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Top NFT News Today – 11 January, 2024

The NFT market is experiencing a resurgence, marked by a significant increase in sales volume. According to CryptoSlam, NFT sales volume has surged by over 30% in the last 24 hours, reaching $50.5 million. Despite this impressive growth in sales, there has been a slight decline in the number of transactions, which decreased by less than 0.5%, totaling 313,887 at the time of reporting.

In the realm of top collections, Saga Monkes stands out with the most substantial rise in sales, recording an impressive 369% increase. Following behind is the Bored Ape Yacht Club, which experienced a 145% increase in sales.

However, the NFT space is buzzing with more than just these impressive figures. To gain a deeper understanding of the current dynamics and latest developments in the NFT world, let’s delve into the most critical NFT-related news that is currently a topic of discussion in cryptocurrency circles and beyond.

Elon Musk Removes NFT PFPs from Twitter, Making This the Top NFT News Today

The latest significant development in the NFT space involves the social media giant, now known as X, which has recently removed NFT support from its premium subscription offerings.

As of January 9, the platform’s ‘Create a Community’ section included options for premium subscribers to showcase their NFTs. This feature allowed users to display their NFTs as hexagon-shaped profile pictures after a temporary connection to their crypto wallets. The FAQ page of the platform also provided various NFT-related information, answers, and explanations.

However, a notable change occurred on January 10. The ‘Create a Community’ section was altered to a more generic description for premium subscribers, focusing on the ability to create communities with shared interests, without any mention of NFTs. This shift has resulted in the complete removal of NFT mentions from the premium support page.

The decision has sparked diverse reactions within the community. Some viewed the NFT feature as a beneficial tool that contributed to enhancing security in the digital asset space. Others speculated that X might be preparing to launch its own exclusive NFTs. This hypothesis has been met with criticism, as it suggests yet another centralized entity attempting to capitalize on its user base through potentially non-valuable tokens.

Are NFT ETFs Next?

The recent approval of the first spot Bitcoin exchange-traded funds (ETFs) in the U.S. by the Securities and Exchange Commission (SEC) has led to intriguing discussions in the cryptocurrency space, particularly around the concept of NFT ETFs.

Epik Prime, an NFT platform, has raised the question, “Next up, NFT ETFs?” The platform suggests that, unlike traditional ETFs which typically focus on stocks or commodities, an NFT ETF could offer investors a diversified portfolio comprising various types of NFTs such as collectibles, digital art, and virtual real estate. This would provide a simplified and accessible way for investors to engage with these digital assets.

The idea also includes the potential creation of select NFT baskets, which could help in mitigating the volatility associated with individual NFTs. Epik Prime argues that as the market continues to expand, the prospect of an NFT ETF becomes increasingly viable.

The influx of more capital into the sector could lead to a range of benefits, such as enhanced liquidity, reduced fees, and the development of specialized ETFs that concentrate on specific areas like art, gaming, music, and intellectual property-backed NFTs.

Given these developments and discussions, the question arises whether the NFT news sector might soon feature an announcement about the launch of an ETF focused on NFTs, marking another significant milestone in the evolution of digital asset investment vehicles.

OpenSea Simplifies Wallet Creation: Only Email Needed

Navigating the world of Non-Fungible Tokens (NFTs) can indeed be challenging, particularly for newcomers. The complexity involved in setting up the necessary tools and accounts is often seen as a significant barrier to broader adoption of NFTs.

In response to this challenge, OpenSea, a leading NFT marketplace, has introduced a new, user-friendly approach to help people get started on their platform. One of the key features of this initiative is the ability for users to create a wallet using just an email address. This wallet is self-custodied, meaning that users retain complete control over their NFTs.

With this new system, users are able to buy, sell, and transfer NFTs with greater ease. The platform now supports purchases using credit and debit cards, enhancing accessibility for a wider audience. Additionally, users can manage their funds and view their transactions on the blockchain directly, without the need for a separate wallet extension.

Importantly, this streamlined wallet service is compatible across all nine Ethereum Virtual Machine (EVM)-based chains that OpenSea supports. This development represents a significant step in making the NFT space more accessible to the general public, potentially paving the way for increased mainstream adoption of NFTs.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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