Monthly NFT sales fall below US$1 billion for first time in 12 months

Monthly NFT sales fall below US$1 billion for first time in 12 months

Crypto industry sales are slumping, but it’s not just hedge funds and lenders that have been hit hard by the crypto winter. The NFT industry has also begun to feel the chill.

The troubles at crypto hedge funds and lenders were a center of attention in June, but business in the non-fungible token (NFT) market also got hit, with monthly sales dipping below US$1 billion for the first time in 12 months, according to NFT data aggregators CryptoSlam.

For context, June last year was the same month that Axie Infinity exploded in popularity, putting NFTs and play-to-earn gaming on the map in the process.

Plummeting crypto prices share some of the blame for the poor NFT sales, but unique monthly buyers in June also fell almost 50% from a high of more than 1 million in January and now stand at less than 600,000 for the first time since July 2021.

In another telling sign, the floor price for a Bored Ape Yacht Club — one of the biggest NFT collections — fell below US$100,000 for the first time in over a year in mid-June to a low of US$86,277. That’s almost an 80% plunge from a high of more than US$400,000 in late May.

“The NFT market has not been immune to the crypto market (and business) turbulence and when coupled with [traditional finance] downturn — in particular the tech stocks crash — it is a perfect storm for loss of confidence,” Jonathon Miller, Australian managing director of crypto exchange Kraken, told Forkast in shared written commentary.

The 70% drop this year in the price of Ether, the world’s second-largest cryptocurrency, also influenced NFT trading, as it’s the native token of Ethereum, the most popular blockchain for hosting NFTs. Ether prices traded around US$1,055 on Monday in Asia.

However, after a volatile few weeks, crypto prices held relatively steady over the weekend, with all major coins fluctuating no more than 1% in the 24 hours through Monday afternoon in Asia.

Bitcoin held steady around US$19,300 over the weekend after dropping below US$19,000 for the first time since December 2020 on Friday to change hands at US$19,133 at press time. Amid this NFT market downturn, Kraken is set to join the likes of Binance and Coinbase by opening the waitlist for its own NFT marketplace set for full release in the next few months.

“The seeming collapse of closed book lending businesses may be viewed in the long run as a reminder that open transparent infrastructure is ultimately the foundation upon which a new wave of digital financial tools will be built,” Miller said.

“The projects and businesses that stay as true to this as possible are the ones that can weather the storm,” he said.

Another way NFT marketplaces or exchanges can stand out from the crowd is by specializing and offering unique services, for instance by focusing on sports-based NFTs, according to Anndy Lian, Chief Digital Advisor, Mongolian Productivity Organization, and a blockchain author.

“I think the NFT market could recover faster than the crypto original market,” said Lian, highlighting partnership deals between Binance and Portuguese soccer player Cristiano Ronaldo as a sign of what’s to come.

“All these moves, which cost perhaps hundreds of millions, are telling us that this will be a big strategy,” he added. “We cannot just depend on what you see in crypto native; you need to bring in new blood.”

Original Source: https://forkast.news/monthly-nft-sales-below-1billion-12-months/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Crypto On Feb 3: Market Turns Red Once Again; Experts Say It’s Time For Careful Investments

Crypto On Feb 3: Market Turns Red Once Again; Experts Say It’s Time For Careful Investments

KEY POINTS

  • Bitcoin, Ether plunged
  • Meme cryptos slid
  • Market cap goes down

The cryptocurrency market turned red Thursday after two consecutive days of gains. The global crypto market cap was down 5.18% at $1.68 trillion as of 4.15 a.m. ET.

Bitcoin was down 3.64% at $37,045, CoinMarketCap data showed. Ethereum too plunged 3.44%.

Barring a slight uptick in the USD Coin, all of the top 10 tokens on the crypto chart were trading lower. Solana, Terra LUNA, Polkadot shed up to 10%.

Meme cryptos Shiba Inu and Dogecoin plunged too.

“The reason for the red and dips become more serious after the Fed meeting. The uncertainty outcome from that meeting is lingering in many heads. Adding on to the uncertainties is the recent 30 percent tax in India. This again added more stress to the market,” Anndy Lian, Chairman, BigONE Exchange told International Business Times.

“This kind of dips would remain there for some time. Crypto retail investors will be more careful in their investments in the next few months. Watch out for moves from institutions, that can be an indication for changes,” Lian added.

Adding to the uncertainties, the financial results of Meta came out Wednesday which has shown a significant slump in its virtual business vertical. Facebook’s parent company valuation dipped by almost $200 billion on Wednesday, which, according to experts, may have spooked the crypto market as well.

“We will have to wait and watch if Meta’s NFT and digital asset strategy takes off as expected,” Charles Tan, Head of Marketing at Coinstore told International Business Times.

In other news, hackers have stolen more than $320 million from one of the most popular bridges linking the Ethereum and Solana blockchains Wormhole.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.

 

 

Original Source: https://www.ibtimes.com/crypto-feb-3-market-turns-red-once-again-experts-say-its-time-careful-investments-3389484

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Anndy Lian on NewsX: India’s Official Digital Currency. Time To Make A Shift?

Anndy Lian on NewsX: India’s Official Digital Currency. Time To Make A Shift?

The development of Bitcoin and thousands of other cryptocurrencies these past few years have left India needing to create a framework for the creation of an official digital currency, which will be issued by the Reserve Bank of India (RBI). A bill in this regard is planned to be tabled in the upcoming winter session of the parliament.

The Indian government is worried about the volatility of cryptocurrency, how it can be misused, and cryptocurrencies’ impact on the country and its economic situation. The primary idea of the RBI behind this move is to protect consumers from the appalling level of volatility seen in digital currency. The governor of RBI went to the extent of saying that cryptocurrencies pose a serious concern to the macroeconomic and financial stability of India.

It has been reported that a huge amount of ₹$40,000 (rupees) have already been spent when it comes to cryptocurrency. Furthermore, the idea of cryptocurrency was, when it was formulated in 2008, to bypass the banking system. This brought rise to RBI’s worry that cryptocurrency will overtake the banking system when it comes to investments in India.

Back when cryptocurrencies were banned in China, the fallout was that a lot of people and a lot of that investment and interest were redirected to the USA. India does not want to make that same mistake. It is almost certain that there will be a lot of problems if there is a blanket ban on cryptocurrency in India.

India is all set to create a framework for the creation of an official digital currency that will be issued by RBI. NewsX invited a panel of experts to talk about the topic. The expert panel consists of Akash Jindal, Sr Economist; Siddhartha Sogani, CEO of Creabaco Global Inc., Bitcoin Expert; Hanif Shaikh, CEO of Upsocial Network, Crypto Expert and Anndy Lian, Chairman, BigONE Exchange and Founding Member of Influxo. News Anchor, Vineet Malhotra discussed the following topics:

• How will this impact the total economic atmosphere of the country?
• Are cryptocurrencies such a threat to the economic environment of any country?
• What is the next step for India?
• How important is the concept of decentralisation when it comes to cryptocurrency?

Here’s what BigONE Chairman Anndy Lian had to say in an interview with India’s NewsX:

The right direction is to embrace cryptocurrency in all manners – because cryptocurrency is here to stay. It is the future of currency. In whatever way that it is called – currency or digital asset – it must be embraced.

Mainstream media may always say that cryptocurrencies are illegal as it may involve money laundering, among other things. But the fact is that the top currency used to carry out such illegal things is the very common US dollar.

Every move made via a blockchain is recorded on the chain. If Bitcoin is sent to a dodgy account, it’s going to be recorded on the chain. How will these dodgy accounts cash it out? Will they be so daring to do that?

BigONE is on the Top 40 list globally. All good exchanges must go through the same regulatory steps to ensure Know-Your-Customer (KYC) and Anti-Money Laundering (AML) processes are carried out. Through these frameworks, illegal acts are minimised.

Decentralisation does not, in any way, mean the removal of governments of taxes. It must be emphasised that when it comes to decentralisation, there is no intention of moving away from countries’ legacy systems or financial systems. Nonetheless, people are living in the real world, and not in the metaverse. Actual, physical money is still required to live as we head into the future.

The term “decentralisation” must not be tweaked in such a way that it is portrayed to be a bad thing. There exists proper entities – proper companies – to back the system. In the cryptocurrency world, everything needs to be registered. When founders of a project are doxxed, documentation to prove that will be kept in a centralised depository. If anything were to happen, tracing back to the person or team in charge will not be an issue.

It is imperative to redefine the term “decentralised” such that governments, family offices, and traditional banking staff know what it means exactly. In comparison to the traditional space, what is experienced in the cryptocurrency world is actually no different. For exchanges such as BigONE, different kinds of available financial requirements are stringently addressed. In this way, proper regulation is assured. Let’s be open-minded and address it.

The Indian government and crypto practitioners are open-minded and progressive about cryptocurrency. As the bill gets drafted, it is good that they would have all the experts to provide their confounding, broad, and elaborate views on what the cryptocurrency market pertains to, as well as the volatility and risks.

This is the second time Anndy Lian is invited to the NewsX Live commentary segment. The first time was with Garrett Minks, Founder & CTO, Rair and Vishal Malhotra, Actor on NFT.

The full video can be found on NewsX official channel:

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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