The NFT collection CyberKongz said the Securities and Exchange Commission (SEC) will likely charge it.

In a post on X on Monday, the collection said it received a Wells Notice, a letter from the SEC staff that recommends an enforcement action. It commented that the SEC is trying to pull through its laws before Joe Biden’s administration is over.

CyberKongz: “We Will Not Be Silenced”

In a statement, the NFT collection said it was disappointed with the approach of the SEC and vowed to stand up for and fight for greater clarity in the NFT space.

It also mentioned that the SEC raised concerns about its business with Genesis Kongz in April 2021, describing it as a “contract migration.”

It said:

CyberKongz added it intends to fight for clearer crypto regulation, particularly regarding NFT projects.

Eyeing Trump’s Crypto-Friendly Stance

The NFT collection has been vocal about the current administration, which it claims is anti-crypto in its approach. Just recently, as the US Senate Banking Committee was preparing to vote on SEC Commissioner Caroline Crenshaw’s renomination, lawyer Bill Hughes raised concerns about her stance on cryptocurrency regulation. Hughes argued that her renomination one could see as politically hostile to the crypto industry. This stands in contrast to the increasing support for crypto-friendly policies under the incoming administration.

CyberKongz is optimistic that the new administration will provide a more level playing field with a more just regulatory framework. In the meantime, the team comited to support all NFT projects on every blockchain platform.

In the past year, the SEC has acted against several cases related to NFTs. This includes lawsuits against podcast studio Impact Theory and Stoner Cats 2 LLC over unregistered NFT offerings that raised millions. The commission also doled out a Wells Notice to NFT marketplace OpenSea, signaling potential enforcement action.

It is up to wait and see how this enforcement will unfold in the transition of the commission’s leadership. The current SEC Chairman Gary Gensler announced his departure on January 20, in concert with the inauguration of President-elect Donald Trump. Trump has named former SEC Commissioner Paul Atkins, considered friendlier to the crypto industry, as the head of the SEC.

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American crypto trading platform Kraken has decided to shut down its Non-Fungible Token (NFT) marketplace. In a personal message circulating on X, the exchange informed some of its users holding NFT of the sunset plans.

End of Kraken NFT Marketplace 

As the trading platform noted, the shutdown process will commence on November 27. The digital collectibles trading platform will enter a withdrawal-only mode on this date.

Once this mode kicks in, the exchange said users will not be able to list, purchase, bid on or sell any NFT they hold. With these features deactivated, it noted that any of its Non-Fungible Token holders can transfer their assets to a self-custodial wallet of their choice.

Per the update, the Kraken NFT marketplace will completely close on February 27, 2025. The exchange said its plans for this shut down is so it can focus its resources on new products and services. Some of these new products are already launched with others still in active development.

Kraken occupies an important place in the crypto ecosystem. Beyond NFTs, the exchange co-launched the Global Dollar Network in partnership with Galaxy Digital and other industry giants. It joined the crop of exchanges that pioneered exchange marketplaces amid the rapid rise in NFT popularity.

Since May 2022 that it launched the collectibles marketplace, sunsetting it now marks the evolution in the market.

New Products For Ecosystem Use

Rather than focus on the NFT marketplace shutting down, Kraken users are reacting to a number of product offerings the firm just announced.

Through its official X account, the trading platform unveiled a new explore page and in-app browser in its non-custodial wallet. While the Explore page will let users gain insight into new opportunities in the market, the in-app browser lets users view and interact with dApps directly in Kraken Wallet.

The in-app browser lets you view and interact with dApps directly in Kraken Wallet.

Connect your wallet and sign transactions seamlessly. Can’t find what you need on the Explore page? Simply use the search function at the top of the screen to locate it.

— Kraken Exchange (@krakenfx) November 26, 2024

Kraken’s growth is without challenges. As reported earlier by coinpress, the US Securities and Exchange Commission (SEC) recently demanded motion for judgement in its ongoing legal battle against the exchange.

While the regulatory threat remain visible, the exchange said last month it plans to launch its own blockchain in 2025.

The post Just-In: Kraken To Shut Down Its NFT Marketplace appeared first on coinpress.

Magic Eden will soon be minting Ubisoft’s upcoming 10,000-piece NFT collection on the Ethereum scaling network Arbitrum to give holders early access to the new game.

Minted on the Ethereum layer-2 scaling network Arbitrum, the new Niji Warrior ID NFTs unlock early access to the top-down shooter, enable participation in the game’s governance model and track player progress.

Magic Eden, Ubisoft Team Up for Captain Laserhawk NFT Launch

According to the official press release, this deal marks Arbitrum’s addition to the Magic Eden NFT marketplace, which had already supported projects from Solana, Bitcoin, Ethereum, Polygon, and Base in the past.

Among the top NFT marketplaces, Magic Eden will be instrumental in serving up distribution and management of NFTs for Captain Laserhawk: The G.A.M.E. It is a leading force in cross-chain compatibility and backs projects with innovative gameplay, further building influence in Web3 gaming.

With the partnership, Magic Eden injects several years of experience in NFT ecosystems into this new agreement with Ubisoft and Arbitrum, offering players a secure and user-friendly way to manage digital assets. The deal also heats up gaming experiences and solidifies the status of Magic Eden as one of the leading driving forces in the fast-changing NFT gaming sector.

The partnership also points toward the modern trend in the adoption of layer-2 solutions for NFT projects, all-inclusive of better scalability and interoperability within the Ethereum ecosystem. Such infrastructure will enable smoother and easier gaming, reaching a wider audience both for game developers and gamers alike.

The name of the game is Captain Laserhawk: The G.A.M.E., and it’s set in a dystopian world inspired by Netflix’s series Captain Laserhawk. The title will also feature various iconic characters from other Ubisoft franchises.

Ubisoft’s Captain Laserhawk: The G.A.M.E. was described at the time as “a transmedia experience” on the foundation of Arbitrum. Holders will be granted Web3 governance over determining the narrative for the game. The game itself comes along with an imminent mint for their Niji Warrior ID NFTs.

Ubisoft maintains that one of the main benefits with NFTs is that holders will have extraordinary voting rights over major governance decisions and, in fact, give the community the power to shape the future of the game.

Ubisoft’s NFTs Coming Soon: Only 10,000 Will Exist

These NFTs are play-to-earn, unlocking rewards for a unique opportunity to be fully involved in the active creation of new content, thus transforming players into co-creators of game development.
This move signifies one of the most major steps Ubisoft has ever taken towards including blockchain and NFTs in gaming. An initiative of this nature by Ubisoft precisely fits into the company’s vision: to offer more immersive experiences through decentralized platforms and increase player engagement.

This new Magic Eden-Ubisoft partnership comes off the heels of a closed beta, which was held in August. Still, hardly any footage has surfaced online because participants reportedly had NDAs. These were preventing them from sharing any details about the game. From the few clips that managed to find their way onto Twitter, the game looks colorful and quick-paced. There are also plenty of tight choke points around which players fight it out.

However, the highly-coveted collection of 10,000 NFTs will be minted in the coming weeks. At the same time, many future minters have secured spots for participation in the beta and completed challenges in Discord. The ID mint represents the final milestone on the road map before the game launches, meaning Captain Laserhawk: The G.A.M.E. is not very far away.

The title represents Ubisoft’s second major blockchain game after its partnership with Magic Eden, aside from Champions Tactics: Grimoria Chronicles. The latter is on the Oasys network but has also similarly minted NFTs on Ethereum. Recently, Champions Tactics conducted a sort of “technical beta” testing ahead of its public launch, which is expected very soon.

The publisher known for titles like Assassin’s Creed and Just Dance has been developing and investing in the crypto space for years. In late 2021, they launched in-game NFTs for their Ghost Recon: Breakpoint game on the Tezos blockchain.

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The introduction of the New Frontiers in Technology Act (NFT Act) by Congressman Timmons has gained support from Digital Chamber. This legislative effort marks the first direct address by the US Congress towards the regulatory treatment of non-fungible tokens (NFTs). This is a pivotal moment for the digital asset industry amidst ongoing legal challenges.

Digital Chamber Supports New NFT Act

Following the recent introduction of the NFT Act, Digital Chamber has quickly aligned itself in favor of the proposed legislation. Digital Chamber praised Timmons’ leadership for spearheading this critical initiative, which seeks to clarify the classification of NFTs amidst increasing legal scrutiny of digital assets. 

The Act addresses a variety of use cases for NFTs, ensuring they are treated as consumer goods rather than financial products. This distinction could influence the future regulatory landscape for NFTs.

Additionally, The NFT Act lays a foundational definition of non-fungible tokens and provides protections for what it describes as “covered” NFTs. These include digital works of art, collectibles, and other forms of intellectual property, distinguishing them from financial instruments. 

Concurrently, the Act mandates that the Comptroller General of the United States conduct a study on non-fungible digital assets. This study aims to assess the evolving landscape and implications of NFTs.

The legislative clarity will be a step toward safeguarding creators and consumers from the regulatory actions that have recently targeted the industry.

NFT Legal Challenges and Regulatory Scrutiny

The need for the New Frontiers in Technology Act has been underscored by a series of high-profile legal challenges facing the industry. Companies like Dapper Labs and DraftKings have faced lawsuits, with OpenSea receiving a Wells notice from the SEC, signaling potential securities violations. 

Additionally, the SEC’s recent actions against Flyfish Club for unregistered NFT sales have provoked criticism from within the agency itself, with Commissioners Peirce and Uyeda dissenting from the decision. They argue that such tokens should not automatically be classified as securities based on their potential for resale at higher values.

The broader digital asset community, including Digital Chamber, has voiced concerns over SEC Chair Gary Gensler’s aggressive regulatory stance. More so, Digital Chamber founder, Perianne Boring, expressed her dissatisfaction with Gary stating,

“SEC Chair Gary Gensler’s unlawful crackdown on #crypto has pushed the industry back by a decade.”

In addition, these accusations of unlawful crackdowns on the crypto and NFT sectors by the SEC chair have led many to speculate about Gensler’s dismissal. Incidents like the recent amendment of original complaint against Binance, further fuel debates over the need for clearer guidelines.

Moreover, these developments come amid reports that all five SEC commissioners will testify before the House Financial Services Committee, an event not seen since 2019. The hearing may include discussions on ETH’s classification as a security.

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Solana-based Slerf voting is now live for NFT holders, marking a step in the project’s governance. NFT owners can now influence the project’s future direction by submitting proposals via Discord. This new system aims to foster greater community involvement and decision-making power among participants.

Solana-Based Slerf Voting Now Live

According to an announcement on X, Solana meme coin Slerf has officially launched its decentralized voting system, allowing NFT holders to vote on critical proposals. Each NFT represents one vote, empowering holders with a direct say in the future of the project. 

Voting is now live for Slerf DAO.
1 NFT = 1 Vote

NFT holders now have power in the direction of $SLERF.
Submit proposals via discord.
Proposals with community support will be taken to a vote live on our website.https://t.co/h8mDGSaBFj

— Slerf (@Slerfsol) August 17, 2024

Proposals can be submitted through the project’s Discord channel, with those gaining community support being put to a formal vote on the official website. This move towards decentralized governance will increase transparency and participation within the community. 

Community Participation Through Proposals

The Slerf DAO’s voting system is designed to give NFT holders a voice in the project’s direction. Members can submit their proposals on Discord, where they can gather support from the community. Once a proposal gains enough backing, it will be taken to a vote on their website.

This approach is expected to foster an engaged and active community, allowing participants to influence decisions directly. It also adds a layer of accountability, as the community’s interests will be reflected in the proposals that move forward to the voting stage.

Exclusive Minting of NFTs on OKX

Adding to its recent developments, Slerf announced that its non-fungible tokens would be available for exclusive minting on the OKX multi-chain NFT Marketplace. The minting period started with whitelist holders gaining early access. Additionally, the broader community could mint NFTs for 5 SOL during the public sale window.

SLERF is currently trading at $0.1472, reflecting a 3% decrease over the past 24 hours. The coin’s market capitalization is $73,575,838, with a 24-hour trading volume of $13,122,686. 

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Crypto conglomerate Animoca Brands has seen its valuation tank by more than 75% in the last two years, according to latest reports. The secondary shares of the company are trading at only $1.5 billion in valuations as of now, a significant drop from the $5.9 billion valuation claimed back in July 2022.

What’s Behind the Animoca Valuation Drop

Concerns regarding the valuation drop in Animoca Brands have skyrocketed recently. However, during the first quarter financial results ending March, the firm reported a total of $3.3 billion in crypto, cash, and equities.

Despite this, investors in the secondary market seem to be unimpressed as the shares of the firm are trading at $1.5 billion valuation said Animoca executive Chairman Yat Siu. This is a staggering 75% drop from the company’s valuations back in July 2022, when it raised a total of $75 million at $5.9 billion valuation. The firm posted about $3.3 billion in crypto, cash and equities in its first quarter financial reports.

Siu’s estimate of Animoca’s current trading value aligns with Bulletin’s data, which gathers information on crypto companies from brokers and trading platforms.

One of the major reasons behind this steep correction could be the major slowdown in the NFT market, where Animoca has some stronghold. Although the crypto market recovered from the crash in 2022, the NFT space hasn’t. While the NFT trading volumes in January 2022 were around $6 billion, it has now dropped to $430 million in July 2024.

Animoca has successfully weathered the storm and is even considering an IPO. Siu said that if the company was publicly trading on Wall Street, the difference between the current valuation and the net value of its assets would align. “It’s just information mismatch. If we were actually properly listed, that would probably error correct,” Siu told DL News.

Partnership With Lamborghini

Despite all the headwinds, Animoca Brands continues to pursue its goals in the NFT market. It has recently announced a partnership with Italy-based luxury car automaker Lamborghini to “drive automotive brand engagement”.

In its official blog post, Animoca said that this collaboration will bring together the expertise of both companies to create “unique experiences for Automobili Lamborghini’s fans and customers.” It will leverage on the strength of both firms to promote experiences for users.

With this foray, Lamborghini is also deepening its footprint in the blockchain industry. Back in August 2022, the automaker joined hands with NFR Pro to introduce a range of company-branded non-fungible tokens.

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Brian L. Frye, a legal professor and conceptual artist, has sued the U.S. Securities and Exchange Commission (SEC) in an LA court for making NFTs securities under its regulation.

This lawsuit by Fry and Songadaymann is coming at a time when there is a debate on how to categorize digital art assets.

US SEC Sued Over NFT Art Regulation

According to the recent filing, the core of Fry’s lawsuit revolves around his view that the SEC’s interpretation of securities laws are too broad and do not promote artists who use NFT as their medium. Frye, Dogecoin’s Professor of Law, has been always questioning what he considers traditional interpretations of legal works especially such as his ‘SEC No-Action Letter Request’-a conceptual artwork.

In this project, according to him it was an unregistered security based on this kind of Howey Test which neither he received any response from the SEC regarding whether or not it is an unregistered security.

Today, @songadaymann and I sued the @SECGov in Louisiana federal court, asking for a declaration that the SEC can’t regulate the sale of NFT art. I’ve argued that the SEC is abusing its authority for years & now I’m testing my theory. Here’s the complaint. https://t.co/AD8xYpV0kC

— Brian L. Frye (@brianlfrye) July 29, 2024

Frye’s latest litigation explores how securities legislation impacts digital and conventional art markets. He argues that by taking its position, SEC restricts creativity among artists by imposing unnecessary barriers to entry into NFT space.

The attorney for Frye, Jason Gottlieb pointed out that this case would safeguard digital artist rights as well as put SEC within its regulatory limitations..

Role of NFTs in Art and Regulation

Frye’s lawsuit also underscores the broader implications of NFT regulation in the art market. NFTs, or non-fungible tokens, have surged in popularity among artists selling digital art, often fetching high prices at auctions. 

However, the legal framework for NFTs is still unclear, as the US SEC has suggested that some NFTs could be considered securities, thereby requiring compliance with various rules and precautions. According to Frye’s complaint, art and, specifically, digital art sold as NFTs should not be treated as securities.

This approach opposes the SEC’s use of the Howey Test, a legal criterion developed in the 1940s to assess whether a certain transaction should be considered an investment contract. According to Frye, this approach of the US SEC is unhelpful because art transactions, as contrasted from business transactions, are often based on the subjective qualities of the artwork.

SEC Accusations of Overreach

The case has garnered much attention especially because of Jason Gottlieb, Frye’s attorney on social media. Gottlieb had earlier defended the defendants in the DEBT BOX case in Utah which was rather infamous with the resignation of several members of the SEC and the shutting down of the SEC’s Utah branch.

XRP lawyer MetaLawMan pointed out that Gottlieb was instrumental in revealing dirty tactics in the SEC during that case and his involvement in Frye’s case may cause mayhem within the SEC.

Jason @ohaiom was the lawyer for the DEBT BOX defendants who famously exposed the lies of the SEC in a case in Utah.

That case ended with resignations & shuttering the SEC’s office in Utah.

Imagine the expressions at the SEC when they see Jason’s name on this complaint. https://t.co/WEYbqWdDFP

— MetaLawMan (@MetaLawMan) July 29, 2024

Moreover, with Gary Gensler at the helm, the US SEC has intensified its crackdown on the crypto space, raising questions about the regulation of digital assets.

Therefore, the former President of the United States of America, Donald Trump, has also chimed in on the matter, vowing to remove Gensler from office on his first day back as president if he were to win the election. Subsequently, as reported by coinpress, Trump had blasted the US SEC for its tough stance on digital assets promising to put an end to the “anti-crypto crusade” and the “persecution and weaponization” of digital assets.

Read Also: Galaxy CEO Warns Kamala Harris Against Senate Warren’s Anti-Crypto Stance

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Ripple-partner SBI Holdings on Monday announced the launch of a non-fungible token NFT issued on XRP Ledger as the company is sponsoring the “EXPO 2025 Digital Wallet” project at the World Expo. Nicknamed “Myaku N!” the NFT service will allow users to collect original NFT from the EXPO2025 Digital Wallet starting July 1.

SBI Holdings Launches NFT Minted On XRP Ledger

Japan’s SBI Holdings, a partner of Ripple, has started minting the World Expo 2025 NFTs on the XRP Ledger. Users can download the Myaku-N! digital wallet on iOS and Google to receive the free Expo 2025 NFT issued on XRP Ledger.

According to the press release, SBI Holdings is to sponsor the “EXPO 2025 Digital Wallet” project at the 2025 World Expo in Japan and it has announced EXPO 2025 Digital Wallet NFT service, as per the press release. The NFT is limited to 500 users.

Users can still acquire rare NFTs and create NFTs, but these are commemorative and can’t be transferred or resold. SBI crypto exchange business SBI VC Trade and NFT business SBINFT plans to offer the service to 28.2 million people expected to visit the 2025 World Expo Osaka, Kansai Expo.

NFTs as part of the World Expo will no longer be viewable after October 13, 2025. The company will terminate the digital wallet app service after the expo.

Also Read: Elon Musk Announces xAI Grok 2 AI Chatbot Release Date

World Expo 2025 NFTs

The NFTs can be seen in real-time on XRPL explorer Bithomp. Users can collect NFTs as per standings as a reward for the “MyakuMyaku Reward Program.” Users can do more by higher status on NFTs, which can be increased by taking Expo actions such as charging the Expo’s electronic money “Myakupe!”

SBI has announced additional gifts, lotteries, and prizes including the “Myakumyakupon!” gift campaign. The focus on XRP and NFTs will help increase reach and adoption of these crypto-related technologies. Ripple and SBI Holdings have partnered for a number of solutions including supply chain, new remittance corridors, and mobile payment application MoneyTap.

Also Read: US Govt Moves $12M Ethereum, Is Bitcoin-Style Selloff Incoming?

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The impending enactment of the Korean Virtual Asset User Protection Act heralds a significant shift in regulatory oversight within South Korea’s digital asset landscape. This legislation aims to impose stringent regulations on companies engaged in issuing non-fungible tokens (NFTs) classified as virtual assets.

Specifically targeting NFTs with characteristics such as extensive issuance, divisibility, and utility as a means of payment, the act seeks to enhance oversight and protection in the burgeoning NFT market. By mandating businesses to report their operations to regulatory authorities, the legislation aims to foster greater transparency and regulatory compliance among entities involved in digital asset transactions.

Detailed Guidelines and Implementation of the Act

The enactment of the Virtual Asset User Protection Act on July 19 will usher in a new era of regulatory clarity surrounding non-fungible tokens (NFTs) within South Korea. The Financial Services Commission recently released comprehensive guidelines delineating the criteria for classifying NFTs as virtual assets.

While NFTs traded for content collection purposes are excluded from the purview of virtual assets, those exhibiting characteristics of securities or serving as a means of payment fall under regulatory scrutiny. The guidelines stipulate various parameters, including the scale of issuance, divisibility, and utility in transactions, to determine the virtual asset status of NFTs. Moreover, the act mandates operators issuing NFTs meeting virtual asset criteria to report their activities to regulatory authorities, ensuring compliance with the regulatory framework.

Also Read: Solana Set For v1.18.15 Mainnet Upgrade, SOL Price Rally to $250 Ahead?

Compliance and Reporting Obligations for NFT Operators

With the issuance of comprehensive guidelines, operators engaged in the distribution and handling of NFTs face a pivotal moment in regulatory compliance. The first step involves a thorough assessment to ascertain whether the NFTs in question meet the criteria for classification as virtual assets.

Should an NFT fall under this designation, operators must scrutinize their business activities to determine if they encompass trading, exchange, transfer, storage, brokerage, or mediation of NFT transactions, as outlined in the Specific Financial Information Act. Failure to report such activities as virtual asset operations can incur criminal penalties. Operators encountering ambiguity regarding the classification of NFTs are encouraged to seek guidance from financial authorities, with forthcoming examples elucidating judgment criteria for individual cases.

Also Read: Wintermute Moves $12M ARB To Binance, Here’s Why?

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Casio, one of the world’s premier watch brands, has joined the race for Non-fungible tokens (NFTs) in collaboration with Astar zero-knowledge Ethereum Virtual Machine (zkEVM). The Casio watch NFTs is scheduled to go live on May 1.

Casio Chooses NFT To Commemorate Its History

According to the announcement, this new development is targeted at commemorating Casio’s 50th anniversary. Astar Network also took to X to announce the significant collaboration with Casio.

“In celebration of #CASIO Watch’s 50-year legacy, we’re thrilled to announce the launch of exclusive commemorative NFTs inspired by iconic CASIO timepieces, all within the YoPort of Astar zkEVM’s Yoki Origins journey!”

The Japan watchmaker has inked strategic connections with creators who would be responsible for creating the digital collectibles in this collection.

Notably, the Casio watch NFT collection comprises eight pieces (artwork), showcasing a blend of different creator’s work. Each piece of art would be a representation of a popular model of Casio watch. 

Casio NFT to Utilize Astar zkEVM’s Yoki Origins

This Casio’s collaboration with Astar zkEVM, a powerhouse forged by Astar and Polygon, is crucial as it would help enhance scalability. A few months ago, Astar zkEVM, powered by Polygon Chain Development Kit (CDK) began to use Yoki Origins for its gamified user onboarding experience. In this new collaboration with Casio, the Ethereum Layer-2 scaling solution is bringing onboard the Yoki Origins experience.

The Yoki Origins will feature the Casio YoPort capsule machine, one of the watchmakers’ creations. Casio has the YoPort in two variants, allowing interested holders to either purchase one NFT or eight NFTs. The art of this piece is not available for viewing until May 10 which has been set aside as Reveal Day.

Those who participate in the sales of the Casio watch NFTs stand the chance of winning different prices including an original G-Shock and Astar worth 10,000 yen equivalent to about $64. The watch would carry the Astar zkEVM logo.

This marks another of Casio’s foray into the NFT ecosystem. Eight months ago, the Japan popular watch brand launched the virtual G-Shock watch on Polygon’s protocol. It was followed by the launch of a NFT-based collection of community access passes. Users were allowed to claim one of the 15,000 NFT-based G-SHOCK creator passes.

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Moonbirds NFT collection has announced significant changes to its copyright model. The collection, now owned by Yuga Labs, declared that holders would need exclusive rights to commercialize their NFTs. This marks a departure from the previous Creative Commons CC0 copyright status, which allowed free commercialization. The change aims to align Moonbirds with Yuga Labs’ other successful properties, like Bored Ape Yacht Club and CryptoPunks.

Yuga Labs acquired Moonbirds in February, which has been a crucial period of transition for both entities. As part of integrating Moonbirds into its portfolio, Yuga Labs has introduced commercial rights for the collection, similar to those enjoyed by holders of Mythics. This move is seen as an effort to enhance the value provided to NFT owners.

The transition also comes as Yuga Labs announced a restructuring that includes staff reductions. The firm is adjusting to decreased trading volumes and reduced royalties from its top NFT collections, reflecting a broader slowdown in the NFT market.

Moonbirds Partners with Yuga Labs for 3D

Alongside changes to copyright laws, Moonbirds is adopting a new artistic direction. The announcement detailed plans for creating 3D avatars designed for animation, integrating these avatars into Yuga Labs’ Otherside metaverse project. This initiative indicates a shift from traditional static NFTs to more dynamic and versatile digital assets.

The evolution into 3D avatars suggests that Moonbirds aims to offer a richer, more engaging user experience. This transition not only aligns with current trends in digital art and virtual realities but also enhances the potential utility of Moonbirds within virtual environments.

Moonbirds’ shift towards animation-ready 3D models is part of a broader strategy to maintain relevance and appeal in a rapidly evolving digital landscape. By leveraging Yuga Labs’ technological capabilities and creative vision, Moonbirds is poised to redefine its position in the NFT market.

Physical Collectibles Coming to Moonbirds NFTs

The changes announced by Moonbirds go beyond digital enhancements and include physical manifestations and community engagement initiatives. The NFT collection is set to explore physical goods, expanding its brand presence beyond the digital realm.

Plans for dedicated events to bring Moonbird holders together were also outlined. A significant highlight is a satellite event scheduled next to Apefest 2024 in Lisbon this October. These events are designed to strengthen the community and increase engagement among NFT holders.

Additionally, Moonbirds is working on partnerships to create physical collectibles. This move is expected to bridge the gap between digital and physical collectibles, providing tangible assets to NFT owners. Such initiatives will enhance the overall value and appeal of Moonbirds NFTs.

Read Also: Just In: FTX, Voyager Secure $450M Settlement in Bankruptcy

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The purchasers of the “Mugshot Edition” NFTs, from the collection that uses former President Donald Trump’s image, were provided with a bonus of an extra product. NFT INT LLC (the NFT management company) verified the deliverables under the contract, which stated that Bitcoin Ordinals would be part of the deal. These Bitcoin Ordinals are original digital assets that contain permanent inscriptions on the Bitcoin blockchain.

The company finally disclosed that the Bitcoin Ordinals bonus was part of a promo that was only applicable for some purchases. For example, anyone who bought 100 NFTs from the Mugshot Edition could soon become the owner of this uncommon digital asset. The inscription process for these Ordinals implements alpha rare Satoshis, which is basically a way that improves the uniqueness of these Ordinals.

After having dealt with the November 2022 launch, the Mugshot Edition came. It gave away lots of freebies, such as dinner parties held with Trump and the trading card that contained the tiniest bit of his suit fabric. This one edition is included among other titles in digital collections, which belong to CIC Digital LLC and where Trump’s picture appears under a license.

Trump NFTs Gain Edge with Bitcoin Ordinals

Trump’s NFT collector interest was witnessed to be extremely volatile. The trading volume has shown a cooling-down tendency after an aggressive initial response. Despite this, the release of Bitcoin Ordinals has added a layer of appeal to the NFT offerings.

The license terms and conditions for these NFTs are well-structured. Trump-NFT INT LLC operates independently of Donald Trump and The Trump Organization. It involves the use of Trump’s name and likeness, which has been provided under an agreement with CIC Digital LLC, which has reserved the right to recall the usage of the license.

This development comes amid Trump facing increasing legal costs. His legal expenses have accumulated to $86 million since his presidential campaign began. These costs stem from multiple legal battles, including criminal trials.

Financial Strategies Amid Legal Challenges

To manage these soaring legal costs, Trump has utilized funds from his political campaign committees. Reports indicate that a quarter of his legal expenses have been covered using these funds. This strategy highlights the financial pressures from his ongoing legal challenges.

Trump’s approach to funding his legal defenses demonstrates his continued reliance on available financial resources. The use of campaign funds for legal bills underscores the scale of his financial commitments during these legal proceedings.

The introduction of Bitcoin Ordinals to NFT buyers is part of Trump’s broader strategy to monetize his brand. Historically, Trump has branded various consumer products, from steaks to vodka, using his name and image. The NFTs, including unique digital assets, continue this trend of leveraging his brand for revenue, even amidst financial and legal pressures.

Read Also: Yuga Labs Announces Restructuring, Plans to Lay Off Staff

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In the aftermath of a devastating mishap earlier this week, Solana-based meme coin project Slerf has announced plans to extend a compensation to affected presale investors. The incident, which resulted in losses exceeding $10 million for participants in Slerf’s presale, stemmed from an unfortunate accident attributed to the project’s developer.

Solana Meme Coin Slerf To Provide NFTs

In a bid to address the concerns of impacted investors, the Slerf network took to social media platform X to outline their remedial measures. “We’re planning to drop Soul-bound NFTs to the wallet addresses of affected presalers as well as refund contributors,” they stated.

The post added, “This will allow for other projects to airdrop them tokens or NFTs easily as well as have a nice piece of memorabilia for their legendary part in $SLERF HISTORY.” However, earlier, the community accused the Solana meme coin project of engaging in a Ponzi scheme due to the mishap. Nonetheless, the latest move has subsided such speculations.

The developer behind the project recently made a candid confession on X. He revealed a catastrophic error involving the accidental burning of a significant portion of the token supply. This includes assets allocated for liquidity provision (LP) and the distribution of airdrops within the Slerf ecosystem.

Also Read: Solana’s 68% Monthly Gain Tests Correction Waters

What Exactly Happened?

The Solana meme coin, Slerf, presale had amassed over 50,000 SOL worth $10.8 million and the entire amount was lost. The developer disclosed that LP tokens and the entire reserve of 500 million SLERF tokens earmarked for the airdrop were mistakenly burned. Compounding the issue, the revocation of minting rights has rendered attempts to recover the losses futile.

Despite efforts to address the situation, the inability to mint new tokens left pre-sale investors without a solution for reclaiming their investments. Hence, whether through token distribution or Solana refunds. In an effort to offer transparency and address community concerns, the Slerf team initiated a session on X Spaces.

During the session, the Solana meme coin’s team member Slorg expressed deep dismay and admitted to feeling physically unwell due to the circumstances. “I’m at a loss for words,” they lamented, conveying uncertainty about the path forward.

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The original Dogwifhat meme, depicting Achi the dog donning a pink beanie hat, has been sold for 1,210 Ether (ETH), equivalent to approximately $4 million. A trader named GiganticRebirth (GCR) got the acquisition, which led to a major rally in the values of Dogwifhat (WIF), a meme coin built on the Solana blockchain. This event has been the subject of much attention, constituting another important milestone in the relation between meme culture and cryptocurrency.

Dogwifhat Auction Sparks Widespread Interest

The sale occurred on Foundation, a website dedicated to crypto art and auctions, where the original piece was listed for an opening price of 0.15 ETH. The auction was marked by a heated bidding war, mostly between GCR, bidding anonymously as “PleasrDAO” and Memeland, another major player in the crypto world. 

The winning bid by GCR of 1,210 ETH demonstrated the high price and zeal vested in meme-inspired digital assets by the cryptocurrency fraternity, which forms part of the rising trend.

Sold for 1,210 ETH ($4.3m) to GCR pic.twitter.com/ptKPc4cON3

— path.eth (@Cryptopathic) March 18, 2024

The Dogwifhat meme, deriving its charm from the image of Achi, captured global attention upon its debut, quickly evolving into a symbol celebrated across the internet. The subsequent auction and participation of GCR greatly increased WIF’s appeal.

GCR’s Market Influence and the WIF Surge

The participation of GCR in the acquisition has a significant effect on the market performance of WIF. Known for their insightful market analysis and successful predictions, GCR has amassed a substantial following within the crypto community. 

Following the acquisition by GCR, the WIF coin witnessed a 17% surge in its price within just an hour. This rally was not isolated, as the price continued to climb, marking a 579% increase in the last 30 days. Concurrently, analysts have attributed this surge to GCR’s purchase and a recent post by Elon Musk on X, featuring images of dogs in hats, which further fueled the enthusiasm around Dogwifhat.

During the rally, WIF’s market capitalization and 24-hour trading volume surged by 15.87% and 49.99% respectively to $2,805,344,838 and $1,102,407,126, respectively.

Read Also: Gavekal Research Alerts on Global Liquidity Drain in Crypto Bull Market

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While the broader NFT market has been witnessing a slowdown, interest in Bitcoin ordinals NFT has been rising on the other hand. Bitcoin NodeMonkes NFTs have been in major demand recently surpassing some of the top and existing p[layers in the market.

Bitcoin NFT NodeMonkes Overtake BAYC

Over the last 24 hours, the base price of Bitcoin NFT NodeMonkes has surged by over 50% to reach 0.82 BTC, equating to a market capitalization of $554 million. This remarkable increase has propelled NodeMonkes to surpass Bored Ape Yacht Club (BAYC) and secure its position as the second-largest NFT project, following CryptoPunks. The market capitalization of CryptoPunks reached $1.76 billion, while Bored Ape Yacht Club (BAYC) stood at $490.9 million, as per data from CoinGecko.

On the other hand, NodeMonkes experienced a surge in sales, increasing by 140.8% in the last 24 hours, reaching a sales volume of $5.1 million.

Similarly, another Bitcoin NFT, Runestone, has witnessed substantial growth, surging by more than 50% over the past week to exceed 0.04 BTC in value. With a market capitalization of US$310 million, Runestone has outpaced Mutant Ape Yacht Club (MAYC) to claim the sixth position among the largest NFT projects.

Rising Demand for Bitcoin NFTs

In a notable shift within the cryptocurrency space, NFT traders are redirecting their focus towards Bitcoin NFTs. It further mirrors the recent pivot observed among token traders from Ethereum (ETH) to SOL meme coins. This trend has led to a surge in buyers and enthusiasts flocking to platforms hosting Bitcoin NFTs, with notable projects such as Runestone and NodeMonkes experiencing increased attention.

Of particular significance is NodeMonkes’ achievement of flipping the popular Bored Ape Yacht Club (BAYC) NFT, which has encountered significant selling pressure in recent weeks. Analysts suggest that this move may be driven in part by escalating gas costs on the Ethereum network and a perceived saturation in the NFT market, characterized by declining prices even among prominent projects like PudgyPenguins.

Data from The Block’s data dashboard reveals a notable decline in monthly trading volume on Ethereum-based NFT marketplaces, with February recording a total volume of $786.5 million, down from January’s figure of $867.8 million. The trend persists into March, with trading volume for the month thus far amounting to $503.1 million.

The surge in interest in Bitcoin NFTs amidst these shifting market dynamics underscores the evolving preferences and strategies of NFT traders

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Andrew Kang, co-founder of Mechanism Capital, has successfully acquired the original Pepe the Frog NFT. The major acquisition happened in a private sale conducted by Sotheby’s as part of the asset liquidation process of a now-defunct crypto hedge fund, Three Arrows Capital (3AC).  However, intriguingly, the exact financial details of the sale remain undisclosed.

Sotheby Facilitates Pepe NFT Transaction

Sotheby, the auction house, confirmed the successful transfer of the Pepe NFT to Kang’s digital wallet, marking a new chapter in the asset’s storied history. Generated by the artist Matt Furie, this NFT features a scan from the Boys Club comic series where the notable “feels good man” meme is displayed. This item is noticeable as the very first authorized NFT depiction of the Pepe character, which makes it a highly sought-after item by collectors and enthusiasts.

Notable transactions characterized the journey of the Pepe NFT to this auction, including the original sale for 420 ETH in April 2021, with a follow-up transfer to Starry Night Capital, a subsidiary of 3AC, for 1,000 ETH (around $3.5 million at that time) in October 2021.

The collapse of 3AC in mid-2022, which was triggered by the general turmoil in the crypto market and was accompanied by the demise of the FTX exchange as well as the UST stablecoin, resulted in the liquidation of its assets, including this highly valued NFT.

Andrew Kang’s Collection

The acquisition also widens Andrew Kang’s remarkable collection of digital assets, which consists of a broad range of NFTs with an estimated worth of around $6.69 million, and, more importantly, highlights the strength and vitality of the NFT market. Although the sector generally experiences volatility and challenges, high-profile transactions such as this one indicate that unique digital collectibles continue to have significant appeal and value.

In parallel, Sotheby’s engagement with the digital asset sector extends beyond this single transaction. This auction house is actively involved in the growing market for Bitcoin Ordinals, and thus, it hosts sales that shed light on the creative diversity and innovation of this new space.

Initiatives like this are indicative of the changing realm of digital collectibles that form the interface between traditional institutions and the new digital assets, thus providing new possibilities and challenges.

Read Also: Crypto Taxes Amid Bitcoin (BTC) Bull Run, Here’s What You Need to Know

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In the latest development, Starbucks has chosen to conclude its two-year NFT Program, Odyssey, by the month’s end. Steve Kaczynski, the community lead for Starbucks Odyssey, initially shared this announcement. The decision arrives amidst a challenging period for the NFT market, characterized by notable price declines in recent weeks

Starbucks Discontinues NFT Program Odyssey

On Friday, Steve Kaczynski tweeted that his future was uncertain while leading Starbucks Odyssey. “Starbucks has decided to sunset Odyssey. There’s a ton of uncertainty about my future now because I just lost my full-time job, but I’m doing my best to look at the positives. I’m incredibly grateful for Starbucks and the opportunity they provided me. In the last 15 months, I had the chance to work with one of my favorite brands on the planet,” he wrote.

Later on Friday, on its FAQ page, Starbucks revealed its decision to halt its NFT program, which was in the beta phase, in order to “prepare for upcoming developments as the program evolves”.

NFTs Are Powerful for Community Building

In a podcast with TechCrunch last month, Steve Kaczynski emphasized that despite the decline in the NFT market from its peak, there are still opportunities for brands and loyalty programs to engage with their audience in innovative ways.

He predicts that in 2024, companies will further develop “brand anchors” within gated spaces like reward programs, emphasizing community-based brand building. Starbucks introduced Starbucks Odyssey in 2022, marking its entry into the web3 space. This initiative integrated the Starbucks Rewards loyalty program with NFTs to enrich customer interactions. Kaczynski said:

“We’re able to help people find their tribe.I’ve seen that people who live in California in the Starbucks Odyssey community are really good friends with people in Chicago and they have met up in real life at times. This never would have happened if not for web3.”

According to Kaczynski, the common perception of NFTs typically revolves around expensive digital artworks like those from the Bored Ape Yacht Club. However, he suggests that NFT ownership holds broader value beyond just artwork.

He emphasizes the potential for developing “third-party utilities” associated with NFTs, not limited to large corporations like Starbucks or Nike. Local businesses can also leverage NFTs to create loyalty programs or use tickets as assets to incentivize and engage customers.

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NFT Staking — A unique and innovative way crypto investors use not only to buy non-fungible tokens but earn rewards and other privileges by locking them on a platform or protocol — has just gone better. Enterprise DAO-powered by Terra Money has now enabled cross-chain NFT staking for Cosmos chains including Terra, Stargaze, Juno, and soon Terra Classic.

Enterprise Protocol Enables Cross-Chain NFT Staking

Enterprise DAO unlocked the cross-chain functionality for Cosmos chains by launching the cross-chain NFT staking. The Terra-powered platform helps to easily and efficiently create, manage, and grow DAOs within Cosmos. In January, the platform enabled cross-chain token staking for Terra and non-Terra tokens.

Cross-chain NFT staking is initially enabled for select NFT collections on Stargaze and Juno. Stargaze and Juno NFT DAOs, powered by Ark Protocol, now offer one-click staking and no-code setup as well as advanced voting, treasury management, and rewards distribution.

Also Read: Binance Labs Sever Ties With Crypto Exchange Binance

Terra Luna Classic to Get Enterprise Support

Terra Luna Classic unanimously passed the proposal for Terra Classic v2.4.2 upgrade. This upgrade will introduce IBC-Hooks to the chain to enable the onboarding of dApps on the Terra Luna Classic, most notably Enterprise DAO. The upgrade is scheduled for March 25.

The community-led chain plans to revive LUNC and repeg USTC to $1 with various efforts including token burn, staking, and others. The narrative toward utility recently gained amid new developers revealed by developers groups.

Also Read: Crypto Exchange Joins Binance to Burn Terra Luna Classic (LUNC) Trading Fees

Terra and Terra Classic Tokens Price Performance

Terra (LUNA) fell 11% in the past 24 hours amid broader crypto market selloff. LUNA price currently trades at $0.944. The token gradually losing all gains it made in the month.

LUNC price also tumbled, with 13% drop to $0.000150 level. The 24-hour low and high are $0.000148 and $0.000180, respectively. Moreover, trading volume has increased by 97% in the past 24 hours.

Meanwhile, USTC price fell 11% in the past 24 hours, with the price currently trading at $0.0309. The 24-hour low and high are $0.0299 and $0.0347, respectively.

Also Read: Crypto Market Selloff — Top Reasons Why Bitcoin, ETH, XRP, ADA, SHIB Crash Today

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IRCTC’s latest announcement marked a significant moment for India’s digital assets sector as the Indian railways officially embraced the NFT domain. In a festive nod to Holi, IRCTC introduced vibrant NFT tickets for two Tejas trains connecting Delhi and Lucknow.

IRCTC To Roll Out NFT Tickets For Holi Celebrations

IRCTC revealed a sneak peek of these NFTs via its official X handle. These NFTs are slated to feature intricate sketches showcasing the rich heritage of Delhi and Lucknow set against vibrant backgrounds. Moreover, from March 20, passengers of Tejas trains numbered 82501 and 82502 will have access to these NFTs, adding a unique dimension to their journey.

Furthermore, IRCTC announced that the NFT train tickets initiative is scheduled to run until April 2. Elaborating on the significance of these NFTs, IRCTC stated, “These tickets are not merely digital souvenirs.” In addition, it hinted at possible benefits of acquiring these NFT tickets.

In the X post, IRCTC added, “They [NFT Tickets] symbolise our dedication to enriching your journey experiences, allowing you to personalise your travel memories with your own photographs and enjoy exclusive offers from handpicked brands.”

As of now, IRCTC has not clarified whether these NFT tickets will be complimentary for all ticket buyers or if they will require an additional fee. Moreover, the details of offers from “handpicked brands” and other benefits are still under wraps.

Also Read: Robinhood Stock Rallies 12% As EU Wing Announces USDC Listing

IRCTC Made Similar Initiatives In The Past

Indian Railways has been actively exploring blockchain technology, evident from its distribution of NFTs as digital mementos. Earlier this year, IRCTC offered NFT tickets for journeys to Ayodhya, presenting them as more than just travel documents but as cherished souvenirs of divine experiences.

“More than just a ticket to Ayodhya Dham – a souvenir of the divine Shree Ramotsav. Treasure the pious memories of Lord Shree Rama’s arrival forever, with Blockchain NFT,” wrote IRCTC through a dedicated platform during the announcement for Ayodhya NFT tickets.

Moreover, In March of the previous year, the National Academy of Indian Railways collaborated with Polygon. The collaboration was undertaken to conduct a workshop aimed at raising awareness about the advantages of blockchain in railway operations.

Also Read: Why AI Coins May Skyrocket In March?

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