NFT News by Thebittimes.Com

This week, a chart circulated that appeared to show stablecoin volume on the Solana blockchain declining over 90% since a series of bad events at Jump Crypto, one of Solana’s biggest trading shops.  However, whether or not Jump decreased its Solana trading activity, the claim that stablecoin volume is down 90% falls apart quickly on semantics alone. Before addressing that issue, here’s a quick summary of recent events at Solana and Jump Crypto: The CFTC launched an investigation into Jump Crypto, one of Solana’s biggest traders. The leader of Jump Crypto, Kanav Kariya, suddenly left the company. Pump.fun, a Solana meme coin generator, has gone viral, platforming countless celebrity rug-pulls. Solana announced two new types of on-chain transactions, ‘Blinks’ and ‘Actions.’ Both are non-financial codes that allow people to transact on Solana’s blockchains directly from websites and social platforms by clicking simple buttons like ‘Share’ o...

The overall stablecoin market has witnessed a staggering 35% dip in the past year and a half. Terraform’s collapse last year and the subsequent fall of its native Terra USD (UST) stablecoin triggered a chain reaction, which caused the valuation of the stablecoin sector to shrink from $189 billion in May 2022 to a mere $123 billion presently, per data from DefiLlama. Stablecoin Diversity & Market Risks As of now, the cumulative market cap of #stablecoins stands at a staggering ~$123 billion according to @coingecko and @DefiLlama. Dive with us deeper pic.twitter.com/QEZSgM0XFb — GSU | Protocol (️,) (@GSUcoin) October 4, 2023 According to analysts, the daily trading volumes of stablecoins have also been on a downward trajectory, nosediving from a peak of $150–300 billion to a mere $50 billion. Some, like Bluechip co-founder Vaidya Pallasena, attribute this dip to various factors, including the surge in U.S. Treasury yields since mid-2022, which made it difficult t...

NFT artist Johnathan Schultz believes that the era of NFTs without utility is dwindling, and to survive, it must outgrow the “memeification” of things. Even before the FTX collapse , nonfungible token (NFT) collections have already felt the impact of the crypto winter, with trading volumes going down by 98%. With the FTX debacle, the once burgeoning space seems to have been hit with the final nail to its coffin. However, executives within the industry are optimistic about the space ’s recovery.  With the enormous amount of user funds stuck in the FTX exchange amid its liquidity crisis, users have tried roundabout ways to withdraw their money. One of the alleged methods for withdrawing balances is buying NFTs based in the Bahamas. Many community members criticized the method as it bypasses bankruptcy laws, even mocking NFT utility in the process, painting a negative picture of NFTs. However, Oscar Franklin Tan, an executive at NFT platform Enjin, believes that this is not a fair summ...