In a significant gust of recent developments, Magic Eden, a renowned decentralized NFT marketplace, garnered noteworthy attention across the global digital assets realm as the sales recorded on the platform hit $50 million, per a post shared by the company’s CEO and co-founder, Jack Lu. This monumental achievement for Magic Eden soon piqued the interest of NFT traders and investors globally as the number of sales registered underscores the community’s optimism orbiting the potential revival of the NFT realm.

Amidst the high wave of optimism portrayed by the community, rides another phenomenal event marking the sale of $16 million worth of an NFT, CryptoPunk 3100. Sold for a whopping 4,500 ETH recently, this appears to be curating an optimistic ripple effect, birthing speculations over NFTs’ potential comeback amid this year’s crypto market bull run.

Magic Eden Mirrors NFT Optimism

According to the post shared by Jack Lu, the platform’s recent scaling of the $50 million sales mark mirrors high hopes for the global NFT community as it showcases the gradual yet significant growth witnessed by NFTs over the past few years. This marks a noteworthy event for the digital assets landscape as the NFT market soon witnessed a remarkable slump following its inception.

Concerning this, Jack Lu stated that all great technologies start off looking like toys but eventually grow into revolutionary tech that changes the world.

Meanwhile, in his social media post, Lu spotlighted Tiexo’s (an NFT data analytics platform) top marketplaces list, drawing attention to Magic Eden topping the list with 47.64% market share, evaluated as $52.24 million.

While the platform retained its positioning as of press time, its market share dropped to 34.15%, fueling speculations over future shifts.

Notably, Tiexo’s list also sheds light on the second-largest CryptoPunk sale recorded, mirroring the optimism orbiting this burgeoning NFT adoption saga.

Also Read: Cardano (ADA) Price Gearing for 2000% Gains to $10 As Per Historical Chart

CryptoPunk Sale: Diving Deep

According to Etherscan’s data, the address …C984017 bought Punk 3100 for 4,500 ETH yesterday, March 4, nabbing significant attention. This marks the second-largest sale of the blue-chip NFT collection, as Punk 3100 is one of nine rare bluish alien punks.

Upon further investigation, it was found that the same address bought two other crypto punks for 4,250 each over the past few days. This propelled immense optimism throughout the global NFT community as it hinted at potential chances of revival amid the upcoming crypto market bull run, with NFT bulls entering the arena once again.

Also Read: US SEC Files Coinbase Insider Case as Supplemental Authority in Binance Suit

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Best NFTs to Buy in 2023: The growth of the NFT market during 2021 was exponential, with more investors than ever capitalizing on the trend of owning digital art, but it can be hard to find the best NFTs to invest in. There are thousands of different NFT projects listed on NFT marketplaces such as OpenSea, Rarible, and SuperRare.

Each NFT represents a unique (and, not to forget, valuable) piece of art which could be an image, video content, music, or anything else. And since there are millions of NFTs going up for sale and many more new ones getting launched daily on various NFTs Marketplaces, it can get confusing to determine which are the best NFT projects to follow and potentially invest in right now.

With that in mind, we have reviewed the top digital assets on the market right now and brought this guide for you to choose the best NFTs to Buy in 2023.

CryptoPunks

Released in June 2017, CryptoPunks is an NFT collectible created by Larva Labs. The project consists of 10,000 unique digital items living on the Ethereum blockchain. According to the team lead, “CryptoPunks takes the form of 10,000 unique 24×24 pixel portraits developed with inspiration from the cyberpunk scene.”

At the time of writing, the CryptoPunks floor price was 66.99 ETH which means the cheapest price you can buy a CryptoPunks for is $103492.85.

Read More: What is NFT Staking? Pros and Cons of NFT Staking

Bored Ape Yacht Club

Bored Ape Yacht Club is, along with CryptoPunks, one of the most popular digital collectibles in NFT format on Ethereum. Celebrities such as Eminem, Steph Curry, Lil Baby, and Future currently own at least one Bored Ape.

At present, it is trading around 66 ETH and according to the reports, if the NFT bull market picks up again, it is expected the BAYC floor price to once again retest its all-time high (ATH) of over 100 ETH – it hit 118 ETH in February 2022.

Like many of the best NFTs to buy in 2023, Bored Ape Yacht Club uses NFT technology to bridge the gap between the real and crypto worlds. Visit their Discord server to find out more about the project.

Autoglyphs

Autopglyphs by Larva Labs is an NFT collectible that was released in 2019. The project consists of 512 unique digital items living on the Ethereum blockchain.

When they were initially released, the NFTs could be minted for as little as 0.2 ETH each. However, due to their limited supply (just 512 artworks), they have quickly risen in popularity and now demand a floor price of 339 ETH, around $523958.40.

Chromie Squiggle – Art Blocks Curated

Next on our list of the best NFTs to buy in 2023 is Chromie Squiggle. It is one of the most relevant collections of NFT-based generative art. It was released as the inaugural collection of Art Blocks, a platform that facilitates the launch of on-chain generative artworks on the Ethereum blockchain. The current price floor of Chromie Squiggle – Art Blocks Curated is 15.6337 ETH.

Mutant Ape Yacht Club

Released in 2021, Mutant Ape Yacht Club is an NFT collectible created by Yuga Labs. The project consists of 19,425 unique digital items living on the Ethereum blockchain. The Mutant Ape NFTs unlock the benefits of the Bored Ape community like tips and updates on new NFT drops, involvement in a community of enthusiasts, and access to exclusive merchandise.

The Sandbox

We’ve picked The Sandbox as one of the best NFTs to buy in 2023 as the Play-to-Earn (P2E) project allows its players to earn and collect other crypto coins.

The project consists of 166,312 unique digital items living on the Ethereum blockchain. The project is currently ranked #6 in NFT Price Floor with a floor cap of 151,344 ETH.

Also Read: What Are Music NFTs? How Are They Changing Music Industry?

Azuki

Azuki is a collection of non-fungible tokens (NFTs) designed by Chiru Labs, a start-up launched by artists and technologists in Los Angeles. Each focuses on bringing back the old days when hand-drawn artworks ruled the crypto space. And it has been successful for the most part. The current price floor of Azuki is 14.99 ETH, roughly $23,000.

Best NFTs to Buy in 2023 – Conclusion

During this article, we’ve reviewed 7 of the best NFTs to buy in 2023. With more and more high-profile names becoming involved in the NFT space, it is high time to consider investing and capitalize on this potentially lucrative trend. But before you make any decision, don’t forget to cross-check the cost factor, sentimental value, future plans, traits, and more about the particular NFT collectible.

Note: This article is not financial advice. Don’t buy anything for profit, speculation, milestones or roadmap, etc.

The post Best NFTs to Buy in 2023: The Opportunity Is Knocking At The Door appeared first on coinpress.

Cryptopunks are one of the most publicised and well-known NFT projects. And they are highly valuable as they were one of the first NFT implementations.

While the majority of music NFTs are also  images stored on IPFS and recorded on blockchain, Cryptopunks are unique in the sense that each of the 10,000 “punks” (which are 24×24-pixel images) is coded onto a blockchain.

Here are some of the amazing facts about the CryptoPunks NFT Collection:

1. Cryptopunks, developed by Larva Labs, were given away for free when the project launched in 2017. The sole condition for ownership was an Ethereum wallet.

2. John Watkinson and Matt Hall are the designers and developers of this NFT collection. The project began as an experiment with the intention of entertaining people, but it rapidly grew into something much larger and more valuable.

Also Read: Top Crypto Conferences To Attend In 2023

3. Watkinson and Hall modelled the punks on the mid-1970s London punk scene, William Gibson’s 1984 science fiction novel Neuromancer, the 1982 science fiction film Blade Runner, and the cyberpunk movement ( which originated from the French electronic music duo Daft Punk).

4. Each of the 10,000 CryptoPunks (6,039 male and 3,840 female) was algorithmically created by computer code, thus no two characters are precisely same, with certain attributes being rarer than others.

Also Read: Here’s How Much Your $100 Investment in SingularityNET Will Be Worth If AGIX Reaches $1

5. There are 696 punks wearing hot lipstick and 303 with muttonchops. There are 286 punks wearing 3-D glasses, 128 with rosy cheeks, 94 with pigtails, 78 with buck teeth, and 44 with a beanie.

6. The majority of the 10,000 cryptopunks are humans; however, there are three special types: zombies (88), apes (24), and aliens (9).

7. The blockchain developers, working for Larva Labs, gave away 9,000 cryptopunks for free, while they kept 1,000.

8. Celebrities like Jay-Z, Snoop Dogg, and Serena Williams, among others, own CryptoPunks.

9. An anonymous user sent CryptoPunk #5364 to the Ukraine government’s public Ethereum wallet address on March 2, 2022, as a donation to help fund the Ukrainian government’s defence against the Russian invasion.

Also read: 9 Amazing Facts About Bored Ape Yatch Club NFTs That You Didn’t Know

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What are NFT Derivatives?

The term “NFT derivatives” describes NFT collections that combine characteristics and design elements from well-known NFT projects. The names of NFT Derivatives are almost identical to the original non-fungible tokens from which they were derived, in addition to having a nearly identical visual appearance.

Numerous well-known NFT collections, including CryptoPunks and Bored Ape Yacht Club, have served as inspiration for some derivatives. Furthermore, not just one, but two projects simultaneously have an impact on some derivatives. An NFT Derivative collection called SODA, or Society of Derivative Apes, combines features from both Doodles and BAYC.

The majority of derivative projects use components from earlier iterations of current projects without seeking permission from the NFT project they are modeled after. You can assume a derivative NFT is informal unless the original project has officially announced a partnership.

Also Read: What is NFTs Rarity? Why Is Rarity Important For NFTs?

What makes NFT Derivatives so popular?

The popularity of NFTs and the growth rate of their adoption are two of the main factors contributing to the rise in the popularity of NFT derivatives.

In terms of the motivations for launching NFT derivatives, some non-fungible token developers hope to attract attention and business by developing something akin to popular non-fungible token collections. The next factor, which is probably crucial from the perspective of collectors, is that not all of them have enough money to buy their preferred high-profile collections, which tends to steer them toward derivatives.

What Motivates People to Develop NFT Derivatives?

The global expansion of NFT adoption is responsible for the rise of NFT derivatives. The NFT community generally has mixed opinions about derivative projects. Some consider them to be unoriginal knockoffs of already-existing projects, while others see them as a tribute to the original collections they’re based on.

But there are a lot of reasons why a digital artist might choose to make a derivative project. Unofficial derivative projects, affiliated derivatives, and spin-off projects launched by a project’s founding team are also distinct from one another.

Not all NFT Derivatives are about making money

There’s no denying that these projects’ primary goal is to generate as many sales as they can. The organization or person behind the collection makes every effort to spread the word about it on social media, share encouraging road maps, and provide enticing perks.

But there is also another side. Certain projects go beyond financial gain and assist community members in evaluating their creative abilities. Jenkins the Valet and Noodles are two examples of derivative projects that have not only built strong value but also received backing from the real collection’s creators.

Also Read: What Is Real Estate NFT? What Impact Is It Having On The Real Estate Sector?

NFT Derivatives projects that are popular

Few of the top NFT Derivative projects whose success has astounded the market.

1. Noodles

The creators of the actual collection, Doodles, have given Noodles, an official Derivative project, a tonne of support. Noodles is intriguing because it came about as a joke between two NFT collectors.

2. CryptoPhunks

A Derivative NFT collection with the same visual appearance as CryptoPunks is referred to as CryptoPhunks. The project received poor reviews and was taken down from several NFT marketplaces. Despite this, CryptoPhunks enjoy incredible sales and are well-known all over the world.

3. NotOkayBears

Another derivative on the list that resembles Okay Bears is called NotOkayBears. NotOkayBears are based on Ethereum, as opposed to Okay Bears, which is based on Solana. Just a few hours after it was released, the collection quickly became a huge hit on LooksRare and OpenSea.

4. Bored Apes Solana Club

The collection, also known as BASC, is a copy of the Bored Ape Yacht Club project. The Derivative, which is based on the Solana blockchain, has become successful despite opposition.

Also Read: What is Physical NFT?

Organizations that produce NFT Derivatives

Some participants envision using NFT derivatives to enable non-fungible token trading for small retailers.

1. NFTures

Users are able to wager on the price of the non-fungible tokens in the future thanks to NFTures. Along with adding gaming elements, it uses the decentralized protocol sAMM to leverage trading on marketplaces.

2. Bliv.club

Entrepreneurs like Mohammed Sirajuddin, Vikas Singh, and Abhishek Kumar Gupta co-founded the NFT Derivative platform Bliv. Through small ticket sizes, Club makes it possible for the average person to participate in the NFT market.

NFT Derivatives: Are they legal or not?

NFT Derivatives’ legitimacy has been a hot topic ever since they entered the market. It wouldn’t be incorrect to say that the original NFT collections and Derivatives have a companion-like relationship if we looked at them from a long-term perspective. While creators want their work to be seen by as many people as possible through derivatives, derivatives also want to be a part of the market and open doors for a strong presence. One thing to keep in mind is that it is considered an IP rights violation if a Derivative NFT is offered for sale alongside a Real non-fungible token without first receiving permission from the creators.

On the other hand, the Derivative project is deemed legal if the team behind it received permission from the original non-fungible token creator to use the creative styles and elements found in the original non-fungible token work. Due to this conflict between legal and illegal, it is crucial to check that it has the real creator’s permission before purchasing it.

Conclusion:

These are still in their infancy and are relatively new to the market. However, they have a very bright future. Making NFT trading as popular and understandable as current crypto trading is crucial, especially in making it available to the general public. Yes, there is a lot of buzz and hype surrounding non-fungible tokens, but not among retail investors because so few people are familiar with the NFT trading game.

Also Read: What Are Cryptopunks? How To Buy Cryptopunks NFTs?

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The public is becoming more aware of NFTs in the modern era. For the crypto market, last year was one of the worst. Despite that, NFTs sales were still increasing every day. The data indicates that a brisk start to the NFTs market in 2022 boosted the year-end total and helped make up for the several weaker months that followed.

The chief executive of OpenSea, Devin Finzer, has made an effort to distinguish NFTs from cryptocurrencies as the industry is being negatively impacted by a number of scandals.

He stated that,

The crypto industry had seen “some setbacks recently,” referring to the bankruptcy of FTX, a cryptocurrency exchange that went bankrupt in November, contributing to a drop in the value of digital assets.

According to one report, the NFTs market generated about $24.7 billion in organic trading volume across blockchain platforms and marketplaces in 2022. The $25.1 billion total reported in 2021 was slightly lower than that amount. Here are the top 5 factors that helped NFTs sales last year, despite the market collapse.

5 Reasons Why NFT Sales Were Successful Last Year

Investment Opportunity

NFTs are frequently viewed as an investment opportunity because of their distinctive qualities. Since they cannot be divided, each NFT has a potential value greater than any of the cryptocurrencies used to purchase it. Due to the fact that their value is greatly influenced by demand and the price that someone is willing to pay, they are an attractive investment for those looking to make a profit.

Also Read: What is NFTs Rarity? Why Is Rarity Important For NFTs?

Digital Store Capital

Due to their capacity to maintain value, NFTs can be thought of as a digital store of capital. Certain NFTs provide an investment option that is secure and stable because they are not subject to inflation like conventional currencies. This isn’t always the case, though; according to some experts, the value of the majority of the current NFT offerings could decline by up to 90% over time.

Tax Advantage

One advantage of investing in NFT is that it may offer greater tax advantages than conventional stocks or bonds. This is due to the fact that NFT is regarded as a property and as such is liable for capital gains tax.

Digital Ownership

Verifying digital ownership with NFTs is safe. It is virtually impossible to forge or steal an individual NFT. However, each one is tracked and verified on a decentralized blockchain. As a result, they are perfect for protecting digital rights, especially when it comes to tangible assets like real estate.

Long Term Value

First and foremost, NFT investors believe they have long-term potential and will increase in value. NFTs are digital assets that can be anything that exists online, including works of art, collectibles, and even memes. Like CryptoPunks, one of the first NFT projects, some NFT projects are regarded as being rare. CryptoPunks are well-liked in the community and frequently sell for six or seven figures each.

Also Read: What Is Real Estate NFT? What Impact Is It Having On The Real Estate Sector?

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A non-fungible token (NFT) is a special identifier that can be used to assign and prove ownership of digital goods using cryptography. NFTs for digital art have fetched millions of dollars. It is challenging to distinguish between original and fake NFT. How to spot a fake NFT?

As non-fungible tokens gain popularity in the art world, more people are asking themselves this question. Plagiarism and fakes are becoming more of a problem as NFTs help many traditional and digital artists make art profitable once more.

5 Ways To Spot Fake NFT Collection

Verify the legitimacy of the NFT seller or artist

Check the artist’s website and social media accounts if you think you bought an NFT directly from them to confirm. Make sure you’re viewing an official account and not a fake one created by a scammer.

It’s always a good idea to double-check the information on official websites and various social media platforms. It’s probably a bad sign if you’re having trouble locating a reliable source of information. Another choice is to seek guidance and context in trustworthy NFT communities.

Carefully review the NFT website

Fraudsters have been known to replicate entire websites. Therefore, even though the NFT website appears to be legitimate, you might be using the wrong URL. If you look closely enough, you can usually see indications of fabrication on a fake website, such as blank spaces, poor-quality text, and other errors.

Additionally, you should never enter your financial information on a website before verifying its legitimacy. Once you’ve linked your wallet to a phony website, its owners can easily access your money.

Also Read: What Are Music NFTs? How Are They Changing Music Industry?

Verify NFT sales volume

There is a good chance that the NFT has been traded before if you are buying an NFT from a popular series. By viewing the NFT on a blockchain explorer or NFT marketplace aggregator, you can verify this. If the NFT has never been sold before, further research is worthwhile.

Check the activity history again to make sure these transactions don’t involve the same or a small number of wallets, even if there have been enough sales. It’s possible that a fraudster is buying and selling their own counterfeit NFTs in an effort to manipulate sales volume and price.

Examine the cost of the NFT

It’s probably true if the price seems too good to be true. To see how it stacks up against the asking price of the NFT of interest, check the floor price for the entire series. It’s highly unlikely that a crypto punk you find for sale for $5,000, for instance, is authentic. As previously stated, you should always check to make sure the price wasn’t manipulated by a select few wallets, even if it appears to be legitimate.

Check the contract address on the NFT

Another vital piece of information to verify is the contract address of the NFT, in addition to the seller’s wallet and the NFT’s on-chain data. You ought to be able to learn the collection’s precise contract address from a reliable source. The NFT is not authentic if it differs. By checking the contact addresses you can identify fake NFTs easily.

Also Read: What is NFT Staking? Pros and Cons of NFT Staking.

The post 5 Ways To Spot Fake NFT Collection appeared first on coinpress.

Bored Ape NFT collection owner Yuga Labs’ recent purchase of the CryptoPunks and Meebits  collections has come under fire from the crypto community over potential market manipulation, a Bloomberg report showed.

A bulk of the discourse appears to be centered around the seemingly suspicious acquisition of certain Meebits NFTs prior to the announcement of the deal. The NFTs had nearly doubled in value after the deal was revealed.

According to data from blockchain security firm PeckShield, 14 Ethereum addresses with no clear history of NFT purchases had bought 159 Meebits between March 5 and March 11. This occurred just before Yuga Labs said it would purchase the rights to Meebits and CryptoPunks from Larva Labs.

Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj

— Yuga Labs (@yugalabs) March 11, 2022

The deal effectively made Yuga the largest entity in the NFT market, given that it now owns the rights to the two largest NFT collections- Bored Ape Yacht Club, and CryptoPunks. The two collections have a combined value of about 1.4 million ETH, or $4.1 billion.

NFTs occupy a regulatory gray area

The news has spurred debate over whether the Meebits purchases can be classified as insider trading, given that NFTs are technically not considered to be securities. While the Securities and Exchange Commission (SEC) has hinted at bringing NFTs under its fold, no legislation has been passed so far.

But while the Meebits deal may not be technically illegal, it has been called out for being ethically irresponsible by Twitter users. @NFTethics has been vocal in calling out Larva Lab employees over the alleged market manipulation. Neither Yuga nor Larva have issued official statements on the matter.

Crypto no stranger to market manipulation

Given that crypto regulation is still in its nascent stages, the medium has been host to several scams. Terms such as “pump and dump” and “rug pull” have become common lingo in the community, given the prevalence of such scams. Several initial coin offerings are also potential festering grounds for market manipulation, given that the issuer is able to control the token’s supply.

A bulk of crypto regulation has attempted to protect investors from such schemes. China outright banned crypto last year, citing a large number scams.

Yuga Labs recently faced some allegations of an attempted pump and dump, with its unveiling of the ApeCoin (APE) token. Criticism was aimed at the fact that Yuga and its founders would still hold a majority of the token’s supply, while allowing the rest to trade on the open market.

APE had encountered wild price swings in its trading debut.

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One of the largest NFT trading marketplaces OpenSea recently admitted insider trading by its executives. The OpenSea executives were using proprietary information to benefit from the NFT sales.

These employees reportedly purchased items before being publicly displayed. The head of Product Nate Chastain, supposedly behind it, has been removed from his position. In its official blog post OpenSea confirmed:

This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough third party review of this incident so that we have a full understanding of the facts and additional steps we need to take.

OpenSea said that it has initiated some countermeasures to make sure that it doesn’t happen again. However, the transaction volumes have picked up after dropping earlier this year.

OpenSea Blue-Chip NFTs In Demand

Interestingly, this hasn’t stopped NFT investors from chipping into blue-chip NFTs. The trading volumes for some of the blue-chip NFTs have skyrocketed in recent times. The data from OpenSea shows that the trading volume for CryptoPunk NFTs has shot by a whopping ~700% in the last 24 hours.

The recent purchase from Reddit’s founder has resulted in renewed optimism for NFTs. As we can see, trading volumes for some of the other blue-chip NFTs Bored Ape, Art Blocks, and Loot have surged considerably.

As we can see, the Ethereum-based NFT marketplace still remains a trusted place for people to buy and sell NFTs. However, the recent episode has put doubts on the platform.

NFTs have created a major rage in the crypto space with trading volumes reaching $3.5 billion. However, the momentum has seen a considerable drop in September. It will be interesting to see further if there’s a continued surge in trading volumes.

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According to the recent trading volume data, CryptoKitties, the blockchain game on Ethereum to acquire NFT’s JPEGs, touched nearly $7 million in the last 24h. Chinese Journalist, Colin Wu reported on Twitter that CryptoKitties’ trading volume in just 24h has reached 1,783.59 ETH, i.e., $6,915,655. The trading volume rose since yesterday, September 2, from 1436.09 ETH, amounting to $5,588,017. Furthermore, this displays a conclusive average price of 6.6795 ETH, which amounts to 26,007.83 in USD.

The trading volume of CryptoKitties in the past 24h has reached 1,783.59 ETH. On September 2, the trading volume of CryptoKitties reached 1436.09 ETH, with an average price of 6.6795 ETH. pic.twitter.com/QTEL3uxZvS

— Wu Blockchain (@WuBlockchain) September 3, 2021

CryptoKitties is on a consistent surge with the total number of monthly sales rising from 6831 on August 2, to 8440 on September 2, 2021, according to NonFungible.com

The monthly USD spent on CryptoKitties in August was $338,840.96. However, September saw the surprising skyrocket results to $4,922,496.1.

Monthly active market wallets on 2nd August were 2417, hiking up to 6042 on September 2, 2021.

CryptoKitties fall under the OG group of NFT projects. the virtual cats’ NFT is again bullish and rapidly gaining traction in the NFT sphere. Furthermore, unlike the ridiculously expensive Tokenized sphere, CryptoKitties has managed to stay fashionably affordable. The affordability feature is also furthering its reach and expanding the NFT community.

CryptoPunks NFT

While CryptoKitties has just begun to gain traction, its competition, CryptoPunks is becoming the market’s new obsession with ETH Whales’ support. As reported by coinpress, in lieu of the recent Mania of Whales’ CryptoPunk purchase, the prices of these tiny, pixelated JPEGs shot by 53% over the last week.

Post the first investment of over $6 million by an Ethereum Whale into CryptoPunks last week, The market saw an exceptional buying spree for CryptoPunk. According to Etherscan data, last Friday saw the wallet scoop of over 100 NFTs, which in turn increased the average price of CryptoPunk NFTs from 24 ETH to 29 ETH.

ETH Rocks NFT

Last month, the NFT market broke when a JPEG photo of rock was sold for $1.3 million. These Rock tokens are known as ETH rocks, which were created in December 2017. However, the NFT community has gone insane, as the availability of these virtual rocks, is limited to 100. This has in turn led to a hike in the price floor to 730 ETH, i.e., close to $2.3 million dollars.

The post Is CryptoKitties the Next Breakout NFT Collectible? Trading Volume Data Indicates so appeared first on coinpress.

China’s NFT mania continues with the latest record-breaking consecutive purchases of more than $5.73 million by Chinese traders. According to Chinese Journalist, Colin Wu, a trader by the name of Feng Bo recently bought CryptoPunk #7252 for the extraordinary amount of 1600 ETH, i.e., approximately $5.33 million. Furthermore, Meitu founder, Cai Wensheng has also invested in the popular CryptoPunk NFT #8236 with 125ETH, which amounts to over $400,00.

Chinese Internet investors have bought CryptoPunk one after another. Meitu founder Cai Wensheng bought CryptoPunk #8236 with 125ETH. Feng Bo bought CryptoPunk#7252 for 1600ETH (approximately US$5.33 million). pic.twitter.com/LyGxNRORJX

— Wu Blockchain (@WuBlockchain) August 26, 2021

Meitu has joined the resistance against the Chinese government’s crypto crackdown. Meitu has gained prominence for being the first public company in Greater China to buy hefty quantities of cryptocurrencies and digital assets.

Chinese NFT community gets stronger

In recent coverage, coinpress reported upon the expanding uprising against the crypto ban in China. The NFT market space in the nation is spreading like wildfire. TikTok’s parent company and China’s Internet giant, Bytedance could reportedly hop on to China’s NFT wagon.

coinpress reported that Bytedance CEO, Zhang Yiming’s latest WeChat NFT group entry has raised relevant speculations on its foreseeable NFT plans. According to the sources, Bytedance is preparing to acquire the Virtual Reality (VR) firm, Pico as a confirmation of entering the Non-Fungible Token (NFT) sphere. However, Bytedance’s official announcement on the upcoming metaverse project remains pending. Nevertheless, the company has allegedly entered the VR space with a large amount of 5 billion Yuan, VR Gyro News reported on August 26.

CryptoPunk’s exceptional sales, along with Bytedance’s acquisition of Pico point at strong speculations towards the NFT community’s addition to the alleged uprising against the Chinese Crypto crackdown.

Chinese Crypto Mining community & Judiciary join forces

Along with the tokenized sphere, the miners’ community is also holding strong ground. Chinese SaaS solutions and Blockchain applications provider, Powerbridge Technologies Co., Ltd. recently signed a crypto mining rigs partnership with Cryptodigital Holdings Ltd. The company has announced the acquisition of 5,600 Bitcoin (BTC) and Ethereum (ETH) Mining Rigs by October 2021.

Furthermore, the judiciary has put a dent in the crypto crackdown by contradicting the Chinese government’s stance against BTC. China’s district court has recently announced the status of Bitcoin as digital property in a published article.

The post NFT News: Chinese NFT Investors Splurge Millions on CryptoPunk Collectibles appeared first on coinpress.

• An NFT project founder lost 16 CryptoPunks and some ETH in a phishing attack last night
• The total value of stolen assets is estimated to be over $1 Million
• Experts warn people to stay safe from fraudulent websites and projects 

 A sudden increase in popularity has shot up the average price of CryptoPunks NFT by 53% in merely one week. Its price skyrocketed from $87,000 (34 ETH) on July 24 to a massive $135,000 (52 ETH) yesterday. 

This furious enthusiasm in the NFT space triggered the hunger of scammers. And reportedly, an NFT videogame founder has already fallen victim to a bot scam over the CryptoPunks Discord channel.

NFT Game Founder Stazie Scammed: What Exactly Happened?

Scammers managed to swindle out 16 CryptoPunk NFTs including some ETH (CRYPTO: ETH) from Hedgie founder and developer Stazie (pseudonym) on August 1. The total worth of stolen assets is estimated to be over USD 1 million. 

Stazie revealed the fraud through his thread of tweets yesterday. He explained how situations were utterly normal for him before the robbery was conducted and how they severely changed after the theft. He clearly wasn’t able to comprehend the incident and wrote, “The whole thing happened like an awful dream.” 

4/9 The domain of course is fake, it’s .to instead of .com

The whole thing happened like a bad dream, almost felt like I was hypnotized. There was zero critical thinking, and this is beyond idiotic. The punks and ETH was quickly gone before I could do anything.

— stazie (@stazie) July 31, 2021

A scammer named “cryptopunksbot” posted an offering on the CryptoPunk’s Discord server highlighting an opportunity to win ten super unique NFT avatars as the project is celebrating its fourth anniversary. 

In a desire to win the unique avatars Stazie logged onto a fake website and entered his twelve-word seed phrase after receiving a false notification about the compromised security of his Metamask wallet. Within seconds of sending the phrase, the scammer emptied Stazie’s wallet.

2/9 I was lying in bed yesterday evening, mind was very foggy, casually browsing. Saw this bot in Discord and clicked the link. The site looked like Cryptopunks, and had a popup that looked like Metamask… pic.twitter.com/Hh4CLiRgmK

— stazie (@stazie) July 31, 2021

The Hedgie founder has been in the crypto space since 2017 but still has fallen prey to a huge scam. Although he finds it embarrassing, it’s a warning for the world to stay secure and not get caught up in fraud.

The post NFT Game Founder Loses $1 Million To Scammers, Here’s How appeared first on coinpress.

Etheruem whales have once again taken the charge of pushing the price higher, however, this time it’s not Ether (ETH) but the CryptoPunk NFTs where they are pouring the money. With the whale purchase frenzy, the prices of CryptoPunk NFTs have shot by 53% over the last week.

Last week, an Ethereum whale poured over $6 million triggering a buying spree for CryptoPunk. The butter now owns 1% of the limited series of CryptoPunks collection having 10,000 NFTs. Last Friday, the wallet scooped over 100 NFTs taking the average price of CryptoPunk NFTs from 24 ETH to 29 ETH, based on the data from Etherscan.

It turns out that all the purchases from Ethereum were “force funded” meaning they were acquired from the wallet specifically created for this purpose. Thus, there are no traces of the history of any previous purchases.

CryptoPunks are among the most popular and pricey NFTs. These are basically tiny pixelated images used as avatars on various social media platforms. As said there are a total of 10,000 such cryptocurrency-NFTs available each featuring randomized traits.

Gary Vee Buys CryptoPunk NFT for $3.7 Million

Entrepreneur and media mogul Gary Vee has been strongly into this NFT game. The famous influencer is betting big on the future of NFTs.

Last week, Gary Vaynerchuk – popular as Gary Vee – spent a massive 1600 ETH worth $3.7 million on a CryptoPunk NFT. This was enough to create a massive frenzy in the cryptosphere. Interestingly, on the same an anonymous investors spent $7 million buying around 88 CryptoPunk NFTs.

We couldn’t confirm if this was the same Ethereum whale. As said the Sunday’s purchase happened from a completely different wallet leaving no trace behind.

The NFT market is exploding and CryptoPunks has emerged as one of the most valuable NFT projects with its weekly volumes reaching $60 million USD. Further, there’s a dramatic increase in the sales over the last week. Interestingly,  the daily trading volumes for CryptoPunks have also shot by 1342%.

As coinpress reported last week, the NFT gaming market has been putting up strong competition to the DeFi market. It is also driving major trading volumes on the Etheruem blockchain network.

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