Tag: NFT

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Crypto Fund Moves From BLUR to Lido and IMX: Supporting DeFi?

According to data from Lookonchain, Sigil, a fund in Gibraltar, swapped BLUR, one of this week’s best-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X, a dedicated Layer 2 scaling solution .mainly for NFT trading. .

Sigil Fund sells BLUR to IMX and LDO

On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth approximately $1.14 million, and 210,905 LDO, trading at $540,000, a cash exchange rates. The exchange was carried out through multiple transactions and on-chain.

The exchange comes approximately three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund exits BLUR as the token has dominated performance over the past few trading days.

To quantify, the token more than doubled this week alone, reaching new highs in the second half of 2023, above US$0.60. BLUR is already up 330% from its 2023 lows and continues to rise thanks to increased trading volume.

The rotation of the Gibraltar-based crypto investment fund from BLUR to Lido DAO and Immutable was immediate which could have advised the fund to exit BLUR, and not simply travel on the current journey, to LDO and IMX.

In retrospect, the move could be an endorsement of the resilience of decentralized finance (DeFi) and its inherent growth prospects. The rotation of funds into DeFi tokens could also mean a focus on supporting the building of decentralized ecosystems rather than the speculative NFT craze as is currently the case with BLUR, which is growing rapidly fueled by the Season 2 airdrop.

LDO and IMX are key to DeFi and NFT

As of November 2023, Lido DAO and Immutable X are some of the top platforms powering cryptocurrencies and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers secure NFT trading infrastructure. While recent issues at FTX and other CeFi players such as FTX partner Alameda Research continue to limit the rise, Sigil’s allocation change is an endorsement of DeFi.

Going forward, it is not immediately clear whether LDO and IMX prices will rise. For now, it is still in an uptrend, but overall it is volatile and not galloping upwards like BLUR. The token is up 80% from its October 2023 lows at press time. Meanwhile, IMX is extending its gains to 2023 highs by watching the price action on the daily chart.
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Bitcoin Cryptocurrency news Ethereum NFT Investment

Bitcoin Overtakes Ethereum for First Time in 24-Hour NFT Sales Shift

On November 8, 2023, the Bitcoin blockchain saw its non-fungible token (NFT) asset sales surpass those of the Ethereum platform, marking a historic change over the single-day period. According to analytics provided by cryptoslam.io, Bitcoin-based NFT transactions totaled $17.17 million, surpassing the $15.77 million in Ethereum NFT sales recorded during the 24-hour period.

Bitcoin Eclipse Ethereum NFT Sales Increase in a Day

The trend of Bitcoin NFT transactions has been on an upward trajectory as of late, and just three days ago, Bitcoin.com News highlighted that Bitcoin took second place in NFT sales over the course of a week. For the first time, Ordinal’s subscriptions to Bitcoin, its exclusive brand of NFT, surpassed sales of Ethereum in a 24-hour period on Wednesday.

NFT connoisseur Leonidas, founder of Ord.io, documented this unprecedented on-chain event, marking the occasion when Bitcoin-based NFTs leapt ahead of their Ethereum counterparts for the first time in history. Leonidas said:

   Breaking: Ordinals just invested in Ethereum NFTs for the first time. So of course I had to register it in Bitcoin forever.

Recently, ordinal entries witnessed a notable drop in activity that persisted for over a month. This decline followed an increase in daily mintage; Thereafter, the number of new registrations faced a persistent struggle until October 24. However, the tide has since turned and November 4 saw the second-highest number of registrations in a single day, with a total of 433,471.

Looking at the one-week performance of NFT sales, Ethereum has seen an increase, raising $79.61 million since Wednesday, November 1, 2023, which is a 45.66% increase over the week. previous, as reported by cryptoslam.io. In comparison, weekly Bitcoin NFT sales also saw an increase, showing a 661.60% increase from the previous week, with sales reaching $55.52 million.

On Wednesday, the “$SATS BRC-20 NFT” collection surpassed the Bored Ape Yacht Club (BAYC) series, reaching the top of the sales chart. Behind BAYC, “$RATS BRC-20 NFT” took third place in sales in the last 24 hours. The chances of Bitcoin NFTs taking the top spot next week are slim, as Ethereum already has a $24.09 million lead.
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Bitcoin Investment cryptocurrency exchange Cryptocurrency news NFT Investment

Nike-RTFKT NFT universe rises to $1.4 billion in transactions

The collaboration between Nike and digital art studio RTFKT has opened a new chapter in NFT trading, with its collections approaching a volume of US$1.4 billion. With revenues reaching $170 million, this partnership highlights the growing intersection of digital assets and physical goods. The recent frenzy was catalyzed by a counterfeiting event that allowed NFT holders to pre-order limited edition Nike-RTFKT sneakers, triggering a 600% increase in trading.

NFTs unlock exclusive physical sneakers

Consumers have shown great enthusiasm for Nike-RTFKT offerings, with special events granting NFT holders exclusive access to tangible products. This step not only improved consumer engagement but also strengthened the authentication process. Sneaker fans, including LeBron James, have embraced this innovative approach, bridging the gap between physical collectibles and their digital counterparts. Furthermore, these initiatives have supported the digital authentication process, guaranteeing the legitimacy of the coveted sneakers.

Market resonance and forging success

The recent Dunk Genesis Cryptokicks parody has caused a spike in trading activity. In October alone, transactions for the necessary NFTs increased to more than half a million dollars. Furthermore, the market response to physical sneakers was equally strong, with after-sales on platforms like eBay reaching prices four times higher than the initial cost.

This strong market resonance signifies the powerful appeal of integrating NFTs with exclusive physical products, a trend that is becoming increasingly common in the sneaker industry.

Significantly, Nike and RTFKT’s digital venture is a testament to the effective fusion of NFT technology with traditional consumer goods, increasing not only the value but also the authenticity of sneakers for collectors around the world. As this blending of the physical and digital worlds takes firmer root, it is clear that the collectible footwear landscape is undergoing a significant transformation.

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Bitcoin Bitcoin ETF Bitcoin Investment Bitcoin Wallet Crypto Mining cryptocurrency exchange Cryptocurrency Investment Cryptocurrency news

French luxury brand Hermes wins NFT trademark infringement lawsuit

French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungible token (NFT) collection. The artist argued that NFTs should be covered by the First Amendment to the US Constitution, but the jury was out.

Hermes wins lawsuit against NFT creator ‘Metabirkins’

French luxury design house Hermes has won a lawsuit against Mason Rothschild, the artist behind the “Metabirkins” non-expendable token (NFT) collection, which features digital renderings of the popular Hermes Birkin bags.

Rothschild created the Metabirkins NFT Collection in 2021, which he described as “a collection of 100 unique NFTs crafted from faux leather in a variety of contemporary colors and graphic executions.” The collection has earned over 200 ETH in sales, which is equivalent to $331,684 at the time of writing. Hermes complained and sued the artist early last year for trademark infringement.

Rothschild argued that NFTs should be covered by the First Amendment to the United States Constitution. The artist’s defense team compared his work to that of Andy Warhol, who depicted Campbell’s soup cans and Coca-Cola bottles in his artwork. Rothschild argued in court:

   These images and the NFTs that authenticate them are not wallets. They carry nothing but meaning.

Hermes’ lawyers accused Rothschild of “stealing the goodwill of famous Hermes intellectual property in order to create and sell his own line of products.” They argued that customers tend to confuse Metabirkins NFTs with genuine Hermes products. They even said that the Metabirkins URL is very similar to the one used by the luxury brand. Oren Warshavsky, a lawyer representing Hermes, told the court: “The reason for these sales was the Birkin name.”

After deliberating for two days, a New York jury returned a verdict Wednesday saying it “found defendant liable for trademark infringement” and “trademark dilution.” Furthermore, they found that “First Amendment protection does not preclude liability.” The jury then awarded Hermes $133,000 in damages: $110,000 for trademark infringement and $23,000 for cybersquatting.

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Blockchain, Metaverse and NFT’s arrive in Granada in January with Block World Tour

In January we will have the opportunity to attend the most prestigious event in the Blockchain technology industry ever held in Granada.

After nine editions throughout Europe, the most prestigious and pioneering Blockchain congress in the world has chosen the city of the Alhambra as its next destination.

The BlockWorldTour organization has always tried to promote Granada as a technological city and organized the first blockchain event in 2019.

The event to learn directly from the creators of the future of Blockchain

The Block World Tour will announce its speakers on platforms like Instagram several weeks before the congress. In recent editions we have seen professionals from all sectors, who grow while research lags behind innovation.

Accustomed to seeing references in the media to new trending terms like Metaverse, DEFI or NFT, we can understand the gist of what this means, but we don’t really know what they mean. This Congress aims to bring the new concepts of professionals to audiences interested in the subject.

NFT and Augmented Reality

At the congress there will not only be space for presentations and networking, but also for exhibitions and stands. There will be the possibility of knowing the different projects presented at a shorter distance. In the latest editions of the BWT, NFT art exhibitions were programmed, as well as Augmented Reality experiences that represent a new twist to what we understand today as musical shows.

The format of conferences concentrated in a maximum of 15 minutes, and debates between speakers on certain topics, allows anyone who finds the subject interesting to debut at an event of this caliber.

BWT is a multicultural technological event that has managed to redefine the traditional concept of this type of event for the Blockchain sector. A benchmark for thousands of participants and companies in the blockchain sector, the Block World Tour events are the ideal place to find out about the latest developments in the sector and be at the forefront of the future of technologies, as well as a way to find the perfect opportunity to establish alliances and promote projects or businesses.