This week is full of exciting and eye-opening news related to the NFT market. It is well-known that the NFT market is very volatile and it gets affected frequently with the news surfacing in the market.
The main causes of market fluctuations are big names behind NFT, the creators, brands, and firms. Some of the top news that is taking place this week are discussed below.
- Recur Announced the Shutdown Soon, Concerns Raise in the NFT Market
Recur the NFT startup announced to close its Web3 platform soon. The startup is holding big brands like Hello Kitty and Nickelodeon. This grabbed the attention of the community members as it has secured $50 Million in a Series A funding round. It also secured a valuation of $333 Million.
The startup declared the unknown challenges in the business as the main reason for its shutdown. This move has raised fear regarding the uncertainty in the NFT market. The Recur is popular and its sudden move to shutdown has ignited the questions of unpredictability in the market. The decision to close the firm will be active from November 16, 2023.
- OpenSea Decision to Close Royalty Fees led Yuga Labs to Block the Trade
OpenSea, the secondary NFT marketplace, decided to end the Operation filter which helps block the platforms and does not imply the royalty fees. The decision to make royalty fees optional made Yuga Labs take strict actions to stop its support for the marketplace recently.
This news grabbed the attention of the NFT creators. Many have supported the decision taken by Yuga Labs. Mark Cuban has also supported the decision being a huge NFT investor.
Yuga Labs is the company behind many famous NFT collections like Bored Ape Yacht Club, CryptoPunks, etc. The decision by OpenSea could potentially impact the revenue streams from many NFT creators who depend on these fees.
- Sage Labs Facilitates Extension of Star Atlas in Web3 Gaming
Sage Labs comes forward as an extension of the Star Atlas Universe. It facilitates players with a browser-based open-world experience. It has expanded the reach of Star Atlas Economy to enthusiasts worldwide, possibly on Solana.
The limitless action is provided with the ultimate experience. The release made the news as it shows the developments of the gaming sector within the Web3 industry. Star Atlas NFTs will be usable in-game. Sage Labs is a browser-based open-world game with real-time gameplay.
- Zepeto and Jump Crypto Partnership Raises $13 Million For ZTX Venture
Zepeto partnered with Jump Crypto to secure $13 Million in Seed investment to develop their joint venture ZTX. Zepeto is South Korea’s leading metaverse platform.
Jump Crypto has brought several influential investors for funding.
- Magic Eden Declared $1M Creator Find to Support Polygon NFTs
Magic Eden announced the launch of $1 Million of Funds to enhance the NFTs on Polygon. This fund is much needed for technological guidance, development, and marketing aid. The main aim of the Magic Eden is to renovate the promising NFT projects on Polygon thus, making the blockchain distinctive.
The NFT market is eruptive and any type of news can make the prices fluctuate. It is always advisable to be alert to the news surfacing online. One should have in-depth knowledge of any NFT before investing in any trade related to it.
Source: The Coin Republic
NFTs As A Business: Why It Is Good To Invest In NFT?
NFTs are considered one of the profitable options for earning revenue.
Here are some top picks that prove NFTs are a good source of investment
Creates Tokenized Asset Value
NFTs create a perfect tokenized asset and it can turn any physical object into a digitalized artwork. Artists at any nook and corner of the world can tokenize their assets and become an owner of their NFTs.
Offers More Liquidity for Investors
Tokenized NFTs offer unlimited liquidity for a user, whenever they are in need of.
Potential in Development and Growth
NFTs for the development and growth in the real estate sector are limitless. For instance, if you belong to a real estate business, then you have the power to own the real estate land and take complete ownership of those assets. Further actions can be taken, as you belong as the real owner of those assets. You can either rent it or build a secure and solid business for online sales or advertising.
Why Hire NFT Developers?
Hiring NFT developers can be a strategic move for businesses and individuals looking to tap into the burgeoning world of blockchain-based digital assets. NFTs have gained immense popularity for their ability to represent unique, verifiable ownership of digital or physical assets, such as artwork, music, collectibles, and even virtual real estate. NFT developers possess the technical expertise required to create, deploy, and manage these tokens on blockchain platforms like Ethereum, Binance Smart Chain, or Flow.
They can help design smart contracts, develop user-friendly NFT marketplaces, and ensure the security and efficiency of the NFT ecosystem. Their skills in blockchain development, cryptography, and decentralized applications are invaluable for building a reliable and robust NFT infrastructure. In a rapidly evolving landscape, hiring NFT developers at a NFT Development Company can give businesses a competitive edge, enabling them to capitalize on the exciting opportunities presented by the NFT market.
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