This week has been full of exciting and eye-opening news related to the NFT market. It is well known that the NFT market is very volatile and is often affected by news coming into the market.
The main reason for the volatility in the market is the big names, manufacturers, brands and firms behind the NFTs. Some of the major news stories that happened this week are discussed below.
1. Recur to announce shutdown soon, raising concerns in NFT market
Recur NFT startup has announced the closure of its Web3 platform soon. The startup owns big brands like Hello Kitty and Nickelodeon. It has caught the attention of community members as it has secured $50 million in Series A funding round. It also achieved a valuation of $333 million.
The startup cited unknown challenges in the business as the main reason for its closure. The move has raised fears of uncertainty in the NFT market. Recoor is popular and its sudden move to close has raised questions of unpredictability in the market. The decision to wind up the firm will be effective from November 16, 2023.
2. Yuga Labs blocks trading due to OpenSea decision to stop royalty fee
The secondary NFT marketplace, OpenSea, decided to end operation filters that help block platforms and not indicate royalty fees. Epoch Labs recently took the drastic action of discontinuing their support for the marketplace due to the decision to make royalty fees optional.
This news caught the attention of NFT creators. Many people have supported the decision taken by Yug Labs. Mark Cuban, being a big NFT investor, has also supported this decision.
Yuga Labs is the company behind many famous NFT collections such as Bored Ape Yacht Club, Cryptopunks, etc. OpenSea’s decision could potentially affect the revenue stream of many NFT creators who depend on these fees.
3. Sage Labs Facilitates Expansion of Star Atlas into Web3 Gaming
Sage Labs Star comes next as an extension of the Atlas Universe. It facilitates the players to have a browser-based open-world experience. This has expanded the reach of the Star Atlas economy to enthusiasts around the world, possibly on Solana.
Unlimited action provides the ultimate experience. This release became news because it reflected the growth of the gaming sector within the Web3 industry. Star Atlas will be usable in NFT games. Sage Labs is a browser-based open-world game with real-time gameplay.
4. Zepto and JumpCrypto Partnership Raise $13M for ZTX Venture
Zepeto partnered with JumpCrypto to secure $13 million in seed investment to develop their joint venture ZTX. Zepto is the leading metaverse platform from South Korea.
JumpCrypto has brought on a number of influential investors for the funding.
5. Magic Eden Announces $1M Creator Funding to Support Polygon NFTs
Magic Eden announced the launch of a $1 million fund to grow NFTs on Polygon. This fund is greatly needed for technical guidance, development and marketing support. The main objective of Magic Eden is to innovate promising NFT projects on Polygon, thereby making the blockchain unique.
Summary
The NFT market is explosive and any kind of news can cause price fluctuations. It is always advised to be cautious about the news coming online. Before investing in any NFT related business it is necessary to have a thorough knowledge about it.
Andrew is a blockchain developer who developed an interest in cryptocurrencies during his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge of blockchain helps him give a unique perspective to his writing
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Source: www.thecoinrepublic.com
