Solana Hills: Renaissance of the Cultural and Artistic Value of NFTs through a Community-Driven Ecosystem
In Solana Hills, NFTs are not just digital assets with transactional value, but also represent a new mode of interaction and lifestyle.
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.
Magic Eden Introduces $SOL Rewards for Solana-Based Trading
Magic Eden, a multi-chain NFT marketplace, has announced a new initiative that rewards traders for buying and selling Solana NFTs by earning $SOL. The platform has temporarily reduced its maker fee to minus 0.25%, allowing traders to earn $SOL when buying and selling NFTs.
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.
NFT Market Shows Resilience Despite Bearish Sentiments and Regulatory Pressure, Wrapped Cryptopunks NFT Collection Records Trading Volume of 300 ETH in Past 24 Hours
Despite the negative outlook on digital assets and regulatory pressure from the US, the non-fungible token (NFT) market remains strong. This was evident at a recent conference hosted by Gary Vaynerchuk, which attracted over 7,000 attendees and featured participation from real-world celebrities and NFT influencers.
YouTuber 'ISshowspeed' accidentally spends $125,000 on rare NFT Fedora during Roblox livestream, prompts online skepticism.
Darren Watkins Jr., also known as ‘ISshowspeed’, made headlines when he purchased the Midnight Blue Sparkle Time Fedora NFT for 14,000,000 Robux, resulting in a loss of $125,000 due to a "fat finger error". Watkins impulsively clicked the Buy button, assuming it was a joke, but the transaction was processed successfully. He later turned to his viewers for advice on how to get a refund and reverse the transaction. Some people were skeptical about the purchase, suspecting it might be a staged incident to attract more viewers.
Magic Eden Launches "Chapter II" Initiative to Further Open Its Solana NFT Marketplace and Aggregates Listings from Competing Platforms
Magic Eden, a multi-chain NFT marketplace, has announced a "Chapter II" initiative that will focus on its original home on Solana. The company will aggregate listings from competing marketplaces, allowing traders to manage listings across platforms and see prices and listings across the entire Solana NFT market. Magic Eden will also remove a "co-sign" feature that prevented its own marketplace listings from being easily aggregated by other NFT marketplaces. The company will temporarily change its "maker fee" to -0.25% for certain types of transactions, paying users to buy and sell NFTs. These moves address long-standing criticisms of Magic Eden, which has consistently been the leading Solana NFT marketplace since launching in late 2021.
New ERC721-C Token Standard Offers Customizable Royalties for NFT Creators
The debate over creator royalties in the NFT space has been ongoing, but the ERC721-C standard aims to address this issue by allowing creators to set new rules for their royalties on-chain. This standard empowers artists and developers to create a permissioned smart contract that dictates where and how royalties are transferred, giving them control over interactions from only the contracts and applications of their choosing. While marketplaces may need to update their platforms to accommodate the customization features established by ERC721-C, this new standard could potentially be used for community-building initiatives and could solve Web3's royalty issues. Ultimately, the success of a collection using the new standard will likely be necessary to prove its viability, and supporters of creator royalties should focus on this new standard rather than marketplace conflicts, as creators ultimately drive volume.
Art Blocks Revives with Major Sales Following Sotheby's 3AC Auction
Art Blocks is experiencing a resurgence in popularity, with transaction volumes reaching levels not seen since the bear market. On May 22, Art Blocks achieved over $1 million in trading volume, with major sales including Ringers #30 and a 370 ETH Fidenza sale. The influx of activity is primarily driven by popular collections such as Chromie Squiggles. The recent Sotheby's Grails auction, which included sales of Fidenza #725 and Autoglyph #187, has contributed to the positive momentum and increased recognition of digital and generative art. Additionally, Art Blocks has announced a new project called Prohibition, which aims to make generative art accessible to everyone and will be deployed on Arbitrum. These developments have stimulated interest and demand in the NFT market, reinforcing market confidence.
YouTube Star Loses $125,000 After Accidentally Purchasing NFT Fedora During Broadcast
YouTube personality IShowSpeed, also known as Darren, mistakenly bought the Midnight Blue Sparkle Time Fedora NFT for 14,000,000 Robux, resulting in a loss of $125,000 due to a typing error.
