Connect with us

ART & COLLECTABLES

As the cryptocurrency market crashes, the prices of the Bored Ape Yacht Club and other Ethereum NFTs plummet

As the NFT market bleeds red with crypto prices, buying an entry-level Bored Ape today costs 55% less than it did just ten days ago.

Published

on

While NFT market activity has appeared to be uncoupled from crypto pricing at times in the past—particularly when NFTs soared as the crypto market fell—this is not the situation right now. With crypto prices plummeting across the board this week, popular NFT collections are also falling in value quickly.

Over the last 24 hours, the floor price—the least available NFT advertised on a marketplace—for many of the most valuable NFT projects has dropped by 20% or more in US dollars. Most large projects are down significantly even when denominated in ETH. The Bored Ape Yacht Club, CryptoPunks, and Moonbirds are among them.

Over the previous two weeks, the Bored Ape Yacht Club has experienced substantial volatility. The floor price for a Bored Ape reached an all-time high of 152 ETH (about $429,000 at the time) on April 29. It was 105 ETH (about $292,000.) a few days later.

The cheapest Bored Ape is currently sold on the LooksRare marketplace for 86 ETH—just over $194,000 at the time of writing, with Ethereum at its lowest position since July 2021. In just ten days, the floor price has dropped by approximately 55 percent in US dollars. According to data from NFT Price Floor, the floor price has decreased approximately 23% today alone.

Meanwhile, CryptoPunks are down 21% to almost $114,000 (50 ETH) today, Moonbirds are down 34% to $39,000 (17.1 ETH), and Azuki NFTs are down 23% to nearly $40,000. (17.45 ETH).

According to NFT Pricing Floor, the entry-level price for Otherdeed NFTs—virtual land deeds for the Bored Ape developers’ upcoming Otherside metaverse game—has dropped 52 percent in the previous week and roughly 32 percent in the last 24 hours. Currently, an entry-level Otherdeed costs less than 2.5 ETH ($5,650).

Despite significant criticism of the introduction, Otherdeed NFT sales have already earned approximately $1.15 billion between the first mint and secondary market sales since April 30.

A digital item’s NFT serves as proof of ownership, and it’s commonly utilized for things like profile photographs, digital artwork, and sports souvenirs. The Bored Ape Yacht Club, CryptoPunks, and Moonbirds are three well-known profile image enterprises that have earned billions of dollars in NFT trading volume.

Despite the recent losses, the overall NFT market recorded a nearly 45 percent increase in trade volume month over month in April. Furthermore, according to DappRadar statistics, the NFT market is on track to surpass the $25 billion in trading volume set for 2021, with nearly $16 billion in organic volume created through April.

According to data from Dune, Ethereum NFT trading volume at OpenSea, the main marketplace, has also dropped substantially in recent days, hitting just $52.3 million on Sunday. That comes exactly one week after OpenSea set a new daily record for Ethereum NFT trades of $476.1 million. Yesterday was the market’s lowest single day in over two months on that metric.

The apparent impact of the crypto market meltdown isn’t limited to Ethereum NFTs. According to data from Solana Floor, top Solana collections are down today, with Okay Bears’ price floor down 28 percent and DeGods’ price floor down 15 percent in SOL. Over the last 24 hours, the price of SOL has plummeted by about 15%.

The overall crypto market has dropped more than 11% in the last 24 hours, with Bitcoin and Ethereum both down over 20% in the last week. Since reaching all-time high prices in November, both top cryptocurrencies have lost more than half of their value.

ART & COLLECTABLES

Emirates will accept Bitcoin payments and introduce NFT collectibles

According to chief operating officer Adel Ahmed Al-Redha, Emirates is embracing emerging technologies such as the metaverse and NFTs to increase its reach.

Published

on

Emirates, the largest airline in the United Arab Emirates (UAE), has announced intentions to accept Bitcoin (BTC) payments and issue nonfungible tokens (NFTs) for trading on its websites.

The chief operating officer of Emirates, Adel Ahmed Al-Redha, reportedly stated at a media gathering held at the Arabian Travel Market that the Dubai-based airline will be onboarding new employees who will be focused on blockchain-related projects such as crypto payments, blockchain tracking, metaverse, and NFTs.

Al-Redha says the airline is looking into adopting blockchain to maintain track of aircraft records. In addition, the airline official stated that the metaverse may be used to digitalize activities such as operations, training, website sales, and other airline-related events. This, according to the airline’s chief operating officer, will make the processes “more engaging.”

Apart from that, Al-Redha stated that the aviation business is gradually making a comeback as more and more travelers arrive. To broaden its appeal, the company is adopting new technologies such as a Bitcoin payment service and tradeable NFT collectibles.

Airports and airlines all across the world are investigating ways to combine blockchain-based technologies with cryptocurrency payments. Air France teamed with various firms in February 2021 to develop a blockchain-based mechanism for verifying COVID-19 test results.

The Latvian airline airBaltic added Dogecoin (DOGE) and Ether (ETH) to its payment choices in March 2021. Since 2014, the airline has accepted BTC and other cryptocurrencies such as USD Coin (USDC), Binance USD (BUSD), and Gemini Dollar (GUSD).

Salvadoran President Nayib Bukele declared in October 2021 that the airline Volaris El Salvador would accept BTC payments. El Salvador pushed for BTC adoption when it declared the cryptocurrency official tender.

Continue Reading

ART & COLLECTABLES

The Chainsmokers are the First in the Music Industry to Share their new Album Royalties with Fans via the NFT Drop

The famed music duo The Chainsmokers’ new album features an NFT giveaway, which provides 5000 fans a 1% royalty split.

Published

on

#nft #nfthours #chainsmokers #royalties #cut

The electronic music duo, The Chainsmokers, are best known for classics like “Closer” and “Paris,” but they’ve also established a reputation as Web3 pioneers. The most recent example is their new album “So Far So Good,” which will include a drop of 5,000 NFTs that will allow fans to share in 1% of the revenues.

This is the most high-profile case of musicians using NFTs to distribute royalties to fans to date. While artists such as Nas and Diplo have published royalty-generating NFTs for individual songs, this is the first time a band has done so for an entire album for free.

In an interview, Taggart and bandmate Alex Pall said that they chose their most devoted followers, of which 5000 will receive an NFT, by examining data from concert purchases, song streaming, and Discord engagement.

In this scenario, the NFTs will grant fans access to a members-only area of The Chainsmokers’ Discord channel and the opportunity to meet with the duo personally.

Those who get the NFTs will be notified when they receive a payment on a quarterly or semi-annual basis. If customers decide to sell the NFT, a smart contract (basically a computer program) will transfer 7.5 percent of the earnings to The Chainsmokers (one of the benefits of NFTs for artists is the opportunity to receive a share of secondary sales), which the duo plans to gift to the album’s songwriters.

The new record will be released on Friday, and the NFTs will be handed out on May 17. The Chainsmokers use Royal, a platform that uses the Polygon network and was behind Nas’ and other significant artists’ recent NFT drops, to distribute the NFTs.

The Chainsmokers claim to have arranged for the NFTs to be released in a fashion that does not require their supporters to have any crypto knowledge. While crypto enthusiasts can request that the NFT be sent straight to their Web3 wallet, beginners can request that Royal construct a wallet and rely on the site to display and store it.

To reduce fan friction, the duo has arranged for them to be able to acquire and transfer NFTs without incurring any transaction fees. So allow Royal to establish a wallet for them, which will be shown and stored on the site.

The music industry is entering the Web 3 era

The Chainsmokers aren’t new to the crypto industry, but this is their first time issuing NFTs. For years, the two have run an investment group that has sponsored various Web3 projects, including Royal, created by another artist, Justin Blau, aka DJ 3Lau.

According to Pall, Pall and Taggart first discovered bitcoin six years ago while playing a corporate gig for Google. A random guy approached their trailer during a break between scenes and gave them a blue streak about the revolutionary power of blockchain. This event convinced them of the technology’s promise.

Pall claims that they recognized right away how an immutable blockchain record might help them create new relationships with their fans and, potentially, solve the problem of secondary ticket sales. Scalpers (sometimes using bots) sweep up large blocks of tickets and resale them for an enormous profit, which has long irritated fans and singers alike.

Using NFTs on a blockchain can help bands avoid scalpers and ensure that resale earnings go to them or their fans.

The Chainsmokers are a rising number of musicians who have realized that blockchains can be a better alternative to traditional economic structures that include layers of attorneys and music industry middlemen.

Blockchain-based record and distribution platforms give musicians a new method to communicate with listeners and provide the most dependable approach for monitoring royalties, which has been a long-standing issue in the industry.

The Chainsmokers are eager to point out that NFTs and other blockchain-based technologies have yet to be demonstrated in the music industry. “Everyone is still trying to figure this out,” Taggart says.

However, the rising popularity of platforms like Royal, which just funded $55 million, and the growing number of prominent musicians adopting crypto suggest that Web3 is likely to be the way forward for the music industry.

If that’s the case, the NFTs linked with their record will be yet another win for The Chainsmokers, both as musicians and businesspeople. One of the duo’s other businesses is a successful tequila brand.

When asked how they got their entrepreneurial spirit, the duo praised Jimmy Buffett, claiming that the Margaritaville singer built a corporate empire by carefully selecting ventures that fit his brand and personality.

Pall remarked that the duo’s Web3 endeavors would come in handy if his stage appeal wanes. But, he joked, “I’m not going to look amazing in leather pants forever.”

Continue Reading

ART & COLLECTABLES

Madonna’s Nude NFT Debut Elicits a Range of Reactions from the Community

The community reacted to Madonna and Beeple’s latest NFT release in a variety of ways, from being inspired to criticizing the artwork’s “flaws.”

Published

on

#nft #nfthours #madonna #beeple #mothernature

Mother of Creation is a series of nonfungible tokens created by the queen of pop and record-breaking performer Beeple. It includes three NFTs titled Mother of Technology, Mother of Nature, and Mother of Evolution. The NFTs depict Madonna in 3D, giving birth to robot centipedes, butterflies, and plants.

While the markets were going crazy over stablecoins displaying instability, Madonna and Beeple thought it was time to show the community something even crazier: NFTs depicting a 3D model of the 63-year-old singer’s vagina. 

Following the release, the community reacted in various ways, with some being inspired and others criticizing the artwork. Emiko Inoue, a Twitter user, stated that the artwork is “the most motivating” and would “gladly buy one without thinking” if she could afford it.

Twitter user artbyjstelco, on the other hand, stated that he “totally despises” the artwork. Many aspects of the NFT were attacked, including how nature should “not wear make-up” and have “artificial tits and hair.” According to the Twitter user, giving birth is a painful process, and the artwork does not reflect this.

The NFTs are presently valued 28 Ether (ETH), which is around $56,000 at writing. The auction will conclude in 35 hours. The money raised from the drop will go to three separate charities that help women and children worldwide, according to the collection’s description on the NFT marketplace SuperRare.

Three-dimensional NFTs are becoming more popular. Sony announced a partnership with Theta Labs to launch 3D NFTs last week. This, according to the electronics company, illustrates the capabilities of its new product, the Spatial Reality Display. Users can examine objects in 3D on the monitor without having to wear standard 3D equipment.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 30,223.00 1.54%
ethereum
Ethereum (ETH) $ 2,065.21 2.16%
tether
Tether (USDT) $ 1.00 0.05%
chiliz
Chiliz (CHZ) $ 0.117212 1.88%
enjincoin
Enjin Coin (ENJ) $ 0.725490 1.81%
decentraland
Decentraland (MANA) $ 1.19 1.73%
flow
Flow (FLOW) $ 2.96 3.21%
the-sandbox
The Sandbox (SAND) $ 1.35 1.40%
wax
WAX (WAXP) $ 0.127632 1.76%
ecomi
ECOMI (OMI) $ 0.001619 4.62%
terra-virtua-kolect
Terra Virtua Kolect (TVK) $ 0.039744 2.03%