Non-fungible tokens (NFTs) are now live on the XRP Ledger (XRPL) after a new amendment enabling extensions supporting a native NFT type on the ledger was activated. David Schwartz, Ripple’s chief technology officer, says in a new blog post that RippleX engineers built the new feature using a no-smart-contracts approach to increase its cost-effectiveness and […]
The post Ripple CTO Identifies Key Milestone As XRP Ledger Sees NFTs Go Live on Mainnet appeared first on The Daily Hodl.
Financial services giant Visa has set out to activate soccer fans for the upcoming World Cup Qatar 2022 with a non-fungible token (NFT) initiative. FIFA’s payment partner has teamed up with the governing body’s crypto sponsor to celebrate the planet’s most popular sport, art and technology. Visa and Crypto.com Offer Soccer Fans Iconic NFTs, Chance […]
After announcing the non-fungible token (NFT) marketplace seven months ago, the American consumer electronics and gaming merchandise retailer, Gamestop, has officially launched the company’s NFT market on Immutable X. In addition to NFTs, Gamestop’s marketplace also features Web3 gaming with games like “Gods Unchained,” and the DC Comics NFT trading card game “Hro.” Gamestop Reveals […]
While non-fungible token (NFT) sales have slipped since the start of the year, the top five marketplaces, in terms of the largest number of all-time sales, have reached more than $40 billion. Moreover, the NFT marketplace platform Opensea captured over $32 billion worth of sales as the NFT market platform currently dominates the top five […]
Phil Spencer, CEO of gaming at Microsoft and head of Xbox, directed some criticism at the idea of the metaverse and how it is being executed. Spencer remarked that for him, the current metaverse is a “poorly built video game,” but also that the sector was still in its early stages and will surely evolve. […]
New data from crypto analytics firm Messari shows that one layer-1 blockchain is gaining ground on Ethereum (ETH) in the non-fungible token (NFT) sector. According to a Messari report, Solana (SOL) has the second largest position in the NFT sector based upon secondary sales volume, behind smart contract platform Ethereum. But in the third quarter, […]
The post This Layer-1 Blockchain Is ‘Narrowing the Gap’ With Ethereum (ETH) in Fight for NFT Sector: Messari appeared first on The Daily Hodl.
One of the biggest payment networks in the world is filing a trademark application for a crypto exchange platform as well as other crypto-related products. According to new documents, payments giant Visa is filing trademark applications to create a digital assets exchange, a crypto wallet, non-fungible tokens (NFTs), and virtual environments where users can interact. […]
The post Payments Giant Visa Files Trademark Application for Crypto Platform, Wallet and NFTs appeared first on The Daily Hodl.
Proceeds from the NFT vending machine at this year's NFT.London event will be donated to charity.
Multi-chain nonfungible token (NFT) marketplace myNFT has announced it will showcase its first-ever physical NFT vending machine at this year's NFT.London event scheduled for Nov. 2–4.
The NFT platform hopes to provide an easy and accessible way for people who want to start buying and trading digital assets without needing deep knowledge of the Web3 industry. The vending machine will allow users to purchase an NFT without owning a digital wallet.
Users who want to purchase an NFT through myNFT’s vending machine will need to select one of the envelopes on display, and then key in the code provided. After paying, they’ll be able to scan the QR code in the envelope, which will come with an invitation to set up a myNFT account, complete with an NFT wallet, in which they’ll receive their NFT.
Hugo Mcdonaugh, CEO of myNFT, said, "The most accessible way to buy anything is through a vending machine and so we're breaking the perception that buying an NFT is difficult via this initiative.”
Interested participants will be able to purchase an NFT from myNFT’s inaugural collection of donated NFTs, which features brands like Dr. Who Worlds Apart, Thunderbirds and Delft Blue Night Watch.
The physical NFT vending machine will be located outside the NFT.London conference venue, at the Queen Elizabeth II Centre, Westminster, London.
Related: This platform is transforming high-end property into NFTs
Proceeds from the NFT vending machine will be donated to Giveth, a blockchain-based philanthropic community that funds public goods, services and education in developing nations, as well as Roald Dahl's Marvellous Children's Charity, which provides specialist nurses to seriously ill children.
In February, Cointelegraph reported that Solana-based NFT marketplace Neon unveiled a 24/7 NFT vending machine in New York’s financial district that accepted both credit and debit card payments. However, a week after its launch, users reported that neither the NFT vending machine nor the NFT worked as promised.
MATIC price could sustain bullish momentum on cues from a mix of optimistic fundamental and technical indicators.
A sharp rebound in the Polygon (MATIC) market in the last four months has increased its price by 200% when measured from its June 2022 bottom of $0.31. And now, the token is showing signs of undergoing another major market rally.
Notably, the MATIC supply held by all crypto exchanges fell to 802.15 million on Oct. 26, its lowest level since January 2022. The plunge came as a part of a broader downtrend that has witnessed over 600 million MATIC leaving exchanges in the last four months, data on Santiment shows.
A declining crypto balance across exchanges is perceived as bullish by the market since traders typically withdraw their funds from trading platforms when they want to hold the tokens long term.
The MATIC chart above shows a similar albeit erratic negative correlation between its price and supply on exchanges. As a result, a period of decline in MATIC reserves at exchanges has historically coincided with an uptrend in price, and vice versa.
Therefore, the latest plunge in MATIC supply across exchanges hints at more upside for the token in the coming weeks.
More cues for a potential MATIC price rally come from the news of Polygon's adoption by mainstream fintech companies.
Notably, Nubank, a Brazilian neobank bank backed by Warren Buffett's Berkshire Hathaway, picked Polygon to build its native Web3 ecosystem. Since the Oct. 20 announcement, MATIC price has rallied by nearly 12% and was trading for $0.95 as of Oct. 26.
Furthermore, the massive MATIC outflow from exchanges coincides with the soaring trading and sales volume of Reddit nonfungible token (NFT) avatars. These digital collectibles are minted as NFTs on the Polygon blockchain.
From a technical perspective, MATIC has broken out of a bullish continuation pattern, dubbed a bull flag, whose profit target sits almost double the token's current valuation, as shown below.
MATIC also shows similar strength against Bitcoin (BTC), according to a technical setup shared by Kaleo, an independent market analyst.
"The predominate structure is a HTF [higher timeframe] flag dating back to May of '21 that looks ready for another leg higher," the analyst wrote while citing the chart below.
"I'm expecting a small retrace before breaking out / continuing higher," he added.
Related: Bitcoin will shoot over $100K in 2023 before ‘largest bear market’ — Trader
The MATIC/BTC setup could propel the pair to 0.000065 BTC by early 2023 versus the current price of 0.0000458 BTC, a 30% price rally.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
