Metaverse Meltdown: Virtual Land Prices Hit a Rough Patch
Metaverse land prices have experienced a significant decline over the past year, in contrast to the soaring values seen during the NFT bull market. The decline is due to several factors, including the unsustainable bubble created by exuberant prices during the NFT bull market, oversaturation of virtual real estate projects, waning investor interest, and regulatory uncertainty. Currently, metaverse land prices range from 0.37 to 1.09 ETH, varying across different projects, with Otherdeeds having the highest-priced land and Voxels offering the most affordable plots. The decline in metaverse land prices serves as a reminder of the market's volatility and the need for investors to exercise caution.
Cristiano Ronaldo and Binance Partner to Promote NFTs and Web3 Technology to Global Fan Base
The partnership will involve Ronaldo and Binance creating exclusive collections that can only be bought on the Binance NFT exchange, with the first collection set to launch later this year. The collaboration between Binance and Ronaldo highlights the growing overlap between the crypto industry and sports, and has the potential to significantly impact the cryptocurrency market by introducing the benefits of digital currencies to a wider audience. The initial release of CR7 NFTs on the Binance NFT marketplace was a complete sell-out, with some NFTs being auctioned for starting bids of 10,000 BUSD and selling for an average of 22,800 BUSD, indicating a surge in interest in cryptocurrencies.
BNB Chain Launches New DeFi and GameFi Projects, Sees Significant Growth in NFT Ecosystem, Onboards Cyber Titans and Bidao, Poised to Overtake Tron
BNB Chain has expanded its projects in DeFi and GameFi, with a growing NFT ecosystem and new project onboarding. While currently second to Tron in daily active addresses, this may change in the future. Despite a slight price decline, BNB's MVRV Ratio and velocity suggest potential for growth.
Polygon Co-Founder Says Reddit Has "Cracked the Code" on NFT Adoption
During a recent Reddit AMA session, the co-founder of Polygon praised the social media platform for successfully introducing NFTs to its community through free airdrops and early sales of digital collectibles. He stated that Reddit is the only well-known Big Tech company that has "cracked the NFT code" and has been able to drive a lot of engagement with Reddit NFTs, resulting in the onboarding of 9.7 million users to Reddit's NFT platform. The co-founder also positioned Polygon as a business layer and stated that their long-term vision is to become the "value layer of the Internet" and act as a "business or application layer for crypto." Polygon has also partnered with brands such as Nike, Starbucks, and Sotheby's for NFT collections.
Binance NFT marketplace introduces borrowing feature using NFTs as collateral
Binance's NFT marketplace has entered the NFT lending space by introducing a new feature that allows users to borrow cryptocurrencies using NFTs as collateral. The feature currently supports ether borrowing against "blue-chip" NFTs, with more cryptocurrencies and NFTs to be added in the future. This feature provides liquidity for NFT holders without having to sell their NFTs in case of urgent need of money. The current interest rate on NFT loans is 7.91% p.a. and loan to value ratio ranges from 40% to 60%. Binance's NFT loan feature comes shortly after Blur's NFT lending protocol called Blend launched earlier this month.
Bitcoin Emerges as a Strong Competitor to Ethereum in NFT Market with $173 Million in Sales
Bitcoin is gaining ground in the NFT sector, with sales of bitcoin-backed NFTs generating around $173.28 million in the last 30 days. This has propelled the Bitcoin blockchain to second place in the list of top blockchains for NFTs, with Ethereum still leading the way. Bitcoin's energy-intensive proof-of-work blockchain supports the emerging category of NFTs called Ordinals, with recent collections like Space Peps, Bitcoin Frogs, and $NALS NFTs generating millions of dollars in revenue. Despite Bitcoin's success in the NFT market, Ethereum remains the dominant player, with Ethereum-based NFT sales generating a whopping $392 million in the last 30 days.
Bitcoin Becomes Second-Largest Chain by NFT Volume, Closing May at $31 Million
Bitcoin has become the second-largest chain by NFT volume, with a total of $14 million in the first week of May. However, the NFT volume fell to $31 million in the following week after reaching $51 million on May 8. Despite this, Ethereum still dominates the NFT volume, consistently achieving over $60 million on a week-over-week basis. James Van Straten, a research analyst at CryptoSlate, is passionate about data, technology, and identifying trends, and sees Bitcoin as the greatest invention of the 21st century. CryptoSlate's latest market report analyzes the impact of Tether's plan to buy Bitcoin every month and its potential to cause market volatility, putting it in competition with MicroStrategy.
RenQ Finance Predicted to Increase 10x in Value by 2023 Due to Innovative Features and Strong Community Support
RenQ Finance (RENQ) is a decentralized finance (DeFi) platform that offers a comprehensive suite of services, including a multi-chain DEX, perpetual futures trading, yield optimization, lending protocols, and a launchpad for DeFi and NFT projects. The platform has gained attention in the cryptocurrency market due to its innovative features, advanced technology, and strong community support. Experts predict an easy 10x increase in its value in 2023, driven by its unique features, strong market demand for DeFi solutions, and positive momentum. RenQ Finance has already gained traction in the cryptocurrency market, with its presale stages showcasing strong investor interest and participation. The project's performance during these stages has generated positive momentum, setting the stage for future growth and market recognition.
"Own the Doge" DAO Producing Documentary to Share the Goofy and Generous World of Dogecoin with Mainstream Audiences and Potentially Secure Interview with Elon Musk
The Doge community, known for its humor and generosity, is the subject of an upcoming documentary that aims to share their unique story with a wider audience. Despite being overshadowed by the price frenzy of Dogecoin, the community has been working on various projects such as "Own the Doge," which involves purchasing and fractionalizing the NFT of the original Doge photo. The documentary team hopes to create an accessible and fun film that explores the connection between humans and dogs, and they are even planning to send the Doge or the photo of the Doge to space with the help of SpaceX. The team is also working on getting important interviews, including one with Elon Musk, and involving the community in the process.
BTCMining NFT: NFT Connection Mining, Virtual Reality
BTCMining NFT is an innovative, efficient, secure and transparent digital asset, which is committed to giving back the computing power of Bitcoin to everyone.
Pulse Valley: Combining Online Gaming and DeFi for Exciting Investment Opportunities
Pulse Valley (PVC) is a project that seeks to revolutionize the world of cryptocurrency and redefine the way we experience online gaming and decentralized finance (DeFi). It combines the best of both worlds, offering exciting opportunities for investors and gaming enthusiasts alike.
STAR DUKE: Can a Strong DeFi Model Unlock the Prosperity of GameFi?
Star Duke is a blockchain game that combines DeFi and NFTs to create a unique Play-to-Earn (P2E) metaverse.Overall, Star Duke offers an immersive DeFi-powered gaming experience with a focus on sustainability and community involvement.
Solana Creator Says New Laws Could Cause Surge In Crypto Community Investments,Dogetti Could Benefit From This Too
Anatoly Yakovenko, the co-founder of Solana, believes that the recent changes in US crypto laws could lead to wider adoption of cryptocurrencies, potentially benefiting meme coin Dogetti (DETI). Yakovenko hopes that the legislation of stablecoins will encourage the growth of the crypto industry and attract new users to the digital currency era.
NFTs belonging to bankrupt crypto firm fetch nearly $2.5 mln at auction
Seven non-fungible tokens (NFTs) from bankrupt cryptocurrency hedge fund Three Arrows Capital were sold for about $2.5 million at an auction by Sotheby's. The highest price was fetched by "Fidenza #725," which was purchased for over $1 million. Singapore-based Three Arrows filed for bankruptcy in the British Virgin Islands in late June 2022, estimating its assets at around $1 billion, with its NFT collection valued at about $22 million. The market for NFTs exploded in 2021 but sales volumes and prices have since dropped as demand for speculative assets has cooled down.
Space Pepes Outpace Bored Apes and Bitcoin Frogs as Top-Selling Bitcoin-Based NFT Collection
Space Pepes, a collection of unique Bitcoin-based digital collectibles, has surpassed Bored Ape Yacht Club and Bitcoin Frogs in trading volume over the past 24 hours, according to CryptoSlam data.
Elon Musk’s Recent Tweet About Milday NFT Caused a Spike in Its Value
Elon Musk's recent tweet about Milday NFT caused a spike in its value, similar to what happened with Dogecoin after Musk endorsed it. While established blockchain providers Solana and Polygon are facing challenges, TMS Network is thriving, having increased by 1700% since its presale event.
Earn Alliance Integrates Chainlink VRF for Fair and Transparent NFT Minting in Last Remains Game on Polygon Mainnet
Earn Alliance, a Web3 gaming community and service provider, has integrated Chainlink's Verifiable Random Function (VRF) on Polygon's mainnet to ensure a fair Genesis NFT mint for their battle royale game, Last Remains. This integration provides a secure and verifiable source of randomness. Earn Alliance offers a range of services to Web3 games, including community building, marketing NFT launches, and player onboarding. Their commitment to fair play, transparency, and user experience is evident in their selection of Chainlink VRF and future plans to offer a comprehensive smart contract-free mint service. This partnership sets new standards in the Web3 gaming industry.
ApeCoin DAO Launches Accelerator to Incubate Projects Using ApeCoin Tokens and Improve Bored Ape Yacht Club NFT Collection
ApeCoin DAO has approved a new community proposal to launch an Accelerator that will support the incubation of projects using apecoin tokens to enhance the Bored Ape Yacht Club (BAYC) NFT collection and other ApeCoin projects. The "Ape Accelerator" will involve the ApeCoin community as initiators, voters, and participants.
Yuga Labs HV-MTL NFT Collection Reveal Leaves Community Divided
Yuga Labs has finally unveiled its highly anticipated HV-MTL (Heavy Metal) Evo1 NFTs after a short delay. However, many members of the NFT community have expressed disappointment with the project, criticizing it for being low-effort and lacking originality. Despite this, the HV-MTL NFTs will play a crucial role in Yuga Labs' upcoming gamified odyssey and will be required for its HV-MTL: Forge activation, making them an important addition to any collector's portfolio.
nChain Invests in Planetary To Launch Next-Generation Metaverse-Based Social Media
London-based blockchain company nChain has announced a partnership with Planetary, a mobile app that combines social media with a metaverse platform. nChain is investing £2.5 million for 25% equity in Planetary, which has a post-money valuation of £10 million.
