Rare CryptoPunk Primate Sells for $1.5 Million, Magic Eden Dominates NFT Volume: Nifty Newsletter
Date: 2024-09-12 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
This newsletter covers how NFT marketplace Magic Eden continues to dominate trading volumes, outpacing its competitors. However, the company has faced criticism for its decision to split its services for US users. Also, learn how a rare CryptoPunk sold for nearly $1.5 million despite a rocky NFT market. Additionally, blockchain advocates have called on the US Congress to recognize some NFTs as consumer goods and exempt them from securities regulation.
Magic Eden Dominates NFT Volume, Overtakes Blur and OpenSea: CoinGecko
Magic Eden took the top spot for trading volume in August, marking its sixth consecutive month in the lead. The marketplace recorded $122.47 million in volume, giving it a 36.7% market share for the month.
Blur took second place with $84 million in trading volume, accounting for 25.4% of the market. Meanwhile, OpenSea recorded $66.5 million in trading volume in August, giving it a market share of nearly 20%.
Magic Eden Faces Criticism for Splitting Services for US Users
While Magic Eden leads in trading volume, it has also restricted access for US users. On September 5, the marketplace announced the launch of a separate domain intended only for US users. The company said the US version will “still have great products,” while the international version will allow for the addition of “even more features.”
There was some backlash from users over the perceived limitations of the US version of the site. One user X (formerly Twitter) believes that the restriction will hinder the community’s ability to make money, though he also acknowledged that the decision may be due to “hostile” regulations in the region.
Rare CryptoPunk Primate Sells for $1.5M as Market Sink
A primate from the CryptoPunk collection, complete with cap, earring, and eye patch, sold for 620 ETH on September 5th. That was worth about $1.48 million at the time of the sale.
CryptoPunk #6915, one of only 24 CryptoPunk primates, has previously received offers in excess of $6 million. As such, community members found it odd that the owner would accept a significantly lower offer.
Digital Chamber Urges Congress to Regulate SEC Actions on NFTs
Cryptocurrency organization Digital Chamber has called on the US Congress to pass legislation defining NFTs. In response to the SEC's notice to OpenSea, the group has asked Congress to recognize some NFTs as consumer goods.
The group believes that the SEC's enforcement actions and lack of clarity from Congress are putting the industry at risk.
