Study Says 96% of NFTs are "Dead"
Robinhood Fined $3.9M for Crypto Withdrawal Restrictions, Samsung Invests In Startale To Help Build Sony's Soneium L2
According to a recent report from NFT Evening that analyzed over 5K NFT collections and 5M transactions, 96% of NFT collections are "dead" - zero trading volume, low 7-day sales, and no twitter activity. According to them:
43% of NFT holders are now unprofitable and on average, are experiencing a 44.5% loss.
The average lifespan of an NFT is 1.14 years — 2.5 shorter than crypto projects'.
The highest number of dead NFT collections were seen in 2023, with 1/3 of them having perished.
There is a stark contrast between some projects' profitability. Azuki has been the most profitable (2.3x), while Pudgy Penguins are facing a 97% loss.
Market Update
News
Samsung's Supporting Sony's Soneium L2 Development Through Startale Investment
Samsung has recently made a significant investment in the Web3 startup, Startale Labs. This move is part of a broader collaboration with Sony to develop the Soneium blockchain. The Soneium blockchain is a collaborative project between Startale Labs and Sony. | Read More
Robinhood Fined $3.9M for Crypto Withdrawal Restrictions
Robinhood, the popular trading platform, has agreed to pay a $3.9 million fine for restricting customers' access to their cryptocurrency holdings and engaging in misleading practices. This settlement, announced by California Attorney General Rob Bonta, aims to resolve complaints that Robinhood violated the California Commodities Law. | Read More
Major Swiss Bank Launches Crypto Services
Switzerland's financial landscape is evolving as Zurich Cantonal Bank (ZKB), the country's fourth-largest bank, has launched new services in the realm of cryptocurrency. ZKB has introduced crypto trading and custody services for Bitcoin and Ethereum. | Read More
Injective Launches Tokenized Index for BlackRock's BUIDL Fund
Injective, a blockchain platform, has introduced a new financial product: a tokenized index that tracks BlackRock's BUIDL Fund. This innovative index allows users to monitor the performance of the BUIDL Fund, which is known for investing in U.S. Treasury bills, cash, and repurchase agreements. | Read More