Nifty Newsletter, April 26-2 May
In this week’s newsletter, you can read about Sotheby’s auction house launching a secondary nonfungible token (NFT) marketplace. Find out about popular marketplace Blur introducing an NFT lending protocol and learn how a neobank has introduced soul-bound NFTs for Know Your Customer (KYC) information. In other news, sellers dominate the NFT market and Meta offsets losses in its artificial intelligence metaverse unit.
Sotheby’s auction house launches a secondary NFT marketplace in the chain
Sotheby’s has launched a chain marketplace for NFTs. The platform allows the purchase of secondary NFTs with Ether (ETH) or Polygon (MATIC), with artist royalties automatically paid according to their chosen rate through smart contracts.
The platform will try to stand out by offering a selection of artists handpicked by specialists from the auction house. On May 1, Sotheby’s announced that its platform would launch with works from 13 digital artists, including XCOPY, Claire Silver, Tyler Hobbs and Hackatao.
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Blur introduces NFT perpetual lending protocol
Budding NFT marketplace Blur has launched Blend, a perpetual lending protocol that supports NFT security. The platform was developed in partnership with venture capital firm Paradigm and aims to “scale financial”, while offering no oracle dependencies or expirations.
Blend matches lenders and borrowers through an off-chain offering protocol with no fees. The protocol offers indefinite loan positions until it is terminated, allowing borrowers and lenders to extend the loan’s maturity by a predetermined period.
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Neobank introduces soul-bound NFTs for wallet holders’ KYC information
Cogni, a neobank with Federal Deposit Insurance Corporation coverage, introduces soul-bound NFTs for KYC information to its crypto wallets. The bank’s soul-bound NFTs are non-transferable, and decentralized applications (DApps) can decrypt them only with the owner’s permission. The NFTs will satisfy US KYC requirements and will be available to DApp partners without further action.
According to Cogni founder Archie Ravishankar, they are trying to offer a crypto wallet that offers something similar to the “normal banking experience.” Cogni also foresees the creation of a DApp marketplace that can be connected with just a few clicks, including KYC verification.
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NFT markets are out of balance, with sellers dominating: Data
The NFT market has struggled due to a mismatch between buyer and seller in April. According to data from NFT tracker NFTGo, the number of sellers outnumbered buyers in the NFT market throughout the month.
The data shows that on 5 April there was an increase in buyers, registering 18,495 NFT buyers. However, the analytics site also recorded 36,423 sellers on the same day. Meanwhile, April 19 was the second lowest point in the past twelve months with just 5,893 buyers, a slight increase from the lowest recorded date of June 18 last year.
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The Metaverse division’s $4 billion loss pulls back a positive first quarter for Meta
Despite losses from its metaverse unit of nearly $4 billion, Meta posted a solid profit of $5.7 billion in its earnings report. The firm’s artificial intelligence projects offset losses in its metaverse efforts. According to Mark Zuckerberg, AI efforts have produced promising results throughout the business.
In addition, the Meta boss also highlighted that the company is becoming more efficient in building better products. This puts them in a better position to deliver long-term results.
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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.
