Web3 Weekly Review: Phantom's support for Base, Crypto Punk's increasing floor price, Kraken's shutdown of NFT Marketplace...
NFT Weekly News #74 25th November - 1st December
NFT News Weekly Update #74
(25/11/2024-01/12/2024)
GM
Welcome to NFT Weekly News by Threekeyslab๐๏ธ๐๏ธ๐๏ธ. Subscribe and follow to stay up-to-date with key market digests.
Top News ๐
๐ Wallet๏ฝ Phantom now officially supports Base (26 Nov๏ผ
Phantom now officially supports Base, allowing users to seamlessly swap tokens between Base and Solana. Users can also access their favorite DeFi and NFT applications and conveniently purchase ETH and USDC on Base directly within their wallets.
๐ NFT | CryptoPunks lead November NFT rally with 47% floor price increase (29 Nov)
The floor price of CryptoPunks reached 37.3 ETH, which breaks $130K, on Nov. 17. This is Crypto Punkโs highest level since May 2024.
๐ NFT | Kraken Shuts Down NFT Marketplace Amid Market Downturn (27 Nov)
Kraken will shut down its NFT marketplace by February 27, 2025, redirecting resources to new projects.
Krakenโs NFT Marketplace struggles with oversaturation, low trading activity, and significant value losses. However, there have been signs of market optimism with rising NFT activity on Telegram and with recent high-profile transactions.
Market Update ๐ฃ
Last week, the primary NFT PFP projects that saw significant sales included BAYC, Crypto Punks, and Pudgy Penguins. These collections are famous for their charming characters and distinctive designs, which make them very popular in NFT market.
Themes and Variations, Fidenza and Chromie Squiggles stood out as the main NFT Art projects sold last week. Themes and Variations has experienced in the past week an increase in trading volume, reclaiming public attention through its distinct aesthetic senses and creative ingenuity.
Credit to: @Deepnftvalue
Other News ๐
Meme | PumpFun suspends streaming (26 Nov)
The Solana memecoin launchpad pump.fun faced backlash over the weekend after a number of violent and unsavory livestreams on the platform started making the rounds on social media. By Monday afternoon, its livestream feature had been temporarily deactivated probably because of compliant concern.
Payment | Dogecoin Foundation Seeks Backing to Fuel 2025 Plans (26 Nov)
The Dogecoin Foundation is seeking several major sponsors in 2025 to fund efforts to drive mass adoption, according to the Dogecoin Foundationโs X (formerly known as Twitter) post on 24th Nov. The donations will go toward building Dogebox, a decentralized payment infrastructure that aims to empower small and medium-sized businesses.
AI Meme | Founder of ai16z has a call with Head of Creators at X (26 Nov)
@shawmakesmagic recently held a discussion with the Head of Creators at @X to explore the future of AI agents on the platform. X has expressed support for "good bots," signaling a positive outlook for AI agents across the platform. Additionally, Tier 1 exchanges have shown interest in listing $ai16z but require the formation of a legal entity for the project. Efforts to establish this entity are currently being expedited.
Crypto Regulation | Tornado Cash Sanctions Overturned by U.S. Appeals Court (27 Nov)
A U.S. federal appeals court has delivered a major legal victory to the crypto sector by throwing out the U.S. Treasury Department's earlier effort to directly sanction crypto mixing service Tornado Cash.
Tornado Cash's native token, TORN, rocketed up by over 500% in the hours following the ruling.
AI | Elon Musk's xAI Launches AI Game Studio to 'Make Games Great Again' (28 Nov)
Elon Musk's artificial intelligence company, xAI, has announced plans to launch an AI-powered game studio to 'make games great again'. Musk criticized the dominance of massive corporations in the game development sector and expressed concerns that current studios prioritize 'wokeness over quality gaming' and are influenced by the 'woke mind virus'.
NFT Chain Volume ๐
Over the past week, NFT marketplace volume went up to $184.88 million. Ethereum claimed the top spot with a 75.9% market share while with $140.34M chain volume, surpassing both Solana and Bitcoin.
Credit to : @NFTpulse
Memecoin Market Cap and Volume ๐
Last week, the daily market cap for memecoins fluctuated between $110.18 billion and $120.36 billion, settling at $120.14 billion on 1st December.
Weekly trading volume came to $145.17 billion, marking a 42% decrease from the previous week.
Credit to : @CoinMarketCap