ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3

ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3

Whenever it looks like non-fungible tokens (NFT) mania is starting to slow down, the trend gains traction and starts moving towards new highs yet again.

This growing interest in NFT has seen their sales surging to $10.7 billion in Q3, representing an outstanding 704% increase from the previous quarter and a 38,060% increase year-over-year, according to a Dapp Radar report.

In the last two months, the NFT market had an explosion with August’s record-breaking trading volume of $5.2 billion.

While renowned celebrities like Snoop Dogg, Shaquille O’Neal, and Steve Aoki and top fashion brands like Gucci, D&G, and Burberry are the latest members of NFT space, blue-chip NFT projects like CryptoPunks or the Bored Ape Yacht Club continue to propel it into the mainstream.

NFT marketplace OpenSea meanwhile continues to be the economic center of this meteoric rise. 3.8 million NFT purchases on OpenSea in Q3 have beaten Q1 and Q2 by a huge margin which recorded 193k and 357k purchases, respectively.

Its number of unique daily buyers averaged 17.4K in Q3, an 815% increase over the 1.9K unique daily buyers in the previous quarter.

NFT games continued to capture people’s interest and generated $2.3 billion in trading volume, representing 22% of the total NFT volume.

Coming into Q4, Google search interest for “NFT” is slowing down, which could be due to heightened fees on Ethereum “but with Twitter previewing NFT profile verification for its 26 million daily active users, NFTs could see yet another surge in Q4,” states Coin Metrics.

While other blockchains like Solana (SOL) and Tezos (XTZ) are also joining the NFT movement, Ethereum is dominating the space. In Q3, there were a total of 9.88 million transfers of ERC-721 tokens on Ethereum, an increase of 305% over the 2.44 million in Q2. SOL 0.11% Solana / USD SOLUSD $ 154.28
Volume 2.58 b Change $0.17 Open $154.28 Circulating 298.12 m Market Cap 46 b
7 h ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3 1 d Shiba Inu (SHIB) Leads the Crypto Market, Currently the Most Traded Asset on Binance, Coinbase, and Huobi 2 d Citadel Founder Says Regulating Crypto Will Make It “A Smaller Market” And “That’ll Be Good”
XTZ -2.26% Tezos / USD XTZUSD $ 7.64
Volume 707.03 m Change -$0.17 Open $7.64 Circulating 862.31 m Market Cap 6.58 b
7 h ERC-721 Token Transfers on Ethereum Surge to Nearly 10 Million as NFT Sales Hits $10.7B in Q3 1 d Arab Bank Partners With Tezos (XTZ) for Crypto Custody and Staking 2 d Bitcoin Breaks Above $50,000 Showing Strength Against Weakness in the Stock Market

The success of NFT has been a boon for ETH adoption with the long-anticipated fee burn mechanism implemented to Ethereum amidst the backdrop of JPEG summer. More than 406k ETH worth $1.35 billion were burnt during Q3.

With these ETH burns, daily net ETH issuance has come down, and there have been three such days so far that had negative (deflationary) issuance.

ETH’s annual inflation rate was about 4% in the months just before EIP-1559, with an average of 13.5K issued daily. Since the EIP 1559 launch, the annual inflation halved to about 2%, with daily issuance averaging 6.4K.

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Author: AnTy

Fintech Revolut Is Launching its Own Token, Which Will Be Earned By Users

Fintech Revolut Is Launching its Own Token, Which Will Be Earned By Users

Fintech company Revolut that offers cryptocurrency buying, selling, and trading, is now exploring launching its very own cryptocurrency token.

About three months back, the UK-based neo bank raised $800 million in funding at a valuation of $33 billion. Revolut has more than 16 million customers and sees over 150 million transactions per month.

Revolut offers access to more than 50 cryptos and, in its earnings call in June, said crypto services make up about 20% of its revenue.

Now the company is planning to launch its own token, which will be something like an exchange token instead of a stablecoin, reported CoinDesk, citing two people with knowledge of the plans.

“It’s a ‘Revolut users earn a token’ type of thing, similar to Wirex and Nexo,” said the source. Card issuer Wirex has a token called WXT, and the crypto lender Nexo has the  NEXO token.

The launch of the token, for which Europe and locations outside the US are being targeted, is subject to approval from the U.K.’s Financial Conduct Authority (FCA).

The firm already holds a European Union banking license and recently secured a US broker-dealer license to compete with the likes of Robinhood and Square, after launching in the U.S. last year just as the pandemic began.

“We are building a single app where people can manage all aspects of their finances, from banking and foreign exchange, to cryptocurrency and stock trading,” said CEO and founder Nik Storonsky at the time.

A couple of weeks back, Revolut became WeWork’s first enterprise members to pay for office space in Dallas using Bitcoin. The office-sharing giant first began accepting crypto as payment in April.

The company will eventually aim for a public listing in the UK, US, or maybe even a dual listing, Storonsky said.

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Author: AnTy

dYdX Records $6.5B Volume to Surpass BitMEX & Coinbase Driven by China Crypto Ban & Liquidity Mining

DYDX token surged past $22.50, making its airdrop worth $100k. However, the token holders do not get a share of the trading fees earned on the platform, which goes to dYdX Trading Inc and equity holders.

As China cracks down on crypto declaring virtual currency-related business activities, including the provision of services by overseas exchanges to Chinese residents through the Internet to be “illegal financial activities,” decentralized finance (DeFi) is gaining a lot of traction in the country.

One DeFi project, in particular, is enjoying increased activity; decentralized derivatives exchange dYdX.

“China’s strong regulatory policy may benefit DeFi applications such as MetaMask and dYdX,” said Wu Blockchain as it noted, “A large number of Chinese users will flood into the DeFi world… All Chinese communities are discussing how to learn defi.”

In the last 24 hours, dYdX perpetual recorded more than $6.5 billion in trading volume, according to Coingecko. With these numbers, dYdX has outperformed the popular centralized crypto exchange BitMEX, which saw $1.69 billion in volume and has reached closer to FTX and Bybit, seeing just over $8.5 billion each.

In terms of open interest, dYdX is in 14th place with $483 million in OI compared to Binance Futures’ more than $8.23 billion, which sits in first place and records $56.7 billion in volume.

Late on Sunday, dYdX founder Antonio Juliano shared on Twitter that five years ago, he left leading US crypto exchange Coinbase to eventually found dYdX, and now for the first time, his platform is “doing more trade volume than Coinbase.”

Coinbase, which is a spot exchange, recorded $3.1 billion in volume.

Besides China turning to decentralized exchanges, this growing volume could also be driven by all the hype going around the platform usage, creating a feedback loop and the liquidity mining programs currently underway.

Users who trade on the exchange get to earn tokens through this program. Token rewards are based on the total fees paid and OI on the dYdX exchange. The first epoch of this reward incentive program ends on Sept 28, and there are currently just over 3.8 million DYDX tokens worth more than $86.3 million in this reward pool for distribution.

Given that the value of the DYDX token is on the rise, this further fuels this frenzy of activity on the platform.

Up more than 91.5% since the weekend, the DYDX token today hit a new all-time high at $22.56 thanks to growing usage.

Launched earlier this month, the governance token which was airdropped to its users and for which United States’ users were not eligible is currently worth $100,000.

Currently, DYDX has a market cap of about $1.1 billion based on the circulating supply of 50.855 million DYDX, out of the 1 billion total supply.

Amidst the ongoing dYdX mania, the crypto community got to know that all the trading fees earned on the platform go to the dYdX Trading Inc. Equity holders of the DyDx Foundation actually earn a percentage of the revenues generated by the exchange.

Also, the token holders can’t vote for the fees to be shared among them because, according to the team, “trading fees aren’t part of the smart contracts owned by the token.” And there are no plans to do any token burns either.

In the past 7-days, dYdX earned $12.55 million in revenue, the fourth-largest, and $29 million in the past 30 days.

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Author: AnTy

Microsoft Wins US Patent for Creating Crypto Token Service

Microsoft Wins US Patent for Creating Crypto Token Service

Leading American tech corporation Microsoft has been granted a blockchain-related patent to introduce ledger-independent token services. The patent was issued by the United States Patent and Trademark Office (USPTO).

Microsoft Aims To Solve Interoperability Issues

The patent will enable Microsoft to build a system that facilitates the creation and management of tokens across multiple blockchain networks. The system would also provide token templates to depict each type of digital asset while defining its controls and functions.

With this approach, the patent would allow developers to write code for tokens on different platforms all at once.

According to the announcement, Microsoft aims to solve the problems surrounding creating tokens for different distributed ledgers. Currently, it is difficult to do so due to the lack of standardization across different blockchains.

The Ledger-independent token service patent appears to be primarily aimed at developers using enterprise platforms rather than public blockchains. Notable projects in this category like Hyperledger Fabric, Quorum, R3 Corda, and Chain Core were mentioned in the patent.

Beside this project, Microsoft’s interest in interoperability can be seen in its involvement in the Token Taxonomy Initiative. Launched in 2019, this initiative is a token standardization project that enables enterprises to create blockchain-neutral tokens.

The issue of interoperability has become crucial as several crypto projects are actively involved in building solutions. One of such projects is the decentralized oracle network Chainlink, which introduced its Cross-Chain Interoperability Protocol (CCIP) earlier this month.

The new protocol aims to solve the security issues of existing bridges through the proper use of cryptographic primitives. It will also introduce a token bridge that will allow users to move their tokens across any blockchain network in a secure, scalable, and cost-efficient manner.

Despite its recent success, Microsoft awaits the verdict on a crypto mining patent filed last year. According to the application, the tech giant intends to develop a cryptocurrency system that enables individuals to mine cryptocurrency using their body activity data, eliminating the need for specialized mining machines.

Blockchain Patents Gaining Traction

Blockchain-related patent applications have increased in the last few years due to the wide adoption of blockchain technology and cryptocurrencies.

Per the Intellectual Asset Management Magazine report released earlier this year, Alibaba’s Ant group has filed for over 2,000 blockchain patents since 2015. In the United States, one of the largest financial institutions, the Bank of America, announced that it was granted 227 patents this year, 8% of which were blockchain-related patents.

However, IBM remains the highest blockchain patent holder in the US. Earlier this year, IBM partnered with Paris-based company IPwe to introduce the first global patent market to turn patents into non-fungible tokens (NFTs).

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Author: Jimmy Aki

Solana’s DEX, Mango Markets, Raises $70 Million in MNGO Token Sale

Solana’s DEX, Mango Markets, Raises $70 Million in MNGO Token Sale

Mango Markets, a decentralized exchange platform on the Solana blockchain, has raised $70 million in a just-concluded token sale.

MNGO Tokens Now Listed On FTX And Openserum

Investors initially locked up over $500 million in USDC in the DEX as they raced to get a piece of MNGO tokens. However, the token sale closed at $70M.

While announcing the conclusion of the token sale, Mango Markets revealed that the MNGO tokens are currently on offer on popular crypto exchange FTX and derivatives exchange Openserum.

Solana first introduced Mango markets in May this year as a decentralized autonomous organization (DAO) that also offers spot markets, perpetual futures, and lending. The project claims to provide users with lightning-fast network speed and near-zero transaction fees.

Liquidity is sourced from its pools and also from Serum, the Uniswap equivalent on Solana. Apart from being the governance token of the Mango Markets, Mango tokens give token holders the power to upgrade the protocol as they see fit. It also allows token holders to create incentives to reward participation and drive usage of the protocol.

Mango’s token sale appears to be one of the largest this year. Many decentralized finance (DeFi) protocols raise between $1 million and $15 million in seed-stage funding. However, Mango made a substantial $70 million. This rise from a budding project reflects the rising fortunes of the Solana blockchain.

The Solana Blockchain Rapidly Evolving

Mango markets’ $70 million token sale shows the growth and popularity of the Solana blockchain. The blockchain has seen strong support from developers and users over the past few months. This is because of its vital role in solving problems faced by Ethereum users regarding congested networks and high gas fees.

The number of projects building on Solana has increased tremendously. Currently, there are more than 400 projects in Solana’s ecosystem. Some of the most notable projects include Serum, Raydium,, Chainlink, Terra, Audius, USDC, USDT, and Pyth Network.

The networks based on Solana are also thriving. An example is Saber Labs which recently secured $7.7 million in an initial seed fundraising round led by early-stage venture capital firm Race Capital. Another is Wormhole, a communication bridge based on Solana that launched its mainnet to support inter-blockchain message transfers.

One of the principal backers of the Solana blockchain is Sam Bankman-Fried, the founder of crypto exchange FTX. Bankman-Fried has invested heavily into many of the projects currently built on the Solana blockchain.

This can be seen in the $314 million Solana Labs raised in June. Some of the major investors of the funding were Alameda Research (a firm backing FTX exchange), alongside Andreessen Horowitz and Polychain Capital.

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Author: Jimmy Aki

Uniswap Introduces Token Censorship On its Front-End Due to ‘Regulatory’ Reasons

Uniswap Introduces Token Censorship On its Front-End Due to ‘Regulatory’ Reasons, Protocol Remains Decentralized as Ever

Users can still trade the delisted 129 tokens that include synthetic stocks, currencies, commodities, inverse derivatives, options, and yield-generating tokens; via decentralized interfaces and aggregators.

A total of 129 tokens, synthetic stocks, synthetic currencies, synthetic commodities, inverse derivatives, options, index products, yield-generating tokens; has been removed from the leading decentralized exchange (DEX) Uniswap, announced Uniswap Labs, a software studio that contributes to the protocol.

The delisting has been done in response to “the evolving regulatory landscape.”

These tokens include the likes of Gold Tether (XAUT), Grup Cat, Opyn cDai Insurance, Zelda Spring Nuts Cash, multiple Mirrored stock tokens, and several Synth cryptos and Synth Inverse cryptos.

They represent a “very small” portion of the overall volume on the Uniswap Protocol, it said in the announcement.


The portal is an open-source interface for reliable interaction with the Uniswap Protocol. Unlike the interface, the Uniswap Protocol is a set of autonomous, decentralized, and immutable smart contracts which provide unrestricted access to anyone with an Internet connection, clarified the team.

As Banteg of Yearn Finance noted, “Uniswap has introduced token censorship on the main UI.”

It is the interface that is restricting the access to particular tokens, which is “consistent with actions taken by other DeFi interfaces” and has no impact on Uniswap Interface code or other portals or locally-run instances used to access the Protocol.

Users can basically still trade these affected assets via contracts, decentralized interfaces, or aggregators.

The crypto community didn’t take this news well, calling it a bad move. Some in the community wondered about the lack of UNI governance token holders’ input in the decision and the reason behind removing these particular coins, while others called for its demise.

“People can’t comprehend the difference between (a frontend owned by a company) and a protocol (a series of smart contracts hosted on ethereum) and cannot see this is regulator enforced,” commented influencer CryptoCobain who hosts UpOnly podcast.

“There’s no censorship at the contract level that’s the point of DeFi frontends are just a convenience for users. In a couple of years, only community run frontends will be around,” said a DeFi enthusiast.

Moving forward, Uniswap Labs said they would continue to develop products and contribute to the Uniswap Protocol in accordance with the broader DeFi industry’s values, that is, safe, transparent, and robust financial infrastructure to empower users around the world.

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Author: AnTy

Top Crypto Data Aggregator, Coinmarketcap Integrates Uniswap to Offer ‘Direct Token Swaps’

Top Crypto Data Aggregator, Coinmarketcap Integrates Uniswap to Offer ‘Direct Token Swaps’

  • Crypto data aggregator, Coinmarketcap launches Uniswap portal on its website introducing decentralized token swaps to millions of users.

Announced Tuesday,, a Binance-owned crypto data aggregator, introduced a Uniswap-powered token swap feature on its website. The feature aims to give eager crypto traders and investors a direct channel to make a swap as soon as they check the price of tokens.

According to the statement, integrated Uniswap (both V1 and V2) and the Ethereum blockchain. This allows anyone who has connected an Ethereum wallet to swap the thousands of Ethereum-based tokens through Uniswap. Other cryptocurrencies currently supported include Uniswap (UNI), AAVE, Tether (USDT), and Bitcoin (BTC).

The integration is expected to increase the overall volumes on Uniswap, the largest decentralized exchange by trading volume, with millions of visits on Coinmarketcap monthly. According to SimilarWeb, had over 270 million visits in the past month alone, showing the impact the integration could have on Uniswap’s volumes. A statement from Coinmarketcap’s team read,

“With the rise of altcoins in the DeFi [decentralized finance] boom, the need for seamless ways to exchange tokens for participating in different crypto products and ecosystems has become essential.”

The integration supports any wallet accepted by Uniswap, including Metamask, Coinbase, Portis, WalletConnect, and Fortmatic. To start swapping directly from Coinmarketcap, you need to navigate to the coin page you wish to swap. On the right-hand side of the page, click the converter and select the “Swap on Coinmarketcap” option to start swapping on Uniswap.

The new integration could help the top crypto data aggregator keep its position as Coingecko, the second-largest crypto data aggregator, closes in on the top spot.

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Author: Lujan Odera

Mythical Games Raises $75 Million Funding To Boost NFT-Based Gaming

Mythical Games Raises $75 Million Funding To Boost NFT-Based Gaming

The non-fungible token (NFT) market is no raging as much as it used to at the start of the year as demand from retail investors dropped sharply in Q2 2021. Despite the downturn, investments in NFT are still well alive as venture firms believe the NFT market will return to its glory days in the near future.

Mythical Games, the creator of the popular NFT blockchain game, Blankos Block party, raised $75 million in Series B funding led by growth equity fund WestCap Group. The funding aims to expand the firm’s blockchain gaming experiences and boost the development of the Blankos Block Party game.

The Series B funding round saw existing, and new investors participate in the round. New investors in the firm include 01 Advisors and influencer and serial investor Gary Vaynerchuk’s VaynerFund. The Series B funding brings the total funds raised by Mythical Games to $120 million to date.

The main attraction to Mythical Games is the Blankos Block Party, a blockchain-based NFT collectibles game that allows players to create their games and own their virtual worlds. The game is built around user-generated content and focuses on integrating the latest social media trends. Blankos also includes the Mythical Marketplace, where users can buy and sell avatar figures and in-game assets collected within the game or created by top artists and game developers in partnership with the firm.

Notwithstanding, the platform also includes the Mythical Economic Engine, which connects the gaming platform to other gaming engines and helps new game creators build regulatory-friendly NFT collectibles. Mythical Games CEO John Linden tells TechCrunch,

“With any new market like [NFTs], it goes through all these different cycles.”

“We think this will actually change gaming for the long haul. The more we talk to game studios, we’re finding more and more potential use cases.”

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Author: Lujan Odera

Crypto Exchange FTX Joins the NFT Trend, Launches Non-Fungible Token MarketPlace

Crypto Exchange FTX Joins the NFT Trend, Launches Non-Fungible Token MarketPlace

Popular crypto exchange FTX is diversifying into the non-fungible tokens (NFTs) scene with the rollout of the FTX NFT marketplace.

FTX Presents Unique NFTs

FTX NFT marketplace features unique tokenized assets that customers can bid on. Some of the NFTs are linked to real-world objects and are “redeemable” for their physical equivalents.

For example, one of the NFT tokens called “SBF Lunch” is redeemable for an in-person lunch or 30-minute Zoom conversation with FTX CEO Sam Bankman-Fried. Currently, the highest price for this NFT is $110,000, with the deadline for the bidding scheduled for June 17.

Other notable NFTs on the marketplace include FTX and FTX.US branded caps, hoodies, t-shirts, and socks alongside other NFTs listed by third parties.

The exchange’s NFT Platform runs on both the Ethereum and the Solana blockchain. While Ethereum is the blockchain of choice for most NFT marketplaces, Solana recently joined the party.

FTX created a standalone NFT marketplace called FTX US–which is separate from the global FTX marketplace.

NFTs are unique assets that can be bought and sold like most assets, but they have no tangible form or shape of their own. The tokens themselves are a form of certificates authenticating ownership of the virtual assets. NFTs generated a lot of buzz earlier this year, following the sale of some massive tokens, including the widely reported Beeple Artwork, which sold for $69.3 million at Christie’s Auction. At the time of the purchase, Beeple’s NFT was regarded as the most expensive NFT sale to date and the third biggest sale of any artwork worldwide.

Crypto Exchanges Rolling Out NFT Platforms

FTX isn’t the only exchange trying to take advantage of the NFT craze. Several crypto exchanges have either launched or shown interest in establishing their NFTs lately.

Gemini, the crypto exchange founded by the Winklevoss twins, owns the widely popular NFT marketplace Nifty Gateway—which they acquired in 2019. Another exchange entering the NFT sector is Binance. Binance is planning on rolling out its NFT platform in June. The exchange recently disclosed its business development initiative to onboard “100 Creators” to its forthcoming NFT platform. Leading Indian cryptocurrency exchange WazirX is also expecting to launch its NFT marketplace soon. At the same time, South Korean trading platform Korbit has hopped on the train.

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Author: Jimmy Aki

Fanatics-Backed NFT Platform, Candy Digital, Strikes A Deal With The MLB for Non-Fungible Token Trading

Fanatics-Backed NFT Platform, Candy Digital, Strikes A Deal With The MLB for Non-Fungible Token Trading

Non-fungible tokens (NFTs) are gaining more mainstream adoption by the day, and the latest is Candy Digital.

Candy Digital Launches With Lou Gehrig’s Speech

In the latest round of investment in the burgeoning NFT sub-sector, popular sports merchandise company Fanatics is partnering with Mike Novogratz’s Galaxy Digital and Gary Vaynerchuk of VaynerX in creating an NFT platform named Candy Digital.

According to a post by Major League Baseball (MLB), the company will be focused on producing sports NFTs and has already struck a deal with the baseball association.

Candy Digital will launch its platform with a 1-on-1 speech of MLB’s Hall of Fame player Lou Gehrig’s “Luckiest Man” rendition of July 4, 1939, after Gehrig was forced to retire due to ALS (popularly called Lou Gehrig’s disease). The proceeds will be used to support ALS charities.

Candy Digital says that MLB fans will easily purchase, collect, view, and trade NFTs.

The NFT platform will be hosted on layer two scaling solutions like Polygon and Immutable X on popular decentralized applications (Dapps) platform Ethereum. According to Candy Digital, it is looking to facilitate low gas fees, faster transaction resolution, and be 99% less energy-demanding than proof-of-work (PoW) the Ethereum network currently operates on.

Fanatics is a majority shareholder in the joint-venture with its Chairman Michael Rubin and Mike Novogratz serving as co-chairs of the NFT startup. Gary Vaynerchuk will serve as a board member.

Speaking on the new development, Michael Rubin said that Candy Digital is out to enable anyone to own a piece of their passion in whatever field they love. He also pointed out that the MLB partnership combines passion, community, innovation, and digital transformation.

The MLB is not a new face in the crypto space. As far back as 2018, the baseball league launched a crypto game called MLB Crypto Baseball, which it later re-styled as MLB Champions. However, it discontinued as the venture was not picking up the needed steam.

It also launched an NFT cards collection on the WAX blockchain in April.

Sports Leveraging The NFT Frenzy

NFTs are unique digital collectibles representing real-life assets. They are stored on the blockchain and are rare, given that they cannot be split.

The nascent sub-sector picked up significant steam after digital artist Beeple sold his 5000 Days NFTs for $69.3 million.

The world of sports has leveraged the NFT mania, and the National Basket Association (NBA) is a major player in this space. Its online marketplace, NBA Top Shot, has grossed over $700 million in sales in the past six months for video highlights of player moments.

The NFT market does not stop here. Ultimate Fighting Championship (UFC) is reportedly looking at the NFT space as well alongside Major League Soccer (MLS).

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Author: Jimmy Aki