Solana-Based NFT Sales Revive, Greg Solano Becomes Yuga Labs CEO, and Stolen NFT Funds Recovered
Summary:
This digest covers the resurgence of Solana-based NFTs sales volume after a four-month slide, the appointment of a new CEO at Yuga Labs, and the recovery of stolen NFT proceeds by crypto investigator ZachXBT. It also reports on a new partnership between Overdare and Circle to introduce in-game wallets, South Korea's plans to consult with U.S. SEC Chair Gary Gensler about NFTs and Yuga Labs' decision to withdraw some NFT collections from royalty-unsupported platforms.
Discover in this digest how Solana-based nonfungible tokens (NFTs) witnessed a sales volume revival after a phase of decline, learn about Yuga Labs’ newly appointed CEO, and explore how crypto investigator ZachXBT recovered misappropriated NFT proceeds. Also, a novel metaverse joins forces with stablecoin provider Circle to incorporate in-game wallets, and make sure to catch our Nifty News roundup, which includes South Korea's intentions to seek advice from United States Securities and Exchange Commission (SEC) Chair Gary Gensler on NFTs.
Solana NFTs have set a new record in cumulative sales volume. As presented by the NFT data tracking platform CryptoSlam on Feb. 23, the lifetime sales volume for NFTs on Solana has crossed the threshold of $5 billion. Furthermore, the total tally of NFT transactions on this blockchain has reached an impressive figure of approximately 43 million.
Sales of Solana-based NFTs rebounded in October 2023 after loitering for four consecutive months, recording a 192% increase in sales volume from $28 million to $82 million. This upward trend sustained through December 2023, during which the platform registered its second-highest monthly sales volume worth $365 million.
Greg Solano, who contributed to the creation of the esteemed Bored Ape Yacht Club collection, has assumed the role of CEO at Yuga Labs. Solano, a co-founder of the enterprise, takes over the reins from Daniel Alegre, who held the position since April 2023. Upon announcing his return as Yuga Labs' CEO, Solano articulated his readiness to steer the NFT company towards a new phase.
Crypto detective ZachXBT has retrieved a significant portion of the $177,000 worth funds obtained from the sale of a pilfered DeGods NFT, which was stolen in May 2023 by way of a phishing scam. On Feb. 24, ZachXBT disclosed the outcomes of a meticulous nine-month probe into the incident, asserting that the majority of the funds had been returned to the rightful owner. The cyber thieves had traded the NFT for 99 Ether (ETH), an amount then valued close to $177,000. The incognito crypto sleuth confirmed that a "substantial part" of this sum has been successfully recuperated and restored to the defrauded possessor.
PUBG maker collaborates with Circle to incorporate an in-game wallet into a newly developed metaverse. Overdare -- the collaborative brainchild of software firm Naver Z and PUBG: Battlegrounds creator Krafton -- revealed their alliance with stablecoin issuer Circle to integrate wallets into the virtual world. The wallet solution by Circle will enable creators of game content to possess a Web3 wallet for receiving USD Coin (USDC) disbursements for their created content. The metaverse will additionally enable the utilization of the USDC stablecoin for in-game transactions.
Our Nifty News segment this week also contains an interesting update on South Korean fiscal authorities initiating an NFT-centered discourse with Gary Gensler, Chair of the U.S. SEC. It has been reported in local news mediums that Lee Bok-hyun, Chairman of South Korea’s Financial Supervisory Service, is set to start these discussions with Gensler in May. Yuga Labs, on the other hand, has withdrawn some of its NFT compilations from trading platforms incompatible with royalty support for all creators.
We hope you found this summary of the week's most noteworthy events in the NFT sphere beneficial. Visit us next Wednesday for more stories and industry insights.
Published At
2/28/2024 11:00:00 PM
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