X2Y2 · 48

Will the proud OpenSea regret the 10 billion dollar market value being “wasted”?

Author: Terry: In just two years, from being out of sight to a valuation of over 13 billion US dollars, then another two years, and then another two years, from 10 billion US dollars to a “toe cut” of 90%, to the point of considering selling it. What kind of experience would it be to have the ups and downs of what seemed like a “roller coaster”? This is the most realistic picture of OpenSea over the past 4 years — not long ago, OpenSea CEO and co-founder Devin Finzer revealed that OpenSea had received an offer and was open to a potential takeover deal, but did not specify when or by whom. As a “unicorn” level entity that was once almost out of order in the NFT trading market, how did OpenSea rise rapidly, and how did it fall to the front row in the NFT market competition, and what potential disruptors and variables will the next NFT market landscape usher in? 01 OpenSea: A unicorn with a valuation of over 10 billion dollars. Today, like Uniswap and Dune, OpenSea is also an entrepreneurial miracle in the Web3 field that started from zero and rose rapidly — especially in the two years starting in 2021, OpenSea's valuation was a breakthrough, climbing from once no one paid attention to $13 billion, and has become a “stable leader” in the entire NFT market. The story begins in January 2018, when Devin Finzer and Alex Atallah, the two co-founders of OpenSea at the time, created OpenSea for users to buy and sell NFTs. However, the platform's NFT trading users and trading volume have been hovering at a low level since the entire NFT market is still barren, in addition to the Cryptokitties that have sparked short-term hype. Until March 2020, OpenSea had only 5 employees, and the monthly transaction volume fluctuated around $1 million. Based on 2.5% commission at the time, this meant that the monthly revenue was only $28,000. Thanks to Animoca Brands's investment of $2.1 million at the end of 2019, OpenSea was able to maintain its financial balance. OpenSea's real take-off began in 2020, and the two co-founders planned to double their business volume by the end of 2020. Unexpectedly, along with the gradual recovery of the crypto market starting in the second half of 2020, OpenSea's business volume soared rapidly, and completed this task ahead of schedule in September 2020. Beginning in 2021, the big NFT bull market began. The number of active users and trading volume of OpenSea skyrocketed. In July 2021, the transaction volume surged to $350 million, and received $100 million in financing led by a16z, with a post-investment valuation of 1.5 billion US dollars. A month later, in August 2021, OpenSea's trading volume soared tenfold again, reaching $3.4 billion and receiving over $85 million in commission revenue. Since then until January 2022, OpenSea has been almost unshakable, with a monthly transaction volume of more than 3.5 billion US dollars, accounting for 90% of the market share of the NFT industry, with a valuation of more than 13.3 billion US dollars. Therefore, from a data perspective, OpenSea is definitely a “big and unbreakable” entity in the entire NFT market, even far exceeding Uniswap's market share and influence on the DEX circuit. OpenSea's monthly transaction volume from 2022 to 2024, and this also became OpenSea's dominating the NFT trading market. As the pioneer that first laid out the NFT trading market and completely reaped explosive dividends, OpenSea's transaction volume plummeted in June 2022: from nearly $2.6 billion in May to less than $700 million in June, now OpenSea's monthly transaction volume has been reduced to 120 million US dollars, which is more than a drop from the peak in January 2022 95% According to Bloomberg, citing people familiar with the matter, currently Tiger Global M...

914d agody zhang#Ethereum #Ethereum #Bitcoin #DeFi #Chain tour #OpenSea #NFTs #SOL #LEND #LooksRare #X2Y2

Explain the blockchain royalty situation in detail: Why is it reasonable to raise royalties above 2%?

Using the 2021 tax rate as a base, artists and creators reduced their income by approximately $37 million last December. OpenSea is still implementing royalties for a few projects, but it will stop on February 29th. At that time, overall royalties will drop to around 0.5%. Original Article Author: NFT Platform Highlight Original Title: Blockchain Royalties: State of TheMarket Original Article Source: Mirror Compilation: Felix Highlights Ethereum ecosystem NFT royalties have dropped drastically in the past two years. Today, the average tax rate is around 0.8%, down 84% from 5% two years ago. Using the 2021 tax rate as a base, artists and creators reduced their income by approximately $37 million in December 2023 alone. OpenSea is still implementing royalties for a few projects, but it will stop on February 29th. At that time, overall royalties will drop to around 0.5%. Artwork royalties are significantly higher than other types of projects, which shows that collectors want to build a positive ecosystem. Royalties were once the focus of blockchain art debate, but the debate has faded over the past two years. LooksRare was launched in January 2022, followed by X2Y2 and Sudoswap in March and April, respectively. These platforms either removed royalty enforcement or completely eliminated royalties. Blur launched the royalty-free marketplace in October 2022 and the token in February 2023. OpenSea soon dropped royalty enforcement as well. Each event has significantly and continuously reduced royalty rates. The data shows that the rate is now around 0.8%, down 84% from around 5% a few years ago. Overall royalty revenue has dropped significantly compared to previous market highs. In December 2023, artists and creators were paid approximately 3,339 ETH ($8,315,512.38 at the current US dollar exchange rate). Compared to the record high of 91,982 ETH ($229,418,744.94 at the current US dollar exchange rate) in January 2022, this is a 96% decrease, exceeding $200 million. These numbers are shocking, but they also reflect overall market trends. The reason for this phenomenon is a significant drop in market transaction volume rather than a reduction in royalties. Even if calculated based on current market conditions, assuming 5% royalties (about the 2021 standard), it can be seen that creators and artists have reduced their revenue by about 15,100 ETH in December 2023 alone, equivalent to $37.6 million under current market conditions. This February, things will get worse as OpenSea stops collecting royalties for projects that implement royalties enforcement tools (i.e. Operator Filters). Although the downward trend is clear, there are some interesting changes in the specific situation, mainly depending on the type of project. We'll take a closer look at these differences below, but before we dive in, let's review the current context. Currently, although platforms such as LooksRare, X2Y2, and Sudoswap have played an important role in market transformation, leading to a reduction in royalties, the vast majority of secondary market transactions now occur on OpenSea and Blur. OpenSea lifted royalty enforcement in February 2023, but then decided to increase enforcement for projects that enabled Operator Filter before August 31, 2023 or were created on non-Ethereum blockchains before that date. This means that a small number of projects now retain OpenSea royalty execution. However, OpenSea will stop collecting royalties on all projects on February 29, 2024. In terms of user experience, by default, OpenSea creators can set royalties in the UI. Blur will enforce a 0.5% minimum royalty for NFT collections that have royalties on all marketplaces. In addition to that, Blur also allows royalties to be set to 0%. Explore PFPs in depth by project type As described above, royalties are generally on a downward trend, but this change is most evident in popular PFP projects such as Azuki, Bored Ape Yacht Club, Cryptoadz, and Milady. Although these projects used to enjoy 2.5%-5% royalties, now the average royalty for these projects is even lower than 0.5% of Blur. For a few weeks Azuki was even in the 0.0x% range. ArtArt performed better than PFP. This may be due to shared public norms and representative acceptance...

939d agody zhang#Ethereum #Ethereum #OpenSea #LooksRare #X2Y2 #Sudoswap #royalty

After NFT platforms stand up for non-mandatory royalties: under a bear market, NFT projects and platforms are in a dilemma

The internal dispute over royalty among major NFT exchanges has become increasingly heated. Optional royalties and zero royalties have become the main themes of the market, and creators/project parties are facing an existential crisis. Author: Nancy Recently, the news that Yuga Labs' royalty revenue has plummeted in the latest quarter has once again drawn the market's attention to NFT royalties. Currently, internal disputes over royalty among major NFT exchanges are becoming increasingly heated, and even if profits are sold, it is still impossible to reverse the loss of both users and liquidity in a bear market environment. At the same time, optional royalties and zero royalties are now the main themes in the market, and the sharp loss of revenue is causing creators/project parties to face an existential crisis. The bear market pattern is difficult to break. NFT royalty revenue falls into a bear market stage at a freezing point. Optional/zero royalties can reduce user transaction costs and increase profits. Major trading platforms are trying to capture more market share through this method that resonates economically with traders, but the reality is that this is not enough to reverse the bear market pattern; on the contrary, it makes it more difficult for projects to survive in the bear market. For example, based on NFTSCAN's transaction volume statistics for the third quarter of this year and the royalty ratio for each project, BAYC's royalty fell 68.3% from about 5172 ETH in Q1 to 1637 ETH in Q3; Azuki fell by about 61.4%, from 2474 ETH in Q1 to 955 ETH in Q3; CloneX Q3's royalty was about 246 ETH, down 83.1% from 1456 ETH in Q1; Pudgy Penguins slipped from 874 ETH in Q1 to 874 ETH 351 ETH fell by more than 59.8% in Q3. For creators/project parties, once optional/zero royalties become mainstream, they will no longer be able to rely on secondary transactions to obtain royalties to increase revenue. It is important to know that some leading NFTs can earn tens or even hundreds of millions of dollars in revenue from royalties alone. To this end, some project parties have already launched a counterattack. For example, the new Yuga Labs series blocked four non-mandatory royalty trading platforms such as Blur. Meanwhile, in response to the gradual depletion of royalty revenue, similar tools to recover royalties have appeared on the market. For example, the Monax Labs membership platform Aspen launched a tool to help NFT creators recover their NFT royalties. Compared to NFT trading platforms, which can obtain revenue in the form of transaction fees, commissions, and advertising fees, royalties are an important source of continuous revenue for the project party. A one-size-fits-all royalty system will make it difficult for them to survive for a long time, or will lead to collective boycotts. At that time, trading platforms will face a “no goods to sell” situation. Also, under the optional/zero royalty trend, future creators/project parties cannot rule out introducing relevant incentives to encourage buyers to pay royalties, such as white lists and priority airdrops. As far as trading platforms are concerned, although royalty changes are used as one of the strategies to maintain price competitiveness, judging from the data, bear market sentiment still prevails. These platforms still cannot escape the trend of shrinking transaction volume and declining user activity. According to Dune data, as of October 12, the weekly transaction volume of the NFT market has dropped by about 48.5% compared to a year ago, and is currently only 458.32 million US dollars. Meanwhile, judging from the number of weekly traders, the current number is 107,000, down about 72.1% from the previous year. To this end, many trading platforms have successively released new products or incentives to attract users. For example, OpenSea announced the launch of OpenSea Studio, a one-stop shop for creators to publish and manage projects, which supports minting NFTs in their own wallets, building on most blockchains compatible with OpenSea, and allows collectors to use credit/debit cards to mint NFTs. At the same time, the platform also announced plans to add new features in the next few months; Blur launched “Blur Season 2. “November 20” is also accompanied by a picture, which may suggest that the second season of the airdrop will begin on November 20; LooksRare updates the token economy model. 50% of future fees will be used to repurchase LOOKS tokens, 10% will be rewarded as LooksRare agreement rewards, and 40% will be paid to the agreement treasury. To make matters worse, the trading platform also directly lost the rights of the creators/project parties after taking royalties, and they were no longer able to obtain continuous secondary income through royalties. Currently. The royalty payment ratio is also falling to a freezing point. According to data from The Block Pro, royalty revenue in the NFT market has continued to decline since January of this year. Royalties in September fell by more than 90.9% from the beginning of the year to $2.6 million. Meanwhile, according to Dune statistics, Op...

1043d agody zhang#Ethereum #OpenSea #NFTs #SOL #Yuga Labs #LooksRare #X2Y2 #Sudoswap #Blur

Where is the NFT trading market headed? Versatile aggregation and multi-chain competition

Author | nobody (Twitter: @defioasis) Editor | Colin Wu Last month, I took stock of the current state of the first and second-tier mainstream NFT trading markets, with strong competition from Blur and OpenSea, LooksRare and X2Y2, which are at the end of transaction mining, and some small but beautiful platforms that are far from the corner. After experiencing the Bitcoin Ordinals boom in May and the explosion of Blend loan shares, future competitive trends in the NFT Marketplace have further emerged. This article will focus on this. Trend 1: The multi-functional aggregated NFT trading market will become mainstream as an NFT trading market. Spot trading is the foundation, and how to provide users with a high-quality and comfortable trading experience is the key to market competition. The NFT spot trading function module has experienced at least two advances, moving from singleness to diversification. The first is transaction aggregation. In the initial transaction process, the seller is dominant, pending orders are the basis for the transaction, and the buyer's offer is not mainstream. Users have gone through the process of selecting and buying pending order buyers on an independent platform to selecting and purchasing from sellers who aggregate pending order buyers in all marketplaces. The second is Bid Pool. Bid Pool brought about a fundamental change in the trading model. The buyer's offer became a liquidity pool, and the buyer relinquished the right of choice to the seller, and the seller could choose to continue to wait for the order or directly lose it to the buyer's Bid Pool for monetization. Rare/image differentiation is no longer the focus of attention; instead, transaction wait times have been drastically reduced. Bid Pool was first launched by Blur, and transaction aggregation was also promoted by Blur. Today, OpenSea/Pro also integrates these two trading methods, and it must be difficult for latecomers to bypass it. The open API is a new open source, and the new NFT Marketplace and the older generation will all merge with each other in the future; using the concept of liquidity pools in DeFi to introduce depth into NFT transactions, there are also many areas worth digging into, such as how to build Pool into the NFT rarity characteristic transaction. The path of the NFT trading market is actually no different from CEX; expansion is a powerful means of adding to the market's discourse. After spot trading, leveraging is almost inevitable. Currently, there are two paths. One is borrowing which favors on-chain DeFi, and the other is futures similar to perpetual contracts. For NFT lending, X2Y2 and Blur should be the only two mainstream NFT marketplaces. Among them, X2Y2 should be the first trading market to establish its lending market. However, unlike its lending market X2y2FI, which has been around for a long time but it is difficult to shake the exclusive lending market share, Blur quickly eroded the original lending market with a trend of destruction and decay after launching Blend. According to DappRadar data, in the 22 days since its launch, Blend has accounted for 82% of the loan volume of all NFT lending protocols, and is gradually on par with Blur's spot trading volume in terms of lending transaction volume. Despite being blessed with Blur points, under Deep Bear, I have to say that leveraging is indeed a good business to increase the platform's growth. Furthermore, Binance is a trendsetter in the crypto sector, and although the Binance NFT market has been tepid since its launch, it also launched an NFT lending function in late May, which undoubtedly further validates this trend. Data source: https://dappradar.com/blog/blur-dominates-82-of-the-nft-lending-market期货是当前 One of the most popular directions for NFT infrastructure entrepreneurship. Good NFT futures protocols such as NFTPerp, NFEX, and tribe3 have sprung up in the past few months. According to CEX's revenue structure analysis, futures are the most important form of trading contribution far superior to spot. The high leverage provided by contract trading has infinitely amplified the gambler mentality in human nature. Volatility is the soul of contracts, and for NFTs with fewer quantities and less depth, they have higher volatility than FT. Blur B...

1157d agody zhang#Bitcoin #Binance #DeFi #OpenSea #NFTs #Wu says blockchain is real #LooksRare #X2Y2 #Blur

X2Y2 launches new versions of the NFT lending service X2Y2 Fi and V3

Comparing news, the NFT trading market X2Y2 launched X2Y2 Fi and V3 versions. Among them, X2Y2 Fi exclusively provides financialization services for NFTs, and all NFT loan activities (including borrowing and refinancing) will be carried out on X2Y2 Fi. The core of the upgraded V3 version of the smart contract is to provide a better user experience for both borrowers and lenders, introducing a series of features, including: configurable long-term loan quotes, which allow lenders to create loan quotes with acceptable configurable loan amounts; cancellation of gas-free loan offers; optimization of gas consumption; and automatic refinancing (coming soon).

1192d agoLuxurytracy#NFTs #X2Y2

How do I escape an Azuki scam?

“This is a classic case of emotional manipulation, he's playing with my humanity.” Written by Kouk.eth Compiled by Luffy, Foresight News I wanted to tell a story where my Azuki NFT almost got scammed. Things started with a seemingly harmless Discord message where someone made a tempting offer for my Azuki. Then, a dangerous signal appeared, and the buyer claimed that he was unable to buy through platforms such as Blur, OpenSea, X2Y2, and Magic Eden. He had problems on all platforms, and provided screenshots as proof. I doubt it, but the buyer's issue is probably real. So I tried to create OTC (OTC) deals through sudoswap. Despite this, the other person said that the “error” still exists and then sent me more screenshots, and my doubts worsened. My anti-scam radar started alerting the police, but he was patient, friendly, and seemed very sincere, which made me continue with this “deal.” This is a classic case of emotional manipulation, he is playing with my humanity. He complained about the complexity of Ethereum and gas fees, and mentioned his experience with Solana. He almost made me think we were good friends. I know you might think I'm stupid, but it's amazing how empathy and emotion can sometimes play a role. The platform can't trade. I asked him if it was because the platform restricted the country and region. He said he was in Malaysia and tried a VPN, but it didn't work. Then the real trap came. He proposed using the Azuki Discord service as an intermediary guarantor. I don't know how he did it, but this guy changed his Discord name to a real Azuki server. Of course, I quickly turned it off. He next proposed using one of my friends as a middleman. I was like, “Wait, what?” So I called AnoniMoeth, a good friend I've known since I was a kid, and we were studying together in Argentina. Despite my growing skepticism, I still want to accept what the scammer says. It's a great deal, and I think we all have a human side that can be used. We set the terms of the transaction: in a Discord group chat, AnoniMoeth receives Azuki and ETH and then distributes them accordingly. At this point, I'm almost 100% sure this is a scam because no one would blindly believe that (my friend). So, I called AnoniMoeth on WhatsApp to confirm he's not an AI. I also had him send his ETH address via WhatsApp just in case. So far everything seems to be going well. The scammer split us into two separate Discord groups! Group 1: scammer, fake AnoniMoeth, and me; Group 2: AnoniMoeth, impersonation me. At first, we didn't recognize this trick. After repeatedly checking AnoniMoeth's address, I sent him my Azuki. My heart fluttered, and at that moment, I, the impostor in Group 2, urged AnoniMoeth to send Azuki first. But I was on the phone with AnoniMoeth and he asked me, “Why are you sending Azuki without receiving ETH?” It was only then that I suddenly realized it. I immediately asked AnoniMoeth to send my Azuki back to me and deleted the conversation with the scammer. In the end, I was lucky enough to get away with a robbery.

1199d agody zhang#OpenSea #Solana #NFTs #Magic Eden #X2Y2 #Azuki #Blur

Research on the survival status of NFT trading platforms (2) The end of transaction mining

Wu said the author | nobody (Twitter: @defioasis) Editor of this issue | Colin Wu disclosed that as an individual investor, the author holds NFT platform tokens and other related assets, and has no interests with any platform or project party. This article is the second part of a study on the survival status of NFT trading platforms. It explores the plight and failure of trading mining platforms LooksRare and X2Y2, whether lying flat or hard on the scalp. LooksRare and X2Y2 are representatives of the transaction mining model, the earliest practitioners, and continue to this day. A notable feature of transaction mining platforms is that the unit price for each transaction is extremely high. In a bear market, this characteristic is also profoundly reflected in a very small number of users, yet it supports a huge trading volume on the platform. According to @SeaLaunch_ data, during a period in April, LooksRare's average transaction volume could once exceed 100 ETH. Even under normal circumstances, the average transaction amount of LooksRare and X2Y2 was between 20-30 ETH, which is almost 40-60 times that of OpenSea. Data source: https://dune.com/sealaunch/NFT?undefined=&Select+Timeframe_ef4aff=365+days交易挖矿的核心逻辑并不复杂，即每笔交易所付出的平台费用的 100% captured by token stakers. Generally speaking, the team/foundation or treasury will keep a portion of the token to be used to pledge shared platform fees to support the development of the agreement. Theoretically, the larger the transaction volume created by the platform, the more tokens users pledge, the more platform fees they absorb, and the more fee rewards they capture. Therefore, transaction mining can easily form a positive driver in the early stages of development from 0 to 1. The increase in transaction volume brings about an increase in platform fees. Platform fees are captured by pledgers, the APY of pledge income increases, token prices rise, and the potential reward value of transaction mining rises, attracting more users to trade and mine. However, along with multiple factors such as the slump in the general environment, the emergence of competitors, changes in market share, and reduction in token production, this transaction mining model can easily turn around to bring a negative spiral to Token. Wash-trade, which is trading mining, is not as complicated as Blur; mostly large players go back and forth between several wallets they control. As long as the subsidized tokens cover the pre-paid platform fees, then it is profitable. Furthermore, the subsidy is settled on a daily basis, and there is almost no excessive loyalty after receiving the token. Once you get it, sell it first to recover the costs you have paid, and then measure whether to continue selling the profit or pledge it again. The @hildobby_ data panel shows that in the weekly trading volume last week (4.10-4.16), LooksRare's cumulative trading volume was $47,903,449, with wash-trade accounting for 45.6%; X2Y2's cumulative trading volume was $36,039,982, and wash-trade accounted for 69.6%. This wash-trade-based transaction mining activity has brought continued selling pressure on the platform Token amid sluggish demand in the bear market. LOOKS and X2Y2 have performed unspeakably over a long period of time, especially for X2Y2, which lacks market makers. Data source: https://dune.com/hildobby/nfts-wash-tradingToken Prices have declined without support for a long time, bringing a lot of negative sentiment and FUD to the community. This is particularly evident in communities with Chinese people as the main position. However, even if it falls, unless the project side reinvents token economics, it will be difficult to immediately abandon this transaction mining model in the short term, because the project side's revenue source is almost entirely dependent on the costs of captured tokens that have been retained. Therefore, if you fail to reshape the utility of tokens in terms of token economics and blindly cancel transaction mining, it is certainly cutting off your own revenue stream. But with it, the more tokens are produced...

1213d agody zhang#Ethereum #OpenSea #NFTs #Wu says blockchain is real #LooksRare #X2Y2 #Blur

What are the latest developments in the head and dark horse NFT trading market?

Blue-chip NFTs have entered a period of adjustment, yet the NFT trading market is very lively. Article: What are the opportunities for the ten-wen NFT circuit? This should be something that NFT players have been painstakingly meditating on in recent months. Due to competitive pressure brought about by Blur, the market share of the NFT market giant OpenSea is constantly being squeezed. Second-tier NFT trading markets such as X2Y2 and LooksRare have few opportunities, and the newly launched NFT market will also face many challenges. As it turns out, it's very difficult for the NFT market to retain users. Wherever there are rewards and expectations of issuing coins, they will go. In the face of such a fiercely competitive and heated NFT circuit, every company has made every effort to find innovative products and ways to play in order to seize the share of the NFT market. Opensea launched Opensea Pro, and “community rewards” triggered airdrop speculation that after exempting market fees and royalties, another major move by Opensea was to upgrade the Gem v2 brand to OpenSea Pro. Since Opensea bought Gem, there haven't been many dynamic updates about Gems. This once-popular NFT aggregator OG seems to have gradually leveled off and faded out of the competition in the NFT market. However, this brand upgrade not only revived Gem's past, but also made it a powerful tool for Opensea against Blur. According to OpenSea Pro's official presentation, Gem's brand upgrade aims to become “the most powerful NFT marketplace aggregator,” bringing together a list of over 170 large and small NFT marketplaces, including platforms such as Blur, LooksRare, X2Y2, and OKX. Additionally, some of the other new features include: Real-time discovery of cross-market data: supports real-time monitoring, and can update all data on NFT trends, minting, and collection pages within seconds. Instant sales: Summarize various types of NFT offers from the entire NFT marketplace, enabling users to sell at the best price. Optimized gas fees: When purchasing NFTs, Pro is significantly cheaper than Blur in terms of gas fees for both. 0% Listing Fee: You can list NFTs on OpenSea for 0% of the fee during the promotion period. Other new features include watchlists, Live Mints overview, batch transfers, and more. Furthermore, in terms of user incentives, OpenSea Pro “is tracking users' activity on gems to score points,” which is somewhat related to Blur's point incentives. Although no specific gameplay rules have been announced yet, as an NFT market that has never issued coins, this hint has already made NFT traders excited. Currently, OpenSea Pro and Gem have the highest daily trading volume and number of active addresses. After Magic Eden launched a diamond reward program and tested the waters of the Bitcoin market Solana, which was affected by the FTX incident, the volume of the Magic Eden market also declined for a while. But that hasn't stopped Magic Eden from continuing to expand. In terms of gameplay and product innovation, Magic Eden probably has a lot of action. For example, in addition to focusing on the Solana ecosystem, the platform was expanded to the Ethereum network, an ETH aggregator was launched, and the Polygon network was also integrated; in addition, a discount and reward system was introduced, where users can receive rewards, discounts, and other benefits through activities on the platform, and users have the opportunity to receive 5% to 45% transaction discounts. Recently, the focus has also been on Web3 games, and its venture capital division, Magic Eden Ventures, has invested in 11 Web3 game studios. It also gradually launched at least 12 Web3 games on Ethereum, Solana, and Polygon. Recently, Magic Eden has made two more major moves, the first of which is the launch of the Bitcoin ecological NFT market. Along with...

1226d agody zhang#Bitcoin #WEB3 #OpenSea #Solana #NFTs #launchpad #LooksRare #X2Y2

Overview of the Asian Crypto Market

The report, written in collaboration with Foresight News, CoinNess, and BlockTempo, covers mainland China, South Korea, and Taiwan. Original title: “A Primer of Asia's Crypto Landscape” Compiled by Frank, Foresight News Foresight News has sorted out the original text of the report and published a Chinese guided version summarizing the main opinions of this report for the benefit of readers (the full English report can be viewed by clicking “Source Link”). The report summarizes regulatory trends, crypto market size, talent and developer status, and infrastructure adoption in mainland China, South Korea, and Taiwan, and collected a sample survey of more than 5,000 people across various cities and age groups in mainland China and another sample survey of more than 1,000 people targeting cryptocurrency holders. At the same time, CoinNess and BlockTempo conducted corresponding sample surveys in Korea and Taiwan, respectively. The Crypto adoption status and trends showed that the Asia-Pacific region is expected to become An important driver of the cryptocurrency industry's growth over the next 3-5 years. Supervising mainland China declared initial coin offerings (ICOs) as illegal fund-raising activities in September 2017, issued a mining ban in May 2021, and banned all cryptocurrency transactions in September 2021. Meanwhile, the Hong Kong region of China carried out a number of crypto-related regulatory actions in 2023, with two major policies particularly prominent: foreign exchange policy. In February 2023, the Hong Kong Securities Regulatory Commission issued a consultation document detailing the recommended guidelines for exchange licenses (virtual asset trading platforms). All centralized exchange businesses marketing to Hong Kong investors require a license to operate. The system will take effect on June 1, 2023; stablecoin policy. Hong Kong's proposed stablecoin regulations require issuers to have locally registered entities, and stablecoins must be fully supported by high-quality liquid assets and can be exchanged for fiat currency anchored to them at face value; the Hong Kong region of China can be seen as a potential sandbox for future crypto regulation in mainland China, and Hong Kong will be a bridge for mainland China's global expansion. Most of the cryptocurrency trading volume in South Korea takes place on 5 exchanges authorized to have bank accounts (Upbit, Bithumb, CoinOne, Korbit, and Gopax), and banks allow them to convert the won to cryptocurrency, so South Korea's CEX stablecoin pairs are very limited (for example, USDT accounts for less than 1% of Upbit's trading volume). Furthermore, South Korea is enacting relevant regulations on securities token issuance (STO). In Taiwan, regulators such as the Taiwan Financial Supervisory and Regulatory Commission (FSC) classify cryptocurrencies as speculative commodities. The FTX incident caused Taiwan to lose $1.7 billion to $2.1 billion, and more than 23.1 million Taiwanese users were affected. Currently, the division of labor among the three major virtual asset regulators in Taiwan is as follows: Taiwan Financial Supervisory and Regulatory Commission (FSC): responsible for overseeing investment and payment platforms, CEX, and asset management platforms; Taiwan's Digital Development Department: responsible for crypto-related projects not covered by the other two regulators, such as NFTs and Web3 chain projects; market size and Crypto penetration rate based on a sample survey of more than 5,000 people across multiple cities and age groups in mainland China + Another sample survey of more than 1,000 cryptocurrency holders found that only 2.6% of people aged 15 and over in mainland China own cryptocurrencies (86.0% have experience trading crypto derivatives such as futures and options). Compared to around 10% of developed countries such as the US, South Korea, and Taiwan, China still has a lot of room for growth in the total number of cryptocurrency users. The Korean cryptocurrency market is largely driven by retail transactions. The trading volume is mainly concentrated on 3 exchanges — Upbit, Bithumb, and Coinone. Among them, Upbit's market share on the Korea Exchange is 82.24%, and altcoins (that is, cryptocurrencies that do not include BTC and ETH) account for 92.9% of the total Korean crypto trading volume. The annual growth rate of crypto trading volume in Taiwan reached...

1230d agody zhang#ICO #Binance #Bithumb #CBDC #DeFi #Loopring #WEB3 #Upbit #NFTs #Conflux #CertiK #Alchemy Pay #Gamefi #Animoca Brands #Coinone #Korbit #STEPN #X2Y2 #Gopax #Lifeform #SpaceID

OKX Web3 wallet partners with NFT marketplace X2Y2

According to the news, OKX Web3 wallet reached an official partnership with the NFT trading market X2Y2. Users can connect OKX Web3 wallets to trade NFT assets on X2Y2. Furthermore, OKX Web3 wallets have included X2Y2 in the Discover section, and users can directly enter X2Y2 to buy and sell NFTs through Discover.

1231d agoRuilin#X2Y2 #OKX