Lưu trữ cho từ khóa: #NFT

NFT

Hyperbolic and Mintify raise over $10m in latest web3 VC deals

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So far this week, two web3 startups have collectively raised over $10 million in venture capital funding.

Hyperbolic raises $7 million

Hyperbolic, a blockchain-based artificial intelligence project, raised $7 million in a seed funding round, as the project reported on X yesterday.

The startup plans to develop an open-access AI cloud platform that aggregates GPU power and helps reduce computing costs for AI-based startups. The firm uses blockchain technology to maintain the security and transparency of its services. 

The funding round was led by Polychain Capital and Lightspeed Faction. Other notable participants included LongHash, Bankless Ventures, Republic Digital, Chapter One, Nomad Capital, CoinSummer Labs and Third Earth Capital.

The investment round also saw participation from angel investors, such as former Coinbase CTO Balaji Srinivasan, Polygon co-founder Sandeep Nailwal, and Illia Polosukhin, co-founder of Near Protocol. 

Besides using the fresh funds to develop its first product, an AI inference service, the startup will also allocate resources towards establishing an ecosystem for developers and strengthening its team with new hires.

Mintify raises $3.4 million

Mintify is an NFT startup developing an infrastructure to improve non-fungible token trading. As the project announced yesterday, it raised $3.4 million in a funding round led by ARCA, Cumberland, Psalion, Master Ventures, Zeneca, GM Capital, and Spencer VC. Additional participants included over 50 angel investors. 

The recent funding follows a $1.6 million seed round in 2022 led by ARCA, GSR, Psalion, Fasanara and Alchemy Ventures. This raises the firm’s total funds raised to $5 million.

According to Evans Varsamis, the project’s CEO, Mintify is designed both for “professional traders” and those wanting to “join the scene.”

Mintify supports Ethereum (ETH) and its layer-2 networks, Base and Blast. The project claims to have over 140,000 active wallets. It also plans to expand to support Bitcoin’s Ordinals and other blockchain networks and launch its token in 2024.

The announcement did not disclose what the funds would be used for.

Other funding rounds in July

In addition to these projects, notable funding rounds reported last week included mining giant Riot taking over its competitor Block Mining for $92.5 million and web3 gaming startup NPC Labs raising $18 million.

Prior to that, blockchain-based data platform Allium raised $16.5 million in a series A funding round.

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Theo Crypto News

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Japanese crypto exchange Bitbank eyes IPO on Tokyo Stock Exchange

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Crypto exchange Bitbank is gearing up for an initial public offering on the Tokyo Stock Exchange, becoming the second Japanese crypto exchange to seek regulatory approval to go public.

Bitbank Inc., a Japanese crypto trading platform, is seeking to go public as part of its strategy to expand its market presence and capitalize on the growing interest in digital assets in Japan.

According to a regulatory filing published today, July 31, the trading firm wants to go public on the Tokyo Stock Exchange, although the timing and specifics of the public offering remain uncertain as they are subject to regulatory approvals and other procedural requirements.

Established in 2014, Bitbank boasts a capital base of ¥8.65 billion yen (around $60 million), as of the end of last year, per the filing. The exchange didn’t rule out the possibility that the listing could be halted depending on future evaluations and market conditions.

As of June, Bitbank’s major shareholders included its co-founder Noriyuki Hirose with a 30.69% stake, MIXI, Inc. holding 26.99%, and Ceres Inc. with 23.05%.

In 2021, Bitbank secured ¥7.5 billion in funding from MIXI and Ceres to double down on its existing business as well as new ventures such as initial exchange offering, staking, custody, non-fungible tokens and a payment method based on a layer-2 solution. Unlike MIXI, Ceres — a Japanese marketing services provider — also supported Bitbank with funding as early as 2015, though the amount of that funding remains unclear.

Bitbank’s filing makes it the second Japaneses crypto exchange seeking to go public. Coincheck plans to go public on Nasdaq, via a merger with special purpose acquisition company Thunder Bridge Capital Partners IV, expected to finalize in Q3 of this year.

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Theo Crypto News

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Unexpected twist: SEC became defendant in the NFT classification lawsuit

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Law professor and filmmaker Brian Frye and songwriter Jonathon Mann have filed a lawsuit against the U.S. Securities and Exchange Commission.

The lawyers argue that the SEC’s approach to regulation threatens the livelihoods of artists and creators experimenting with NFTs.

What the lawsuit says

According to the document, the plaintiffs want to determine whether NFT falls under the regulator’s jurisdiction. The lawyers asked the SEC to answer what actions could lead to applying securities laws to create and sell NFTs. The lawsuit also asks for information about registering NFTs before they can be sold.

“Two recent administrative actions launched by the SEC suggest that the SEC is getting into the art business, determining when art needs to be registered with the federal government before it can be sold.”

The document’s authors compared non-fungible tokens to Taylor Swift concert tickets, often resold on the secondary market. Mann and Frye are in exactly the same position in this lawsuit. The lawyers argue that it would be absurd for the SEC to classify such tickets or collectibles as securities:

“They are artists, and they want to create and sell their digital art, without the SEC investigating them or filing a lawsuit.”

The SEC’s first lawsuit against NFTs

In 2021, the media company Impact Theory released the Founder’s Keys NFT collection. The company promoted the project from October to December 2021. The collection included tokens of three different rarity levels.

As a result, in August 2023, the SEC accused Impact Theory of promoting securities without registration. The company used NFTs to attract investors, raising about $30 million. This was the regulator’s first case against NFTs.

The SEC believes the company positioned the project as an investment in business. In particular, it guaranteed holders high profits and promised extensive prospects.

Thus, the regulator considered that the specified NFTs had the features of an investment contract and, as a result, were classified as securities. By promoting the collection, the company violated federal laws in this industry.

Impact Theory agreed to pay a $6.1 million fine without admitting or denying guilt. In addition, they decided to destroy the tokens and their mentions from websites and social networks.

What is considered securities according to the SEC

The Commodity Futures Trading Commission considers cryptocurrency a commodity. The regulator proposes to apply the tax regime developed for goods to cryptocurrency and to regard the actions of issuers as producers of goods. However, no rules in the U.S. would oblige issuers to register tokens as goods.

When assessing the status of cryptocurrencies, the SEC appeals to the Howey test.

The regulator sees the new financial instrument as having security characteristics and believes cryptocurrency falls within its legislative field.

According to the SEC, all tokens, in one way or another, fall under several criteria designated by the agency: pre-sale or fundraising, promises to improve the project through ongoing business and marketing development, and the use of social networks to demonstrate the project’s capabilities and advantages.

However, no arbitration body could resolve the dispute between two American regulators, so each agency works by its vision of the situation.

Traders are losing interest in NFTs, unlike regulators

Despite the regulators’ interest in non-fungible tokens, the excitement around NFTs continues to decline. Thus, in July, the volume of sales in the NFT sector amounted to $395.5 million, according to CryptoSlam. This is a new minimum since November 2023.

The NFT sector has been in a downward trend for a long time. Sales volume and the number of unique buyers and sellers have been steadily falling since March 2024.

Source: CryptoSlam

In addition, sales volume fell by 45% in Q2 2024 compared to Q1 — $2.2 billion against $4.1 billion.

The decline in July began in the middle of the month. At the same time, in early July, there were signs of a recovery in sales volume after a significant drop in June. At the same time, July became the third-largest month in terms of transaction volume in 2023. 

During this period, 9.9 million transactions were recorded, compared to 5.7 million in June. However, this can hardly be a positive sign since the average sale price in July reached a new minimum since September 2023 — $39.56.

What threatens NFT: SEC or a decline in interest

According to the latest lawsuit against the SEC, the status of non-fungible tokens remains to be determined. However, the regulator is attracting less interest in this area due to the waning excitement around NFTs.

In any case, the SEC’s approach to regulation threatens NFTs, which were initially conceived as an element of creativity in the entire blockchain and cryptocurrency space.

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Theo Crypto News

Phân tích

NFT market week in review: surge in activity and notable sales drive market momentum

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The NFT market saw a significant boost in activity this week, with a 48% rise in buyers and several high-profile sales.

In an eventful week for the NFT market, the Ethereum (ETH) and Solana (SOL) blockchains maintained their dominance, with digital collectibles on these chains seeing significant sales and capturing the attention of buyers and sellers alike.

According to data from CryptoSlam!, the NFT landscape saw notable growth, with overall sales volumes reaching $107,965,224, marking a 7.05% increase from the previous week.

The rising number of buyers and sellers also reflected the overall health of the market. This week, more than 721,000 buyers entered the market, a 48.05% increase, while nearly 263,000 sellers represented a 32.74% rise.

The total number of NFT transactions also saw a boost, reaching 2,870,607, a 10.69% increase on the week.

Blockchain highlights

As shown in the snapshot below from CryptoSlam, Ethereum remained the top blockchain by NFT sales volume, generating $32.6 million in sales, a 7.54% increase over the week.

Blockchains by weekly NFT sales volume | Source: CryptoSlam

Despite the growth, wash trading on the network accounted for 18% of the total sales volume. Additionally, the blockchain recorded 46,043 buyers, a 30.63% increase from the previous week.

Solana followed closely with $26,710,307 in sales, experiencing a 14.76% rise. The blockchain saw a remarkable 53.33% increase in buyers, totaling 289,036. Its wash trading volume constituted 5.4% of its total sales.

Bitcoin (BTC) maintained third position, even as it registered a nearly 17% drop in sales volume to rake in $17,417,258. Interestingly, the number of NFT buyers on the network increased by 46.47% to 35,091.

In fourth spot, Polygon (MATIC) generated $11.3 million in sales, with a notable 31.49% increase. NFT buyers on the blockchain rose by 48.75% to 147,368, while wash trading was relatively low at 2.39%.

Immutable (IMX) stayed in fifth place for the second week running. It witnessed about $6.7 million in sales, up 21.26%, with buyers increasing by 39.33% to 14,419. 

Furthermore, the blockchain had the least amount of reported wash trading among the top 5 NFT networks by sales volume, at only $397.

Top NFT collections

Regarding best-performing NFT collections, the Solana Monkey Business collection on Solana led the rankings with $4,630,626 in sales, followed by DMarket on Mythos with $4,174,797. 

The DogeZuki Collection on Solana also made notable gains, securing $3,246,797 in sales. The Guild of Guardians Heroes on Immutable-Zk saw an astonishing 264.18% increase, generating $3,012,724.

Gods Unchained Cards on Immutable rounded out the top five with $3,006,298 in sales, a 17% dip from the previous week.

Notable NFT sales

Several high-profile NFT sales made headlines this week:

  • ORDI BRC-20 NFT sold for a staggering $877,068.09 (13.0294 BTC).
  • Uncategorized Ordinals NFT fetched $297,102.89 (4.454 BTC).
  • CryptoPunks #335 sold for $164,170.73 (49.99 ETH).
  • CryptoPunks #9825 changed hands for $130,938.00 (38 ETH).
  • CryptoPunks #3613 sold for $128,868.50 (37 ETH).

Market insights

Some market analysts have attributed the surge in activity to growing investor confidence and increased interest in digital collectibles. The rise in unique buyers suggests a broadening base of participants, indicating healthy market growth.

However, the high levels of wash trading on certain blockchains raise concerns about market manipulation and the need for better regulatory oversight.

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Theo Crypto News

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UAE’s neobank Zand Bank teams up with Taurus to offer crypto services

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Duba-based digital bank Zand has signed a strategic partnership with Swiss crypto management platform Taurus to offer digital asset services.

Swiss crypto management firm Taurus is now a “strategic partner” for Dubai-based digital bank Zand Bank as the financial lender wants to expand its crypto offerings and services tied to tokenized securities.

Zand, licensed and regulated by the central bank of the UAE, said in a press release sent to crypto.news it will rely on Taurus’ crypto wallet services, both hot and cold, to offer custodian services for crypto, non-fungible tokens (NFTs), and digital currencies. Zand will also leverage Taurus’ products to issue and perform asset servicing “of any type of tokenized financial and real-world assets.”

“Zand will be able to deploy and manage the lifecycle of any smart contract standard across both public and private blockchains,” the press release reads.

Zand Bank CEO Michael Chan highlighted that the partnership represents a big advancement in the bank’s efforts to establish a “new benchmark” for digital asset services, aiming to expand its crypto offerings to customers.

For Taurus, the latest partnership comes just a week after the FINMA-regulated crypto management platform expanded its crypto offerings, adding to its list of supported networks Stellar. Founded in 2018 by Lamine Brahimi, Sébastien Dessimoz, Oren-Olivier Puder, and Jean-Philippe Aumasson, Taurus secured $65 million from institutional investors such as Credit Suisse, Deutsche Bank, Arab Bank Switzerland, and others, according to data from PitchBook.

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Theo Crypto News

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Are NFTs still alive and will NFT.NYC be back in 2025? | Opinion

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This year’s NFT.NYC was different. Since its launch in 2019, NFT enthusiasts and industry players have come together here to learn more about the latest trends and innovations in the space. The event is all about celebrating the impacts and potential of NFTs with a clear mission to drive mainstream adoption. As such, the level of excitement and investment around the event can be seen as a barometer for the state of the NFT landscape—and this year’s event was quiet.

Far less capital was spent on activations and booths, and the show floor felt muted—even more so than the 2023 event, which itself was markedly quieter than 2022. There were still some interesting projects there, but the energy was lacking and it felt very different to the excitement and conversations I’ve had at recent events like Token2049 Dubai and GDC.

Are NFTs dead?

Back in 2021, NFT.NYC was a remarkable spectacle that was dubbed the “Crypto Coachella” and “Super Bowl” of the NFT world. Steered by immense excitement and anticipation, it drew attention from all corners of the globe with its dazzling celebrity endorsements, extravagant marketing campaigns, and eye-popping multi-million dollar art sales that illuminated billboards across Times Square. The event reflected the thriving market when trading volumes surged to $17.6 billion. That said, that era was also reflective of speculation and blind following of profits that led to many users being burned by the greed of bad actors and projects that lacked substance. 

So, does this shift mean NFTs are dying? Not at all. This year’s event reflects a shift within the crypto industry for the better. NFTs have matured: no longer a speculative fad, they have been subsumed into the wider verticals of the crypto industry, negating the need for an NFT-focused event; people have moved on to discuss tokenization in gaming, finance, property, and more. NFTs no longer have to boot-strap their own infrastructure; instead, they can tap into the robust systems and scalability offered by established crypto ecosystems.

Shifting tides

What’s changed? The NFT market crashed during the crypto winter of 2022. Digital collectibles, as a use case, claimed the term ‘NFT’ and became the sole application in everyone’s mind when they think of ‘NFTs.’ Their association with “expensive digital images of monkeys” and overpriced JPEGs gave the industry a bad name. Without the aggressive speculation driving them, digital collectibles are no longer as popular; the feverish buzz around collectible NFTs has fizzled away. 

Total number of sales involving NFTs in the art segment worldwide | Source: Statista

According to Statista, NFT sales volume in the art segment decreased by over 30% from April 2021 to April 2024. The downturn in October 2023 saw the NFT market experience a significant decline, causing floor prices to plummet, marking an 83% decline from its peak. 

NFT market maturation

The purpose of NFTs has shifted, and we need to reclaim the term away from collectibles and move the conversation toward practical use cases. 

One of the most exciting is the tokenization of financial and real-world assets. As of December 2023, the Total Value Locked (TVL) in tokenized RWAs exceeded $6.5 billion. The financial industry is leading the way in RWA adoption with the tokenization of financial instruments. This year, we’ve seen players such as Blackrock and Franklin Templeton flicking the switch. 

People are also excited by the prospect of asset tokenization to represent ownership assets, including real estate, art, stocks, and more. Think about the division of a real estate asset into tokens. Fractional ownership of the property is now feasible. For instance, if 1,000 tokens signify 1% ownership each, investors can engage in trading these tokens on blockchain platforms, thereby improving liquidity and streamlining ownership transfer processes. 

In gaming, NFTs have redefined digital ownership, allowing players to truly own virtual assets such as characters and weapons. These NFTs can be bought, sold, and traded in vibrant marketplaces, generating real value—particularly when ‘dynamic’ NFTs are used, allowing the gamer to upgrade their items as they are used in-game. Cross-platform compatibility adds to the appeal, enabling seamless transfers between games (though there are other challenges to be solved in this area before it goes mainstream). 

The shift from hype and speculation to integration within the wider crypto space serves as clear evidence of the maturation of NFTs. This transformation brings tremendous advantages, such as leveraging existing infrastructure, and scalability, and fostering collaboration and innovation. As NFTs continue to diversify and find new applications, their role within the crypto space will solidify. The future of NFTs is filled with promise, as their sustained growth and integration pave the way for a thriving ecosystem.

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Theo Crypto News

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NFT market had its best quarter since early 2023, DappRadar says

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As Bitcoin drops for the fourth consecutive day, non-fungible tokens (NFTs), once thought to be dead, have surprisingly had their best quarter since early 2023.

Non-fungible tokens (NFTs) witnessed their best quarter in Q2 as the sector of digital collectibles saw a 28% increase in sales count, reaching levels last seen in Q1 2023. In a recent research report, analysts at DappRadar revealed that NFTs recorded $4 billion in trading volume in Q2, marking a 3.7% increase compared to Q4 2023.

According to DappRadar’s blockchain analyst Sara Gherghelas, Blur remains the dominant force with 31% market dominance, though the platform lost 50% of its dominance since the last quarter.

“Blockchain gaming continues to dominate the dapp industry, although its share has slightly decreased by 2% from the last quarter, similar to the DeFi sector. In contrast, the NFT and social sectors have both increased their market dominance, emerging as the leading trends of Q2 2024.”

Sara Gherghelas

Magic Eden follows in second place, experiencing success with Ordinals — non-fungible tokens built on the Bitcoin network — and increasing its dominance from 17% to 22%. OpenSea ranks third in terms of dominance, though Gherghelas notes that the marketplace “leads as the most dominant NFT marketplace by sales with 12% market share.”

While it’s unclear what drove the momentum in trading volume among NFT speculators, DappRadar says the positive impulse in the web3 industry “remains strong,” adding that investors still demonstrate sustained enthusiasm and potential for further advancements.

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Theo Crypto News

Altcoin

NBA star Scottie Pippen’s Ethereum vs. Solana comparison triggers debate

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Seven-time NBA All-Star Scottie Pippen ignited a debate on social media Saturday by asking his more than 658,000 followers to choose between Ethereum and Solana. 

The question inspired more than 4,000 responses as of Sunday afternoon. Many commentators said Pippen should choose neither Ethereum (ETH) nor Solana (SOL), and suggested Bitcoin (BTC) and Cardano (ADA) instead.

This renewed interest follows Pippen’s earlier launch of his NFT collection, the Scottie Pippen SP33 NFT, which has a current floor price of $42.13. The collection consists of 1,000 minted NFTs, held by 491 unique owners, and has a total market cap of $42,130.

Pippen’s renewed enthusiasm for cryptocurrency comes amid significant growth and adoption within the industry. As blockchain technology gains traction among individuals and businesses, more celebrities and athletes like Pippen will likely become involved.

While it remains to be seen which blockchain platform Pippen will ultimately support, his involvement is expected to further stir interest and excitement within the crypto community in the coming months and years.

Solana: Bullish trends

Solana has surged by 20.8% in the past seven days and 3.6% in the daily timeframe.

According to technical analysis, Solana is currently forming an ascending triangle pattern, which often signals a potential breakout. The Relative Strength Index (RSI) shows that the asset is neither overbought nor oversold, indicating balanced market sentiment.

Resistance is currently at  $193.92, while support is around $141.68. By the end of 2024, SOL could range between $250 and $300, suggesting a strong market recovery and resilience.

At present, SOL is closely following Bitcoin’s movements, solidifying its position among the top cryptocurrencies.

Known for its high throughput and low transaction fees, Solana employs a unique Proof-of-History (PoH) consensus mechanism, enabling it to process up to 65,000 transactions per second.

Currently, Solana’s price is around $176, and its market capitalization is $81 billion. The price has recently recovered to its 200-day moving average, suggesting a potential long-term uptrend.

Ethereum ETF speculation propels price gains 

Ethereum has also experienced price gains in recent weeks, driven by ongoing discussions about the approval of an Ethereum ETF in the United States.

As of the latest update, Ethereum’s price stands at $3,496.61. Since the start of 2024, Ethereum has climbed by over 42%, with a rise of more than 5% in July alone. Over the past 14 days, the price has increased by more than 17%.

The ongoing discussions regarding Ethereum ETFs, with companies like VanEck, Valkyrie, and Grayscale filing applications with the U.S. Securities and Exchange Commission (SEC), have significantly contributed to this upward trend. 

Although no ETF has been approved yet, the anticipation of institutional investment through these funds has bolstered investor confidence and driven up the price.

Despite these recent gains, Ethereum’s price remains below its all-time high of $4,878.26 from November 2021. However, the continued developments in the Ethereum ecosystem and the potential for ETF approval keep traders optimistic about the token’s long-term prospects.

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Theo Crypto News

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NFT market roundup: Ethereum, Solana dominate, CryptoPunks lead the pack

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In the week ending July 6, the NFT market finally hit a green patch, with impressive sales volumes across the Ethereum (ETH) and Solana (SOL) blockchains. Here’s a detailed look at the week’s top performers and trends.

Top 5 blockchains by NFT sales volume

Looking at data from Crypto Slam, Ethereum led the NFT sales volume charts this week, amassing a staggering $44.3 million. This total included $36.77 million in direct sales and an additional $7.538 million from wash trading, affirming Ethereum’s stronghold in the NFT ecosystem.

The direct sales numbers were a 15.66% improvement from the previous week, although total sales were still down more than 8%.

Blockchains by weekly NFT sales volume | Source: CryptoSlam

Solana followed, leveraging its fast and cost-effective transactions to achieve $24 million in sales, which was a 34.3% increase from last week’s figures. Of the amount, $22.4 million came from direct transactions and $1.6 million from wash trading. 

Interestingly, the wash trading on Solana went up by more than 83%, with the direct sales also reflecting a 31% improvement from the previous week.

Bitcoin falters

Bitcoin (BTC), known primarily for its cryptocurrency dominance, recorded $15.886 million in sales — a 14.51% drop from the week ending June 30. The amount included $15.63 million from direct sales and a modest $255,349 from wash trading. 

Despite a scalable platform, Polygon (MATIC) had a poor week, generating only $20.11 million in sales, split between $12.03 million in direct sales and $8.08 million from wash trading. The figure represented a dip of more than 18% from the prior week.

Mythos Chain (MYTH) rounded out the top five. It recorded $3.80 million in sales. The majority of this, $3.79 million, came from direct transactions, with minimal wash trading, reflecting a stable growth in its user base.

Top 5 NFT collections by sales volume

Among the top NFT collections by sales volume, DMarket on the Mythos Chain led with $3.53 million in sales, spread across 153,277 transactions involving 11,568 buyers and 9,295 sellers. However, the amount was nearly 16% lower than last week’s haul.

NFT collection rankings by weekly sales volume | Source: CryptoSlam

Ethereum’s Pudgy Penguins closely followed with $3.45 million, achieved through only 99 transactions, highlighting the high value of each trade. 

Solana’s DogeZuki Collection earned $3.19 million in sales from 73,404 transactions, showcasing its popularity among collectors. Another Solana collection, Mad Lads, recorded $3.12 million in sales through 239 transactions, indicating a high level of engagement. 

The iconic Bored Ape Yacht Club (BAYC) on Ethereum rounded out the top five with $2.57 million in sales from 83 transactions, maintaining its elite status in the NFT world.

Top 5 NFT collectible sales

  • The top individual NFT collectible sales featured some impressive figures. CryptoPunks on Ethereum continued to command high prices, with one collectible selling for $386,916.
  • Solana’s BOOGLE #089 fetched $191,517, highlighting the chain’s vibrant NFT market. 
  • An innovative financial NFT, gUSDC Locked Deposit on Arbitrum (ARB), sold for $90,744.
  • Bitcoin’s Ordinal Maxi Biz recorded a sale of $84,331.
  • Cardano (ADA) also made a notable entry with a collectible selling for $49,078.

Top 5 fan tokens by sales volume

Top fan tokens by weekly sales volume | Source: CryptoSlam
  • In the space of fan tokens, Galatasaray’s token on the Chiliz (CHZ) blockchain saw a massive surge of 70,149%, achieving $280.53 million in sales. 
  • FC Barcelona followed with $50.16 million, reflecting strong fan engagement.
  • Paris Saint-Germain’s token continued to perform well, recording $46.71 million in sales.
  • Juventus also saw substantial support from its fans, with $32.68 million in token sales. 
  • The eSports team OG’s fan token sales underscored the growing intersection between sports and digital assets, reaching $28.92 million after skyrocketing 643.6%.

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Theo Crypto News