NFT Monthly Sales Top $947M as Solana Advances Against Ethereum Solana

  NFT sales volume nearly doubled in January despite the market as a whole remaining essentially flat and falling over 82% from January highs.

NFT Monthly Sales Top $947M as Solana Advances Against Ethereum Solana

In essence

  • According to DappRadar, the NFT market generated about $950 million in trading volume in September, a marginal rise over August's total.
  • Sales of Solana NFT nearly doubled in September as a result of well-known projects.

The total volume of NFT sales in September stayed nearly unchanged despite the continued bear market in cryptocurrencies. Individual NFT sales are continuing up, high value NFTs on Ethereum are still selling, and Solana NFTs are picking up momentum even though the general volume seems to be stagnating.

Data from DappRadar shows that total NFT trading volume was $947 million in September, with suspected wash trades notably excluded from that total. In comparison, August's total was $927 million and July's total was around $916 million. With $1.03 billion, June was the final month to surpass the billion-dollar threshold.

The NFT market is still drastically down from its peak in late 2021 and early this year. DappRadar, for instance, noted around $5.36 billion in organic NFT trading volume in January. In other words, when expressed in USD, the NFT market generated 82% less trading volume in September.

Pedro Herrera, a senior blockchain analyst at DappRadar, identified a few possible causes of the ongoing NFT market downturn. On the one hand, the cost of cryptocurrencies has dropped considerably since the year's beginning. For instance, the value of Ethereum (ETH) has decreased by 65% since the year's beginning when expressed in US dollars.

Investors also seem to be more risk-averse than before, he said Decrypt, amid the instability in the cryptocurrency market and larger macroeconomic factors. Therefore, while some purchasers may have found snagging expensive NFT to be alluring earlier this year, there are now fewer high-value sales available.

However, despite the decreased price and falling value of ETH, NFTs are still being sold in the millions. In fact, that number has been increasing recently, with 8.78 million NFT transactions in September, up from 7.68 million in August and 5.89 million in July. With January continuing to lead the way in 2022 with sales of 12.16 million NFTs, it is the third-highest monthly total so far.

NFTs are still in high demand, Herrera told Decrypt. "The market is only changing the value of some NFTs. There was undoubtedly a bubble in the way that some collections were priced, which resulted in sales of $1 million or more.

Additionally, there are a few intriguing trends in the mix: Sales of Solana NFT have increased recently as a result of the popularity of programs like y00ts and ABC. Solana NFT sales were roughly $133 million on DappRadar last month, more than doubling the $68.5 million figure from August.

Additionally, data from DappRadar reveals that OpenSea's once-tight control over the NFT industry is eroding. OpenSea still outperformed competitors in terms of trading volume in September ($350 million), but X2Y2 is closing the gap with $297 million in organic volume. The largest Solana marketplace, Magic Eden, saw sales of $127 million in September.

The NFT market experienced some high-profile, high-value sales and dips last week, demonstrating that the sector is nonetheless active despite weak overall figures.

For instance, the most recent generative art release from Tyler Hobbs brought in approximately $17 million in main sales on Wednesday and over $27 million in secondary sales over the following days. On the secondary market, one CryptoPunks NFT sold last week for $4.5 million.

When asked about the outlook for the NFT industry, Herrera responded that the speculative bubble has burst and he doesn't think we'll ever again see monthly totals around the $5 billion or $6 billion range. However, he believes that the market will continue to expand from here and eventually return to the $2 billion monthly area.

He attributes that anticipated rise to increased involvement from key players in the market, such Starbucks and Ticketmaster, as well as possible large-scale adoption once the NFT gaming market reaches maturity.

He predicted that video games will spur "huge commercial activity." "I believe the buzz and dominance of game NFT assets will make the NFT industry to look very different in a year."

Elon Musk was told by Jack Dorsey that Twitter should include a "Like Signal" protocol.

Elon Musk wonders over possible variations of the social network in a string of text messages.

Former CEO and co-founder of the birdsite Jack Dorsey advised the Tesla CEO that the microblogging platform should be based on a "open source protocol, sponsored by a foundation" during Elon Musk's acrimonious attempt to acquire Twitter.

The idea was discovered during the legal discovery phase of Musk's ongoing court battle with Twitter and its Board of Directors, who are trying to hold the billionaire to his promise to purchase the site. An archive of text communications between Musk and a number of well-known tech figures, including Dorsey, FTX CEO Sam Bankman-Fried, Oracle co-founder Larry Ellison, and investor-podcaster Jason Calcanis, is one of the case's exhibits.

Internal Tech Emails noticed the archive, which was extracted from court records designated Exhibit H and J, and New York Times reporter Kate Conger published it. Prior to Dorsey's resignation from Twitter's board, Musk and Dorsey exchanged texts in which Musk referred to Dorsey's declared vision as "very fascinating."

Dorsey argued that funding for Twitter should come from a foundation that has no influence over the underlying, open protocol rather than keeping it under the traditional corporate ownership model.

Related: Although most of the crypto industry has had a difficult winter, Messari CEO Ryan Selkis believes that a little austerity will be good for the sector

Similar to what Signal has done, said Dorsey. According to Dorsey, having an advertising model creates a surface area that the government and marketers will attempt to influence and control. "It will be attacked if it has a centralized entity behind it," he warned.

FTX CEO Sam Bankman-Fried wrote, "Btw Elon." Would love to discuss Twitter and write a piece about how blockchain-Twitter might function.

Musk mentioned his proposal for a blockchain-based social media platform that "does both payments and brief text message/links like Twitter" in one message.

According to Musk, the concept is to charge users a little fee to register a message on-chain, which will reduce the majority of spam and bots.

Free speech is assured because there is no neck to choke, he stated. 

Anthony Rose, the head of engineering of Matter Labs and a former engineering manager at SpaceX, was one of the individuals that Musk was recommended to run the possible project.

Musk also proposed using Dogecoin, one of his preferred cryptocurrencies, on the system. Musk suggested that posting or reposting comments cost 0.1 Doge. According to him, "My Plan B is a blockchain-based Twitter, where the 'tweets' are embedded in the transaction as comments."

The concept of free expression on the blockchain has existed for a while, according to Musk. The main concerns are with how to put it into practice.

Musk continued, "Unless those 'peers' are really massive, therefore negating the notion of a decentralized network," a peer-to-peer network cannot fulfill the bandwidth and latency requirements.


CEO of Messari: "Bear Markets Are Good for Cleaning House."

 Although most of the crypto industry has had a difficult winter, Messari CEO Ryan Selkis believes that a little austerity will be good for the sector—and for his own conference.

Selkis, a seasoned pro in the crypto sector who first entered it in 2013, has witnessed growth come with each bear market, since each has driven some businesses out of business and created space for those that remain to prosper. This cyclical process has occurred in tandem with a regulatory environment that has changed through time and can heat up during bull markets.

At the Messari Mainnet conference this week in New York, Selkis remarked in an interview with Decrypt, "Bear markets are wonderful for getting the appropriate individuals in the room. “We wash away all the dead wood.”

Selkis noted that several officials, including those from the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC), were included as speakers at this year's conference and that their attendance reflected a growing trend in the cryptocurrency space towards regulators cooperating with businesses.

Selkis stated, referring to the capacity to include regulators, "These should be talks." In contrast to the cliché "hammer hunting for a nail," most people seem to be on the same page when it comes to developing more constructive solutions.

Related: Ethereum is in a state of instability as a result of the merger. Was it all worth it? Some Ethereum supporters aren't so certain.

In a fireside chat on stage, Selkis and CFTC Commissioner Caroline Pham discussed how regulation might benefit the cryptocurrency industry as clearer rules for businesses are created and the CFTC and Securities and Exchange Commission's jurisdiction is established (SEC).

Selkis spoke with Sanjeev Bhasker, the U.S. Digital Currency Counsel for the U.S. Department of Justice's Digital Currency Initiative, during a different panel. The panel talked on how using cryptocurrencies affects digital privacy.

Not for the first time, regulators have visited Messari Mainnet. This time, their attendance was prearranged, but the co-founder of Terra Labs, Do Kwon, received a subpoena from the SEC last year as he entered the conference at the top of an escalator. That subpoena was in relation to Mirror, a Terra-based DeFi system that generated artificial replicas of real-world assets that could be traded, including equities.

It's basically the law of huge numbers if you have a gathering of people like this, Selkis added. There will be thousands of people here, some of them from outside; occasionally, [a subpoena] may be issued if some of them are the subject of an investigation.

All of that occurred before Terra's UST stablecoin collapsed this year, wiping out billions of dollars in investor funds and causing institutions that had placed large bets on Terra's network, such as lenders Celsius and Voyager and the now-defunct cryptocurrency hedge fund Three Arrows Capital, to become uneasy.

Selkis thinks that as developers "push the envelope" of what's feasible in the crypto world, there will inevitably be regulatory friction. He claimed that since the beginning of the industry, "things break and individuals get into difficulty."

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Did the Ethereum Merge Go Wrong?

Ethereum is in a state of instability as a result of the merger. Was it all worth it? Some Ethereum supporters aren't so certain.

What are your thoughts on the merger? I recently asked William "Wills" de Vogelaere, co-founder of Spankchain and likely a half-dozen more protocols in the vile Ethereum underbelly, inadvertently.

Naturally, I was referring to the eagerly anticipated software upgrade that, on September 15, booted Ethereum's miners and replaced them with a group of stakeholders that cared about the environment.

"You mean the illusion of Ethereum?" De Vogelaere chimed in angrily.

“Oho!” I pondered. This may be interesting. De Vogelaere, it turned out, was expressing an opinion that was rarely made public: that the merger was a mistake. If not a typo in italics, some other pointless diversion.

He raged, "Really, it didn't bring anything of value other than the environmental issue.

De Vogelaere believed that the entire endeavor had been a naïve submission. He claimed that those in positions of power who were concerned about Ethereum's massive carbon footprint were only only doing so to further their own cynical agendas. No one really cares if anything is green as long as it functions, he added. "As long as they can be represented as caring, corporations don't fucking care."

Read Also: Yuga Labs Appoints Chief Gaming Officer to Strengthen Web3 Gaming Push

Maronn’! The price of ETH has plummeted since the combination took place, therefore it's understandable why folks like de Vogelaere are upset. Supporters of bitcoin are mocking the modification. Even the most seasoned Ethereum experts have become alarmed by whispers that Ethereum is now a "security"; some have even been moved to welcome a group of fervent Ethereum militants who were once scorned. (That will be covered.)

De Vogalaere informed me that the idea that Ethereum's reputation will improve after the merger may have been a hoax. The authorities, he claimed, are unlikely to change their minds now that this particular environmental complaint has been resolved, especially given their newly discovered readiness to classify it as a security.

And certainly, the merge was a fantastic demonstration of technological prowess. We're told that merging Ethereum in real-time is like changing the engine of a car while it's speeding down the freeway. From an R&D standpoint, it is revolutionary, but the atom bomb was also.

De Vogelaere feels that the alleged technical advancements of the merge are overstated despite this. It was intended to make it easier to implement various modifications that would increase network efficiency. De Vogelaere, however, asserts that similar solutions have long existed in the shape of sidechains—additions to the main network that employ various forms of validation—like Polygon. He claimed that the switch to Ethereum's "Virtual Machine," which serves as its computing environment, is the only one that truly has value the staking model. 

He also (thank heavens!) noted that those who lack the required amount to independently stake—32 ETH, which is roughly $42,500 at the time of writing and is dropping—must do so through centralized exchanges like Coinbase. The majority of Ethereum would thereafter be traded on a corporate exchange with a single point of failure.

We now know that the price of Ethereum has plummeted, and the authorities are acting. But is de Vogelaere's viewpoint only an outlier?

Not so! Long-time Ethereum miner Kristy Leigh-Minehan, who may be a little predisposed, isn't quite as hostile to the merger as our de Vogelaere. Instead, she questions whether it happened a little too soon. According to her, "the switch to proof of stake is a core component of Ethereum's DNA and was always intended." The question that everyone needs to ask oneself is: Was this the correct time? "It was necessary and required for future optimizations and scalability features."

Read Also: With Ethereum switching to proof-of-stake, Dogecoin is now the second-most valuable proof-of-work coin after Bitcoin

Minehan is not confident. In the current regulatory environment, "I personally do not think it was," she said. The possibility of ETH being officially classified as a security raises the possibility of "scare[ing] validators, operators, and entrepreneurs," she wonders. She continued that it can be unsettling when American regulators have such a dominant role. There is no doubting that Ethereum has established itself in the USA—that will be both its biggest strength and weakness, she added, echoing de Vogelaere.

At least some reputable Ethereum supporters are upbeat. Mat Dryhurst, a left-leaning podcaster and one of the early users of NFTs, speculated, "It could be the case that this has some impact on regulatory decision making." But to be completely honest, I don't get the feeling that the developer side is that worried about this. People are eager to expand the network's utility, and the integration seemed like a celebration of a significant development on a long road ahead.

But isn't it, as you concede, a little overrated? Dryhurst disputed, saying, "I don't think it was intended to be a major technological innovation. Rollups, zkEVMs (zero-knowledge virtual machines), and other scaling techniques are still required. If anything, in my opinion, it merely creates credibility for this particular area of crypto and boosts trust in the viability of other ideas that are being considered. He continued, saying that when he had just visited ETH Berlin, the vibe there was "as upbeat as ever."

The jubilant elderly guard

There is, maybe, a single cohort that wholeheartedly concurs with de Vogelaere and his ilk's pessimistic assessments of the merger and is openly delighted about them. They are the guardians of Ethereum Classic, an older, abandoned iteration of the Ethereum network whose supporters are arguably the most OG in the brief but dramatic history of Ethereum politics. They contend that Ethereum Classic was betrayed by the greedy handlers of Ethereum proper, just like the miners were.

Following a malicious attack of The DAO, the first decentralized autonomous organization on the Ethereum network, Ethereum Classic was created in 2016. The majority of mainstream Ethereum developers opted to "roll back" the hack and compensate the victims, which some purists saw as a fatal breach of Ethereum's fundamental concept of immutability. Because they adhered to the outdated, compromised network, Ethereum was split in half. Since then, they have been anticipating the merge in the hope that recently laid-off miners, whom they aggressively attempted to court, would migrate to Ethereum Classic in search of fresh sources of income.

Amazingly, they were correct after six years of patient anticipation.

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Bitcoin falls as the Fed raises interest rates once more to fight inflation.

As the Fed increases interest rates by 75 basis points, as expected by the market, volatility affects the cryptocurrency market.

Bitcoin News

Following the Federal Reserve's statement that it would raise interest rates by 75 basis points to fight sky-high inflation, the price of Bitcoin fell significantly.

Following the announcement, the largest cryptocurrency by market capitalization fell below $19,000 before rising amid high market volatility. It is currently trading for about $19,039, down about 1% from an hour ago. Additionally, over the last seven days, Bitcoin has decreased by about 5.7%.

Market analysts had predicted that the Fed would increase interest rates once again today, by 75 to 100 basis points. Although cautious traders continued to sell down today, it appears that this week's predictions have been mostly factored into the price of bitcoin, other cryptocurrencies, and stocks. Following the announcement, stocks also fell; at the time of writing, the Dow Jones and the S&P 500 had both down by about 0.70%.

To rein down rising prices, central banks—not only the Federal Reserve—have been hiking interest rates. With U.S. inflation at a four-decade high and investors avoiding "risky" assets like equities and cryptocurrency in favor of safe havens like the U.S. dollar, the Fed has been unusually active in its approach.

According to statistics from Arcane Research, Bitcoin has actually been trading most like a tech stock this year. It has also suffered losses; now, it is down 70% from its record high of $69,044 set in November 2021.

The dollar has been steadily rising, and today was no exception: before Fed head Jerome Powell spoke, it had already surpassed a two-decade high, in part due to Russian President Vladmir Putin's decision to escalate the situation in Ukraine.

Read Also : Spencer Tucker, a mobile gaming industry executive, will be in charge of Yuga Labs' Otherside.

There remained hope despite the "troubling market situation," according to Edward Moya, senior market analyst for the Americas at OANDA. He claimed that, for the most part, Wall Street was counting on the Fed to continue fighting inflation, which was challenging for riskier assets like cryptocurrency.

Long-term investors are still committed to cryptocurrencies and won't be alarmed by today's decision. They anticipate that eventually, unlike tech stocks, cryptocurrencies will trade on their own fundamentals.

Bitcoin has been trading like a "macro risk asset," but Darius Sit of Singapore-based cryptocurrency investment firm QCP Capital told Decrypt that eventually it might "break that association."

The second-largest digital asset, Ethereum, didn't fare much better following the Fed's policy choice. The item is currently trading for $1,328, down 1% over the last 24 hours.

The asset has struggled to acquire traction; even after making the long-awaited and much publicized switch to a proof-of-stake blockchain last week, its price has fallen 15% over the last seven days.


WazirX removes USDC Stablecoin from its list and switches user holdings to Binance USD

The biggest cryptocurrency exchange in India, WazirX, has adopted Binance's delisting policy for three stablecoins and "auto-converting" customer balances to BUSD.

News Bitcoin

Leading Indian cryptocurrency exchange WazirX stated today that it would delist USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD), and that it would convert customers' remaining balances on all three stablecoins into BUSD, the stablecoin created by Binance, automatically.

WazirX has ceased accepting USDC, USDP, and TUSD deposits, and the exchange will not accept any new deposits, according to a statement released on Monday. WazirX will provide BUSD Auto-Conversion for users' existing balances of USDC, USDP, and TUSD stablecoins at a 1:1 ratio to increase liquidity and capital efficiency for users.

According to the exchange, USDC, USDP, and TUSD withdrawals will be suspended after 5 PM IST on September 23. On September 26, spot market pairs for all three stablecoins will be delisted. According to WazirX, the automatic conversion of users' USDC, USDP, and TUSD existing balances would be finished "on or before 5th October."

WazirX delists USDC after Binance.

The announcement to delist USDC and the other two stablecoins by Binance, which used comparable language in its release, occurred two weeks prior to today's news. The decision was made "to improve liquidity and capital efficiency for customers," according to the exchange, which also stated that it had the right to "amend the list of stablecoins suitable for auto-conversion."

Additionally, it follows Binance's recent denial of ownership of WazirX while having before stated the exact contrary in 2019. The creator of Binance, Changpeng "CZ" Zhao, stated on Twitter at the beginning of August that "this transaction was never completed" in response to the 2019 announcement of Binance's acquisition of WazirX in a deal rumored to be for up to $10 million.

Nischal Shetty, a co-founder of WazirX, blasted Zhao's remarks, claiming that he and other co-founders own Zanmai Labs, which is authorized by Binance to run INR-crypto pairs on WazirX.WazirX's crypto-to-crypto pairs are run by Binance, who also handles cryptocurrency withdrawals, according to Shetty, who also claims that "WazirX as a product and a brand is owned by Binance."

We contacted WazirX and Binance, but has not received a response as of the time of writing. Following claims that the Enforcement Directorate (ED), India's top financial enforcement agency, had charged WazirX with violating currency exchange laws and freezing $8.14 million in the company's assets, Zhao denied the deal.

Last week, WazirX announced that its bank accounts had been unfrozen as a result of "active cooperation" with the ED through ongoing anti-money laundering (AML) checks, which resulted in the blocking of accounts for 16 fintech companies that used WazirX to send cryptocurrency assets to "unknown foreign wallets." 

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Spencer Tucker, a mobile gaming industry executive, will be in charge of Yuga Labs' Otherside.

 Yuga Labs Appoints Chief Gaming Officer to Strengthen Web3 Gaming Push.The firm behind the Bored Ape Yacht Club NFT collection, Gaming Officer, made an announcement on Friday.

Tucker will oversee the creation of Yuga's Web3 gaming initiatives, beginning with the company's "Otherside" metaverse. Earlier this year, Otherside caused a stir on Ethereum when it experienced a huge spike in transactions and the selling of $561 million worth of NFT land in a single day.

Tucker is a former executive of the mobile gaming companies Scopely and GREE, where he held the positions of Senior Vice President of Product and President of Games, respectively.

Tucker expressed his excitement about working with Yuga, which also controls the CryptoPunks and Meebits NFTs, on Linkedin. According to Tucker, player ownership, social interaction, and creative expression will be the driving forces behind the future of gaming.

Gaming is one of the company's top goals, according to Yuga CEO Nicole Muniz, who called it the company's "primary priority" moving forward in a statement. It is noteworthy because, according to OpenSea statistics, the NFT company holds the top four Ethereum NFT collections ever assembled.

Despite its $450 million seed round and stunning $4 billion valuation, Yuga currently only has a tiny crew. The company has hired about 60 people so far this year and plans to increase that number to 100 by the end of 2022.

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Hot Topic

NFT Monthly Sales Top $947M as Solana Advances Against Ethereum Solana

  NFT sales volume nearly doubled in January despite the market as a whole remaining essentially flat and falling over 82% from January high...

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