The red-hot NFT market is starting to cool off, as both prices and volumes fall. These 3 sectors are the hardest-hit so far by the slowdown

NFT art

After going stratospheric earlier this year, the red-hot NFT market is starting to cool down. Based on data from nonfungible.com, a tracking and analysis hub for the non-fungible tokens (NFTs), almost every sector has seen a decline both in terms of sales and dollars spent in the last month.

The art sector, where a piece of digital work recently changed hands for a record of nearly $70 million, lost the most ground, followed by the sports and collectibles sectors.

The total amount of NFT sales has declined by almost 28% and the total value of sales fell by almost 14% between March 30th and April 28th, data showed.

NFTs are digital assets such as videos, images, or audio that are based on blockchain technology. They are unique and not exchangeable. Often, anyone online can still access them – but crucially, only one person can own them.

Sale volumes for art NFTs declined by almost 42%, making this the sector with the biggest losses. In the same timeframe, prices dropped by 40.5%. This translates to a sales value drop from over $71 million to $41.5 million as of today.

Crypto artworks had led the NFT craze and were selling for record highs just a few weeks ago. Digital artist Beeple set a record by selling a piece of art for $69 million at a Christie’s auction in March.

Sports and collectibles NFTs followed in second and third place. Sports NFTs, which include player cards, virtual racing cars and even digital racing horses, brought in over 28% less cash and sales declined by over 20%.

Collectibles, which include some of the earliest NFTs like CryptoPunks and CryptoKitties, and are commonly part of a series, saw a price decline of 17.3% and a drop of over 32% in sales. Both prices and sales started to recover in mid-April, but are heading for an overall decline this month.

Collectibles are also the most valuable sector, worth just under $101 million at the end of April, according to the site. In March, the sector was still worth almost $122 million.

The only sector that grew in terms of both sales volume and dollars spent is metaverse – where virtual plots of land and digital real estate are sold. Despite only adding 1.4% sales volume, prices spiked by almost 32%. Metaverse NFTs sold on April 28th were worth almost $21 million.

Gaming NFTs, which are purchasable parts of online games such as a specific player, saw sales volumes decline by around 18%, but were still worth over 123% more, as dollars spent in this sector more than doubled over the last month, reaching over $26 million.

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The New York-based crypto exchange owned by the billionaire Winklevoss twins added 7 new tokens to its platform after an explosion of interest in digital art and NFTs

Tyler Winklevoss Cameron Winklevoss
Tyler Winklevoss and Cameron Winklevoss.


Gemini, the digital currency exchange founded by the Winklevoss twins, announced on Monday that it added seven new digital tokens that support decentralized finance, gaming, NFTs, and the decentralized web.

The six tokens that are entirely new to its platform include Bancor, 1inch, Loopring, The Sandbox, Skale, and The Graph. The token Enjin is already supported for custody purposes, but will now be available for trading.

The latest additions raise Gemini’s total supported cryptocurrencies to 33. Another 10 are supported under its custodial services.

A fresh interest in the DeFi revolution, digital art, and NFTs has contributed to Gemini’s expansion into crypto projects. The exchange only recently counted more than $20 billion in crypto under custody.

Bancor is a payment token that allows users to convert virtual currency tokens without the need for a counterparty to facilitate the exchange. The 1inch token is associated with a platform that provides the best crypto prices across decentralized exchanges. Loopring offers a pool of open-sourced software to help build decentralized exchanges. The Sandbox is a virtual world where users can monetize their gaming experiences, similar to Enjin. Skale and The Graph allows developers to build decentralized apps in cost-effectively.

Enjin last month launched a web game with Microsoft that introduced NFTs for use on one of the world’s most popular games, Microsoft.

“We look forward to providing further access to new crypto projects as our industry grows to new heights, and as we continue to build the infrastructure to support the future of finance,” Gemini said in a statement.

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Michael Saylor’s MicroStrategy says it bought another $15 million worth of bitcoin, bringing its total holdings to more than $5 billion

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MicroStrategy CEO, Michaely Saylor.

Michael Saylor’s business intelligence firm MicroStrategy bought another $15 million worth of bitcoin on Friday, bringing the company’s total holdings to 91,326 units.

The firm’s bitcoin holdings were worth roughly $5.26 billion as of March 11’s price per coin. Saylor’s firm acquired its bitcoin for some $2.211 billion at an average price of around $24,214 per bitcoin.

Michael Saylor has long been an advocate of digital currencies, and particularly bitcoin. The CEO even held a conference called “bitcoin for corporations” on February 4 to attract more institutional investment. Saylor said he held the conference by “popular demand” after getting so many questions from fellow CEO’s about his company’s bitcoin purchases.

MicroStrategy first bought into bitcoin with a $250 million purchase back in August of 2020.

Since then, Saylor changed MicroStrategy’s treasury reserve policy in order to make bitcoin the company’s treasury reserve asset and then continued his entry into the digital currency market.

Saylor purchased $50 million of bitcoin on December 4, then quickly followed with a December 8 $400 million bitcoin buy.

When MicroStrategy ran out of funds to buy bitcoin, Saylor turned to debt offerings to feed the habit. On February 17, MicroStrategy’s convertible debt offering hit $900 million and the firm used the proceeds to buy more bitcoin.

Since then, MicroStrategy has used bitcoin sell-offs as buying opportunities, and now the company’s digital asset holdings are nearing 100,000 bitcoin.

MicroStrategy’s business plan and operations have taken a back seat to its bitcoin purchases lately. The company boasts a market cap of roughly $7.71 billion as of March 12, but turned in revenues of just $480 million in 2020 while posting a net loss of roughly $7.5 million, according to SEC filings.

MicroStrategy traded down 4.70%, at $770 per share, as of 9:38 a.m. ET on Friday.

MSTR chart 2
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