Sotheby’s Launches On-Chain NFT Marketplace

In an intriguing move to capture the digital art scene, Sotheby’s has opened its own on-chain marketplace for secondary NFTs. Users can now purchase these digital collectibles using Ether (ETH) or Polygon (MATIC). The twist? Artist royalties will be automatically paid through smart contracts based on the rates set by the creators themselves—no more awkward conversations about cashing in on fame!

The platform aims to stand out by offering an exclusive selection of works from 13 carefully chosen digital artists, including the likes of XCOPY, Claire Silver, Tyler Hobbs, and Hackatao. Talk about a VIP list! With this launch, Sotheby’s is clearly positioning itself as a serious player in the NFT arena.

Blur’s Bold Step into NFT Lending

Next up, the spotlights shift to the vibrant NFT marketplace, Blur. They’ve rolled out a new feature called Blend, a perpetual lending protocol that’s exciting as heck for NFT enthusiasts. This allows users to use their NFT collections as collateral. Blend, designed in partnership with Paradigm, aims for maximum flexibility without the hassle of expirations.

By leveraging an off-chain offer system, lenders and borrowers can connect sans fees, creating an environment where borrowing might just be the next best thing since sliced bread.

Crypto Wallets Just Got a Soul Upgrade

Just when you thought things couldn’t get spicier in the crypto space, Cogni, a neobank, steps onto the scene with soulbound NFTs. No, this isn’t a new genre of love songs—these NFTs represent KYC (Know Your Customer) data, securely locked in and non-transferable, ensuring users have a safe banking experience.

Cogni founder Archie Ravishankar aims to create a bridge between the traditional banking experience and the nuances of crypto. With plans for a DApp marketplace that effortlessly integrates KYC verification, this could redefine banking as we know it.

A Shift in the NFT Market Dynamics

The NFT market has been seeing more sellers than buyers, creating an odd imbalance. April was a challenging month, with over 36,000 sellers on certain days while buyers numbered less than half! For example, April 19 hit the low point of just 5,893 buyers—proof that someone might be hoarding all the NFTs!

This mismatch raises questions about the overall health and interest in NFT trading, suggesting that sellers might be getting a little too eager or that buyers are just happily scrolling, perhaps waiting for the right moment—or the next meme.

Meta’s Metaverse Setback

And finally, the metaverse continues to haunt Meta as it faces a staggering $4 billion loss in its metaverse unit, contradicting a solid $5.7 billion profit overall. CEO Mark Zuckerberg indicated that while the metaverse efforts are dragging down the ship, their artificial intelligence projects are sailing smoothly, compensating for those losses. Sounds like a classic case of “not everything shiny is gold.”

As Meta refines its product strategy, one can only wonder if the metaverse will start pulling its weight, or if it’ll just keep asking for more time!

That’s a wrap on this week’s NFT digest! Catch you next Wednesday for more news and insights from this whirlwind of exciting digital developments!