NFT Market Analysis: Here are the Remarkable Developments!


It is quite difficult to follow the NFT realm where there are countless developments. That’s why, as Somanews, we travel through the wonderful world of NFTs and bring important developments, NFTs, to your attention. Now the details…

New developments in the realm of NFTs

Leveraged NFTs? Kraken Says… Why Not: An NFT market doubling as a lending platform? Collateralized NFTs are an idea that has been circulating quite a bit, but has yet to be implemented by the biggest players to date. According to recent reports, Kraken is apparently changing that.

The Croissant vs. Great Personalities: Like them or not, prominent crypto advocates Elon Musk and Jack Dorsey have undoubtedly spurred growth when it comes to crypto awareness and adoption at mainstream outlets. However, recently both Musk and Dorsey have expressed their skepticism about much of the controversy surrounding Web3.0, describing the phenomenon as a variation of ‘repackaged Web2.0’. This week, CroissantEth, a crypto personality and author, took criticism. Twitter user Chris Dixon also voiced his own criticism.

NFT ‘Flippening’: BAYC Floor Challenges CryptoPunks: While traditional crypto conversations revolve around Ethereum’s battle against Bitcoin, there is a growing ‘flippening’ debate in the world of NFTs: Bored Ape Yacht Club and CryptoPunks. CryptoPunks was arguably the first ‘profile picture’ NFT, a status and community symbol that paved the way for the NFTs space. However, the Bored Ape Yacht Club pioneered the community position, creating a group of individuals with a shared sense of identity, unparalleled in the NFT world. The Yacht Club’s recent collaboration with Adidas is a perfect example. Regardless, both Monkeys and Punks have undoubtedly solidified themselves as “blue chip” NFT projects in a sea of ​​emerging NFT communities.

At the time of publication, BAYC has a base of 54.19 ETH on OpenSea, while the CryptoPunk base on Larva Labs’ website is 65.50 ETH. This week, however, the possible price ‘flippening’ discussion between Apes and Punks is escalating. In recent days, BAYC floor has actually turned Punk floor – but not for long. However, the growing momentum in the Ape community indicates that the turnaround could be a long-term change.

NFT move from Stephen Curry

The famous NBA player launched the NFT collection on Polygon (MATIC). 2,974 NBA championships scored by player. He became the new owner of the record in this field with three points. Curry immortalizes this record with an NFT. Playing for the Golden State Warriors team, Curry sold the shoes he wore in the match when he broke the three-point record to celebrate this success as NFT. A portion of the proceeds from Curry’s NFTs for sale will go to “Eat, Learn, Play” a charity that works for children’s development. NFTs, with an opening price of $333, are currently trading at crazy numbers on OpenSea.

Instagram Could Bring NFTs to Market in 2022: Instagram CEO Adam Mosseri hosted an AMA on the platform this week, asking questions about the future of the platform. When asked about NFTs, Mosseri said the social media platform is investigating them.

Nothing to announce yet, but we’re definitely actively exploring NFTs and how we can make them more accessible to a wider audience. I think this is an interesting place to play and also a way to help creators.

No potential features or details have been disclosed surrounding how the platform might hit the market. That said, the statement from Mosseri shouldn’t come as a surprise to anyone paying attention to crypto engagement on social media, especially given that Instagram is owned by the recently rebranded Meta (Facebook).

Kraken Develops a New NFT Marketplace: Kraken, one of the leading crypto platforms, has publicly announced that it will develop an NFT marketplace that offers token-backed loans. Jesse Powell, CEO of Kraken, stated in an interview that the platform is developing an NFT marketplace where people can issue loans using tokens as collateral. Kraken is now working on how to determine the value of NFTs that users send to the platform to be used as collateral for loans.

WWE Raw Superstar Liv Morgan Is Working On Its NFT: American wrestling entertainment company WWE Raw Superstar Liv Morgan has said she is working on a new NFT project that will take place soon. Confirming that he is working on his own NFT, Morgan said: “I am currently making my own NFT. I am designing my own. It’s not over yet, and I don’t want anyone to know what it looks like before it’s done. NFT is about ShopLiveMore. I am excited for this.”

China’s Xinhua News Agency is entering the NFT Industry: China’s official Xinhua News Agency is launching its first NFT collection this Friday. The collection consists of photos of important news made by the agency. The NFT launch is an interesting case considering China’s pressure on digital assets. While there is print, the state-owned Xinhua News Agency will release the first NFT collection.

NFT, the subject of the World’s First SMS, was sold for 121 Thousand Dollars: Vodafone had put up for sale the world’s first text message consisting of the phrase “Merry Christmas” as NFT. This message NFT got its new owner last week at an auction in Paris for $121,000. The proceeds went to the United Nations Refugee Agency.