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NFT News July 5, 2022

Volume of NFTs is Down Nearly 100% From Beginning of Year

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It should come as no surprise that the volume of NFTs has plummeted since the beginning of the year. But what you may not know is just how bad it really is, or how bad it may yet become if things don’t turn around soon. Certainly, and we’ve written before about this, there are bright spots that suggest the valuations will turn around. However, we aren’t entirely convinced that things are going to turn around anytime soon. In this article, we will be taking a closer look at the recent assessments of the market offered by some of the sources we have.

 

The Scoop

Ironically, in spite of the monumental and historical decline in the valuations of NFT this year, the production and creation of new NFT projects hasn’t slowed down in proportion to the decline. This isn’t exactly a surprise considering the draw NFTs have in the overall market of entrepreneurs. What we mean is that many investors are trying to “buy the short” as it were.

They are trying to produce more NFTs that may grant them a lot of profits once, and IF, things turn around for the market. For example, as many as 15 new collections A DAY are being added to OpenSea and other platforms, and this marks a stabilizing trend in a market that is seeing an incredible decline.

 

The News Take

“Through the uptrends and downtrends, OpenSea has maintained its lead when it comes to NFT trading. It has made its mark as the first major NFT trading platform in the space and as such remains highly favored among investors. The addition of other networks such as the Solana network has also helped grow its popularity in the market. This does not mean that the marketplace is without competition though.” -Bitcoinist

 

MetaNews is your number one resource for information on the Metaverse and the markets. We deliver the relevant news, every day. Don’t forget to check us out on Twitter! @metanews_com. Our staff of expert researchers and copywriters are dedicated to bringing you the latest, most relevant information from all over the Metaverse and its affiliated properties. From commerce and finance, to technology and interconnectivity, MetaNews produces well researched, accurately sourced articles on a daily basis.

Billy Houghton is a top acclaimed and sought-after commodities futures trading expert. The expertise and in-depth level of analysis that is offered by Billy Houghton is what has managed to put him at the stage of being the top ranked author for MetaNews among multiple different categories. Throughout his career, Billy has specifically spent over three decades on Wall Street fine-tuning his skills, which included over two decades at a trading desk. In more recent times, specifically the last decade, Billy has been researching algorithms of AI in futures trading, and believes they are the future of trading. He started writing about the Metaverse, as he thinks its the future of everything AI related.

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NFT News

This NFT Collection Explodes in Value Over the Weekend

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The oddly and aptly named NFT collection called CryptoDickButts is seeing an incredible increase in value. At this point, some of these collections, by analysis of the name alone, are vehicles for immense wealth shifts for the people who program them. Are they making fun of us, or do they know something we don’t? Let’s find out in the article we have prepared for you today. We want to detail some of the reasons this increase in the CryptoDickButts value has occurred, and ask the question, why should you care?

The News

Recently, if you’ve been looking into NFTs, you’ve likely seen that the markets are down. Now, whatever reasons there are for this, we want to look into how you should evaluate the pros and cons of purchasing NFTs. Just because one NFT in a wide collection of NFTs, and therefore boosts the overall value of the collection, doesn’t necessarily mean that you should invest.

 

 

Interest

“NFT gives artists and authors the opportunity to monetize their work. All creative industry enthusiasts need is to join the digital ecosystem, create their own product, and put it up for auction. Thousands of creative people no longer need to rely on galleries or auction houses which involve paying margins. They can use the BTC ecosystem to publish a variety of files — musical works, paintings, collages, animations, etc. Furthermore, any artist can do this without intermediaries by sending the work as NFT directly to the art collector. Users can program licensing fees to earn money each time their product is sold to a new owner.” -Yahoo Finance

 

MetaNews is your number one resource for information on the Metaverse and the markets. We deliver the relevant news, every day. Don’t forget to check us out on Twitter! @metanews_com. Our staff of expert researchers and copywriters are dedicated to bringing you the latest, most relevant information from all over the Metaverse and its affiliated properties. From commerce and finance, to technology and interconnectivity, MetaNews produces well researched, accurately sourced articles on a daily basis.

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NFT News

What Makes NFTs Secure, and Will This Change For the Better?

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We’ve written before about the security features that  are inherent in the NFT world. We’ve even written about the nature of dynamic NFTs, which are even more interesting from a coding perspective. Yesterday, we detailed the team up between two companies that have reimagined the nature of NFT security. Today, we want to talk a little about what makes this security so important, and examine whether or not this will be the case in the future of NFTs. Even with the recent (some say temporary) decline of the NFT markets, the security aspect is still interesting.

The Prediction

Security for these assets is based on the code that makes them unique. When a buyer acquires an NFT, he or she is given a spot on the blockchain that identifies them as the sole possessor of the code that identifies the actual NFT.

With dynamic NFTs, this is slightly different. The blockchain still preserves the record of the NFT and the original purchaser, but the base code, from the Metadata to the art itself, can be programmed to change. So, this means that the cataloguing information can change, and the search engines that categorize them will shuffle them around a bit. This can add a depth to the security aspect.

 

Interest

“There is a very uneven distribution, and a small number of whales controlling most of the value in the system. But from my point of view, this system is so young and we are only seeing the beginning of it. The Bitcoin market cap is now 40% of the total crypto market cap, and it’s been going down consistently. In the last year, you’ve seen the rise of so many new alternative layer ones, or second generation blockchains that use proof of stake. Crypto adoption is growing at an astonishing rate worldwide.” -Time

 

MetaNews is your number one resource for information on the Metaverse and the markets. We deliver the relevant news, every day. Don’t forget to check us out on Twitter! @metanews_com. Our staff of expert researchers and copywriters are dedicated to bringing you the latest, most relevant information from all over the Metaverse and its affiliated properties. From commerce and finance, to technology and interconnectivity, MetaNews produces well researched, accurately sourced articles on a daily basis.

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NFT News

Sony Ent. Seems to Be Ambivalent About NFTs, or Are They?

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Sony Entertainment has said precious little about NFTs and what they think of them. But recently, they have constructed and launched a poll asking people whether or not they would be interested in NFTs and digital assets. This seems to be a bit of a departure from the attitude they have displayed regarding the diverse markets of NFTs in the past. Just shortly after Sony launched PS Stars, the rewards program of which is not based on NFTs, they asked participants if they would indeed be interested in being compensated with NFTs instead.

The Prediction

It sounds to many analysts that Sony is hedging its bets regarding NFTs, largely because they be back on the rise after this quarter’s impressive downturn. Basically, what has happened in Sony’s poll launching is a kind of rescinding of their previous opinion or stance toward NFTS.

This may not exactly be the case, and some experts agree that this isn’t just a corporate realignment based on a a miscalculation. Anyway, what does this mean for NFTs and Sony in general? We don’t yet know, but it does seem to be something to be paying attention to for investors.

 

Interest

Now, Sony PlayStation seems to be aiming at a different approach. According to a report from The Washington Post, the company announced a loyalty program called PlayStation Stars. The program will be lunch at some point during 2022 with plans to expand to the Americas, Europe, and Asia. Grace Chen, Vice President of Network Advertising at the company, said the following regarding Sony’s new earn program.” -Bitcoinist

 

MetaNews is your number one resource for information on the Metaverse and the markets. We deliver the relevant news, every day. Don’t forget to check us out on Twitter! @metanews_com. Our staff of expert researchers and copywriters are dedicated to bringing you the latest, most relevant information from all over the Metaverse and its affiliated properties. From commerce and finance, to technology and interconnectivity, MetaNews produces well researched, accurately sourced articles on a daily basis.

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