NFT sales soared to an impressive $129 million in November, according to Nansen, and in this week’s newsletter, we’ll take a deep dive into the dynamic world of non-fungible tokens (NFTs) and their impact on the digital realm. Musk inadvertently defended Bitcoin Ordinals as OpenSea laid off a large number of employees as it prepares to launch version 2.0 of its platform despite a surge in sales. Meanwhile, one OpenSea investor has slashed the price of his stake in the platform by 90%, and don’t forget that The Simpsons’ Nifty News is discussing NFTs this week.
Nansen data shows NFT sales jumped to $129 million in November
Weekly sales of NFTs grew significantly, with sales reaching 29,704 ETH, worth approximately $56 million, before soaring to 68,342 ETH (over $129 million) within a few weeks.
NFT market Blur has the highest trading volume in the past 30 days, with 161,433 ETH worth approximately $305 million, followed by OpenSea with 52,307 ETH worth approximately $100 million. In terms of NFT collections, Bored Ape Yacht Club (BAYC) has the highest trading volume in the past 30 days at 35,226 ETH, or approximately $66.7 million.
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OpenSea lays off 50% of its workforce and provides severance packages to prepare for the release of version 2.0
OpenSea announced on November 3 that it would lay off employees as part of a plan to launch OpenSea 2.0 with a smaller team. The company had previously laid off 20% of its employees in July 2022 due to the “crypto winter.” At the time, it had 230 employees.
According to the company, approximately 50% of employees across all functions will be affected. Those affected by the mass layoffs will receive four months of severance, accelerated equity vesting and six months of ongoing medical and mental health care.
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Elon Musk slams NFTs, but ends up arguing for Bitcoin ordinal
Tesla CEO Elon Musk inadvertently highlighted the case for Bitcoin Ordinals, also known as Bitcoin NFTs, during a recent appearance on Tesla’s website. Joe Rogan Experience podcast. The billionaire pointed out that NFTs are usually not stored on the blockchain, but are simply URLs linked to JPEG images.
Bitcoin supporters used Musk’s comments to support Bitcoin Serial Number, which was launched in January by developer Casey Rodarmor. Bitcoin serial numbers are similar to NFTs, but are stored on the Bitcoin blockchain.
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OpenSea investors reduce platform stake by 90%: report
Coatue Management, a US-based technology investment company, has reduced the value of its shares in NFT platform OpenSea by 90%. The company reduced its investment from $120 million to $13 million, causing OpenSea’s valuation to drop to $1.4 billion.
In addition to OpenSea, another Web3 company has also received a price cut. Coatue Management also cut its investment in a Web3 payments provider called MoonPay by 90%.
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Breaking news: ‘The Simpsons’ slams NFTs, Yuga Labs executive quits after anti-Semitic tweets, and more
The animated TV series The Simpsons showed off an entire segment teasing NFTs during its Halloween special. In a segment titled “Wild Barts Can’t Be Token,” Homer mints Bart on the blockchain. The segment goes on to poke fun at the industry and how the fear of missing out drives the market.
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View Cointelegraph’s NFT Stitz podcast
Thanks for reading this week’s summary of the most notable developments in the NFT space. Come back next Wednesday for more reports and insights into this actively growing area.
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