NFT market updates from Xillion.one: 7/22/22

Top 5 NFTs ($ Sales Rev):

1.Bored Ape Yacht Club #7593: 178.13K
2.Bored Ape Yacht Club #5043: 164.64K
3.Bored Ape Yacht Club #5935: 159.43K
4.Bored Ape Yacht Club #6728: 154.33K
5.Bored Ape Yacht Club #5454: 152.56K

Top 5 Marketplaces ($ Sales Volume):

1.OpenSea: 23.63M
2.X2Y2: 3.98M
3.Magic Eden: 2.86M
4.LooksRare: 640.37K
5.CryptoPunks: 553.03K

Minecraft Bans NFTs

The decision to ban blockchain integrations and NFTs resulted in a mixed response from its community of gamers.

The arguments for and against NFTs in gaming typically boil down to two schools of thought: NFT haters don’t want to over-financialize the sector, while NFT enthusiasts deem the technology as a way to deal with what they see as money-hungry publishers.

Tencent to cut domestic NFT marketplace team, look overseas

Tencent will lay off an undisclosed number of staff on its mainland China non-fungible token (NFT) marketplace team and adjust the platform’s business strategy, as it prepares another NFT marketplace serving overseas users, sources close to Tencent said, Chinese financial media Caixin reported on Thursday.

However, Chinese authorities have consistently warned about financial speculation and hype surrounding NFTs, which made Chinese marketplaces reluctant to allow NFT secondary trading — Huanhe reportedly hasn’t allowed secondary transactions of NFTs.

South Korea Delays Crypto Tax Plans Again, This Time to 2025

Investors will face a 20% capital gains tax on profits exceeding $1,900 during a one-year period. *The capital gains tax will now come into effect in 2025.
The reasoning behind pushing back the taxation was that market conditions were stagnant and that some time was required to implement investor protection measures.

The United States Internal Revenue Service (IRS) has also stepped up its monitoring game. It has been working with the U.S. Treasury to ensure that cryptocurrency brokers and exchanges report client trading data.

Tesla cashes out $936 million in Bitcoin, after a year of crypto turbulence

After making big plays in Bitcoin in 2021, Tesla jettisoned $936 million worth of the cryptocurrency in the second quarter of 2022, trimming its Bitcoin holdings by 75%.

Tesla suspended its Bitcoin vehicle sales in May of 2021, citing the environmental impact from the extensive use of coal and other fossil fuels to mine the cryptocurrency.

A single Bitcoin was valued at more than $24,000 on Wednesday, before Tesla revealed its selloff. As of Thursday morning, its value had fallen well below the $23,000 mark.

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