• Ethereum NFTs are leading the 7-day total sales volume across all chains
• CryptoPunks, Moonbirds, and Pudgy Penguins are among the Ethereum NFTs with the highest volume
• The increase in volume is influenced by the rise in ETH price

Ethereum NFTs have the highest 7-day NFT sales volume across all chains in the last week, with CryptoPunks, Moonbirds, and Pudgy Penguins taking the lead. Out of the top 10 NFTs by sales volume, six are powered by Ethereum and two live on Ethereum scaling layers. The rise in volume is attributed to an increase in the price of ETH, which has been on an upward trajectory, reaching a weekly high of over $3,800 from a low of roughly $2,900. 

CryptoPunks Take the Lead

According to NFT data tracking platform CryptoSlam, CryptoPunks lead with the highest 7-day sale volume of nearly $20 million, with its volume and the number of transactions increasing by 500% and 329%, respectively.

f(x)wstETH position collection ranks second with a volume of $12 million. Pudgy Penguins, BAYC, and Moonbirds occupy positions four, five, and eight, respectively, with a 7-day sales volume ranging from $3 to $10 million. 

The Courtyard NFT collection, which lives on the Ethereum scaling layer Polygon, is at number three with a volume of $10.4 million. Guild of Guardians, an NFT collection powered by Ethereum layer 2 Immutable, is another Ethereum-affiliated NFT collection on the list with a sales volume of slightly above $4 million.

Non-Ethereum NFTs on the top ten list include DMarket, which lives on Mythos and Bitcoin’s BRC-20 NFTs. When the list is expanded to the top 20 collectibles by sales volume, It includes NFTs from Solana and BNB.

Ethereum Beats Bitcoin, Polygon, and BNB Chain

The spike in Ethereum-based NFTs’ sales volume gives Ethereum a lead, putting its total 7-day NFT sales volume at $107 million. Bitcoin comes second with $15.7 million, followed by Polygon at $12.8 million. BNB Chain and Solana close the list of the top five blockchains by NFT sales volume with $9 and $8.9 million, respectively.

The NFT sales volume spike comes three months after CryptoSlam disclosed that the number of weekly NFT buyers was on the rise, while the volume was declining, suggesting that collectors were going for low-priced collectibles.

With the ETH price contributing to the rise, the volume may drop or skyrocket depending on whether ETH’s price will drop or increase.

The post Ethereum NFTs Top 7-Day Total NFT Sales Volume appeared first on FullyCrypto.

• Dolce & Gabbana USA has been dismissed from the DGFamily NFT class‑action lawsuit by a New York federal court
• The US arm has not been deemed an “alter ego” of its Italian parent, as allegations failed to establish control or involvement
• With the only US defendant dismissed and foreign entities unserved, the $25 million lawsuit has lost its primary foothold

A US federal judge has dismissed Dolce & Gabbana USA from a class‑action suit over the DGFamily NFT collection, determining that the US affiliate was not responsible for the Italian parent’s alleged failures. Though the project raised over $25 million and promised digital, physical, and experiential perks, the court found no sufficient ties to the American subsidiary. With the only readily served defendant now out of the picture, the litigation hinges on foreign defendants that have not been formally served.

Complaint Judged to be “Plainly Insufficient”

The lawsuit, initially filed in May 2024 and amended in September, alleged that the Italian company, in partnership with UNXD and Italy’s Bluebear Italia, sold 5,000 DGFamily NFT packs, bringing in $25 million. Buyers claimed the token drops promised quarterly benefits, including digital wearables for the Decentraland metaverse, physical clothing, and exclusive events, many of which were either delayed or never fulfilled.

Recently, Judge Naomi Reice Buchwald of the Southern District of New York concluded that the plaintiff’s plea didn’t show that Dolce & Gabbana USA “completely dominated” its Italian parent, despite noting some shared personnel and office space. Instead, she found the complaint “plainly insufficient”, rejecting group‑pleading tactics that treated both entities interchangeably.

Plaintiffs’ Job Suddenly Got Harder

The ruling comes after Dolce & Gabbana USA moved to dismiss the case this January, asserting it had no role in creating, marketing, or selling the NFTs and that the DGFamily project was entirely managed by its Italian parent. The court agreed, emphasising that shared branding and some overlap in staff did not equate to control over the NFT venture.

With the US entity now out of the frame, the class action faces an uphill battle, given that Dubai-based UNXD and Italy’s Bluebear Italia, the remaining named defendants, have not yet been served and have no US outposts. Investors maintain that they suffered damages due to a “rug pull,” but whether they can pursue relief directly against foreign firms remains uncertain. 

The post Dolce & Gabbana USA Removed From $25 Million NFT Case appeared first on FullyCrypto.

• The Chimpers NFT project has partnered with 223 to create physical collectibles
• The collectibles will be available on the 223 marketplace and will be linked to virtual experiences
• Chimpers’ physical NFTs will first be in the form of plush keychains

Ethereum NFT project Chimpers has partnered with IP incubator 223 to expand its fan base outside the digital world by creating physical collectibles. The collectibles, in the form of plush keychains, will be linked to virtual experiences and availed through 223’s marketplace. The keychains will display the collection’s cartoon-like characters, something that the project thinks will help turn fans into believers when they hold a “piece of the Chimpverse in their hands.”

Reinventing Chimpers “In a Whole New Way”

According to Chimpers co-founder Jacob Timperley, 224 has the capacity and experience to reinvent the Chimpers brand “in a whole new way,” to help attract new audiences. Chimpers-branded keychains will first be sold through blind boxes.

Another big step in our journey to bring Chimpers to the world!

We’re thrilled to partner with @223W0RLD, a spinout venture of JCorp, trusted by 150+ IPs across Web2 and Web3, to bring Chimpers to life!

Get ready for our first ever Plush Keychain Blind Box!

Coming soon. pic.twitter.com/lXokWEhwsM

— Chimpers (@ChimpersHQ) June 30, 2025

223 founder Cole Gurman disclosed that they chose plush keychains because plush “is the emotional centerpiece.” He added that the keychain can be photographed, gifted, carried, and connected to people’s daily lives.

The physical collectibles will have NFC chips to allow holders to unlock the corresponding NFT and a digital certificate of ownership stored on Ethereum layer 2 network Base. Timperley revealed that the physical collectibles will expand into other products in the future, adding that the Chimpers NFT collection will inspire all physical collectibles.

Creating an Emotional Connection

Timperley revealed that the aim of launching physical collectibles is to create an emotional connection with collectors as a way to “truly break through the noise” in an NFT-stuffed ecosystem. He noted that Chimpers NFT holders will be given the first option to buy the keychains, with payment options including fiat and crypto.

Chimpers’ move to create physical collectibles resembles that of Pudgy Penguins, another NFT project that has released physical Pudgy Penguins toys available for purchase in Walmart stores. Pudgy Penguins has also launched a web3 game and an Ethereum scaling layer.

As NFT collections seek to expand their fan base and create an emotional connection with collectors, Chimpers’ physical keychains are likely to help increase the collection’s adoption.

The post Chimpers NFT Project Announces Physical Collectibles appeared first on FullyCrypto.

• A Manhattan law firm has attempted to serve with an NFT to initiate a $440 million lawsuit
• The methodology follows a ruling in a UK court that litigants may serve individuals via NFT airdrops when traditional methods fail
• The case alleges a crypto‑based Ponzi scheme run by the defendant that siphoned roughly $440 million from investors

Manhattan law firm Burwick Law has filed for permission to serve the alleged operator of a $440 million Ponzi scheme via an NFT after failing to locate him by conventional means. Burwick Law claims that its client was a victim of British former pub owner Peter McInnes, whom it accuses of defrauding investors out of nearly half a billion dollars. The request is the first such case in the U.S., but there is precedent in the UK, where the UK High Court ruled in 2022 that NFTs can validly serve court papers when a defendant is otherwise unreachable.

An Unwanted Airdrop

According to the complaint, McInnes—once a UK pub landlord and now a Dubai-based property developer—ran two interconnected schemes: TradeAI (later rebranded as Stakx) and UA3. Investors were allegedly lured with promises of high-yield crypto pools but ended up locked out of their funds, with the suit claiming that McInnes even posted videos from a luxurious Costa Rican mansion, supposedly recovering from a heart attack, to bolster credibility. 

Collectively, the schemes are said to have defrauded victims of approximately $440 million, but McInnes has so far proved hard to track down at any known physical address. However, Burwick Law has traced a wallet tied to Waste Consul LTD, a company allegedly controlled by him and has sought court approval to airdrop a “service NFT” that embeds hyperlinks to the complaint and serves as a legal notice when sent to that wallet.

Precedent…of Sorts

While there is no precedent for this method of service in the U.S., the UK courts have already ruled on the matter. In July 2022, the High Court of England and Wales approved the use of NFTs to serve proceedings on “persons unknown” linked to fraudulent online brokerage wallets, allowing the complaint to be airdropped directly into those wallets.

Since then, similar rulings, including a 2023 decision permitting exclusive service via NFT, have affirmed the method’s legal validity in the UK. These rulings help form Burwick’s application, albeit they hail from a foreign nation, showing courts’ increasing comfort with blockchain’s immutable, verifiable delivery capabilities, especially when defendants hide behind untraceable digital wallets.

As digital assets proliferate and anonymous wallet holders complicate legal recourse, Burwick Law’s motion could cement NFTs as an accepted method of service when all else fails, paving the way for future litigation in the crypto sphere, especially if wallets become legally tied to identity.

The post Manhattan Law Firm Attempts to Serve Defendant via NFT appeared first on FullyCrypto.

• Aptos Labs and Jump Crypto have launched a web3-focused cloud storage, Shelby
• Shelby is built to handle high-frequency web3 workloads and streamline real-time content
• Aptos CEO considers the web3-grade cloud storage “the missing layer of the on-chain economy”

Aptos Labs and Jump Crypto have partnered to create a web3-grade cloud storage infrastructure, Shelby, meant to handle high-frequency web3 workloads. Aptos CEO Avery Ching described it as “the missing layer of the on-chain economy,” adding that it’s optimized to streamline real-time content. Ching also noted that the storage layer unlocks a new era of value creation for web3, something that may help boost the adoption of web3 projects by providing high data access speeds.

Web3 Storage That Evolves With Usage

In an X post, Ching noted that Shelby’s uniqueness lies in providing storage that evolves with usage. He added that the web3 cloud storage layer “serves data in real-time, with built-in incentives, and sub-second reads.”

https://t.co/nNm4tXPUuk

— avery.apt (@AveryChing) June 24, 2025

According to Ching, the storage layer provides the speeds needed to power modern internet applications. He disclosed that Shelby incentivizes read performance and allows creators and consumers to own the economics.

Ching revealed that the storage layer combines the core technology used by the Aptos network and Jump Crypto. It also benefits from his experience and expertise in building infrastructure for Meta apps used by billions.

Shelby isn’t blockchain-specific, making it usable by apps on all blockchains. Ching said it “meets you where you are and takes your data where it needs to go.” He disclosed that the layer is already being used by Metaplex, DoubleZero, among others. 

Powering AI and Strategy Engines

According to Shelby’s whitepaper, the storage layer can be used to power AI, data marketplaces, on-chain trading, and strategy engines without relying on centralized data services.

Shelby’s launch comes three months after Google Cloud joined the Injective network to enable blockchain developers to access Injective data through Google Cloud’s BigQuery. It also comes a year after Aptos unveiled a web3 wallet that supports Google ID.

With the launch of a web3-optimized cloud storage layer, it’s to be seen whether it’ll gain popularity among web3 developers.

The post Aptos Labs and Jump Crypto Launch Web3-Grade Cloud Storage appeared first on FullyCrypto.

• Pudgy Penguins is preparing to launch a TON-based web3 game, Pengu Clash
• The game uses a play-to-win model and a user-versus-user-based system
• TON noted that Pengu Clash opens a “new chapter for gaming on TON”

NFT project Pudgy Penguins has launched a web3 game, Pengu Clash, on The Open Network (TON), to a section of its waitlist. The game employs a play-to-win model and a user-versus-user-based system that relies on the skills of the gamer, with TON noting that it “opens a new chapter for gaming” on the blockchain. Pudgy Penguins revealed that the game will feature different modes, rules, and objectives, indicating that players will unlock new levels as they defeat their opponents.

“Thrilling Head-To-Head Battles”

According to TON, the “game puts you right in the middle of thrilling head-to-head battles.” Created in partnership with Elympics, a multichain infrastructure layer dedicated to blockchain gaming, Pengu Clash features characters from the NFT collection, with gamers allowed to dress their Penguins and participate in an assortment of minigames like football and darts.

Beat the summer heat with @PenguClash — a skill-based, play-to-win game debuting on the TON blockchain!

Pengu Clash puts you right in the middle of thrilling head-to-head battles, opening a new chapter for gaming on TON!

Make some noise for them and remember:
Two… pic.twitter.com/x70TvhJ5Rr

— TON (@ton_blockchain) June 18, 2025

Announcing the game in May, Elympics co-founder Tom Kopera said the game follows web3 gaming’s path toward “higher-quality experiences driven by real users,” adding that it points to a future where blockchain games offer “experiences [that] players actually enjoy.”

Gameplay, Not Clicks

Elympics CEO Michal Dabrowski told Blockworks that the Pudgy Clash differs from clicker-based Telegram games by offering actual gameplay. Pudgy Penguins CEO Luca Netz disclosed that the project opted to host the game on TON instead of its own Ethereum scaling layer, Abstract, because they want Pengu Clash to “become the face of crypto.”

Netz, however, noted that there are plans to also launch the game on Abstract. Pudgy Clash’s mini launch comes eight months after the NFT project partnered with Mythical Games to create Pudgy Party, another blockchain game.

With Pudgy Clash open to a select few, Pudgy Penguins will likely conduct a full launch before the end of Q3.

The post Pudgy Penguins to Launch Web3 Game, Pengu Clash appeared first on FullyCrypto.

• Elite footballers have been accused of promoting a sham NFT project, Shirtum
• The footballers were named in a fraud case in a Barcelona court
• Shirtum reportedly vanished with over $3.4 million in investor funds

Six elite footballers, including World Cup winners, have been named in a fraud case that accuses them of promoting a sham NFT project called Shirtum. The case was filed in a Barcelona court, with the project accused of vanishing with over $3.4 million in investor funds. According to prosecutors, the project relied on endorsements from footballers to enhance its popularity and attract investors, whose funds ultimately ended up in the operators’ pockets instead of improving the project.

World Cup Winner Involved

Some of those who promoted the platform include World Cup winner Lucas Ocampos and former Barcelona player Javier Saviola. According to the victims, the footballers promoted Shirtum Europa SLU with the NFTs featuring the players’ images.

Shirtum presented the NFTs as rare collectibles, with some retailing at over $500. Despite claiming exclusivity and having a high price tag, the collectibles weren’t tradable on any platform. 

The project described participating footballers as founders to improve its appeal among investors. The victims also said the project’s creators coined a corporate structure that made it hard to hold them accountable for any losses. 

To reportedly evade being asked questions on the usage of funds, the project claimed it had been hacked but didn’t produce a police report to support the claim. The footballers later removed promotional content from their social media pages, and the project faded from the limelight.

Settlement Is an Option

The case comes two months after the court allowed NBA star Shaquille O’Neal to pay $11 million as a settlement to end a case where Astrals NFT investors accused him of abandoning the project, even though he wasn’t the creator.

It also comes a month after Hashling NFT investors sued the project’s founders for misusing project funds. Last year, two Californian men were charged with defrauding NFT investors of $22 million.

With the Shirtum NFT project victims including the footballers in their case, it’s likely the footballers will seek an out-of-court settlement.

The post Award-Winning Footballers Accused of Promoting Sham NFT Project appeared first on FullyCrypto.

• Dapper Labs’ Disney Pinnacle has announced the “Genesis Keys” quest
• The keys allow collectors to try to unlock a Genesis Capsule that contains an NFT
• The quest ends when all three capsules are unlocked

Dapper Labs’ Disney Pinnacle has announced the “Genesis Keys” quest that allows Disney fans to claim a key every four hours. The quest is part of Disney Pinnacle’s first digital pins under the Genesis Edition collections, with the keys enabling collectors to unlock unique NFTs. Disney Pinnable has disclosed that it will release rare pins in the form of Genesis Capsules, depending on how the community claims the keys, a move intended to bring Disney fans into the web3 space.

Pins Feature Iconic Disney Moments

According to Disney Pinnacle, “each Genesis Pin is uniquely serialized and features iconic Disney moments.” It added that Genesis Capsules will be released when collected pins reach 100,000, 200,000, and 300,000 milestones.

The journey to the first Genesis Capsule starts now.

Claim keys. Reach milestones. Chase 1-of-1 Genesis digital pins.

Start collecting keys and join Genesis today!https://t.co/67Vqcz11CH pic.twitter.com/uVPzV104ep

— DisneyPinnacle (@DisneyPinnacle) June 12, 2025

The Genesis Editions feature moments from Star Wars, Walt Disney, and Pixar. Disney Pinnacle noted that “only three” collectors will be able to unlock Genesis Capsules, adding that there’s no “golden ticket” and all keys are the same.

Disney Pinnacle revealed that the first capsule contains a “Disney’s Simba & Rafiki” pin, the second contains Pixar’s “Mr. & Mrs. Incredible,” while the third features a “Star Wars Qui-Gon Jinn & Darth Maul.” 

Bringing Pin Collectors to the Digital World

The quest comes months after Dapper Labs announced Disney Pinnacle in November 2023 to power a socially driven collectible experience that brings pin collecting to the digital age.

The quest comes five months after Sotheby’s auctioned Dapper Labs’ NBA Top Shot NFTs during its holiday auction. It also comes a year after the web3 company reached a tentative settlement with investors who argued that NBA Top Shot Moments violate securities laws.

With Disney Pinnable unveiling the Genesis Keys quest, it’s to be seen whether the event will attract enough interest from Disney fans.

The post Dapper Labs’ Disney Pinnacle Announces “Genesis Keys” Quest appeared first on FullyCrypto.

• Consensys has acquired crypto wallet infrastructure provider Web3Auth
• The acquisition is meant to enhance the user experience of Consensys’ crypto wallet MetaMask
• Consensys said Web3Auth will help address “one of the biggest risks in self-custody today”

Leading blockchain and web3 software company Consensys has acquired crypto wallet infrastructure provider Web3Auth to enhance MetaMask’s user experience. Consensys said the acquisition will help it improve seed phrase management, which it considers to be “one of the biggest risks in self-custody today.” The web3 software company added that Web3Auth will also help boost MetaMask’s security and drive seamless onboarding “for the next billion web3 users,” indicating that Consensys wants to simplify MetaMask’s usage without sacrificing security.

Recovering Web3 Wallets Using Web2 Methods

Announcing the acquisition, Consensys revealed that Web3Auth’s infrastructure will enable MetaMask users to create and recover wallets using “familiar web2 authentication methods” like social accounts.

Many users do not back up their seed phrases, putting them at risk of losing access to their funds.

Today, we’re excited to announce the acquisition of @Web3Auth to address one of the biggest risks in self-custody.

By bringing @Web3Auth‘s capabilities into MetaMask, we aim to… pic.twitter.com/cqD61D733f

— Consensys.eth (@Consensys) June 2, 2025

Consensys noted that embracing web2 authentication methods eliminates the need for MetaMask users to back up seed phrases, thus reducing the risk of losing funds due to forgotten or lost seed phrases.

The acquisition also favors application developers who’ll be able to access “embedded wallet SDKs and key management infrastructure.” Developers will also have the chance to integrate with MetaMask and the web3 world. Consensys CEO Joseph Lubin disclosed that they’ve been working with Web3Auth “for some time.”

Lubin said their cooperation aims at pioneering a next-gen approach to web3 wallet infrastructure, adding that Web3Auth’s infrastructure aligns with Consensys’s mission to “make web3 universally accessible.”

Paving the “Way for Mainstream Adoption”

Lubin believes that the best web3 wallet should offer frictionless onboarding, extensive ecosystem connectivity, customizable interfaces, and configurable security, qualities he said pave the “way for mainstream adoption.”

Web3Auth CEO Zhen Yu Yong said that the acquisition lays the groundwork for a “more unified web3 experience” for both developers and end users. Yong added that the acquisition aligns with the firm’s mission to bring more people on-chain.

The acquisition adds to Consensys’ recent efforts to improve MetaMask offerings. Some of the efforts include upgrading withdrawals, acquiring Wallet Guard to counter web3 threats, and offering pooled staking services.

With Consensys acquiring Web3Auth to simplify MetaMask’s user experience, the move is likely to increase the wallet’s usage and adoption.

The post Consensys Acquires Web3Auth To Strengthen MetaMask Wallet appeared first on FullyCrypto.

• Attendees of President Trump’s recent crypto dinner have received limited-edition NFTs
• The digital gifts, distributed in three tiers, have already fetched up to $16,000 on secondary markets
• The event and subsequent NFT rewards have intensified scrutiny over potential ethical and legal concerns

Victims of President Donald Trump’s lacklustre crypto dinner last month have received exclusive NFTs, some of which are proving to be very valuable. These digital collectibles, varying in rarity based on participation level, were handed out in tiers to the most committed $TRUMP holders. However, the rewards have only increased the pressure on Trump and his entourage over the intersection of political influence and cryptocurrency ventures.

A Night of Crypto and Controversy

On May 22, 2025, President Trump hosted a black-tie dinner at his National Golf Club in Virginia for the top 220 holders of his $TRUMP meme coin. The event, which required substantial investment in the cryptocurrency for attendance, featured a VIP reception for the top 25 investors. Notable attendees included crypto magnate Justin Sun and former NBA player Lamar Odom, but the event was panned for its airline food-style dinner and Trump’s rambling talk–which largely ignored crypto–and his abrupt departure.

Outside the venue, over 100 protesters gathered, voicing concerns over “crypto corruption” and the potential for foreign influence in U.S. politics.

NFTs: Digital Tokens of Loyalty

Attendees and registrants have now started to take receipt of Solana-based NFTs, categorized into three tiers:

• Power to the Holders: Distributed to 1,049 individuals who registered for the dinner
• Gold Gala Dinner: Given to 219 attendees of the event
• Diamond Hands: Awarded to 118 participants who held onto their $TRUMP tokens throughout the dinner

These NFTs, while lacking inherent utility, have become valuable collectibles; a “Diamond Hands” NFT recently sold for approximately $16,000, which may mitigate the losses held by that holder over the recent 30% drop in price.

Not everyone is pleased with Trump’s actions, however; Representative Jamie Raskin has initiated an investigation into the dinner, citing concerns over potential violations of the Constitution’s emoluments clause and the possibility of foreign actors gaining undue influence through cryptocurrency investments.

The post Trump Crypto Dinner Victims Placated with Free NFT appeared first on FullyCrypto.

• Yuga Labs has sold the Moonbirds NFTs to gaming startup Orange Cap Games after owning it for just 16 months
• Orange Cap Games also acquired Mythics and Oddities from the Bored Ape creator
• The gaming startup said the acquisition is part of the firm’s mission to expand the “OCG universe”

Bored Ape Yacht Club (BAYC) creator Yuga Labs has sold the Moonbirds NFTs’ IP rights to gaming startup Orange Cap Games (OCG) for an undisclosed amount, just 16 months after acquiring it. Yuga Labs’ Greg Solano described OCG as the “smartest, most detail-oriented builders in consumer crypto,” adding that Moonbirds deserve “a team whose whole world is the birds.” The gaming startup disclosed that the acquisition is part of its mission to expand the “OCG universe,” which may involve acquiring more NFT projects or creating its own collections.

Selling Moonbirds to Create “Something Special”

According to Solano, removing Moonbirds from its stable allows Yuga Labs to focus on other projects like the Bored and Mutant Ape NFT collections, the Otherside metaverse, and “something special [it has] been cooking up.”

Moonbirds has been acquired by @ocapgames

Spencer and the team at Orange Cap Games are among the smartest, most detail-oriented builders in consumer crypto.

They put love, genuine craft, and a fair bit of neurotic perfectionism in everything they touch (ask @spencer to tell you… https://t.co/5ADNebM0wD

— Garga.eth (Greg Solano) (@CryptoGarga) May 30, 2025

OCG disclosed that they’ve also acquired associated collections Mythics and Oddities from Yuga Labs. OCG said that Moonbirds is “one of the most storied franchises in the on-chain […] world.” The gaming startup added that it’s ready to write the collection’s next chapter, noting that the collection is “filled with untapped possibility.”

https://t.co/dWNVvZKTuZ

— Orange Cap Games (@Ocapgames) May 30, 2025

It also revealed Moonbirds will be available on Yuga Labs’ Otherside platform as full 3D-rigged avatars. The gaming startup noted that they have agreed with Yuga Labs to host the Moonbirds collection’s “future on-chain components […] either on a mainnet blockchain, or if it’s an L2” it will be Yuga Labs’ Ethereum-scaling platform ApeChain.

The Community to Decide Moonbirds’ Future

OCG said it’s still laying the groundwork for the collection’s future, which involves partners and the community. Moonbirds’ sale comes three weeks after Yuga Labs sold CryptoPunks’ IP rights to the Infinite Node Foundation.

Other IPs that have left Yuga Labs in recent months include Meebits, whose IP was transferred to the Meebit Company. Legends of the Mara and HV-MTL NFT games were also bought by web3 gaming firm Faraway.

With Moonbirds finding a new home, it remains to be seen whether Yuga Labs will release another IP from its grip.

The post Yuga Labs Sells Moonbirds 16 Months After Buying It appeared first on FullyCrypto.

• DappRadar believes that real-world asset NFTs can revive the NFT lending market
• DappRadar noted that NFT holders are borrowing low amounts or using low-value collectibles as collateral
• It revealed that the NFT lending volume has dropped by 97% since January last year

Blockchain analytics platform DappRadar has noted NFTs linked to real-world assets (RWAs) can help revitalize NFT lending, whose volume has shrunk by 97%. DappRadar observed that collectors are either borrowing lower amounts or using low-value collectibles to secure loans, something that it believes can be changed through tokenizing real-world assets like “ real estate, invoices, or yield-bearing assets.” It said that real-world asset NFTs “could unlock more stable, trusted collateral sources,” allowing collectors to borrow higher amounts without worrying about NFTs’ wild price swings. 

From $1 Billion to $50 Million in Under Two Years

According to the blockchain analytics platform, the NFT lending volume has decreased from approximately $1 billion to slightly more than $50 million in under two years. The number of borrowers and lenders has also decreased by 90% and 78%, respectively, while the average loan size has dropped to $4,000 from its 2022 high of $22,000.

The report disclosed that most borrowers are using Pudgy Penguin NFTs as collateral. Other collectibles like CryptoPunks, Squiggles, and Fidenzas are also emerging as top options for collateralizing NFT loans.

DappRadar noted that the 2024 peak volume was driven by NFT marketplace users “looking to unlock liquidity without selling their NFTs.” It observed that the NFT lending “narrative is no longer convincing enough for users.”

Intent-Based UX Also an Option

Apart from tokenizing real-world assets into NFTs, DappRadar noted that employing intent-based user interfaces can also rejuvenate NFT lending by abstracting the complexity of the borrowing process. 

The report added that NFT protocols in the lending and borrowing space need to employ innovative ways to help the space “move beyond survival mode.” Some of the ways include embracing smarter infrastructure like AI risk matching, credit scores, and undercollateralized loans.

The report comes at a time when companies offering NFT linked to real-world assets are shutting down. NFT-linked fashion house 9dcc and Nike’s RTFKT are among the latest to shutter operations due to slow uptake from the NFT community.

With NFT lending volume down over 95% from its peak, it may take time to return to such highs as  NFT protocols innovate and the community embraces real-world asset NFTs.

The post DappRadar: Real-World Asset NFTs To Revitalize NFT Lending appeared first on FullyCrypto.