NFT Crash? Sales Volume Plummets to Lowest Since Peak in 2021
NFT sales and trading volume continued to decline in September, with total sales down 20% to $296 million from $373 million in August and down 81% from a peak of $1.6 billion in March to $296 million. Volume also fell 32%, from 7.3 million to 4.9 million. Still, the average price of NFT transactions rose 18%, from $50.71 to $60. Meanwhile, U.S. regulators, including the SEC, have begun cracking down on NFTs, investigating them, and fining platforms like OpenSea. But some industry leaders, like the CEO of Pudgy Penguins, believe the SEC’s actions are excessive.
CryptoKitties Make a Comeback as a New Telegram Crypto Game!
Iconic Ethereum NFT project CryptoKitties is coming back via a Telegram game called “All The Zen.” This is the first release for the CryptoKitties IP since its inception in 2017 and serves as the precursor to a reboot of the series on Dapper Labs’ Flow blockchain. The game allows players to hatch Kitties using the popular screen-clicking feature of Telegram games and earn “Zen” for in-game upgrades. Unlike other games that use the open network (TON), this game runs on Flow. Player progression will unlock future airdrops on Flow, providing a “play to egg drop” experience. The relaunch is fueled by the surge in Telegram games gaining massive popularity in 2024.
World Record Egg’s Crypto Tokens Are a Bit Rotten
The “Just An Egg” cryptocurrency project has been linked to the World Record Egg Instagram account but has faced serious controversy. After the launch of two Solana tokens, the project suffered a market collapse, with its market value dropping from $150 million to almost nothing. Investors are accusing the developers of price manipulation, with blockchain data showing suspicious wallet activity and claims that insiders inflated the token’s price before the sale. The project’s developers have been unresponsive, angering investors and prompting legal action. While some funds have returned, many are still concerned about the project’s future and past failures.
Tron Network Smashes Q3 Records with $577M in Revenue
Tron Network has surpassed major blockchains like Bitcoin and Ethereum by generating $577 million in Q3. This positive growth is driven by increased activity in stablecoins, particularly Tether (which accounts for 98.3% of all stablecoins on the network), and a push into the memecoin market. Tron’s revenue comes primarily from staking (74%) and token burns (26%). Its presence in regions with high demand for stablecoins, such as South America and Africa, has also contributed to this growth. Tron’s memecoin initiative SunPump has also generated $5.4 million in revenue since its launch in August.
SEC Appeals Ripple Ruling in Ongoing XRP Legal Battle
The U.S. Securities and Exchange Commission (SEC) has requested that Judge Analisa Torres overturn a ruling that Ripple’s secondary sales of XRP did not qualify as a security under the Howey test. The ruling was seen as a victory for Ripple and the cryptocurrency industry, though early sales to institutional investors were still classified as securities. The appeal comes after SEC Commissioner Gurbir Grewal announced his resignation. Meanwhile, Bitwise has filed for an XRP ETF trust, but SEC approval could be delayed due to ongoing legal battles.
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