Bank of America is bullish: Warena and Illuvium establish cooperation

Crypto collector Mike Novogratz does not seem to be as optimistic about NFTs as the rest of us. Bank of America is looking forward to a bright future. The NFT market has officially issued NFTs worth more than 10 billion U.S. dollars. In the field of NFT, even a week of slow progress is like the speed of light.

This is another week of fun and games with millions of dollars worth of pictures, with millions of dollars in JPEGs. As the last quarter of this year kicked off. Let’s review the related activities in the NFT field in the past 7 days.

An 11-bit pixel market

Don’t worry, the market is still in its early stages. Nevertheless, Messari Crypto pointed out that the NFT market has exceeded $10 billion this week. As expected, the market leader in sales of over $ 6 billion is the Ethernet Square .

However, the Layer 2 blockchain is gaining popularity. Solana, Flow, Immutable X, Polygon and other public chains are seeking to build more NFT platforms and projects . Compared to Ethereum, many public chains have lower fees and faster transactions. But the current first mover advantage of Ethereum is still huge.

The latest Rug Pull in the NFT market: Evolved Apes

This is not a project you want to participate in. The anonymous developer of Evil Ape, Evolved Apes, ran away with all the wallets of the project, valued at approximately US$3 million.

According to reports, the artists who participated in the project have not yet been paid. Although the project was verified on OpenSea, the verification has now been cancelled. The official website of the project and Twitter appear to have been cancelled.

This is an unfortunate case of an almost ridiculous Rug Pull. In the long run, creators may make more money by completing projects . But users still need to do their due diligence and don’t use money they can’t afford to invest in NFT.

Bank of America bullish

Yes, you read it right. Bank of America is bullish. The financial institution released a 140-page report on encryption this week, including some optimistic views on NFTs.

The report described NFT as “changing the way creators connect with fans and get paid.” However, although the bank is aware of the huge potential of the NFT market, it also stated that “the risks in this area are high . 


The most successful fashion brand to date NFT released

Last month, Bitcoin ist reported on the adoption of NFT by fashion brand Dolce & Gabbana. Last week, it was reported that nine digital collections of D&G are now worth nearly 6 million U.S. dollars .

This makes the NFT released by D&G the most expensive fashion brand NFT so far, defeating competing brands such as Burberry and Gucci.

Although there are many different blockchains hoping to gain momentum in this area, Ethereum is still the dominant force in the NFT market.

Meta-universe integration

Warena, the NFT-based meta-universe supported by Animoca Brands, established a partnership with Illuvium this week. This will provide users with complete cross-chain capabilities and asset migration opportunities . It is essentially the “merger” of two meta universes.

Mike Novogratz says no to NFT

Mike Novogratz, CEO of Galaxy Digital and one of the cryptocurrency evangelists, said that NFT was a bit bubble this week. Novogratz spoke at the Token 2049 encryption conference in London, pointing out that the large amount of fees people pay for certain NFTs is abnormal in “any way, form”.

In addition, Novogratz stated, “ In my opinion, this is a good time to convert some profits into Bitcoin , Ethereum or other tokens .”

After Novogratz purchased CryptoPunk from Jay-Z before, he described NFT as a driving force for cultural transformation, so there is no reason to think that he is a complete skeptic of NFT. He described the acquisition as a “big deal” for NFT.


Emerging NFT this week: MekaVerse

According to reports, since MekaVerse launched on Thursday, it has generated more than 60 million US dollars in total initial and secondary sales .

The floor price of OpenSea is now nearly 7 ETH, and the craziest part is that these NFT avatars have not even been released. Of course, perhaps the prices of these NFTs will fall dramatically. Many skeptics have expressed doubts about the “lottery” release process of MekaVerse, and the “compensation” claimed by the MekaVerse designer on Twitter is also a problem.

Posted by:CoinYuppie,Reprinted with attribution to:
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