Non-Fungible Token (NFT) Sales See Volatility
Over the past month, global sales of non-fungible tokens (NFTs) have been on the rise, with a significant increase in the number of buyers and sellers. However, in the last 24 hours, there has been a decline in sales volume as well as the number of buyers and sellers. This is not unusual for the crypto and NFT markets, as they are known for their volatility. It’s important to measure their performance over the long term.
OpenSea Working on ‘OpenSea 2.0’ Upgrade
Devin Finzer, CEO of NFT marketplace OpenSea, has revealed that the company is working on an upgrade called OpenSea 2.0. The platform aims to provide a more customized marketplace interface for different use cases. One of the improvements includes displaying ticket NFTs on a calendar and sorting them by date, making it easier for users to access the pro trading platform. OpenSea has also enhanced its detection of fake NFT collections and harmful URLs. Finzer believes that building compelling use cases for NFTs is more important than driving short-term trading volumes.
Nike Expands into Web3 with In-Game Wearables
Nike’s virtual lab .Swoosh has announced a new line of NFTs called “Nike In-Game Wearables.” These virtual products can be worn directly in video games, and owners can also unlock exclusive physical apparel and footwear based on their in-game wearables. In the second half of this year, Nike plans to allow users to off-ramp their collectibles to their own wallets for trading on marketplaces that guarantee royalties to creators. Nike emphasizes that it will not be building its own platform, and users can link their game accounts to Nike without needing a separate wallet.
Universal Page Launches NFT Platform and Drops Free 3D Collectible
Universal Page, a new NFT platform founded by former employees of Meta and Amazon, has recently launched. As part of the launch, they are dropping a free 3D character called “UP Astro 725.” There will be a limited number of these free items available. The platform is built on LUKSO, an L1 blockchain created by Ethereum pioneer Fabian Vogelsteller. Universal Page has received positive feedback since its launch, with users creating beautiful pages and the free mints selling out quickly. However, there have also been challenges such as constant attacks on the system and abuse of the free first mint option.
Hot Take: NFT Market Volatility Continues
The NFT market continues to experience volatility, with fluctuations in sales volume and the number of buyers and sellers. While short-term trends may be uncertain, the long-term potential of NFTs remains promising. Platforms like OpenSea are working on upgrades to provide better user experiences and customization options. Established brands like Nike are embracing NFTs to expand into the digital world and offer unique virtual products. Meanwhile, new platforms like Universal Page are entering the market and attracting attention with their innovative offerings. As the NFT ecosystem evolves, it’s important to stay informed about the latest news and developments.
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