NFT

Navigating the NFT Market Safely with Itheum Protocol

Monday. September 2 at 11:00 PM

1 min. read

The NFT market is projected to reach over $3.3 billion in revenue with 16 million users by 2028. NFTs, unique digital assets on a blockchain, represent ownership of specific items like art and music. However, the market's growth has attracted fraudulent activities, including rug pull scams and fake auctions. To address these concerns, Itheum Protocol has introduced the Liveliness mechanism. Creators bond ITHEUM tokens to earn a Liveliness score, indicating their commitment and trustworthiness. The score decreases over time but can be renewed to maintain credibility. The Protocol Curation DAO monitors for bad actors and rewards users with staking incentives based on their Liveliness scores. Additionally, Itheum Protocol offers NFMe ID Vault Data NFTs and BiTz XP to enhance user engagement and credibility. These innovations set a standard for trust and transparency in the NFT market, ensuring a secure environment for digital asset trading.

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MakersPlace NFT Platform to Shut Down Amid Market Decline

Saturday. January 18 at 12:00 AM

MakersPlace, a digital art platform specializing in non-fungible tokens, is closing due to challenges in the NFT market. Launched in 2018, the company announced its shutdown on Jan. 15 after facing funding difficulties. The closure reflects the overall slump in the NFT industry, with MakersPlace disabling minting and new accounts immediately. Users can still buy NFTs until the platform closes completely. A transfer tool will be available in February for users to move their NFTs off the platform until June. Despite raising $30 million in funding from industry giants, MakersPlace will return unused funds to investors and provide fair severances to employees. The NFT market downturn has led to several marketplaces, including MakersPlace, shutting down operations. However, some experts believe NFTs will bounce back stronger than before. MakersPlace's closure marks a significant development in the evolving NFT landscape.

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Shiba Inu Token Burn Trends and Price Analysis

Friday. January 17 at 10:00 AM

Shiba Inu, the second-largest meme coin, has experienced a rise in price along with an increase in token burns. Over the past 24 hours, the number of SHIB tokens burned has gone up by 21.76%, as reported by Shibburn.com. Despite this positive trend, the overall burn activity has been lackluster in the past weeks, with daily burns hovering around 21 million SHIB tokens. This amount is insufficient for significant bullish momentum due to the massive circulating supply of over 589 trillion tokens. Token burns are crucial for Shiba Inu's price growth, and a more consistent approach is needed to make a substantial impact. The recent 21.76% increase in burn activity could signal a positive shift, especially with the broader crypto market's recovery supporting Shiba Inu's price. Technical analysis suggests a potential breakout in the near future, indicating a possible price surge for Shiba Inu.

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Legal Action Against Solana Memecoin Launchpad Pump.fun

Thursday. January 16 at 6:00 PM

Burwick Law, a US crypto law firm, is initiating legal action on behalf of investors who suffered losses from the Solana memecoin launchpad Pump.fun. The firm announced its intention to pursue legal action for investors in pumpdotfun memecoins due to significant financial losses. Pump.fun has reportedly collected millions in fees while displaying illicit activities on its platform. Burwick Law criticized the creators of Pump.fun and other individuals involved in memecoins and scams. The law firm is inviting potential class-action group members to participate in the investigation. Only a small percentage of crypto wallets interacting with Pump.fun have made profits, indicating a large potential client base for the legal action. Pump.fun's livestream feature was suspended to prevent dangerous promotional stunts. The UK's Financial Conduct Authority banned access to Pump.fun to combat scams. Burwick Law is also pursuing legal action for investors affected by other NFT projects. Source: Burwick Law

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NFT Trends and Insights

Thursday. January 16 at 12:00 AM

Cointelegraph presents the latest Nifty Newsletter, keeping readers informed about non-fungible tokens (NFTs). The newsletter highlights the DappRadar report revealing 2024 as the worst year for NFTs since 2020. It discusses the 13% increase in CryptoPunks NFT floor price amid rumors of a sale and the introduction of NFT tickets for Indian Railways passengers heading to the MahaKumbh Mela festival. According to DappRadar's 2024 Dapp Industry Report, NFT trading volume and sales declined significantly due to higher prices and market volatility. The report contrasts this with the booming NFT market in 2022. Rumors of CryptoPunks' IP rights sale and Chaincode Consulting's partnership with Indian Railways for NFT-based train tickets are also covered. The newsletter aims to provide insights into NFT trends, emerging artists, and market opportunities, delivered every Wednesday.

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