NFT – Non-Fungible Token

Welcome to The Daily Forkast – April 19, 2023 – presented by Megha Chaddah. Bitcoin rebounded above the US$30,000 mark and Ether gained ground as the withdrawal queue gets longer. Meanwhile, in the world of NFTs, former U.S. President Donald Trump is back in action as the second set of his digital collectibles was released.

Former President Donald Trump’s NFT collection’s floor price may be dropping, but media coverage may extend his profits from the digital trading cards.

Former U.S. President Donald Trump has announced a second drop of his NFT trading cards, but the first collection’s price is sinking.

Cardano NFT ecosystem sees a significant decline as users sell off top-tier projects for newer ones, according to Forkast CAR NFT Composite.

The NFT industry is gathering at New York for NFT.NYC, but the overloading frequency of events could be causing “event fatigue.”

The Bitcoin Network has recorded over 1.05 million Ordinals inscriptions within the first three months since launch.

OpenSea has reignited the marketplace battle by introducing its own pro tool. What’s in it for NFT traders?

Solana has introduced a solution that aims to reduce on-chain storage costs for non-fungible tokens (NFT).  See related article: Solana NFT sales surge as traders farm for Tensor rewards Fast facts See related article: DeGods begins migration to Ethereum

Ownership is only one feature of Web3. The more important and defining characteristic is ‘verifiability,’ writes Jonathan Victor of Protocol Labs.

Bitcoin dipped below US$28,000 in Thursday morning trading in Asia as most other top 10 non-stablecoin cryptocurrencies lost steam. Dogecoin led the losers.

Top blockchain and crypto news: Arbitrum to segment AIP-1. DeGods NFT collection moves to Ethereum. Crypto on the agenda at ‘China’s Davos.’

Bitcoin rose on Wednesday, moving above US$28,000. Ether, Matic and most other top 10 non-stablecoin tokens gained.

Polygon blockchain is gaining traction among traders with fast transactions, low gas fees and Ethereum’s provenance. From hosting popular games to partnering with major brands, Polygon’s versatility is one to watch.

Largest Solana NFT DeGods has started its migration to Ethereum just days after Y00ts began to move to Polygon.

Magic Eden, the largest Solana-based non-fungible token (NFT) marketplace, has launched its “audited” Bitcoin Ordinals for NFT traders.

The IRS intends to tax NFTs as collectibles in the U.S. and is soliciting public opinions on the proposal through June.

South Korean singer G-Dragon has launched an NFT collection on OpenSea in collaboration with Fandom Studio.

The digital era has made piracy rampant and copyright enforcement difficult, but blockchain technology is shifting power back to creators, writes Wes Levitt of Theta Labs.

Salesforce has partnered with Polygon Labs to help its clients develop non-fungible token (NFT) based loyalty programs on the Polygon blockchain.

Japan’s been a little behind in the Web3 space, but their new Metaverse Economic Zone could be a game changer.

Digital asset platform Anchorage Digital will lay off 75 employees as it restructures to meet regulation challenges.

Why the banking collapse could save NFTs.

Amid the NFT hype in 2022, Chinese buyers’ complaints about NFT scams and price manipulations surged 30,000% to 59,700 from 198 in the year before.

Meta Platforms, the parent company of Facebook and Instagram, will wind down its non-fungible token operations on both social media services.

What began as novel collectibles and rampant speculation is maturing into real-world utility across a multitude of industries, writes Tom Chalmers of Banxa.

The Forkast SOL NFT Composite dropped 6.13% over the past week while sales increased. Industry expert suspects casino-like behavior of traders moving funds to new projects.

Savvy traders are quick to extract liquidity to reinvest into the “slot machines” of the NFT casino, according to CryptoSlam’s NFT strategist.

NFT sales and market capitalization show rising investor activities, but recycled liquidity and wash trading may tell a different story, Forkast Labs co-CEO says.

NFTs have entered China’s Two Sessions, with a delegate to propose an NFT regulatory framework.

The Forkast NFT 500 Index slipped 0.68% to 4,276.12 in the 24 hours through 4:45 p.m. in Hong Kong on Wednesday.

The Forkast NFT 500 Index inched up 0.07% to 4,278.68 in the 24 hours through 9 a.m. in Hong Kong on Wednesday.

Ethereum validators are benefiting from the increasingly heated competition between the two largest NFT marketplaces that is driving up gas fees, but the windfall may not last much longer.

As multi-chain NFTs take off, Forkast Labs launches a vital new way to measure value on the blockchain.

Bitcoin and Ether traded mostly flat in a downtrend move for most of the top 10 cryptocurrencies in Tuesday morning in Asia. The new Forkast NFT 500 index slipped.

Blockchain data is public for all to see. The irony is that few know what to look for, and why. A new set of indexes by Forkast Labs filters out the noise and offers data intelligence and clarity.

Web3 is growing more rapidly than the early internet, writes Ken Timsit of Cronos Labs. But to achieve mainstream success, the following issues must be addressed.

Momoguro: Holoself, an Ethereum-native non-fungible token (NFT) collection launched by Emmy-winning animation studio, Baobab Studios, generated over 12,000 sales worth US$7.6 million on the first day of its launch, according to NFT data aggregator CryptoSlam. See related article: Weekly NFT sales drop, unique buyers surge amid Coinbase’s new NFT airdrop Fast facts See related article: […]

The number of unique buyers rose to an all-time high this week after crypto exchange Coinbase dropped free NFTs to celebrate the launch of its new Layer 2 network Base.

Less than two months since the launch of the Ordinals protocol, Bitcoin Ordinals are gaining traction. Yuga Labs announced its first Bitcoin-native NFT collection, on the same day Bitcoin Punks saw over 1,145 ETH in trading volume. Industry commentators told Forkast what this could be for the Bitcoin network.

Top blockchain and crypto news: Blur wash trading explodes. Coinbase extends developer foray with Base test. Hong Kong crypto embrace gets Beijing’s nod.

Yuga Labs announced that it will launch TwelveFold later this week, its first NFT collection on the Bitcoin network.

The NFT market took a hit during the crypto winter, and as signs of healing start to show, there are concerns that some of the transactions are fake.

The Metabirkins case makes clear that NFT trademarks belong to the original creator, bolstering future profit-making opportunities for fashion houses as well as other companies, writes Justin Banon of Boson Protocol.

About 10 Japanese companies, including Fujitsu, Mitsubishi and Sumitomo Mitsui, have agreed to advance Japan’s metaverse plans with the establishment of the “Japan Metaverse Economic Zone”.

Now a teenager, crypto is wrestling with its identity and purpose. But it’s learning from its mistakes and on its way to maturity, writes Zach Bronstein of Endaoment.

Lotte Group plans to expand its non-fungible token (NFT) business onto the global market through a partnership with the Polygon blockchain.

NFT data aggregator Cryptoslam has flagged more than half a billion dollars worth of NFT wash trades related to Blur since the marketplace’s Valentines airdrops started

Bitcoin remained resilient around the US$24,000 level on Tuesday despite Wall Street’s worst day of the year so far. Industry experts are eyeing a potential retest of the US$25,000 psychological level, as a failure to reclaim it may result in a downtrend to around US$21,500.

Teneo, the liquidator of the bankrupt crypto lender Three Arrows Capital plans to sell non-fungible tokens estimated to be worth millions of dollars.

NFT sales more than doubled this week, with NFT marketplace Blur remaining the talk of the town.

The sales volume of Creepz by Overlord surged by 239% in the 24 hours to 11:00 p.m. on Thursday in Hong Kong, after its creator announced a partnership with music streaming giant Spotify.

NBA will partner Ant Group – Chinese tech giant Alibaba’s fintech affiliate – to issue NBA-themed NFTs and create content on Alipay.

A US district court judge on Wednesday denied Dapper Labs’ request to dismiss a lawsuit that alleges that the NBA Top Shots NFT collection is an unregistered security. 

Top blockchain and crypto news: Blur’s success spurs changes at OpenSea. Is Binance eyeing US exit? Taiwan asset disclosure rules may include crypto.

The Bitcoin Network has recorded over 154,554 inscriptions since the launch of Bitcoin Ordinals on Jan. 21, a fork that enables digital assets to be inscribed on satoshis (sats)

Blur.io, the NFT marketplace that beat OpenSea’s trading volume in the past month, airdropped its platform tokens on Valentine’s Day, contributing to the global NFT sales increase this week.

Many gamers still oppose NFTs and blockchain gaming, overlooking the myriad benefits of the latest technology, writes Ramona Ciocea of Protokol.

Jingtan, one of China’s major NFT marketplace, has relaxed its rules on NFT transfer between users.

Luxury fashion house Hermès International won its lawsuit against NFT artist Mason Rothschild on Wednesday for violating its Hermès’ Birkin trademark.

Top blockchain and crypto news: GOPAX deal sees Binance return to South Korea. Inflation fight spooks crypto markets. Chinese liquor giant gives cheers to NFTs.

China’s Beijing Guoan Football Club has launched its first NFT collection, while building a virtual replica of its stadium.

Beijing’s market regulator warned that projects marketed in the country as non-fungible tokens or with metaverse-related concepts risk being involved in illegal fundraising or fraudulent activities.

Yuga Labs, the company behind the leading non-fungible token (NFT) project, Bored Ape Yacht Club (BAYC), won a settlement on Monday in a trademark infringement lawsuit against Thomas Lehman, a collaborator in the controversial RR/BAYC project headed by artist Ryder Ripps.

Singapore-based cryptocurrency exchange Crypto.com has partnered with Korean drama distributor Studio Dragon to issue NFTs inspired by popular Korean drama series, including the hit Crash Landing on You, the exchange said on Monday.

Moutai launched NFTs that gives owners to purchase limited edition liquor.

Could there be a shift in Ethereum’s monopoly of the NFT world as new technologies arise?

NFTs and DAOs can help support Japan’s national strategy dubbed ‘Cool Japan’ to attract investment and expand the economy.

The non-fungible token (NFT) project by former U.S. President Donald Trump has helped its host network, Polygon, outsell Ethereum on the leading NFT marketplace OpenSea for the second straight month, according to transaction data.

Top blockchain and crypto news: BTC mining ETF outperforms. SBF under pressure as accusations mount. ‘China’s Instagram’ embraces NFTs.

Bitcoin has long been the world’s largest cryptocurrency blockchain, but non-fungible tokens or NFTs were always the domain of Ethereum. A new protocol could change that, and some in the Bitcoin community are not too pleased.

Xiaohongshu, or “Little Red Book,” a popular social media application widely described as the Chinese equivalent of Instagram, has integrated layer-1 public blockchain Conflux Network, allowing users to showcase their non-fungible tokens on their profile pages, Conflux announced on Thursday.

Hainan province, a popular tourist destination in South China, published a notice on Sunday vowing to step up oversight on non-fungible tokens, or “digital collectibles,” which authorities said come with risks of fraud, money laundering and illegal fundraising.