In this week’s newsletter, discover the resurgence of Solana-based nonfungible tokens (NFTs) in terms of sales volume after a four-month decline. Learn about the appointment of Yuga Labs’ new CEO, Greg Solano, and delve into the story of crypto investigator ZachXBT, who successfully recovered stolen NFT proceeds. Additionally, find out about the partnership between a new metaverse and stablecoin-issuer Circle to introduce in-game wallets. Don’t forget to check out our Nifty News roundup, featuring South Korea’s plans to consult with the United States Securities and Exchange Commission (SEC) Chair Gary Gensler on NFTs.
Solana NFTs Surpass $5 Billion in All-Time Sales Volume
NFTs based on Solana have reached an impressive milestone in terms of all-time sales volume. According to CryptoSlam, a data tracker for NFTs, Solana NFTs have already surpassed $5 billion in sales volume. Additionally, the total number of NFT transactions on the blockchain has reached approximately 43 million.
Solana NFTs experienced a slump for four months before bouncing back in October 2023 with a 192% increase in sales volume, going from $28 million to $82 million. This momentum continued into December 2023, when the chain achieved its second-highest monthly sales volume of $365 million.
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Bored Ape Yacht Club Co-Creator Greg Solano Assumes Role of Yuga Labs CEO
Greg Solano, one of the co-creators of the popular Bored Ape Yacht Club collection, has taken on the position of CEO at Yuga Labs. Solano, who also co-founded the company, is replacing Daniel Alegre, who has been CEO since April 2023.
In a recent post, Solano expressed his excitement about returning as the CEO of the NFT company, stating that he is ready to lead the company into a new chapter.
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ZachXBT Successfully Recovers Majority of $177,000 Stolen NFT Proceeds After Nine-Month Investigation
ZachXBT, an expert in on-chain investigations, has managed to recover most of the funds from the sale of a stolen DeGods NFT. The NFT was originally taken from its owner through a phishing scam in May 2023. After conducting a thorough nine-month investigation, ZachXBT announced on February 24 that a significant portion of the funds had been returned to the rightful owner.
The hackers had sold the NFT for 99 Ether (ETH) in May, which was worth approximately $177,000 at the time. The pseudonymous crypto investigator mentioned that a substantial amount of the money had already been returned to the victim.
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PUBG Publisher Collaborates with Circle to Integrate In-Game Wallets in a New Metaverse
Overdare, a joint venture between software company Naver Z and PUBG: Battlegrounds publisher Krafton, has announced a partnership with stablecoin issuer Circle to introduce in-game wallets in its metaverse.
With Circle’s wallet service, game content creators will be able to have a Web3 wallet to receive USD Coin (USDC) payouts for the content they create. The metaverse will also integrate the USDC stablecoin for in-game transactions.
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Nifty News: Yuga Labs Restricts Non-Royalty Markets, South Korea to Consult Gary Gensler on NFTs
In other news, South Korean financial authorities are planning to hold discussions focused on NFTs with Gary Gensler, the Chair of the U.S. SEC. According to local media reports, Lee Bok-hyun, Chairman of South Korea’s Financial Supervisory Service, will initiate the conversation with Gensler in May.
Yuga Labs has also made changes by removing some of its NFT collections from marketplaces that do not support royalties for all creators. The company has published a list of projects that will only be available on NFT trading platforms that do support royalties.
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Don’t forget to check out Cointelegraph’s NFT Steez Podcast. Thank you for reading this summary of the week’s most significant developments in the NFT space. Join us again next Wednesday for more reports and insights into this rapidly evolving field.