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Non-fungible tokens (NFTs) are making (yet another) comeback.
Over the past 24 hours, NFT sales volume has increased by more than 30% to $50.5 million, according to CryptoSlam.
That said, transactions have seen a small decline of less than 0.5%, which amounts to 313,887 at the time of writing.
Among the top 5 collections, Saga Monks has seen the highest sales increase in percentage terms. The 369% is followed by Bored Ape Yacht Club 145%.
Source: CryptoSlam
But there is much more going on in this area than just numbers.
Check out the top NFT-related news being discussed today in crypto circles and beyond.
Elon Musk removes NFT PFPs from Twitter, making this the top NFT news today
Unsurprisingly, this was today’s biggest news.
The social media giant, now called Xremoved support for NFTs from the premium subscription page.
The option was still available on January 9. The “Create a Community” section still said, “As a Premium subscriber, you can create and customize your profile so you can show off the NFTs you own in a hexagon profile photo on your account.”
It continued: “After temporarily connecting to your crypto wallet that allows you to set an NFT as your profile photo, your digital asset will be displayed in a special hexagonal shape that identifies you as the owner of that NFT.”
The FAQ page also contained a number of NFT-related questions, answers and explanations.
Starting January 10, the “Create a Community” section will simply say, “As a Premium subscriber, you can create a community on X to connect with people who share your interests.” Quite vague and clear.
There are currently no mentions of NFTs anywhere on the premium support page.
Many argued that this was a relevant tool that helped strengthen security in space.
why did elon remove the hexagon nft pfp from x?
this was an important feature for subscribed users to help identify nft owners apart from scammers
I do not support this decision
— drone (@dronerogan) January 10, 2024
However, some felt that Twitter may be gearing up to offer its own exclusive NFTs. This option was particularly criticized because it would be another centralized entity trying to profit from its users through potentially useless tokens.
Are NFT ETFs next?
The Securities and Exchange Commission (SEC) has finally approved the first Bitcoin Exchange Traded Funds (ETFs) in the US.
But NFT platform Epic Prime asked: “The next step, NFT ETFs?”
The platform argued: “Compared to traditional ETFs that often focus on stocks or commodities, we envision that an NFT ETF would allow investors to have a diversified portfolio of NFTs such as collectibles, digital art and virtual real estate, allowing you investing in these assets in easily accessible security.”
Some funds could also be developed to become select NFT baskets to limit the volatility of individual NFTs.
We have been given the green light! SEC Approved 11 Spot #BitcoinETF
Next: NFT ETFs?
Compared to traditional ETFs that often focus on stocks or commodities, we envision that an NFT ETF would allow investors to have a diversified portfolio of NFTs such as collectibles, digital art and… pic.twitter.com/aoDYpLXX5F
— EPIK Prime (@EpikPrime) January 11, 2024
As the market grows, the possibility of an NFT ETF looks promising, Epik Prime argued.
If more capital comes into the sector, it could open many doors. This includes greater liquidity, lower fees and specialized ETFs that focus on specific sectors such as art, gaming, music and IP-backed NFTs. Will the NFT news section soon include an ETF announcement?
OpenSea simplifies wallet creation: only email required
Dealing with NFTs can be daunting. Just setting up everything needed to start an NFT journey can be complex. This is a known obstacle to mainstream adoption.
Large NFT marketplace Open sea stated that it was launching “a new way to get started” on the platform. Users can create a wallet with just an email address.
It is a self-managed wallet so users maintain control over their NFTs.
They can then buy, sell and transfer the tokens with support for credit and debit card purchases.
NFTs just got a lot easier.
Introducing the new OpenSea onboarding experience, where you can sign up and create a self-managed wallet with just an email address. pic.twitter.com/C4xjjKYg4k
— OpenSea (@opensea) January 9, 2024
Users can also manage funds and view transactions on the blockchain without a separate wallet extension.
It can be used in all nine EVM-based chains that are OpenSea compatible.
We appreciate you saying so, Polygoon! 🫡
— OpenSea (@opensea) January 10, 2024
