nft

Draft Law About NFTs Submitted to Russian Parliament

21/05/2022 by Idelto Editor

Lawmakers have filed a bill with the State Duma aimed at introducing the term NFTs to Russian legislation. The authors of the draft say the rights of those who own non-fungible tokens need to be protected as Russians are currently dealing with NFTs at their own risk.

Russian Deputies Propose Amendments Legally Defining NFTs

Members of the lower house of Russian parliament, the Duma, have put forward a draft law that will incorporate the term “NFT-tokens” into the Civil Code of the Russian Federation. The sponsors of the bill, Vladislav Davankov and Anton Tkachev, are from the parliamentary group of the liberal New People party.

The explanatory note to the bill, Tass news agency reported, states that the initiative aims to “recognize NFT-tokens as non-fungible tokens of unique digital assets (images, videos or other content) in the form of non-fungible data stored in a distributed ledger system (blockchain system).”

“We need to protect the rights of NFT owners,” said Tkachev, quoted by the party’s press service. He pointed out that at present the legal concept of non-fungible tokens does not exist in Russian law and people continue to make transactions with NFT tokens at their own risk. He further elaborated:

Things have moved forward with cryptocurrencies, but an NFT is not a digital currency but a digital certificate of ownership, that is, an object of intellectual property, which is why we propose to regulate NFTs as intellectual property.

While Russian authorities have been taking steps to comprehensively regulate the country’s crypto space, Russia’s current and upcoming legislation does not explicitly mention NFTs. The term digital financial assets (DFAs), introduced with a law which went into force in January 2021, partially covers cryptocurrencies and some types of tokens.

A new bill “On Digital Currency,” which was submitted by the Ministry of Finance in February, is expected to be adopted this year. It has been designed to fill the remaining regulatory gaps in the nation’s legislation. It has already won the support of the federal government in Moscow, while the Central Bank of Russia remains opposed to the legalization of cryptocurrencies like bitcoin.

Do you think the State Duma will approve the new legislation for non-fungible tokens? Tell us in the comments section below.

Cumulative NFT Sales Among 18 Blockchain Networks Surpass $36 Billion

20/05/2022 by Idelto Editor

Cumulative NFT Sales Among 18 Blockchain Networks Surpasses $36 Billion

Statistics recorded this week show that the aggregate number of non-fungible token (NFT) sales, settled across more than a dozen different blockchains, has officially surpassed $36 billion. While there are 18 competing blockchains offering NFTs, Ethereum-based NFT sales dominate by more than 75%. While Ronin commands the second-largest amount of NFT sales, NFTs from the game Axie Infinity have been the top-selling collection for quite some time, with more than $4 billion in global sales to date.

$36 Billion in All-Time NFT Sales, Ethereum Dominates Sales by More Than 75%

The world of blockchain-based digital collectibles has been a force to reckon with as the NFT ecosystem has become a multi-billion-dollar industry. This week’s metrics indicate that all-time NFT sales have surpassed $36 billion to date.

The $36 billion in sales recorded on cryptoslam.io’s NFT dashboard stems from 18 different blockchains like Ethereum, Ronin, Solana, Avalanche, Wax, Polygon, and Flow to name a few. Ethereum’s $27 billion in NFT sales, however, represents 75.02% of the total number of sales across all the chains.

The top blockchains in terms of all-time NFT sales besides Ethereum include Ronin ($4B), Solana ($2.2B), Flow ($1B), Polygon ($591M), Wax ($430M), Avalanche ($277M), Immutablex ($98.7M), Palm ($50.5M), and Tezos ($40.4M). All-time NFT sales from the top nine blockchains add up to approximately 24.61% of the non-Ethereum-based NFT sales.

The remaining nine blockchains below Tezo’s position only represent 0.37% of the $36 billion in all-time NFT sales volume. Ethereum’s 1,300,118 NFT buyers and Ronin’s 1,742,207 NFT buyers are the only two chains with more than a million unique NFT buyers.

Out of the $36 billion in NFT sales, the top NFT collection in terms of all-time sales is Axie Infinity, which has seen more than $4 billion in sales. The second-largest collection in terms of sales is Cryptopunks, which has seen $2.24 billion in sales.

Cryptopunks is followed by Bored Ape Yacht Club (BAYC) which has recorded $2.12 billion in all-time sales. BAYC is followed by Mutant Ape Yacht Club ($1.52M), Artblocks ($1.25M), NBA Top Shot ($1M), Otherdeeds ($906K), Azuki ($756K), Clonex ($671K), and Veefriends ($538K).

Most Expensive NFTs Stem from Veefriends, BAYC, Cryptopunks, Cyberkong — Opensea Still Commands the Most Amount of Sales by an NFT Marketplace

All-time sales metrics from cryptoslam.io’s dashboard indicate that the most expensive NFT sold is Veefriends’ “Thoughtful Three Horned Harpik,” which sold for 100,000 ether or $316 million. The Veefriends NFT is followed by Cryptopunk 5822 which sold for 8,000 ether or $23.7 million.

Five of the most expensive NFTs sold out of the top ten are BAYC NFTs and two are Cryptopunks. Other collections in the most expensive NFT top ten list included Meebits 10,761 and Cyberkong VX 8252.

Out of all the NFTs sold, most are purchased on the NFT marketplace Opensea with the market Looksrare following the platform’s lead. Other notable NFT marketplaces include Magic Eden, Flow’s NBA Top Shot market, Mobox, Solanart, Wax’s Atomicmarket, Bloctobay, and Rarible.

While billions of dollars worth of NFTs have been sold during the last few weeks, NFT sales have been dropping significantly. Weekly NFT trade volumes are down and weekly NFT sales have also floundered during the past few weeks. If the crypto economy is truly in a bear market cycle it will be interesting to see how the NFT industry handles the downturn.

What do you think about the 18 blockchains recording $36 billion in all-time NFT sales? Let us know what you think about this subject in the comments section below.

Digital Collectible Owners Continue to Take Loans out Using NFTs as Collateral

19/05/2022 by Idelto Editor

While non-fungible token (NFT) collectibles have become a hot commodity over the last 12 months, a number of NFT owners are taking loans out against their NFTs. This month, a project called Nftfi has facilitated $25.6 million in NFT loans so far, and last month the lending marketplace recorded nearly $50 million in NFT loans.

NFT Lending and Borrowing Continues to Grow

NFTs have become a billion-dollar industry during the last year and a popular blockchain technology use case. Even though sales have slid in recent times amid the crypto market downturn, NFTs are still selling for hundreds of thousands and even millions of dollars per digital collectible. In addition to the NFT sales and auctions, NFT owners are also loaning their digital collectibles for access to liquidity. For instance, a decentralized finance (defi) platform called Nftfi has seen $185.4 million in cumulative loan volume since the market’s inception.

In the last week, the peer-to-peer marketplace for NFT collateralized loans recorded four loans for more than $100K or more each. On May 16, Bored Ape Yacht Club (BAYC) 7,813 was used for a $100K loan, and Autoglyph 231 was leveraged for a $200K loan on May 12. BAYC 6,276 was used for a $150K loan on May 10, and the BAYC 371 owner was able to obtain a $115K loan for the NFT the day before. So far this month, Nftfi has facilitated $25.6 million in NFT loans, according to statistics from Dune Analytics. Nftfi is also partners with the blockchain firms Flow and Animoca Brands.

NFT Lending Competition

Nftfi is not the only NFT lending platform on the block, as there are others like Arcade, Nexo.io, and Drops. Statistics show the Drops loan market has facilitated $6,746,515 in lending. Arcade has raised $17.8 million from investors like Pantera Capital, Franklin Templeton Investments, Castle Island Ventures, and Protofund. Another competitor is the peer-to-peer NFT lending marketplace Flowty, which is built on the Flow blockchain network. Flowty raised $4.5 million in the company’s first investment round from two lead investors and 23 total.

Nftfi has a wide selection of NFTs and an assortment from a number of blue-chip digital collectible collections as well. For instance, there are ENS names, Unstoppable Domains, Axies, Doodles, Sanbox land, Otherdeeds, Hashmasks, Bored Ape Yacht Club, and Mutant Ape Yacht Club (MAYC). Just recently the platform phased out its old smart contract (Nftfi V1) on April 4, 2022, and launched a new smart contract called Nftfi V2. According to the web portal, Chainsecurity and Halborn audited the platform’s V2 smart contract.

What do you think about people lending out their NFTs for collateral to acquire a loan? Let us know what you think about this subject in the comments section below.

Aave Launches Social Media Project Lens Protocol With Over 50 Apps Built on Polygon

18/05/2022 by Idelto Editor

The blockchain firm Aave has launched the Lens Protocol, a social media project with applications built on the Polygon blockchain. Lens is similar to the social media platform Twitter but Lens profiles are linked to a non-fungible token (NFT) that can be ported into decentralized applications.

Lens Protocol Is Live – Aave Founder Believes People Are ‘Ready for a Better Social Media Experience’

On Wednesday, the blockchain company Aave announced that the Lens Protocol is now live and roughly 50 applications have debuted on the platform. Aave first revealed the Lens Protocol during the first week of February 2022 and the first applications are built on top of the Polygon network.

Stani Kulechov, CEO and founder of Aave Companies said the recent Twitter ordeal with Elon Musk shows that people are looking for something different than the incumbent social media platforms. “The social media experience has remained relatively unchanged for the last decade, and much of that is due to your content being solely owned by a company, which locks your social network within one platform,” Kulechov said in a statement sent to Bitcoin.com News.

The Aave founder added:

But ultimately, as seen from Elon Musk’s bid to purchase Twitter, people are ready for a better experience than what they’re used to. Ownership over not only the content you create online, but also your profile and social network is long overdue, and empowering users is what Lens aims to achieve.

Lens Boasts 50+ Social Applications and Creator Monetization Tools Built on Polygon

The 50 applications built on Lens covers social applications to creator monetization tools, the announcement notes. Lens users that have already minted their NFT profile can access any of the applications such as Peerstream, Lenster, Swapify, Spamdao, and more. “Building a Web3 social media platform on Lens Protocol has opened up a new realm of possibilities for our development team and users,” @yoginth.eth the founder of lenster.xyz remarked during the announcement.

Lens Protocol will provide users with the foundations to leverage full ownership over their “profile, content, and relationships” while plugging into any decentralized application. G.Money, the NFT filmmaker and creator, detailed that lens will empower the platform’s userbase. “An open social graph will allow creators and brands to fully own content distribution and their audiences in a truly multi-platform way. Lens empowers platform choice and opens up wider audiences through direct creator/brand-community relationships,” the NFT filmmaker said.

What do you think about Aave’s Lens Protocol? Let us know what you think about this subject in the comments section below.

Crypto Market Rout Pulls the Floor out From Blue-Chip NFTs, Weekly Sales Down 64%

14/05/2022 by Idelto Editor

As markets slid in value during the past week, non-fungible token (NFT) floor values have dropped considerably. Blue-chip NFT collections like Bored Ape Yacht Club (BAYC), Cryptopunks, and more have seen their floor values drop between 2-25% in the last 24 hours.

NFT Floor Values Take a Significant Beating

NFT sales have dropped 64.84% lower than the week prior during the last seven days. Nearly every popular NFT collection is down considerably when it comes to week-over-week sales.
Otherdeed sales are down 90.31%, BAYC sales have slid 63.73%, Mutant Ape Yacht Club (MAYC) sales are down 65.73%, and Cryptopunks sales are under by 3.39% this past week.
NFT floor values have slid a great deal in value during the past 24 hours as the crypto market carnage has not been kind to digital collectibles. BAYC’s floor value today is 2.9% lower at 97 ether or $191K.
The current Cryptopunks’ NFT floor has lost 7% and the floor value of the least expensive Cryptopunk NFT is 48.85 ether or $96K. Moonbirds NFTs are down 10.9% during the last day and the floor value is 21.5 ether or $42K.
$1.7 billion in NFT sales volume was recorded seven days ago, and this week’s volume is down to $631.5 million.
The NFT collection Azuki took the top sales this week with $102 million in sales volume which is an increase of around 208.55% since last week’s Azuki sales. 24-hour stats show Azuki’s floor value this weekend is 14.16 ether or $27.8K, which is 0.3% lower than the day prior.
Doodle’s NFT floor value has increased 2.5% during the past day and currently, the Doodle NFT floor value is 13.95 ether or $27.4K.

16 different blockchains saw sales decline since last week except for Tezos-based NFT sales, up 15.07% this week.
Metrics from cryptoslam.io show the most expensive NFT sold this week was BAYC 7,520, which sold 21 hours ago for 115 ether or $238K.

What do you think about high-profile NFT floor values dropping? Let us know what you think about this subject in the comments section below.