NFTs have flourished in January 2022 based on unique buyers count and sales. Nevertheless, the interest has begun to fade.
Bitcoin achieved a crucial milestone in November 2021 when El Salvador became the first nation to legalize BTC as an official currency. Though financial regulators condemned the move, it saw the nation’s GDP growth.
That means a massive event for BTC as most countries used El Salvador as a benchmark, and the Central African Republic might have learned enough to join the trendsetter. The nation declared BTC legal money as it targets to curb financial challenges. We may see another country making such announcements soon.
Flipkart Joins Web3 Craze
Flipkart tweeted about exploring web3 on April 28. The announcement appeared fascinating as it emerged amid extreme uncertainty within the Indian cryptocurrency market. Furthermore, it declared accepting BTC payments on the platform during April Fools’ day.
BTC Utilized as Collateral for Loan
Goldman Sachs warned that BTC facilitated scams back in 2017. Nevertheless, April saw Goldman Sachs introducing its first-ever BTC-backed loan. That meant a substantial step towards institutional BTC adoption on Wall Street.
Are NFTs Losing Steam?
Non-fungible token (NFT) means distinctive and irreplaceable. For example, the United States dollar is fungible, meaning the USD is not unique, and individuals can trade them for another dollar. For instance, you can pay a borrowed $100 note with a different $100 or portions of $10, $50, etc. Meanwhile, art, collectibles, and trading cards are no-fungible. For example, a Messi trading card would differ from a Ronaldo one.
January 2022 had the NFT interest skyrocketing based on unique buyers and sales volume. Nevertheless, the interest seems to fade. Sales have plunged to $3.12 billion in April 2022 from $4.64 billion highs in January 2022. Also, unique buyers slumped from a million to 700,000 in the same timeframe.
NFTs auctions confirm the faded interest or downtrends in NFTs. The first-ever Twitter post by Jack Dorsey sold for $2.9 million. Unfortunately, the NFT has its top bidder willing to pay 1% of the buy price (28.7 K). However, the owners announced $50 million as his minimum selling price.
Bitcoin
Bitcoin erased its gains last week as the leading crypto plunged under the $38,000 mark. However, the U.S Dollar Index, DXY, maintained its sharp surge as market players go for the supposed safe option as far as the near-term is concerned.
The BTC mining industry increases its reliance on energy from sustainable sources, substantially reducing non-renewables dependence. Fort Worth, Texas, became the first city to mine BTC in the United States after Texas Blockchain Council donated three mining machines to the town.
Finland’s government revealed plans to donate Bitcoin retrieved by custom watchdogs to Ukraine as the nation fights with Russia.
Recently report by Chainalysis highlighted 2021 crypto gains, revealing that the United States saw the highest gains, nearly five times what its closest rival, the United Kingdom recorded.
Decentralized Finance (DeFi)
A Texas homeowner has welcomed the era of decentralized finance mortgages after using the Polygon blockchain to secure a loan in USD Coin stablecoin. Meanwhile, 0x Labs declared closing a $70M Series B in a Greylock-led investment round. Greylock is a leading player in the blockchain investment industry.
Business
Twitter Inc. revealed entering the definitive and final agreement as far as Elon Musk acquisition is concerned.
Electronics and tech giant Samsung sets $25 million aside to invest in the upcoming Metaverse startup in South Korea, DoubleMe.
As the cryptocurrency race heats up in UAE, the Kraken crypto exchange recently secured a crypto license, allowing it to build its headquarters in Abu Dhabi.
Ripple CEO Brad Garlinghouse stated that unfavorable results from the SEC suit would not impact the firm’s performance.
The Standard Chartered Bank partnered with Sandbox, a top digital gaming world, to build its Metaverse experience.
Use the comment section below to add any event in the market within the previous week.
