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CryptoPunks, BAYC, MAYC, Azuki- Is price the antithesis of sales volume

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According to data from CoinGecko, the NFT projects (CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles) which make up the top five projects by all-time volume on OpenSea, have all suffered a decline in their floor price in the last 24 hours.

Falling below its $1 trillion mark, data from CoinMarketCap showed that the global cryptocurrency market capitalization recorded a 9.54% decline in the last 24 hours causing it to be pegged at $937.61 billion. As Bitcoin and Ethereum record losses, blue-chip NFTs collections are not spared from the brunt.

Let’s take a look at the performance of these five projects in light of the ongoing turmoil within the general cryptocurrency ecosystem.

Price floor is all the way down

According to data from CoinGecko, the last 24 hours have been marked with some declines for Cryptopunks. At a floor price of 47.0 ETH at press time, a 17.6% decline has been registered in the last 24 hours. The NFT project also lodged a 17% drop in its market capitalization to be pegged at $574,742,342.57 at the time of writing. 

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Source: CoinGecko

Also, registering a decline in the last 24 hours is the Bored Ape Yacht Club Project (BAYC). At a floor price of 75.0 ETH valued at $92,142.22, the project saw a 24.6% decline in the last 24 hours. With a 23.4% decline in market capitalization within the same window period, this was spotted at $921,422,207.80 at the time of press. 

Source: CoinGecko

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Apart from BAYC, another Yuga Labs project that suffered a drop in floor price in the last 24 hours was the Mutant Ape Yacht Club (MAYC). At 14.899999 ETH, a 23.7% drop was registered. The market capitalization also saw a 23.5% drop within the same window period and marked a spot at the $354,097,307.71 position.

Source: CoinGecko

Furthermore, the infamous Azuki project registered a 12.4%  decline in its market price in the last 24 hours. At the time of writing, the floor price was 9.25 ETH. With a 12.5% drop in market capitalization within the same window period, it maintained a position at $113,103,720.75 at press time.

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Source: CoinGecko

In addition, Doodles saw a 23.1% drop in its floor price causing it to be pegged at 9.0 ETH at press time. Also down by 23%, the market capitalization was $109,599,252.03 at the time of writing.

Source: CoinGecko

Buyers are filling up their carts

Investors and buyers alike within the space were spotted taking advantage of the bear market to ramp up the purchase of these blue-chip projects in the last 24 hours.

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According to data from Cryptoslam, BAYC noted a 159% uptick in sales volume in the last 24 hours. It saw a total sales of $6,681,500. Trailing behind was the MAYC which saw a 108.65% growth in sales volume in the last 24 hours. With a total of 157 transactions completed within the last 24 hours, sales totaling $3,225,875 have been recorded.

Ranked third according to CryptoSlam’s NFT collection rankings by sales volume in the last 24 hours, Cryptopunk also registered a 91.02% uptrend. It has recorded a sales volume of $2,600,857 in the last 24 hours. 

Source: CryptoSlam

With a total of 105 transactions executed in the last 24 hours, 92 NFT degens were also spotted to have picked up some Doodles NFTs. The project recorded a 155.98% growth in sales volume in the last 24 hours. With a sales volume of $1,130,036, Azuki followed closely.

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Source: CryptoSlam

albania

Albania To Start Taxing Crypto-Related Income From 2023

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Albania To Start Taxing Crypto-Related Income From 2023

Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency investments. The government intends to begin imposing the levy in 2023, after adopting the necessary legislation which has been proposed for public consultations.

Albania Set to Impose Crypto Tax as Early as Next Year

The Albanian state should begin collecting taxes on income from crypto assets as of 2023 in accordance with a new income tax bill, the local English-language portal Exit News reported on Friday. The government also hopes to pass a number of other laws and bylaws this year in order to comprehensively regulate the matter.

The special tax legislation is currently open for public consultations. It introduces the concept of taxing crypto holdings and income derived from virtual assets. The latter have been defined as “a digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange, including but not limited to cryptocurrencies.”

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However, the definition does not cover central bank digital currencies (CBDCs), the report notes. That’s despite a growing number of monetary authorities around the world developing a digital version of their national fiats. The list includes major powers such as the United States, the European Union, China, and the Russian Federation.

The Albanian law also defines cryptocurrency mining as an activity using computing power to confirm transactions and gain virtual assets in exchange. The extraction of cryptocurrencies has been a grey area although law enforcement has been going after illegal mining facilities in the country and pressed charges against some of their operators.

Under the new legislation, any income from crypto transactions or mining will be classified as corporate income when it’s received as a result of business activity. And when the beneficiaries are private individuals, they will have to pay capital gains tax of 15%.

Financial Watchdog Tasked to Expand Crypto Regulatory Framework

Earlier this month, the Albanian parliament ordered the Financial Supervisory Authority (AFSA) to prepare and adopt new regulations regarding cryptocurrencies by the end of 2022. Albanian law allows crypto trading platforms to legally work in the country but no licensed entities are currently operating in Albania, Exit News remarked.

Two years ago, Albania also adopted a law titled “Financial markets based on distributed ledger technology.” While many have welcomed the legislation, critics have questioned whether the small nation in South East Europe, still an EU hopeful, is capable of properly regulating its crypto sector to prevent it from being used for money laundering, something it’s struggling to achieve in the fiat space.

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The legislature referenced a recent report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), which recommended additional steps regarding the risks associated with cryptocurrency. In November 2021, the AFSA approved its first two regulations implementing the crypto markets law, which introduced capital and licensing requirements for entities working with digital assets.

Do you expect Albania to adopt comprehensive regulations for its crypto space by the end of the year? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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NHL enters the NFT space partnering with Marketplace Sweet

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NHL enters the NFT space partnering with Marketplace Sweet Abdulrasaq Ariwoola · 42 seconds ago · 1 min read

The NHL partnership with Sweet will offer a variety of digital collectible experiences to its fans, tradable in the marketplace

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Updated: June 25, 2022 at 3:59 am

Cover art/illustration via CryptoSlate

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The National Hockey League on Thursday announced its partnership with NFT Marketplace Sweet. This partnership will be the league’s first dive into digital collectibles.

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The partnership, of which the NHL’s players and Alumni’s association are part, will go live in October to mark the start of the 2022-2033 NHL season.

The NHL Marketplace

The NFT marketplace is expected to offer a range of experiences to NHL fans. Including digital collectibles that showcase historical moments, past and present season game highlights, and NHL stars top plays.

The marketplace will also feature gamified collection experiences, specialty packs, and 3D interactive trophy rooms where users can display their collections. Among these offerings there are also dynamic NFTs designed to change based on current team data.

Additionally, fans would be able to buy, sell, collect and trade the collectibles on the marketplace.

However, the announcement did not state which blockchain would host the marketplace.

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NFTs in the sporting space

The NHL  joins a long list of sporting institutions that have embraced digital collectibles.

In 2020, the NBA launched Top Shot NFTs, its digital collectibles marketplace, in partnership with DapperLabs. Likewise, the NFL launched its play and own NFT game while the MLB is to launch its NFT game soon.

However, the extreme sell-off in the crypto market has seen crypto companies pull out of sports deals. This is so as crypto companies strive to stay afloat as the severe sell-off continues in the market.

FTX recently pulled out of a partnership deal with Los Angeles Angels. Similarly, sources suggest a patch deal between NBA Washington Wizards and a crypto company has crashed.

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Brave Group Inc

Japanese Virtual IP Firm Raises $10 Million To Accelerate Metaverse Business

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Japanese Virtual IP Firm Raises $10 Million To Accelerate Metaverse Business

Brave Group Inc., a Japanese virtual IP firm, recently said it had raised $10 million in new capital and that the company expects to use part of these funds to boost its “solution services for clients in the metaverse marketing business.” Taking part in Brave Group’s latest funding round were two local companies, foreign investment funds, as well as individual investors.

Metaverse Market Growth

A Japan-based virtual IP business, Brave Group Inc., recently said it had raised $10 million in new funding, thus bringing the total raised so far to $18 million. The company is set to use the new capital to strengthen its existing business operations and to “expand its solution services for clients in the metaverse marketing business.”

In a recent statement, Brave Group revealed that Japanese companies like Dawn Capital and Osaka Gas Co. Ltd. had participated in the round that also featured “foreign investment funds and individual investors.” In remarks following the announcement of the capital raise, Kazuhiro Ishikura, a general partner at Dawn Capital, said:

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As the boundary between real and virtual life disappears, the form of entertainment will also change, and new IP content KOLs are expected to be born. As the metaverse market grows globally, we believe that the Brave group’s content will be at the center of the enthusiastic virtual communities that will emerge. We hope that the strength of the anime and manga culture that Japan has cultivated over the years will be brought to the world virtually.

Yuichi Sakamoto, senior general manager with Osaka Gas’ innovation department, is quoted stating his company is ready to help Brave Group Inc. “realize lifestyles and businesses that respond to the New Normal.”

For his part, the CEO of Brave Group Inc., Keito Noguchi, said through the $10 million fundraise, his company would now “maximize the impact of Brave group’s IP not only in Japan but also in the world.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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