NFT market updates from Xillion.one: 1/13/22
Top 5 NFTs ($ Sales Rev):
1. Meebit #13824: 50.16M
2. Meebit #13824: 49.6M
3. Meebit #9711: 49.25M
4. Meebit #9711: 48.21M
5. Meebit #15248: 47.24M
Top 5 Marketplaces ($ Sales Volume):
1. LooksRare : 624.55M
2. Opensea: 162.94M
3. Magic Eden: 13.49M
4. Axie Infinity: 4.4M
4. Mobox: 3.13M
Meek Mill is joining web3.0 with a new NFT album release
After the successful release of his album ‘Expensive Pain’ back in 2021, the famous rapper Meek Mill is releasing an album on web3.0 as an NFT. Urging his fans in a tweet to get an Ethereum wallet address as quickly as possible before the release of his new mixtape, he is signalling that he will be releasing his latest album on web3.0 (the blockchain).
Artists such as Nas, 3LAU, and deadmau5 are currently experimenting with royalty splits with fans that buy their NFTs.
Can NFTs Be Securities? The SEC Says Yes
The definition of a security comes from the Supreme Court via a 1946 court case, SEC v. W.J. Howey Co, which laid out a four-part test for determining if an investment is a security: It is an “investment of money (1) in a common enterprise (2) with a reasonable expectation of profits (3) to be derived from the efforts of others (4).”
Despite the howls of crypto entrepreneurs who claim those tokens are commodities because they are “utility tokens” that will be used make transactions on that blockchain, it’s pretty easy to see why the SEC considers an initial coin offering, or ICO, of tokens to fund the creation of blockchain project a security under what’s become known as the Howey Test.
Solana Top Gainer Among Crypto Majors After BofA Endorsement, Rising NFT Activity
Prices of solana bumped as much as 8% in the past 24 hours.
The move came after Bank of America said in a research note that Solana’s low fees and high transaction speeds made it the “Visa of the digital asset ecosystem.” It could even usurp Ethereum’s current position as a leader among smart contract-enabled blockchains, the bank’s analysts said.
Cheaper fees – as low as $0.00025 per transaction – have resulted in massive retail interest for products built on Solana, especially those involving non-fungible tokens (NFT).
China to create own NFT industry based on state-backed blockchain infrastructure, main developer says
The BSN-Distributed Digital Certificate does not support crypto-transacted NFTs, and will allow businesses and individuals to build apps and portals to manage tokens
The new infrastructure has the potential to disrupt the current industry, having already attracted more than 20 partners
Although Beijing has banned cryptocurrencies, He Yifan, chief executive of Red Date Technology, which provides technical support to BSN, told the South China Morning Post that NFTs “have no legal issue in China” as long as they distance themselves from cryptocurrencies like bitcoin.
Xillion.one by ProjectX is a launchpad for NFT issuers, Celebrities, KOLs, and other key figures who would like to set up pools of NFTs and raise funds for it via a public sale (IDO style). Project X works to provide the most secure and simplified way to gain exposure to the NFT market with the use of pools and Indexes. The aim is to create different themed pools of NFTs which include Music, Digital Art, Sports Cards, and KOL issued NFTs to name a few. They have also signed partnerships with Polygon, Terra Virtua, LOCG, Glimpse and more than 10 other blockchain companies.