One of the major downs in the NFT space was the recent case of Stoner Cats NFT. The founder of Stoner Cats NFT was fined $1 Million by the US Securities and Exchange Commission (SEC). The SEC found that the company was conducting an unregistered offering of crypto asset securities in the form of NFTs. This action resulted in generating around $8 Million from investors. The founder and the team ignored legal accountability in order to benefit from selling securities to the public.
However, not all news is negative. Magic Eden, one of the popular NFT marketplaces, recently announced its partnership with Solana’s compressed NFTs (cNFTs). This collaboration aims to offer a budget-friendly and scalable path to users and enable some well-known cNFT collections. The use of compression technology allows for cost-effective data storage.
Another positive development is the resurgence of Friend.tech, a decentralized social media app and marketplace for traders and investors. After a period of virtual inactivity, Friend.tech has experienced a significant boost in trading volume, surpassing NFT trading volume on the Ethereum blockchain. This marks the third time in history that Friend.tech has achieved such success, with trading volume crossing $12.3 Million compared to NFT trading volume of $9.2 Million.
CoinMarketCap, the world’s most trusted source for crypto market capitalization, has also made an interesting partnership with HELLO Labs. Together, they are launching a Web3 television series called ‘Killer Whales’. This series is expected to attract NFT and crypto enthusiasts, offering education, competition, and entertainment.
In a different development, Machi Big Brother, an NFT titan, has made an offer worth 11 Million $APE tokens to museums worldwide. The offer is to purchase diverse blue-chip digital collectibles and showcase them in international museums. By giving their ApeCoin, $APE holders will receive a new token called $DAM. This proposal has the potential to be a game changer in the NFT space.
In conclusion, the NFT marketplace is gaining popularity with various ups and downs. The competition among NFT creators, as well as NFT and crypto enthusiasts, is high. It is important to stay informed about the latest news and developments in this space, as it continues to evolve and shape the future of digital art, gaming, and more.
