token, marking a milestone for the blockchain gaming industry.

The currency has been listed on 6 different trading pairs, including AI/BTC, AI/USDT, AI/BNB, AI/FDUSD, AI/TUSD, and AI/TRY, thus providing users with a wide choice and a certain degree of flexibility to participate in the trading of the new crypto.

Before listing on Binance, the Sleepless AI project raised $3.7 million from three private token sales. In these sales, 7.6% of all existing AI tokens were sold. Currently, the project is valued at $200 million.

To celebrate the debut of AI in the vast cryptocurrency market, the token has also been included in the launchpool section of Binance, where users had the opportunity to farm it starting from December 28, 2023.

A total of 70,000,000 AI tokens (7% of the total token supply) have been allocated for the launchpool, against an initial circulating supply of 130,000,000 AI tokens (13% of the total token supply).

All platform customers who had completed the KYC process could participate in the launchpool with rewards for BNB, FDUSD, and TUSD stakers.

In addition, as a support phase for the launch of the project and the AI token, a airdrop for the first users of the artificial intelligence platform was also carried out in parallel, allowing them to redeem the resource on the official website of the game just minutes before listing on the markets.

In particular, the marketing technique of airdrop often helps to attract the attention of the public, pushing more and more users to be interested in certain platforms with the promise of receiving free cryptocurrencies in exchange.

In the case of Sleepless AI, the airdrop was small, not comparable to larger projects like the recent cases of Jito, Celestia, or Jupiter.

At the time of listing on Binance, the AI token was launched at an initial price of 0.03 dollars, but in a few seconds it skyrocketed to reach 2.58 dollars, before closing the first 15 minutes of trading at 1.37 dollars.

If we consider the first hour of trading on the AI/USDT market, the token’s price growth has been around 38,000%, with a trading volume of approximately 125 million dollars.

These dynamics are common for cryptographic resources that are launched on Binance and that before then did not have alternative reference markets.

It is important to remember that in these situations it is extremely complex, if not impossible, to buy the new crypto at its minimum prices, while it is absolutely easy to make a buy at the maximum prices.

Anyway, for the next few months, the forecasts for the AI token show a bullish price action, driven by a positive outlook for the broader cryptocurrency market and a reduced initial circulating supply compared to the maximum supply.

Currently, Sleepless AI has a capitalization of around 145 million dollars, compared to a FDV of 1.2 billion dollars.

The Nemesis, a Metaverse company with a unique hybrid model that seamlessly unites Web2 and Web3, first in the Top 20 Web3 Virtual Worlds by Metaversed, is excited to announce the launch of the long-awaited ERC-20 payment token.

NEMS: the new token of The Nemesis metaverse

Set to launch on May 8th, 2023 with the Launchpad on Coinbar, the NEMS token will be restricted to Holders of The Nemesis NFTs (Companions, RC-NITRO and Lands): all addresses owning at least one NFT will be able to buy NEMS at 0,15$ per token. The NEMS official presentation will be held on the stage of the Blockchain Week Rome on May 10th, 2023 together with the Launchpad on Cryptosmart, with unrestricted access and a minimum purchase amount of 200$.

The Public Sale will take place in the following weeks on Uniswap and BTCEX at 0,20$ per token and will then be listed on BingX and BitMart.

Alessandro De Grandi, CEO and Founder of The Nemesis, stated:

“This is a significant milestone that marks the official start of a new era of evolution for our company. Our innovative Play-and-Earn model will allow users to earn real money while having fun and actively participating in an involving gaming experience that, at the same time, becomes a real earning opportunity within the Metaverse”.

The Nemesis offers a stimulating and innovative gaming experience accessible to anyone thanks to the extreme ease of use (easy access with a url link via desktop browser or iOS/Android mobile app). Owing to the platform’s Circular Economy system, players will be able to spend their time obtaining cards and COINS, the in-game currency used to purchase

different virtual assets to customize their experience but also to cash out through the new token.

The NEMS will also allow users to buy Land NFTs, virtual real estate plots on which it will be possible to build custom Metaverses. Currently on Presale for Companions Holders, Lands will be available on Public Sale from May 22nd and, on the same day, Miners on Lands will be revealed. 

Miners are special attributes of Lands, through which users can generate COINS to be converted into NEMS. COINS and cards boost the level of in-game assets and allow users to gain further major benefits, with the aim to let them enjoy a more advantageous Play-and-Earn experience.

All details on the token launch on the official website.

About The Nemesis

The Nemesis is reimagining the web through its next-generation Metaverse offering; a place without borders where virtual and real-world encounters merge together to form an experience unlike any other. 

The project was built to catalyze the mass adoption of Web3 by leveraging the utility of Web2 to seamlessly onboard users from any background or interest to enjoy what they like in the Metaverse. Relevant investors, Brands and influencers (Consensys, Polygon, LandVault, Skoda by Volkswagen, Arnette by Luxottica.. and many more) choose the platform to increase the community engagement through fun gameplays, challenges and live events set in new and surprising high-quality Metaverses.

USEFUL LINKS

Website: https://thenemesis.io/

Android app download: https://play.google.com/store/apps/details?id=io.thenemesis.android

IOS app download: https://apps.apple.com/it/app/the-nemesis/id1550123242

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Trouble for the Crypto Art market. According to the latest data, it appears that sales of non-fungible tokens fell 31% in March, with $882 million in NFT sales. Let’s see what and why this happened.

Drop in non-fungible token sales: data on the Crypto Art market

As anticipated above, according to statistics, the number of sales of non-fungible tokens (NFT) in March was 31.42% lower than the previous month, down from $1.03 billion in sales in February to $882.89 million.

In addition, the number of NFT buyers and transactions also decreased, from 22% to 29%, over the past 30 days. Of these sales, $537.89 million were settled on the Ethereum blockchain (ETH), which dominated March sales with over 60%.

Solana-based NFT sales accounted for 10.57% of March sales, with $93.36 million settled. In terms of NFT sales, Solana was followed by Polygon ($36.16 million), Immutable X ($28.82 million) and Cardano ($10.08 million).

At this point, the question arises as to why the NFT market is proceeding slowly despite the partial recovery of cryptocurrency prices. It should be emphasized that the March data may not fully reflect reality, as it lacks data on non-fungible tokens on Bitcoin, which have recently entered the market.

To date, there are still no platforms to measure the buying and selling volumes of these non-fungible tokens. According to Galaxy Research, a company that conducts data analysis on blockchain, the Bitcoin NFT market could be worth 4.5 billion in 2025.

Crypto Art: which non-fungible token collections sold the most in March?

Regarding the Crypto Art market, we see that the best-selling NFT collection in March was Bored Ape Yacht Club (BAYC), which generated sales of $35.81 million, although this figure represents a 48.19% decrease from the previous month.

Cryptopunks was the second largest NFT collection in terms of sales, with $30.11 million, an 87.95% increase over February. According to cryptoslam.io statistics, the Bored Ape Yacht Club (BAYC) and Cryptopunks NFT collections were followed by Otherdeed ($29.20 million), MG Land ($25.71 million) and HV-MTL ($18.59 million).

Among the top ten NFT collections, Degods recorded a 70.53% increase in sales in March compared to February, just below the 87.95% increase recorded by Cryptopunks during the same period.

Other noteworthy collections that recorded increased sales this month include Y00ts, Claynosaurz, and Whiko NFT. Finally, the most expensive NFT sales this month were Azimuth Points #236, sold for $704,000, followed by Bored Ape Yacht Club (BAYC) #5,116, sold for $689,000 and Fidenza #971, sold for $561,000.

BAYC #2,062 sold for $557,000 a few days ago, while Fidenza #395 sold for $547,000 just over a month ago. According to 30-day statistics, not a single NFT was sold for more than $1 million in March.

Not only that, according to Dappradar.com and Dune Analytics, Blur dominated sales with over 70%, while Opensea captured 19.9%.

What’s new coming in the NFT and Crypto Art market

Despite declining NFT sales, Yuga Labs had a rather exciting month of March. Indeed, we see two important new developments: the collaboration with Gucci and the launch of Twelvefold, the company’s first collection built on Bitcoin.

Specifically, Gucci announced its entry into the NFT market on Twitter, using an image showing the trademarks of the two brands on the bottle in the trailer for the Bored Ape metaverse, Otherside.

However, the unexpected and enigmatic announcement makes it impossible to predict how the collaboration will play out. Meanwhile, the Twelvefold auction, Yuga Labs’ first collection of non-fungible tokens on Bitcoin, consisting of 300 unique pieces, raised 735.7 BTC ($16.5 million).

These digital artworks can be bought on Magic Eden, a platform started on Solana that also released this month a section dedicated to inscriptions, NFTs on Bitcoin.

Furthermore, we see production studio Baobab Studios, winner of nine Emmy Awards, entering the NFT market with its new project, Momoguro. Created by director and multimedia animator Martin Allais and writer/director Nico Cassavecchia, Momoguro is a colorful fantasy world where creatures called “Momos” can merge together to form hybrid characters.

The collection generated more than 10,000 ETH in volume, though the floor price of the NFTs, after spurting upward in the days immediately following the minting, fell below the initial value (0.2 ETH) and is now around 0.1 ETH.

Finally, paintings by Lee Mullican, an artist who has exhibited his work in the halls of the Museum of Modern Art (MoMA) and the Los Angeles County Museum of Art (LACMA), also landed on the Tezos blockchain in March.

Yesterday, after former President Donald Trump appeared in Manhattan court, his collection of Non-Fungible tokens saw a 251% surge in sales.

Non-Fungible Tokens Sales of Donald Trump rise 251%

According to data from CryptoSlam, sales of Donald Trump’s Non-Fungible Tokens skyrocketed +251% after news of the former US President’s arrest as he appeared at the Manhattan courthouse yesterday.

JUST IN: Former President Trump’s NFT sales have increased by 251% following his arrest. pic.twitter.com/KA0r0P9sSM

— Watcher.Guru (@WatcherGuru) April 4, 2023

It is Trump’s NFT collection of 45,000 digital cards, which had sold out in a matter of hours when it debuted in December, with sales of $3.53 million.

Last week, following news of Trump’s indictment, sales jumped 251%, now exceeding $65,000 total.

At the time of writing, NFT card #3162 is the top selling card of the past 24 hours, and over the past 7 days, priced at over $2,500.

“Trump Digital Trading Card” NFTs depict portraits of the former President posing with a “Trumpworld” sign in the “Hollywood” style, or as a superhero with lasers shooting from his eyes or as an astronaut.

The Non-Fungible Tokens of Trump and the call before the court

This surge in sales of Trump’s Non-Fungible Tokens coincides with him being called before a Manhattan courtroom yesterday.

The former president, who is running to reclaim his old office, was indicted by a grand jury last week on charges of making alleged secret money payments to porn actress Stormy Daniels.

What happened yesterday was only a formalization of those charges, but it is the first time in American history that a former commander in chief has been criminally indicted.

For his part, Trump claimed that “there was no crime on Trump’s part” in posts on his social media platform Truth Social. Not only that, the former president derided the indictment as a “witch hunt.” 

From being against the crypto world to selling NFTs on Polygon network

Initially, Trump had sided with those opposed to the crypto world, even calling “Bitcoin as a scam.”

It was only in December 2022 that Trump had apparently changed his mind, and launched his NFT collection on the Polygon network.

A move that would leave both NFT enthusiasts and Trump supporters incredulous and amazed. In fact, the “Collect Trump Cards” campaign was then promoted through his official account on Truth Social, with an initial sale price of each NFT of $99.

The 45,000 NFT cards on Polygon represent the former president’s first official collection, and he himself volunteered to advertise their sale when they were launched.

 

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According to DappRadar, the day after the collapse of Silicon Valley Bank, the number of active Non-Fungible Token (NFT) traders fell to its lowest point since November 2021, affecting collections such as CryptoPunks and Bored Ape Yacht Club. Let’s see what happened.

CryptoPunks Non-Fungible Tokens attempt a recovery

Last Saturday, the day after the Federal Deposit Insurance Corp took control of Silicon Valley Bank, there were only 12,000 active NFT traders, according to DappRadar, a number not seen since November 2021.

There were 33,112 individual NFT traders that day, the lowest daily count so far in the year. Since the beginning of March, the volume of non-fungible token trades has declined 51%, with sales down about 16%, DappRadar says.

However, not all collections of non-fungible tokens have been affected in the same way. In fact, projects from NFT issuer Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, saw their minimum prices drop slightly Saturday, but prices quickly recovered.

One Twitter user compared CryptoPunks to USDC, arguing that it was more stable than the stablecoin, which lost its peg to the US dollar after the collapse of Silicon Valley Bank.

Specifically, the bank failed after selling most of its holdings at a loss to deal with a flood of withdrawal requests from customers. Sara Gherghelas, research analyst at DappRadar, said Yuga Labs’ success was amplified by its investment in CryptoPunks and its ability to build a community.

While the company said it has limited exposure to Silicon Valley Bank, its token holders have not made big moves on the news. Gherghelas stated on the matter:

“They have a very clear road map, the team is visible and they have decided to make a good project after the Ape ecosystem. They keep building. They are proving that if you are a part of their community, they have so many advantages and benefits.”

SVB drags with it some NFT collections: let’s see which ones

Not all collections made it through the collapse of Silicon Valley Bank unscathed. Shortly after the news broke on 10 March, Proof, the NFT collective behind the popular Moonbirds collection, took to Twitter to share that the company had some funds invested in Silicon Valley Bank, sparking uncertainty among holders. As stated:

“A statement from the PROOF team regarding SVB: Many of you saw the headlines this morning about the closing of Silicon Valley Bank. The most important thing for us, in good times and bad, is to communicate with our community proactively and transparently.” 

Proof continues on Twitter:

2/5: In the spirit of transparency, here’s everything we know about the situation with SVB:

Proof holds cash at SVB, however…
We’ve thankfully diversified our assets across ETH, stablecoins, as well as fiat—so financially and operationally, we’re going to be OK.

— PROOF (,) (@proof_xyz) March 10, 2023

Over the weekend, Moonbirds lost about 18% of its value, according to DappRadar. One large holder sold 500 Moonbirds on Saturday, suffering losses of between 9% and 33% for a total of more than 700 ETH, or about $1.1 million.

Gherghelas said that, while news of Proof’s exposure to Silicon Valley Bank contributed to the uncertainty in the project, holders were pressured to sell because of the company’s shortcomings in recent months.

After canceling its Proof of Conference scheduled for May, the community remained uncertain about the company’s ability to deliver on its promises. In fact, Gherghelas concluded:

“People, users and consumers are getting more selective and they don’t want hype, they want the perks, benefits and utility behind that NFT collection.”

What is the exposure of CryptoPunks Non-Fungible Tokens to SVB?

As we now know, the Silicon Valley Bank (SVB) fallout on Friday sent shockwaves throughout the crypto and technology industries, leaving many companies uncertain about their financial positions.

However, Yuga Labs co-founder Garga reassured the community that their event would have no impact on their business. In a recent statement, Garga provided much-needed relief to Yuga Labs investors.

According to Garga, Yuga Labs has “super limited exposure” to the now-bankrupt bank. This means that the company’s finances will not be significantly affected by the fallout. Garga also acknowledged that other cryptographic and technology companies may not be so lucky.

On the other hand, Yuga Labs has already proven to be proactive in protecting its finances. During the FTX fallout in November 2022, co-founder Gordon Goner reassured the community that the company’s money was safe.

According to him, the funds were held in Coinbase Custody, bank accounts, and T-Bills. Goner also revealed that the company had transferred its money from FTX.us before the fall. This demonstrated Yuga Labs’ commitment to financial security and risk mitigation.

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In February, the Non-Fungible Token (or NFT) market recorded $2 billion in crypto trading volume. This is a 117% increase over the previous month.

Non-Fungible Token volume surges to $2 billion in crypto

In DappRadar‘s report for February, it appears that the NFT market experienced a surge in trading volume, touching $2 billion for the first time since May 2022.

This result represents a 117% increase over the previous month, despite the fact that the number of sales decreased by 31.46%. And indeed, the number of total NFT sales for February was 6.3 million.

Dominating the scene in terms of blockchain is Ethereum, with $1.6 billion in NFT trading volume, and that is 83.36% of the entire NFT market.

Yet, Polygon also seems to have had a significant increase this February. And in fact, it stands at +147%, reaching a $39 million NFT trading volume this month.

Among other blockchains that have been active participants in the overall growth of the industry there is Immutable X which focuses heavily on gaming and saw its trading volume increase by 71% to $24.4 million.

BNB Chain also experienced similar growth and recorded NFT trading volume of $7 million.

The Non-Fungible Token market and the best-performing platform Blur

Apparently, among the NFT platforms that contributed to the growth of the Non-Fungible Token market in February was Blur.

And indeed, Blur emerged as the top-performing and dominant marketplace with $1.3 billion in trading volume, accounting for 64.8% of the entire NFT market trading volume.

In contrast, Opensea, the main competitor, lagged behind with $587 million, equivalent to 28.7% of the market.

Certainly despite Blur’s impressive trading volume, it is worth noting that OpenSea still has a much larger user base, with over 316,199 traders compared to Blur’s 96,856.

We just released our February industry report!

It reveals that @opensea still holds the top spot for most traders among NFT marketplaces, with 317K unique traders in February, despite @blur_io‘s dominance in trading volume and market share.

Dig deeper https://t.co/KDlRVn8yTV pic.twitter.com/3TdslUiAQ5

— DappRadar (@DappRadar) March 2, 2023

This means that users are appreciating the unique trading patterns offered by Blur compared to other marketplaces. According to the report, Blur’s trading activity is largely driven by NFT whales farming on the platform.

Not only that, Blur has focused on royalty payment options, now offering a minimum royalty rate of 0.5%. In addition, it has implemented measures to limit NFT sales in secondary markets that do not honor royalties.

In this way, Blur hopes to become more attractive to NFT creators and increase its market share.

In general, other NFT marketplaces such as X2Y2 and LooksRare do not appear to have experienced large increases during February. Rather, the report states that they “lagged far behind,” with trading volumes of $39 million and $29 million, respectively.

Yuga Labs’ collections dominate the NFT scene

BAYC, MAYC, BAKC, Otherdeeds, and Sewer Pass are the 5 collections of Yuga Labs that are dominating the NFT scene, accounting for 30% of the entire NFT trading volume on Ethereum, which is $1.6 billion. Not only that, the 5 collections rank in the top 10 in terms of total trading volume.

Regarding February, the report states that six of the top 10 NFT sales for the month were CryptoPunks, which together made $5.3 million. Yuga Labs purchased the rights to this collection as well.

Whereas the biggest NFT sale of the month was the Golden Key Sewer Pass, sold by professional player Mongraal for a whopping 1,000 ETH.

But the news does not end there. During the month of February, Yuga Labs launched its first NFT project on Bitcoin: TwelveFold. It is a collection of 300 Non-Fungible Token Generative Art Ordinals. 

The TwelveFold project was launched in February, but the auction went live between yesterday and today, so it will be part of the March NFT report.

The auction for TwelveFold has begun and will conclude on the block immediately prior to 3pm PT tomorrow, March 6th, 2023. Good luck.https://t.co/gvl8IHpekC pic.twitter.com/xGWU9jdCoO

— Yuga Labs (@yugalabs) March 5, 2023

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