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After a sluggish March, the NFT market has rebounded, with first-quarter trading exceeding $12 billion

Despite a drop in activity last month, OpenSea daily trading volume is increasing, and the market had a strong first quarter.

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After establishing new highs in January, the NFT market suffered a slow fall in trade activity in February, which continued into March. However, recent data suggests that NFT trading has been on the rise recently, with total trading volume exceeding $12 billion in Q1 2022.

According to DappRadar, the overall NFT market achieved $2.63 billion in total trading volume across all platforms in March. In February, the figure was $3.87 billion, while in January, it was $5.63 billion.

Overall, the NFT market trading volume for the first quarter of 2022 is estimated to be over $12.13 billion. Given that the overall market generated $25 billion in trading volume in 2021, according to DappRadar, 2022 might see a significant year-over-year rise if the market continues to grow at this rate.

Throughout February and early March, daily trading volume on the largest marketplace OpenSea (through Dune Analytics) decreased considerably. However, it has been steadily increasing over the last two weeks, and OpenSea’s largest single day of Ethereum trading volume in weeks occurred on Sunday (April 3), with $173 million worth of transactions. The platform has already seen $669 million in Ethereum volume in April.

Source: Dune Analytics

According to DappRadar, a total of 27.7 million NFTs were exchanged across platforms in the first quarter of 2022. Interestingly, the number of NFTs sold each month did not diminish at the same rate as trading volume, falling from 11.3 million in January to over 7 million in March, a 38 percent drop compared to a 55 percent drop in monthly trading volume.

“Volumes are down significantly from January’s highs,” Pedro Hererra, senior data analyst at DappRadar, explained. “However, the number of deals and unique traders is growing, indicating that demand for NFTs is high and that the market is developing.” “We’re also seeing more activity in blockchains that aren’t labeled Ethereum, such as Avalanche and Solana,” he added.

DappRadar’s statistic only includes “organic” volume, leaving out suspicious behavior on LooksRare, an Ethereum-based marketplace where “wash trading,” or the swapping of NFTs for substantially inflated sums back and forth between the same wallets, has been widespread. LooksRare rewards tokens and some traders have attempted to game the system by selling NFTs between various managed wallets for up to $50 million in ETH in each direction.

LooksRare has generated more than $8 billion in wash trade in less than a month, according to analytics firm CryptoSlam, which told Decrypt in January. Around 87 percent of LooksRare deals were considered manipulative or non-organic at the time.

According to a Bloomberg report from yesterday, CryptoSlam now estimates that the overall number of LooksRare wash deals is at 95 percent. According to DappRadar, LooksRare had around $19.7 billion in transaction volume until the end of March.

According to CryptoSlam data, the greatest NFT schemes in March included the Bored Ape Yacht Club, which saw over $227 million in trade activity as a result of the ApeCoin hype (APE). In March, the Mutant Ape Yacht Club had a trading volume of about $106 million, while upstart project Azuki had a trading volume of nearly $155 million.

In the end, Herrera feels that, despite the low figures in March, the data shows that NFT purchasers are becoming savvier and that projects perceived as scams or cash grabs are having less of an influence as the industry matures.

“There are NFT collectors who have been in the sector for over a year and are now sophisticated enough to discern excellent projects from bad,” Herrera said, adding that newcomers to the market have also swiftly learned from high-profile “fiascos.”

“Overall, the market is consolidating and poised for a fantastic year,” he said.

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At a London event, an NFT vending machine will increase accessibility to digital art

The NFT vending machine at this year’s NFT.London event will give its profits to a good cause.

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The first-ever physical nonfungible token (NFT) vending machine will be on display at this year’s NFT.London conference, which is set for November 2-4.

The NFT platform aims to give anyone who wish to start buying and trading digital assets a simple and accessible way to do so without requiring them to have a thorough understanding of the Web3 sector. Users won’t need to have a digital wallet to buy an NFT from the vending machine.

Users must choose one of the shown envelopes before entering the code to acquire an NFT from the myNFT vending machine. After making their purchase, users can scan the QR code on the envelope to access an invitation to create a myNFT account, which includes an NFT wallet where they can store their NFT.

“The most convenient method to buy anything is through a vending machine, so we’re shattering the impression that buying an NFT is difficult with this campaign,” said Hugo Mcdonaugh, CEO of myNFT.

The first collection of contributed NFTs from myNFT, which includes names like Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch, will be available for purchase by interested participants.

The actual NFT vending machine will be situated outside the Queen Elizabeth II Centre, Westminster, London, which is where the NFT.London conference will take place.

The revenue from the NFT vending machine will go to two charities: Roald Dahl’s Marvellous Children’s Charity, which provides specialized nurses to seriously ill children, and Giveth, a blockchain-based philanthropic community that supports public goods, services, and education in developing countries.

The Solana, California-based NFT marketplace Neon introduced a 24-hour NFT vending machine in the financial sector of New York City in February, according to Cointelegraph. This machine took credit and debit card payments. However, people complained that neither the NFT vending machine nor the NFT performed as promised after a week had passed after its introduction.

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Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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