NFT Financial News

Identity, the qualities, beliefs and appearance that characterize a person are considered an individual's most valuable assets. While one's identity was once represented by their participation in the real world, it has quickly shifted to take on the meaning of "internet identity" on social media.

Ethereum (ETH) co-founder Vitalik Buterin has said layer 2 (L2) transaction fees need to be under USD 0.05 in order to become “truly acceptable.”

Most buyers of the hotly-anticipated Otherdeed non-fungible tokens (NFTs) drop are not able to sell their digital land deeds at a profit, due to the high Ethereum (ETH) gas fees they paid during minting, as well as the decreasing demand.

Cybersecurity experts identified and disclosed the rising popularity of airdrop phishing among crypto and nonfungible token (NFT) scammers.

An article in the Wall Street Journal has claimed sales of non-fungible tokens (NFTs) are “flatlining” — in the same week that the top five collections alone accounted for more than $1 billion in primary and secondary sales.

Scared of being left in the digital dust, private equity investors are stampeding towards crypto projects — blockchain-based apps and platforms fuelled by cryptocurrencies that are native to the virtual economies of the metaverse and Web3. VC investment in such projects totalled $10 billion globally in the first quarter of this year, the largest quarterly sum ever and more than double the level seen in the same period a year ago, according to data from Pitchbook.

A handful of industries and tech workers are shifting from Web2 to Web3 and with this move, awareness of blockchain technology is also spreading.

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

Crypto exchange Kraken has opened a waitlist for its nonfungible token, or NFT, marketplace in beta more than four months after CEO Jesse Powell announced the initiative.

The US-based crypto exchange Kraken is planning to launch a non-fungible token (NFT) marketplace and is now inviting users to sign up on a waitlist for the new platform.

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ApeCoin (APE) announced its integration with Ethereum (ETH) sidechain Polygon after the recent Yuga Labs’ Otherdeeds nonfungible token (NFT) minting incident that led to speculation on a new chain for APE.

TheSolana network faced its seventh outage on April 30, resulting in a downtime of over seven hours. The developer team has come out with an outage report along with three key mitigation steps to make the network more stable.

Bitcoin crossed a major milestone in September 2021, when it became a legal tender for El Salvador. Although this move was condemned by financial regulators, the country’s GDP grew. This was a major development for Bitcoin as many countries considered El Salvador as an experiment and it seems like the Central African Republic has seen enough to follow the trend setter. It might be a matter of time until the next country makes the announcement.Flipkart jumps into Web 3Flipkart surprisingly tweeted on the 28th of April that it is now exploring Web 3.0. The timing of the announcement is interesting as it comes during an extreme uncertainty in the Indian crypto ecosystem. The second reason why it is surprising is that last April they mentioned that they would accept Bitcoin as a method of payment on their platform on April Fool's Day.

The aftermath of the Otherdeeds nonfungible token (NFT) mint is filled with disgruntled community members voicing their complaints on Twitter over Yuga Labs' handling of the event. 

Mumbai: A recent drop in the prices of high-value non-fungible tokens (NFTs), coupled with ambiguity in the recently established tax framework, will lead to tax scrutiny for Indian investors in the coming months, as asset valuation norms for digital assets remain unclear, according to tax experts. The tax department is sure to question the sharp drop in the valuation of these virtual digital assets, they said. The department would scrutinise NFT transactions on suspicion that some of the money may have been accepted in cash to reduce the tax outgo.

Last year, U.S. start-up Yuga Labs created the Bored Ape Yacht Club NFTs.

While the community was witness to the largest NFT mint yet, Ethereum (ETH) gas prices rose to unprecedented levels, in addition to users experiencing failed transactions due to blockchain bottlenecks.

Trace Network Labs has launched Buddy — a project to create doppelganger avatars in the metaverse — which are highly close to the real-looking person. Buddy is a human-looking avatar (virtual replications of the users themselves) bearing a high likeness to their physical attributes and other characters. These avatars can be minted using the Polygon blockchain, which are quite eco-friendly with negligible 'gas fee' The gas fee is the transaction fee required on a blockchain to validate a transaction and in this case, minting a 'Buddy' avatar NFT.

Since Ethereum Name Service, or ENS, released 10,000 four-digit .eth domains ranging from 0000 to 9999, the nonfungible token collection has caused a stir among NFT investors, speculators and enthusiasts alike. After all 10,000 ENS names sold out in one day, the number of people registering for ENS names and purchasing these digit number names on secondary markets has significantly affected the market's trading volume.

Ukraine’s government created a virtual gallery of NFT-based artworks that “aren’t for sale,” but are being preserved as “an expression of gratitude, similar to how paintings were presented to royal families and famous scientists in the past.” Tesla's chief and Twitter buyer Elon Musk is the first one to enter this virtual “Hall of Fame.”