The non-fungible token (NFT) market has experienced a 12.5% increase in the last 24 hours, reaching a total value of $39,251,556.
Both buyers and sellers have seen a modest uptick of approximately 2%, although the number of transactions has declined by 10%.
In terms of top NFT collections based on sales volume, CryptoPunks has garnered significant attention by claiming the top position with sales exceeding $3.5 million.
The second-ranking collection, Ordinals, has witnessed an impressive 101% surge in value, now totaling $2,175,912, as reported by CryptoSlam.
Despite Ordinals’ remarkable performance, the standout performers of the day are Magic Ticket: Normie, which has surged by an astounding 690% to reach $620,961 in value. GBTS BRC-20 NFTs and Doodles have also experienced substantial increases of 567% and 392%, respectively.
On the downside, Froganas and Gas Heroes Common Heroes have seen a decrease in value by 6% and 3%, respectively.
In other NFT news today, notable highlights include the introduction of the Magic Eden-backed Non-Fungible DAO, CryptoPunks relaunching its CryptoPunks721 wrapper, and the unveiling of iSHANG and Earth Exchange’s NFT staking program aimed at promoting environmental sustainability.
Non-Fungible DAO Unveiled, Powered by NFT
On Monday, the Non-Fungible DAO (Decentralized Autonomous Organization) made its debut, presenting itself as a community-owned and decentralized entity. Its primary objective is to spearhead the development and promote the adoption of protocols that will drive the future of NFT (Non-Fungible Token) commerce.
The team behind Non-Fungible DAO envisions a future where NFTs become a ubiquitous part of daily interactions worldwide, even though the current adoption of digital assets is still in its nascent stages.
Non-Fungible DAO assumes ownership and governance over open-source technologies designed for NFTs, operating across major blockchain networks. This includes taking control of smart contracts initially created by the Magic Eden marketplace on four prominent chains: Solana, Bitcoin, Ethereum, and Polygon.
Magic Eden has also expressed its commitment to the cause by declaring its intention to open-source and contribute its trading and minting protocols to the Non-Fungible DAO, aligning itself with the organization’s mission.
According to the DAO’s plans, every holder of an NFT token will have the opportunity to participate in governance decisions and have a say in how the ecosystem funds are utilized.
The bulk of the NFT token supply will be designated for distribution to the community. Those community members actively utilizing the protocols managed by the Non-Fungible DAO will have the opportunity to earn these tokens.
Regarding the timeline for the release of “WEN NFT,” the team has indicated it will be unveiled “SOON.” However, it’s worth noting that the token has not yet been deployed, and there have been no announcements regarding airdrops at this time.
CryptoPunks Ranks #1, Relaunches CryptoPunks721
The popular CryptoPunks collection has claimed the top position in terms of sales volume today. According to data from CryptoSlam, it has surged by 12% in the last 24 hours, now reaching a total value of $3,550,498.
In terms of activity, the number of buyers has increased by 56%, while sellers have seen a 25% uptick, and transactions have grown by 29%.
Meanwhile, the CryptoPunks team introduced CryptoPunks721 back in December, but they encountered some issues that required fixing before its relaunch on Thursday.
CryptoPunks721 serves as the official CryptoPunks smart contract designed to convert CryptoPunk tokens into ERC-721 tokens through a process known as “wrapping.” ERC-721 is a standard on the Ethereum blockchain, commonly used as the foundation for many NFT collections. However, since CryptoPunks predated the creation of the ERC-721 standard, conversion is necessary for seamless compatibility with certain protocols.
The team explained that this conversion process, called “wrapping,” results in a CryptoPunks721 wrapped CryptoPunk. This allows owners to utilize their NFTs on platforms or within ecosystems that primarily support fungible tokens, including NFT marketplaces and decentralized finance (DeFi) applications. Importantly, CryptoPunks can also be unwrapped at any time.
The team has optimized the wrapper contract for gas efficiency, ensuring it uses approximately half the gas compared to third-party contracts for wrapping, unwrapping, and transferring CryptoPunks. This optimization helps reduce transaction costs and enhances the overall user experience.
iSHANG and Earth Exchange Reveal NFT Staking Program for Environmental Sustainability
Earth Exchange and iSHANG, the Web3 arm of Coinstreet Group, have unveiled their NFT Staking Program in response to the 2023 COP28 climate conference held in the UAE.
This collaborative effort introduces a unique NFT staking program aimed at earning carbon rewards, which can be exchanged for the LCD (Lowest Carbon Denominator) Token.
The LCD-NFT staking program consists of four distinct levels: Advocate, Activist, Ambassador, and Warrior. These levels allow participants to actively engage in environmental awareness and sustainability efforts by minting collectible NFTs.
According to the partners, the central goal of this joint initiative is to introduce an innovative NFT staking program that not only maintains the credibility of carbon offsets but also expands voluntary carbon markets, making a substantial contribution to a more sustainable future.
