This week has seen a lot of build-ups around NFTs and today we have come up with NFT Highlights. In fact, the year till now has been one of the most happening phases in the history of NFTs. For those who might not be knowing, NFT stands for non-fungible token. It is a record on a blockchain which is associated with a particular digital or physical asset. In fact, many notable and influential personalities have joined hands with various NFT platforms to bring out their own NFT collections. Therefore, it is understandable that NFT is enjoying great popularity among investors.
However, this week has been an especially happening one for the NFT market. There have been a lot of chatters around various developments in NFT. The prominent highlights in the NFT market this week include- a Solana wallet looking to implement a burn mechanism, BendDAO’s liquidation mechanism is testing blue chip NFTs and a new blockchain on the block for OpenSea. If you wish to know briefly about all the major developments in the NFT market this week, this article is the perfect stop for you. Keep reading this article to know more about the various events in the NFT market this week.
Prominent NFT Highlights of The Week
The following are the important highlights from the NFT market for this week:
A Solana-Based Wallet to Implement Burn Mechanism
Phantom is a Solana-based wallet. At present, it is working on implementing “Burn NFT”, a tool to do away with the scams on the network. This week, Phantom launched a burning NFT tool. This tool will allow the users to remove spam and unwanted clutter. In fact, burning an NFT earns a user, a small amount of SOL.
This is really a progressive move for the major Solana Wallet. It comes straight after some Phantom wallet users lost their assets due to a nasty hack.
BendDAO’s Liquidation Threats and More
Another important NFT update from this week involves BenDAQ. In fact, various crypto Twitter handles are fearing the fact that BenDAQ’s lending protocol might send the NFT market downwards. For those who might not be knowing, BenDAQ is a lending platform, that enables its users to post NFTs as collateral for other assets. However, some Bored Ape Yacht Club NFTs on this platform are experiencing liquidation. This has indeed posed a threat to the floor leaders. There is a fear that this liquidation wave might lead to a massive sell-off.
NFT Highlights: Anthony Hopkins and NFTs
Anthony Hopkins is the latest explorer of the NFT marketplace. In fact, even in his approaching 80s, he seems enthusiastic about exploring the NFTs. Moreover, the last week witnessed him partner with Orange Comet. In fact, this partnership will be soon coming out with Hopkins’ first ever NFT collection, Eternal Collection. Hopkins sounded positive as he stated that the NFT market has given him a whole new way of connecting to his audience.
Galaxy Digital Report
Galaxy Digital released the “A Survey of NFT Licenses: Facts & Fictions” report last week. There it states that ownership rights are “far off”. The report also elaborates on the recent switch from the NFT project to Moonbirds.
That is all about this week’s NFT highlights. Stay tuned for more updates.