In this week’s newsletter, we dive into the dynamic world of non-fungible tokens (NFTs) and their impact on the digital landscape, as nft sales skyrocketed to an impressive $129 million in November, according to Nansen data. Despite the increase in sales, OpenSea has laid off a substantial number of staff as it prepares to launch version 2.0 of its platform, and Elon Musk inadvertently defended bitcoin Ordinals. Meanwhile, an OpenSea investor took a 90% cut on his stake in the platform, and don’t forget this week’s Nifty News of The Simpsons roasting NFTs.
nft sales volume rises to $129 million in November: Nansen data
NFTs have seen a huge increase in weekly sales volume, with sales reaching 29,704 Ether (eth), worth approximately $56 million, and then rising to 68,342 eth (over $129 million) in a matter of weeks.
nft marketplace Blur had the highest trading volume in the last 30 days, with 161,433 eth, worth around $305 million, followed by OpenSea with 52,307 eth, worth around $100 million. Dollars. When it comes to nft collections, Bored Ape Yacht Club (BAYC) had the highest trading volume in the last 30 days, with 35,226 eth, which is roughly equivalent to $66.7 million.
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OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch
OpenSea announced on November 3 that it would lay off employees as part of its plan to launch OpenSea 2.0 with a smaller team. The company previously laid off 20% of its employees in July 2022 due to “crypto winter.” At that time it had a staff of 230 people.
According to the company, around 50% of employees would be affected across all functions. Those affected by the mass layoff would receive four-month severance packages, accelerated capital acquisition and six months of ongoing medical and mental care.
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Elon Musk criticizes NFTs but ends up defending bitcoin Ordinals
Tesla CEO Elon Musk unintentionally highlighted the case of bitcoin Ordinals, also known as bitcoin NFTs, during his recent appearance at the Joe Rogan Experience podcast. The billionaire noted that NFTs are often not stored on the blockchain, but are simply URLs that link to JPEG images.
bitcoin supporters used Musk’s comments to argue in favor of bitcoin Ordinals, which were launched in January by developer Casey Rodarmor. bitcoin ordinals are similar to NFTs, but are stored on the bitcoin blockchain.
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OpenSea investor cuts stake in platform by 90%: report
Coatue Management, a US-based technology investment firm, has written down the value of its stake in nft platform OpenSea by 90%. The company reduced its investment from $120 million to $13 million, reducing OpenSea’s valuation to $1.4 billion.
In addition to OpenSea, another company Web3 has also been downgraded. Coatue Management also reduced its investment in a Web3 payment provider called MoonPay by 90%.
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Nifty News: The Simpsons roast NFTs, Yuga Labs exec leaves after anti-Semitic tweets and more
The animated television series The Simpsons has shown an entire segment mocking NFTs in its Halloween special. In a segment called “Wild Barts Can’t Be Tokenized”, Homer coins Bart on the blockchain. The segment continued to poke fun at the industry and how the fear of missing out drives the market.
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SEE COINTELEGRAPH nft STYLE PODCAST
Thanks for reading this roundup of the week’s most notable developments in the nft space. Check back next Wednesday for more reports and information on this ever-evolving space.
