13/09/2024 Rare Ape CryptoPunk sells for $1.5M, Magic Eden dominates NFT trading volume: Nifty Newsletter

A group of blockchain advocates urged the United States Congress to clearly define NFTs in response to the SEC Wells notice to OpenSea.

Rare Ape CryptoPunk sells for $1.5M, Magic Eden dominates NFT trading volume: Nifty Newsletter

A group of blockchain advocates urged the United States Congress to clearly define NFTs in response to the SEC Wells notice to OpenSea.

In this week’s newsletter, read about how thenon-fungible token (NFT)marketplace Magic Eden continues to dominate the space in trading volume, surpassing its competitors. However, the company has also faced backlash over its decision to segregate its United States-based services. Check out how a rare CryptoPunk sold for almost $1.5 million despite the market not looking good for NFTs. In other news, blockchain advocates urged the US Congress to define certain NFTs as consumer products and exempt them from securities laws.

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Artist Marco Evaristti shows that NFTs are more than art

Magic Eden dominates NFT trading volume, surpassing Blur and OpenSea: CoinGecko

Magic Eden clinched the top spot in trading volume in August, marking its sixth consecutive month in first place. The marketplace recorded a volume of $122.47 million, securing a 36.7% market share for the month.

Blue held the second spot with a trading volume of $84 million. This gave the NFT marketplace a market share of 25.4%. Meanwhile, OpenSea saw $66.5 million in trading volume in August, bringing its market share to almost 20%.

Magic Eden faces backlash over US service separation

While Magic Eden dominates the trading volume space, it also now restricts users in the US. The marketplace announced on Sept. 5 that it would launch a domain exclusive to US-based users. The company said the US version would “still have great products,” while the international domain would allow them to cook up “even more features.”

Users were unhappy with the announcement because of the perceived limitations of the US domain. One X user believes the restriction will prevent the community from making money, but they also acknowledged that the decision may be owed to the “hostile” regulations in the region.

Rare Ape CryptoPunk sells for $1.5 million amid market downturn

An Ape-themed CryptoPunk with a cap, earring and eye patch sold for 620 Etheron Sept. 5. At the time of the transaction, the amount was worth around $1.48 million.

CryptoPunk #6915, one of only 24 Ape CryptoPunks, saw even higher offers over $6 million earlier this year. As such, community members found it odd that the owner accepted a significantly lower offer.

Digital Chamber calls for Congress to address SEC actions against NFTs

A crypto advocacy organization called Digital Chamber called on the US Congress to enact legislation defining NFTs. In response to the Wells notice sent by the Securities and Exchange Commission to OpenSea, the organization asked Congress to define certain NFTs as consumer products.

The group believes that with the SEC taking a regulation-by-enforcement approach, a lack of clarity from Congress puts the industry at risk.

Arts

https://cointelegraph.com/news/cryptopunk-sells-for-1-5-million-magic-eden-dominates-nft-trading-volume-newsletter

Interesting NFTs
Fanta
Ciao! I'm Fanta. I've never told anyone this, but I once pranced with a dog. When my owner isn't watching, I steal their silk scarves and use them for litter paper. I'm not sorry. Will you be the soy sauce to my marmalade?
AI Huascaq #3/5
Transdimensional art is a movement of blending online and offline stylesassisted blending and combining different styles of online and offline art. AI Huasca uses a DMT style AI blending over a kaleidoscopic remix of a painting that was "generated" via acrylic paint after an entheogenic trip.
Tactical Cats
Tactical Cats Practical cats, dramatical cats.. Experience the lighthearted inner smile when you are purrfectly purrrple. The cat's meow of pick-me-up paints with swirling tails of joy as vivid as the swirling magentas, blues and purple. I was able to with this work quietly paint a tribute to memories of meeting fans and revisiting "old friends" within the paint itself. All while pretending to paint a version of catwoman for the audience. More on that in bonus material. This is an alternate animation made specifically for crypto art collectors. This NFT depicts the rare, unused in media: verified image. Mixed Media: Bio/Digital. Glycerin on 5'9" human skin 10-14 hours Performance art. Shot on Canon EOS RP. 16 + hours Photoshop and DaVinci Resolve. All Works are SFW. Art has been Seen on the front page of Reddit, Featured in the New York Times, Galileo.tv, and multiple other promotions including Twitch.tv, Disney Interactive, RIOT games, WB games, AMD and more! More on how this art is unique and potentially explosive in the NFT world: https://youtu.be/CXbNF2Y6srs ------------------------- The purchase of this NFT Grants the buyer unique bonus material. Physical mail Bonus Package: A Physical Art Print. Autographed from the Artist in 12x16. Please allow a few weeks for Delivery. Digital Bonus Package: This image in .mp4. An "About the Art" Video and an "From the Artist" introduction. A README.txt about the artwork with some personal notes and Links relevant to the artwork.
Traffic
Traffic explores a crossroads between the metaverse & reality through organized chaos. The complexity of this aural / visual landscape demanded over 200 hours of design time between Slimesunday & 3LAU. Every detail of this piece was built from scratch, from the reflective puddled pavement to the stabbing synthesis of the song. We think we'll be spending a lot more time in the metaverse in the future, don't you?
The Moth Catcher
In this psychologically bed-headed portrait, a creature sets in a trance; his eyes devolved and vestigal, his third eye open but hardened and in a form resembling a Sharingan. The imagery therefore expresses an awareness existing in corporeal introspection. The creature’s mind sprouts, on the left side, an emerging face, grinning. To the right side of the head, red tentacles and fingers intertwine–a collaboration of invertebrate and vertebrate consciousness cooperatively handling paint brushes of the sort used to build an oil painting. The neck and throat bristle with random thorns, as from a rose or the upper portions of a beak sprouting from its flesh. The neck itself disassociates into layers of membranous material, terminating upon an abstracted base of convoluted forms composing its body. The nose is virtually non existent, more a sinus reiterative of the shape of the third eye. Set against the exposed teeth peering out of thick, meaty cheeks, a skeleton-like impression results. That impression sets behind a visceral set of lips and tongue, which is the creature’s prime seat of awareness. Sensual, organic, the tongue organ hangs, meaty, and with consciousness of a sea cucumber. It illuminates at the tip, drawing the attraction of a nearby moth–with mystery of purpose.