SVB collapse cooled NFT trading volumes: Nifty Newsletter, 15-21 March
SVB collapse cooled NFT trading volumes: DappRadar
The recent collapse of Silicon Valley Bank (SVB) resulted in falling numbers for NFT trading volumes, with traders holding on to their assets amid the US banking crisis.
Before the crisis, NFT trading volume was around $68 million to $74 million. After SVB collapsed on March 10, trading volume fell, falling to $36 million on March 12. In addition, daily NFT sales fell by 27.9% between March 9 and 11.
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Dubai to Abu Dhabi: How NFTs are used in the UAE
As the UAE welcomes developments in the blockchain space, NFTs continue to thrive in the region. Cointelegraph explored different places to find out how NFTs are used in the UAE.
At the Ultra Abu Dhabi event on March 5, the organizers used NFT tickets. The tickets were similar to ordinary tickets, but had the advantage of being registered on the chain. This allows the organizers to combat fake tickets more effectively. Meanwhile, in Dubai, NFTs are used to help researchers get data and funding and as rewards for philanthropy.
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NFT laundry trade up 126% in February: Data
A new report from crypto statistics website CoinGecko showed that NFT wash trades rose 126% in February. The data showed that the top six NFT marketplaces had a combined volume of $580 million in wash trading.
This marks the fourth consecutive month that the laundry trade increased in the NFT area. According to the report, the increase in NFT wash trading may correlate with the overall recovery in NFT trading volume in February.
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Salesforce Web3 to help brands build reliable and scalable NFT programs
Software firm Salesforce jumped into NFTs after a limited release of Salesforce Web3, a platform aimed at helping businesses create and manage NFTs. The platform aims to connect brands with consumers and help businesses understand how their customers interact with their brands in traditional and new digital environments.
The company also highlighted that the Web3 platform allows brands to create different experiences across Web2 and Web3. It believes this provides a 360-degree overview of how customers interact with NFTs.
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Related: Cointelegraph 2023 Top 100 full list can now be made as digital collectibles
Nifty News: Doodles ‘no longer an NFT project’, Playboy reveals all about NFT earnings and more
Popular NFT collections Doodles have moved from an NFT project to a media franchise. According to one of the founders, Jordan Castro, commonly known as “poopie”, it is no longer an NFT project. It will now go from a startup to a “leading media franchise.”
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CHECK OUT COINTELEGRAPH’S NFT STEEZ PODCAST
In this week’s newsletter, you can read about how nonfungible token (NFT) volumes died down when Silicon Valley Bank collapsed. Check out how NFTs are being used in the UAE and how NFT laundry trade increased by 126% in February. In other news, find out how software firm Salesforce is jumping into the NFT space, and don’t forget this week’s Nifty News, with Doodles going from being an NFT project to a media franchise.
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.
