Grand View Research predicts massive growth in the use of NFTs for commercial purposes, pushing the market to over $200.000 billion by 2030. This and more news is in this handy daily digest so you're always up to date with the latest events happening in the world. crypto.
NFT market growth estimates for the next decade
📍Grand View Research predicts the NFT market will surpass $200.000 billion in market capitalization by 2030. American market research and consulting firm Grand View Research forecasts a 33,9% CAGR for the NFT market by 2030, leading this sector of the crypto industry to unlock value opportunities for more than 200.000 million.
The art, collectibles and video game markets are currently the main drivers of the NFT market, the research firm noted.
However, the use of NFTs in other sectors, such as the Metaverse, digital identity, digital property, sports, decentralized domain names, supply chain logistics, and tokenization of physical assets, among others, is gaining ground.
According to the firm, these areas of activity, together with the growing global interest in cryptocurrencies, are creating new opportunities for the expansion of the NFT market.
Demand for cryptocurrencies is growing among retail investors
📍Retail investor sentiment towards cryptocurrencies has improved in recent weeks, JP Morgan noted. Analysts at the US bank believe that the extreme fall in cryptocurrencies may have come to an end.
According to CoinDesk, the bank shared a report noting that retail investor sentiment has been improving in recent weeks. The bank also indicated that the crypto market has seen a significant recovery with the progress made by Ethereum developers and the announcement of the blockchain network’s Merge event tentatively scheduled for September.
The price of Ethereum (ETH) and Ethereum Classic (ETC) has seen a significant recovery over the past month, up 37% and 53,2% respectively. Other cryptocurrencies, such as Bitcoin (BTC), which leads the market by capitalization, has recovered by 11,4% over the past 30 days.
According to JP Morgan, although the crypto market remains volatile, this growth shows a renewed interest in cryptocurrencies among retail investors.
AT&T and Arca to form partnership on digital assets
📍Global telecom giant AT&T is moving into digital assets. AT&T, Inc. (American Telephone & Telegraph) will be giving a Development on digital assets, entitled “Secure your digital assets today and tomorrow”, which will address topics such as applications and use cases of digital assets, infrastructure, cybersecurity and their role in innovation and the future.
The training will be held online next Wednesday, July 27, and will be led by AT&T's director of cybersecurity communications, Teresa Lanowitz, and Fortinet's vice president and chief information security officer, Jonathan Nguyen-Duy.
On the other hand, the institutional-grade financial services company Arca will also be providing training on cryptocurrencies and digital assets, as well as other topics related to the crypto industry, such as DeFi.
Nickelodeon NFTs generate $1,5 million in one day
📍Nickelodeon opened its NFT sale this week, generating over 1.000 ETH in volume in 24 hours. According to data from NFT marketplace Opensea, Nickelodeon’s crypto collection “Rugrats & Hey Arnold!” has generated a total volume of 1.600 ETH, valued at over $2,39 million at press time.
Although the launch of Nickelodeon's crypto collection was a success, some users claim to have experienced problems when purchasing the NFTs.
On the day of the launch, the non-fungible tokens of the popular subscription television channel were initially offered at a price of $95. However, high demand pushed this price up to more than $700 per token in a short time.
At the time of this edition, the minimum sale price of these NFTs is 0,13 ETH; about $195 according to Opensea.
Some metrics about Axie Infinity
📍Axie Infinity sales have grown by 11% in the last month. The collection of fantastic creatures ranks among the top 20 most traded crypto collections on the NFT market in the past month. Data from the DappRadar platform shows that the number of axies sales grew by 11,4% since mid-June, surpassing the 401.090 sales made at the time of writing.
The sales volume of this crypto collection of NFTs has also increased by nearly 5%, exceeding the current traded value of $6,5 million. The number of Axie Infinity NFT owners also grew by 12%, reaching 104.000 holders of the non-fungible tokens.
Earlier this month, Axie Infinity founder Jeff Zirlin commented on his Twitter account that the new season of Axie games and the reopening of the Ronin Bridge blockchain were renewing interest of investors.
South Korea postpones crypto profit tax
📍South Korea's government postpones taxation of cryptocurrency earnings until 2025. South Korea has decided to postpone the 20% capital gains tax on cryptocurrencies until 2025, according to a local media outlet.
Initially, the amendment to South Korea's 2022 Tax Reform, which would give the government the green light to levy this additional tax on cryptocurrencies, would come into effect on January 1, 2023.
However, the South Korean government announced the postponement citing the need to create a robust regulatory framework to ensure the safety and security of cryptocurrency investors, as well as the extreme conditions of the current market.
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