NFT Sales Decline 7.69% in Early September as the Digital Collectibles Market Adjusts

September 11, 2024

The first week of September hasn’t brought much improvement to the world of non-fungible tokens (NFTs). Sales dropped by 7.69% over the seven days, with the total number of NFT transactions slightly exceeding 1 million—a sharp 36.93% decrease compared to the previous week.

NFT Sales Struggle with a 7.69% Drop in September

According to data from cryptoslam.io, NFT sales took a hit, falling by 7.69% to reach $82.31 million in the first week of September. Ethereum-based NFTs accounted for $30.92 million in sales, a relatively minor decrease of 0.92% compared to the previous week.

Solana, on the other hand, fared worse, with $14.23 million in sales—a significant 25.16% decline—yet still managed to hold the second spot in the rankings. Bitcoin-based NFTs secured the third position with $10.9 million in sales, reflecting a 20.18% drop from the previous week.

Top NFT Collections Face Mixed Results

Leading the NFT sales this week was Ethereum’s Cryptopunks collection, generating $4.92 million in sales over seven days—though this represents a 9.24% decline from the previous week.

In second place was Guild of Guardians, built on the Immutable X blockchain, which recorded $3.2 million in sales. The Luxemarathoner collection on the BNB blockchain claimed third place with $2.6 million, boasting a massive gain of 4,441.73%.

High-Value NFT Sales Continue

The most expensive NFT sale of the week was Cryptopunk #6,915, which sold for $1.46 million just two days ago, according to cryptoslam.io. The second-highest sale was GETH Locked Deposit on Arbitrum, which fetched $419,000 three days ago.

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Rounding out the top three, a Bitcoin-based Ordinal Maxi Biz NFT sold for just over $80,000 two days ago.

Market Reflections and Outlook

The recent performance of NFTs reflects a shifting market dynamic, where even top-tier collections are experiencing mixed outcomes.

As the NFT landscape evolves, these fluctuations may indicate broader trends in digital asset engagement, with collectors and investors adjusting to the changing market conditions.

The resilience of certain collections suggests that interest in NFTs remains strong, albeit with cautious optimism.

Conclusion

Despite the overall downturn, certain NFT collections continue to thrive, demonstrating the market’s potential for recovery.

As the digital collectibles space matures, the upcoming weeks will be crucial in determining whether this decline is part of a larger trend or a temporary market adjustment.

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How Blockchain Technology Is Changing The Global Payments Industry?

The advent of digitization has been felt the most in the field of financial payments. Brands like PayPal, Wise, Venmo, WeChat, and others have made global payments easier. This has allowed businesses and individuals to overcome some of the barriers of traditional banking. In many ways, the hegemony and monopoly of big banks and financial institutions are being challenged. However, the payment companies that have been mentioned have themselves assumed monopoly status in our times. In this regard, newer advancements like Cryptocurrencies and Blockchain Technology have come to offer an alternative to many. In this resource article, we are going to look at how Blockchain Technology is changing the global payments industry. If you are looking at a new, financially inclusive, and technologically advanced payments systems, you can explore the same on this website. Major Benefits of Integrating Blockchain Technology in Payments Systems Reduction of Hidden Costs and Time- As we know, Blockchain Technology operates digitally on a ledger system that runs according to nodal points. This means that this system is transparent, easily trackable, and can help in building confidence. This can help build confidence in business deals and payments. Using Blockchain Technology in payments can help eliminate the plethora of hidden charges that exploit users. Secondly, using the technology means processing payments can become incredibly fast, secure and efficient. Better Connectivity and Accessibility- One of the major goals of Blockchain Technology is financial inclusion. It can help open a major section of the world’s unbanked population to financial inclusion. A payments system that runs on Blockchain does not require a bank account. You need internet and a smartphone. This is something that can be incredibly beneficial in underdeveloped countries. There are tons of barriers to formal banking, including distance, paperwork as well as lack of physical presence. Blockchain technology can help cross-country connectivity and accessibility. Allow for the Growth of the Multi-Billion-Dollar Remittance Economy- There are millions of individuals who send money to their homes and families every day. However, a major sum of the money they send back is deducted due to hidden fees, conversion costs, and more. a payments system that runs on Blockchain does not suffer from such problems. According to experts, the application of Blockchain to the remittance economy needs to be explored. Newer platforms like ‘Hi’ are changing the game as far as remittance payments and processing are concerned. This is allowing families to get more money than before. Blockchain Technology in Payments: Open, Innovative and Interconnected The first thing that you need to know about Blockchain technology is that it is ‘Open’. In other words, open networks are what run the entire system. One of the biggest advantages of the same is that anyone can build and improve the existing technology. This is a lot like WordPress, which is an ‘Open-Source Platform’. This ensures that the technology does not become the monopoly of the few. There is scope for continuously improving the existing systems for the benefit of everyone on the Blockchain. Many people criticize the Blockchain for it being insecure. They are not aware of the fact that the entire Blockchain system cannot be hacked. A case in point is Bitcoin payments. Ever since its inception, countless attempts have been made to hack the same. However, every one of them has proved to be futile. In other words, a payments system like Hi that runs on Blockchain is accountable, responsible, and completely 100% safe! It benefits from the absence of countless regulations that act as hurdles and drives solely from all the benefits of Blockchain. Blockchain technology is the safest and most efficient way to send payments to any part of the world. The system is fuelling traditional banks and economies to base their CBDCs to leverage digitization of payments and financial payments. Payment systems are faster, safer, and far more efficient for consumers. There is an inbuilt sense of responsibility, accountability, and transparency. This is particularly suited for businesses that deal with vendors and stakeholders across their national borders. The trust factor enables better business deals and agreements. Transactions are stored digitally making them far easier to store, track, and access. You do not need to maintain physical hard copies of the same. The Final Word The impact on Blockchain Technology is only going to grow in the coming years. There is a reason why financial giants like PayPal have picked up a significant stake in Bitcoin. Traditional banks and financial institutions are definitely going to act as barriers. However, the opinion and demands of the general people and businesses are going to overshadow these barriers. If you have any more questions on Blockchain Technology in payments systems, let us know in the comments below.
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The US Treasury Department makes a powerful advertisement for Monero

How will blocking the Tornado Cash mixer affect the crypto market? The desire of the US authorities to block the popular Tornado Cash protocol can only lead to a sharp increase in the popularity of tokens with high anonymity, such as Monero and the like. Interestingly, in recent weeks, this is at least the third strong signal that XMR will be almost an ideal coin for investment. Cryptocurrencies as a whole rebounded from the bottom at the beginning of the summer. And gradually recovering the positions lost against the background of sanctions and economic uncertainty. A big event in the world of Monero is scheduled for August 13 – a large-scale update that should simplify the work with the token, further increase its security, and, in general, give more opportunities to investors. Most of them choose Monero precisely because of the security of the token. A specific feature of Monero is ring signatures, the algorithm of which makes it impossible to determine the specific two sides of transactions. You will always have to choose from several equally likely people who verified the transaction. Before the update, the ring size was 11 people, after the update, it will be 16. Which, mathematically speaking, increased the already high level of anonymity by at least 30%. Now there is a new signal that Monero and other protected tokens are the right choices for the foreseeable future. On August 8, the US Treasury Department added Tornado Cash and its associated digital wallet addresses to the sanctions list. Focusing on the US Treasury, the project addresses were blocked by Circle, Infura, and Alcemy. Github went the furthest, blocking the account of Tornado Cash developer and co-founder Roman Semenov. The United States has thoroughly taken up the regulation of the cryptocurrency sphere; Tornado Cash is not the first and certainly not the last tool against which sanctions are being imposed. A side effect is sure to be a sharp increase in the popularity of protected tokens – yes, you need to call Monero again. It has already added 40% of the cost in recent weeks, and after August 13, in combination with the activity of the US Treasury, its cost may fly into space.
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Early Bitcoin Developer Backs Satoshi Nakamoto Theory

Jeff Garzik Releases New Videos on Working with Bitcoin’s Mysterious Creator Jeff Garzik, a prominent Linux contributor and early Bitcoin developer, who contributed to the Bitcoin project from 2010 to 2017, has unveiled a series of new videos that delve into his experiences working alongside Bitcoin’s enigmatic inventor, Satoshi Nakamoto. Garzik shares unique insights from his time with the project’s founder. Joining the Bitcoin team in July 2010, Garzik was instrumental in early software releases and made significant contributions, including the first proposal to increase the block size limit and to remove subsidies for free transactions. During Satoshi Nakamoto’s tenure as the project maintainer, Garzik’s pull requests were accepted, including important work to separate the mining code from the main client. The newly released videos offer a rare glimpse into Garzik’s recollections of working with Satoshi. One of the intriguing topics covered is whether Satoshi was an individual or a group of people. Garzik reflects on Satoshi’s coding style, comparing him to a “lone genius” similar to the character portrayed in “A Beautiful Mind.” “Satoshi as a coder, he’s more the ‘A Beautiful Mind’ type lone genius,” Garzik recalls. “When I was a computer science major, we thought highly of ourselves as coders, and we would notice that some of the other disciplines, the chemists, the biologists, the physicists, they had to do it, but they didn’t approach it as a profession. Satoshi was the same way.” Garzik speculates that Satoshi understood the problem he aimed to solve but lacked certain foundational knowledge such as “modularity” and “unit testing” which computer science majors typically learn. Instead, Satoshi is described as someone who “wisely pulled cryptographic solutions off the shelf” and combined existing crypto primitives in novel ways to create Bitcoin. Garzik also describes Satoshi as a “self-taught” programmer who was humble about his limitations. He notes that Satoshi was highly focused on Bitcoin, never divulging personal details or deviating from discussions about the project. “Satoshi would never stray from that topic. He would never let slip any personal information whatsoever, never talk about his mood, the time of day,” Garzik says. “It was always 100% all about Bitcoin.” The videos span the period from Garzik’s initial involvement through Satoshi’s resignation from the project in January 2011, after which Gavin Andresen took over as lead maintainer. These revelations come amid a broader trend of early Bitcoin contributors sharing their experiences. Notably, Martti ‘Sirius’ Malmi and Adam Back have recently published extensive email correspondence with Satoshi in connection with a public trial in the UK. Although Garzik has not yet released emails with Satoshi, the videos produced by his new venture, Hemi Network, represent the most extensive public discussion he has had on the subject in recent years. Launched in July, Hemi Network aims to provide a “modular Layer-2 protocol for superior scaling, security, and interoperability,” powered by Bitcoin and Ethereum. This initiative follows Garzik’s growing interest in blockchain networks beyond specific base-layer cryptocurrencies, as seen in his previous project, Metronome. Garzik left the Bitcoin project in 2017 after serving as lead maintainer for a hard fork of the Bitcoin protocol. Despite initial support from the startup ecosystem, the hard fork did not formally launch.
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River Secures Over $800 Million Worth of Bitcoin, Launches Proof of Reserve

In a significant move aimed at restoring trust in the cryptocurrency industry, River, a leading U.S. Bitcoin exchange, has launched River Proof of Reserves. This initiative is designed to provide clients with verifiable proof that their Bitcoin holdings are fully reserved, setting a new benchmark for transparency following the recent failures of high-profile exchanges like FTX. The Importance of Transparency in the Crypto Space The collapse of exchanges such as FTX has left many consumers wary about the security and integrity of cryptocurrency platforms. With billions of dollars in losses, the need for increased transparency and accountability has never been more crucial. River’s introduction of Proof of Reserves addresses these concerns directly, allowing clients to verify that their assets are not only held securely but also completely backed by the exchange’s reserves. Alex Leishman, CEO of River, emphasized the initiative’s significance, stating, “River Proof of Reserves is about more than verifying our balances; it’s about reinforcing River’s commitment to integrity and long-term client trust.” This commitment to transparency is vital as it seeks to build unshakable trust with clients who have been impacted by the volatility and uncertainty in the crypto market. A Closer Look at River Proof of Reserves River Proof of Reserves allows clients to independently confirm that River holds their Bitcoin in full reserve, secured in multi-signature (multi-sig) cold storage. Multi-sig technology adds a layer of security, requiring multiple keys to authorize transactions. This approach ensures that funds are not only safeguarded against unauthorized access but also that the exchange operates transparently. Currently, River secures over $800 million worth of Bitcoin for its clients. The company’s innovative feature enables users to verify their holdings through a straightforward process, reinforcing their confidence in the exchange’s operational integrity. Leishman pointed out, “We’re leading by example by proving every month that your Bitcoin is exactly where we say it is.” By committing to regular transparency updates, River aims to inspire other exchanges to adopt similar practices, further enhancing trust across the entire industry. The Ripple Effect of Enhanced Transparency The introduction of Proof of Reserves is not just a win for River and its clients; it has broader implications for the entire cryptocurrency ecosystem. Increased transparency can help prevent practices like fractional reserve banking, which has historically led to bank failures and economic instability in the fiat system. By ensuring that Bitcoin exchanges maintain full reserves, the risk of destabilization due to excessive leverage can be significantly reduced. If more exchanges follow River’s lead and demonstrate their full reserves, it could restore faith in intermediaries within the cryptocurrency space. This restoration of trust is essential for the long-term growth and stability of the market, encouraging more users to engage with Bitcoin and other digital assets confidently. Building a Trustworthy Future Leishman’s call for industry-wide adoption of transparency standards resonates with a growing sentiment among cryptocurrency advocates. As the market matures, the emphasis on security, accountability, and customer trust will play a pivotal role in shaping the future of digital asset exchanges. By creating an environment where users feel secure in their investments, the industry can attract more institutional and retail investors alike. Moreover, increased transparency can lead to enhanced regulatory scrutiny, ultimately benefiting the market. Regulators are becoming more interested in ensuring that exchanges operate within clear guidelines, which can foster a healthier, more competitive landscape. As exchanges adopt practices like Proof of Reserves, they not only comply with regulatory expectations but also position themselves as leaders in a rapidly evolving market. Looking Ahead: The Future of Bitcoin Exchanges As River sets a new standard with its Proof of Reserves initiative, the expectations for cryptocurrency exchanges are shifting. Clients are no longer content with vague assurances about their asset security; they demand verifiable evidence of reserves and operational integrity. In this context, the role of technology becomes paramount. Innovations in blockchain technology can provide real-time transparency and traceability, allowing clients to verify their holdings instantly. Future developments may include automated systems that continuously monitor and report reserve levels, further enhancing trust and reliability. As the industry continues to evolve, we can expect more exchanges to adopt similar transparency measures. This movement could pave the way for a new era of trust and accountability in the cryptocurrency space, encouraging widespread adoption and legitimizing Bitcoin as a viable asset class. The Impact on Bitcoin Adoption In addition to fostering trust among existing users, increased transparency can have profound implications for Bitcoin adoption. As consumers become more confident in the security of their investments, they may be more likely to engage with Bitcoin, whether through trading, investing, or using it for everyday transactions. Moreover, as institutional investors increasingly recognize the importance of transparency and security, they may be more inclined to allocate resources toward Bitcoin and other cryptocurrencies. This influx of institutional capital could drive up demand, potentially leading to higher valuations and further legitimizing Bitcoin as a mainstream asset. Conclusion: A Step Towards a Secure Future River’s launch of Proof of Reserves marks a pivotal moment for the cryptocurrency industry. By prioritizing transparency and accountability, River is taking significant steps to rebuild trust among clients and the broader market. As other exchanges take note and adopt similar practices, we could witness a transformation in how digital assets are perceived and managed. In the face of past challenges, River is leading by example, setting a high bar for operational integrity and client trust. As the industry continues to navigate the complexities of a rapidly changing landscape, initiatives like Proof of Reserves will play an essential role in fostering a secure, transparent, and trustworthy future for Bitcoin and cryptocurrency exchanges overall. bitcoinmagazine.com
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10 Tips on How To Get Organic Traffic For Crypto Startups

As a crypto startup, your success needs to get free attention to your website. Organic traffic is the number of people who find your website through search results that don’t cost you anything. Below are ten ways to get free attention to your cryptocurrency startup. The article was written with the help of FINPR who help crypto companies with crypto SEO. Create High-Quality Content: Creating high-quality content that is useful to your audience is one of the best ways to get organic traffic. You can write educational or useful blog posts, make infographics, or make videos. By making content that is interesting and useful, you can get more people to visit your website and improve your chances of getting higher on search engine results pages. Optimize Your Website: You need to optimize your website to make it show up more often in search results. Using keywords in your text, meta tags, and headings is one way to do this. You should also make sure that your website works well on mobile devices, loads quickly, and is easy to use. A well-optimized website is more likely to rank higher in search engine results and get more traffic from search engines. Use social media: Social media is a great way to promote your material and bring people to your website. By sharing your information on social media, you can reach more people and get them to check out your website. You can also connect with your followers and get to know them through social media. Use email marketing. Email marketing is a good way to stay in touch with your audience and get people to visit your website. You can use email newsletters to let your subscribers know about your new content, promote your goods, or offer them special deals. You can build a loyal crowd that is more likely to visit your website if you use email marketing. Influencer marketing is a way to spread your brand by working with people who have a lot of followers on social media. By teaming up with people who have a lot of followers, you can reach more people and get more people to visit your website. Influencer marketing can also be used to build your brand and boost your reputation in the industry. Guest blogging is a great way to get your name out there and get people to visit your website. By writing guest blog posts for other websites in your field, you can reach a new audience and connect with other writers. You can also put a link to your website in your guest posts, which can bring more people to your site. PR and posting your articles on the best crypto blogs is also a good idea. Do Keyword Research: Keyword research is the process of finding the terms that your target audience is looking for. By doing keyword research, you can make sure that your website and content are optimized for the terms that your audience is most interested in. This can help you get a better ranking in search engine results and get more traffic from search engines. Participate in online communities. Online communities are a great way to connect with your target audience and get people to visit your website. You can take part in industry-related forums, social media groups, or Reddit posts. By giving something of value to the community and getting involved, you can build relationships and get people to visit your website. Use video marketing. Video marketing is becoming more and more popular, and it’s a great way to get people to your website without paying for ads. You can get more people to visit your website and build relationships with your audience by making movies that teach or entertain. Video marketing is another way to get the word out about your goods or services and boost sales. Use local SEO. Local SEO is the process of making your website better for local search results. If you have a storefront, it’s important to use area keywords on your website. This can help you get a better ranking in local search results and get more customers in your area. You can also promote your business and get more people to visit your website by listing it in local directories and on review sites. In conclusion, your crypto company needs a multi-pronged plan to get organic traffic. By using the ten ideas listed above, you can make it more likely that people will visit your website. If you are looking for people who’ll help with crypto SEO, crypto PR company FINPR is a good choice. In the past few years, FINPR has done SEO for 5+ crypto startups as well as crypto media and has SEO Packages for any budget.
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NFT Sales Decline 7.69% in Early September as the Digital Collectibles Market Adjusts

NFT Sales Struggle with a 7.69% Drop in September

Top NFT Collections Face Mixed Results

High-Value NFT Sales Continue

Market Reflections and Outlook

Conclusion

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