KOL @arndxt_xo released the following analysis on the topic "Is the NFT market dead?" on X: The floor price of BAYC once exceeded 150 ETH, but has now fallen sharply to 11 ETH, a drop of 90% in USD terms. It's not just BAYC, the entire NFT market has basically disappeared: daily trading volume once reached 100-200 million USD (sometimes even reaching 1 billion USD), and now only hovers around 5 million USD. The reasons for the current situation facing the NFT market are as follows: - Unsustainable use cases: the hype surrounding digital art and collectibles initially cannot be sustained. Although innovative, many projects lack long-term utility beyond speculation; - Liquidity crisis: the broader contraction of the crypto market has had a particularly severe impact on NFTs. With reduced capital flows, NFT illiquidity has become a major liability; - Narrative shift: market attention has shifted away from NFTs. Current trends indicate that people are turning to Meme coins and other narratives; - Technological limitations: many NFTs do not store actual content on the chain, but rely on URLs or IPFS hashes. This raises concerns about long-term viability and true ownership; - Market saturation: the influx of low-quality projects and "cash grab" behavior has diluted the market space, making it harder for quality projects to stand out. Looking to the future, although the current situation is bleak, there are still some potential catalysts for recovery: - Atomic NFTs: integrating files and metadata on the chain can solve some key technical issues;- Utility-focused projects: NFTs that provide real utility rather than speculation may garner attention; - Integration with DeFi: NFT collateral loans or fractionalization can improve liquidity; - Gaming and Metaverse applications: these areas can bring more sustainable use cases for NFTs.They believe that NFTs are a great idea, but without a lot of innovation around PFP, it cannot be sustained. If projects use new ERC NFT standards such as ERC404, they may eventually be adopted and breakthrough with good support or promotion, "I really hope to see the return of NFTs".

According to Cointelegraph, after experiencing a series of declines in 2024, the weekly sales volume of NFTs on mainstream blockchain networks has finally turned from a decline to an increase. According to data from NFT tracking platform CryptoSlam, digital collections based on the top five NFT blockchains have performed well in terms of sales. The sales data of Ethereum, Solana, Polygon, and Mythos Chain have all increased, with Polygon leading the way with a 123.20% increase in seven-day sales volume. In addition to the growth in weekly sales volume, the number of NFT buyers also increased last week, with over 500,000 NFT buyers in the past seven days, an increase of 37.97% from the previous week.

Over 5 million users are participating in India's retail CBDC pilot, which involves 16 banks. The Governor of India's central bank has suggested that a full-scale implementation of a CBDC should not be rushed. Speaking at a conference in Bengaluru, the senior official of the Reserve Bank of India (RBI) emphasized caution in rolling out a system-wide CBDC.

Telegram provides a user-friendly platform for playing games and earning tokens, making it a standout option in the crowded iGaming industry. The launch of Telegram's Mini Apps has attracted new users to Web3 gaming projects without requiring a separate app download. The top seven Telegram games to earn tokens include Catizen, Musk Empire, and Hamster Kombat, which offer various ways to earn rewards and potentially lucrative opportunities. To start playing, download the Telegram app and search for your favorite game, following the specific instructions provided by the game and exploring dedicated bots or interfaces within channels or groups.

According to TheBlock, with the cooling of the Memecoin craze, the total daily transaction fees paid on the Solana blockchain have dropped to the lowest level in months. On Monday, Solana's daily transaction fees dropped to $639,000, a 65% decrease from this month's peak of $1.83 million on August 8 and an 87% decrease from the historical high of $5.08 million on March 18.

On August 27th, according to the official announcement by TNA, the Bitcoin domain name and DA protocol TNA officially launched the Flashpool activity, which will start at 8 pm Beijing time on August 27th, 2024. Users can pledge the ecological token $BN to participate in sharing up to $100,000 in the $SATS reward pool. The $BN token has been listed on exchanges such as KuCoin and Gate, and has reached a pledge amount of $150 million in KuCoin's Gempool activity. This activity also introduces the concept of domain name pledging, and pledging TNA domain names can increase the reward share. In the future, Flashpool plans to cooperate with other Bitcoin ecological projects to launch more reward pools and activities.

Ethereum development company Chainbound has completed a $4.6 million financing round, led by Cyber Fund, with participation from Maven 11, Robot Ventures, and Bankless Ventures. It is reported that this startup company is developing a protocol called Bolt, which will achieve sub-second transaction confirmation on Ethereum, greatly speeding up the current average confirmation time of around 7 seconds.

According to official sources, MEET48 is partnering with CoinPost, LY Corporation's subsidiary LINE NEXT Inc., and TST ENTERTAINMENT CO., LTD to host the official opening party of Asia's largest Web3 conference, WebX2024, in Tokyo, Japan on August 27th. SNH48 Group's Top 16 idols and famous DJ Steve Aoki will bring exciting performances. In addition, MEET48 will participate in WebX as the title sponsor, engaging in fireside chats with guests such as TON, BNB Chain, CoinPost, Gemie, Gate Ventures, Near, and performing on the main stage with SNH48 Group's Top 16 idols.

According to data from NFT tracking platform CryptoSlam, the weekly sales volume of NFTs on mainstream blockchain networks has finally turned from a decline to an increase after experiencing a series of declines in 2024. The digital collections based on the top five NFT blockchains have performed well in terms of sales. The sales data of Ethereum, Solana, Polygon, and Mythos Chain have all increased, among which Polygon's seven-day sales volume growth leads with a 123.20% increase. In addition to the increase in weekly sales volume, the number of NFT buyers also increased last week, with over 500,000 NFT buyers in the past seven days, an increase of 37.97% from the previous week. (Cointelegraph)

According to DefiLlama data, the total market value of stablecoins has grown by 0.38% in the past week, now reaching 173.117 billion US dollars, close to the highest level since May 2022 (i.e. 173.145 billion US dollars on October 6). Among them, the total market value of USDT has increased by 0.3%, now reaching 120.441 billion US dollars, with a market share of 69.62%.

blockchain solar company Glow has completed a $30 million financing round, led by Framework and Union Square Ventures. The CEO and co-founder of Glow stated that Vorick plans to use this funding to expand the company from 5 megawatts of power to 600 megawatts in the next 18 months and expand to new countries. Glow operates a DePIN network consisting of solar power plants in the United States and India. To encourage farms on its network to surpass the "dirty" energy grid, the founder designed an overall economy based on subsidy and token incentive models.

according to an analysis by the Hong Kong Economic Daily, Bitcoin recently broke through and is expected to reach a historic high in speculation about the potential results of the US election. The correlation between the price of Bitcoin and the inflow of funds is expected to further increase, and liquidity will become an increasingly important price driver. Last week, global funds poured into the US market's Bitcoin spot trading fund, betting on Trump's victory in the US election, and his support for Bitcoin was seen as a "Trump trade". The market expects the size of the US Bitcoin ETF to double by 2025 and quadruple by 2027. As for Hong Kong investment options involving Bitcoin, we will have to wait and see.

Lookonchain monitoring shows that the whale "BetTom42" withdrew 2.4 million USDC from Kraken today to bet on Trump winning the US election. In the past three days, this whale has spent $3.4 million betting on Trump winning the US election.

according to official sources, Paxos announced that it is expected to release the first attestation report for the Singapore compliant stablecoin USDG, which is launched in partnership with DBS Bank, this month (November 2024). Paxos stated that the attestation report is expected to be issued by the independent third-party accounting firm Enrome LLP, and the review will be conducted in accordance with the standards set by the Institute of Singapore Chartered Accountants. It is reported that Paxos will subsequently release proof reports every month, aiming to establish community trust and ensure complete transparency and reliability of financial data.

Robinhood's shares fell by over 10% in premarket trading on Thursday after the release of its Q3 earnings report. JPMorgan noted that the negative response was expected due to the stock's significant outperformance this year. JMP, a broker, raised its Robinhood price target from $30 to $33. Despite the drop, Robinhood's shares have more than doubled this year.

According to Whale Alert monitoring, at 18:34 today Beijing time, USDC Treasury destroyed 50 million USDC on the Ethereum blockchain.

According to mempool data, Golden Finance reported that miners dug out empty blocks (blocks that only contain the block reward Coinbase transaction) at Bitcoin height 868664, with a time interval of only 42 seconds from the previous block height. Miners package empty blocks for economic reasons, which is the wisest choice for them. In order to fully utilize this time for mining and avoid conflicts with transactions packaged in the parent block, miners cannot fill the block with transactions, which means they can only try to mine empty blocks.

Bybit Powered by SATOS has acknowledged the fine of EUR 2,250,000 imposed by De Nederlandsche Bank (DNB) for providing services without registration between October 2, 2020, and September 15, 2023. Bybit has respected the decision and began its remediation efforts as early as 2022 by transferring its customers in the Netherlands to SATOS B.V. Since September 2023, Bybit has been operating under Bybit Powered by SATOS, leveraging SATOS's Virtual Asset Service Provider (VASP) license accredited by the DNB. Bybit's partnership with SATOS further underlines its commitment to trustworthy, innovative solutions made in full compliance with the regulatory framework set out by DNB.

 Hong Kong Financial Secretary Paul Chan Mo-po published a blog post stating that his delegation had achieved fruitful results during their visit to Riyadh, Saudi Arabia last week. The Hong Kong Monetary Authority and the Public Investment Fund of Saudi Arabia (PIF) signed a memorandum of understanding to jointly establish a $1 billion investment fund, which will invest in Hong Kong and Greater Bay Area enterprises in the fields of manufacturing, renewable energy, fintech, and healthcare in Saudi Arabia. In addition, a fintech company from Hong Kong Cyberport signed a commercial agreement with local partners.

the Victoria Police Department in Australia has successfully seized cryptocurrency worth $142,679 for the first time after recent legal amendments allowed police to control digital assets. On October 31, the Victoria Police Department released its annual report for 2023-2024, highlighting the newly authorized "power" after adding "Section 92A to seize digital assets under a search warrant" in the "1997 Confiscation Act". Since August 1, 2023, the legal amendment has authorized Victoria police to seize cryptocurrency held by criminals through search warrants.