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Non-fungible tokens (NFTs) saw a 15% increase in trading volumes thanks to the US Securities and Exchange Commission (SEC) not filing an appeal in the Grayscale bitcoin Trust case.
According to the chain data aggregator CryptoSlam.io, the nft ecosystem saw a substantial 15% increase in the last 24 hours. The total trading volume exceeded $9.7 million. Notably, there has also been a 5.9% increase in the number of investors actively acquiring NFTs.
ethereum-based nft collections exhibited a notable 26.7% increase in sales, contributing $5.2 million in trading revenue during the same 24-hour period.
Digital collectibles on the Mythos Chain and Solana blockchain have also seen notable spikes, racking up trade sales of $1.3 million and $1 million, respectively. Mythos Chain NFTs recorded a 4.5% increase, while Solana-based NFTs exhibited an impressive 23.5% increase.
Grayscale vs. SEC
Grayscale, a digital currency asset management company, has been at odds with the SEC following the latter’s rejection of its attempt to convert its bitcoin Trust into a more investor-friendly btc spot ETF.
In June 2022, Grayscale launched a legal dispute against the regulator after its initial rejection of the bitcoin ETF proposal without providing a specific reason. In August, a Washington, DC appeals panel declared the SEC’s decision invalid and arbitrary, stating that the SEC should review its actions because they were incorrect.
The future of the Grayscale bitcoin Spot ETF remains uncertain. Its approval has important implications for the cryptocurrency market and, indirectly, for the nft space. As the two are interconnected, the decision on the approval of the Grayscale ETF will likely have a substantial impact on the nft market.
UK calls for nft copyright protection
Separately, a cross-party committee of the UK Parliament urged the government to take action to safeguard the rights of artists and consumers in the nft market.
Committee members expressed concern about fan tokens in sports, a type of digital token that gives fans special access and rewards from their favorite teams. Their findings, detailed in a 500-page report, highlight the impact of blockchain and NFTs on art and culture.
The report praises nft technology for creating new opportunities for artists, such as reaching new audiences, fostering creativity, and establishing ownership and originality. However, it also raised concerns about NFTs, including fraudulent activities and potential legal violations.
Almost 95% of NFTs have no market value
Adding to the current evolution of the nft market, dappGambl reports that almost 95% of NFTs now have no market value. By their estimate, a staggering 69,795 out of 73,257 digital collections have a market capitalization of zeo ethereum (eth).
This revelation paints a bleak picture of the current state of the nft market. A large majority of the collections remain unsold. Only 20% of identified collections have been able to obtain full ownership, underscoring the challenging landscape nft creators and buyers now face.
