Noteworthy NFT News In September
Here are some important updates from the world of non-fungible tokens (NFTs) in September.
The SEC Fined Stoner Cats NFT $1M
The United States Securities and Exchange Commission (SEC) recently imposed a $1 million fine on the founders of Stoner Cats NFT collection for offering unregistered securities. Despite generating over $8 million, the collection had to be pulled from NFT marketplaces due to the charges.
Magic Eden Added Support For cNFTs
Magic Eden, a leading digital market platform for Solana-based NFT collections, announced its support for cNFTs (Compressed NFTs). These unique tokens store data more efficiently, resulting in reduced costs for both creators and buyers.
Report Found 95% Of NFTs Worthless
DappGambl, an on-chain analytic firm, released a report stating that almost 95% of NFT collections have no value. Out of the 73,257 collections analyzed, 69,795 had a market cap of 0 Ether. This suggests that the majority of people holding NFTs have made worthless investments.
PayPal Filed Patent To Create An NFT Marketplace
Last week, PayPal filed a patent application with the United States Patent and Trademark Office to launch an NFT marketplace. This online payment system aims to provide a platform for buying, selling, and transferring digital assets.
Pudgy Penguins Listed NFT-Inspired Toys In Walmart
Pudgy Penguins, known for their popular NFT collection, introduced NFT-inspired toys in 2,000 Walmart stores across the US. Each toy comes with a unique birth certificate that allows owners to claim exclusive traits for their digital character within Pudgy World.
NFT Market Prediction For October 2023
Despite the recent downturn in the NFT market, many experts, collectors, and investors remain optimistic about its revival. Statista, a data analytics firm, projected continued growth in revenue, users, and market capitalization for the NFT market. This indicates that NFTs have the potential to make a comeback in the near future.
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Hot Take: The Future of NFTs Looks Promising
Despite the challenges faced by the NFT market in recent times, there is still hope for its resurgence. With ongoing developments such as new platform support and major players like PayPal entering the space, it’s clear that NFTs are here to stay. While caution is advised due to the high percentage of worthless collections, the potential for valuable and unique digital assets remains strong. As we enter October, keep an eye on this evolving market and be prepared for new opportunities and trends.
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