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To keep you informed of the latest NFT developments, we have compiled the top 4 news.
The NFTs space never ceases to come up with new episodes of interesting updates. Keep track here of the top developments in the NFT sector during the second week of September:
1 – “Trippy Bunny Tribe” Contributes Mint Sales Towards Suicide Prevention Foundation
Trippy Bunny NFT is an NFT project created by Solana. They revealed that they would be donating all the mint sales to the American Foundation for Suicide Prevention. The total amount donated was $220,886 in Gemini dollars (GUSD). The donation will also be handled by The Giving Block, a cryptocurrency donations platform.
BIG ANNOUNCEMENT FROM THE TRIPPY BUNNY TRIBE!
Today is National Suicide Prevention Day and we've decided, as a team, to donate ALL the mint sales raised to @afspnational thru @TheGivingBlock.
THATS $220,886 $GUSD TO HELP PREVENT SUICIDE!
FULL ETHERSCAN: https://t.co/n5N69KsadP pic.twitter.com/LBFwahSBGn
— Trippy Bunny Tribe – SOLD OUT (@TrippyBunnyNFT) September 11, 2021
Therefore, the total donation will be sent to the foundation, and the transaction ID has been published on Etherscan as proof. For this campaign, Trippy Bunny NFT minted 1,111 NFTs, with each worth 1.11 $SOL.
Alex Wilson, the co-founder of The Giving Block, commented: “The NFT community has raised millions for many important causes, and it’s great to see Trippy Bunny choose the American Foundation for Suicide Prevention. We hope this donation inspires more donations like it.”
2 – OpenSea NFT Marketplace Records 50% Volume Drop
According to DappRadar, OpenSea’s sales volume plummeted after surpassing USD 4 billion in sales volume last month.
Source: Dune Analytics
Certainly, DappRadar revealed data showing that there was a decline of USD 792.23 Million (50%) over a seven-day period in OpenSea’s sales volume. It was also from 156,811 traders, which was 10% below the registered traders the previous week.
In addition, extrapolating data with a larger timeframe, OpenSea doesn’t show any tendency of a long-term decline. This NFT platform expects to have an increment of a 336.94% volume.
3 – U.S. NFL Prohibits Clubs from Crypto Advertisements and NFT Sales
The NFL is banning clubs and members from participating in any form of crypto-related sponsorships and NFT sales. However, there are successful football players that already have their own NFT collection, like Ron Gronkowski. Look at the picture below.
Source: Opensea
According to a “The Athletic” reporter, the NFL said: “The league is currently planning a strategy for “sports digital trading cards and art.” Also, the NFL will only permit teams to collaborate with companies that are “a step removed from the trading, the asset managers that sell funds to track the digital currency markets.”
Above all, this ban has an exception. Only NFT companies can engage in advertising sponsorship rights to promote the club’s corporate branding.
4 – Chinese State Media Questions the Prospects of NFTs
The Securities Times, a Chinese news agency, has released an article advising caution over the “huge bubble” in non-fungible tokens (NFTs).
This news was also reported by the “South China Morning Post.” The reporter Wang Junhui stayed: “Once market enthusiasm wanes, and the hype cools, the value of these many strange NFTs will greatly decrease,”
In terms of specific cases showing the hype, the report pointed out the sale of digital photo collages “Everydays: The First 5000 Days” and Justin Sun’s digital avatar worth $69.3 and $10.5 million, respectively.
I just bought Tpunk #3442 for 120 million #TRX equivalent to $10.5 million and donated it to @apenftorg as a collection. Excited for my new punk avatar and #TRON #NFT community strength! https://t.co/FrcqcLX4Lu
— Justin Sun 🅣🌞 (@justinsuntron) August 31, 2021
Above all, top technology companies in China like Alibaba and Tencent have commenced NFT-focused research and are active in the NFT ecosystem.