Binance tightens NFT rules: Nifty Newsletter, Jan. 18–24
Lawyers believe that NFT court orders could help reach defendants that cannot be contacted using ordinary means.
In this week’s newsletter, read about how nonfungible token (NFT) sales reached 101 million in 2022. Learn how NFTs can be used to summon defendants who cannot be reached using traditional methods, and see how toys play a role in the NFT and Web3 ecosystem. Check out how Binance is tightening its rules on NFT listings, and don’t forget this week’s Nifty News, featuring the resurgence of former U.S. President Donald Trump’s NFTs.
NFT sales topped 101 million in 2022: DappRadar report
A report published by decentralized app tracker DappRadar shows that NFT sales in 2022 reached 101 million, representing a 67.57% increase compared with 2021.
The report also shows that the Ethereum blockchain remains the top contender in the NFT ecosystem, with 21.2 million transactions processed in the year. The network is followed by WAX (14.5 million), Polygon (13.3 million) and Solana (12.9 million).
NFT court orders could become a norm in crypto-related litigation: Lawyers
In blockchain-based crimes where defendants are unreachable, crypto lawyers believe that serving court orders through NFTs could be a solution. Agustin Barbara, managing partner of The Crypto Lawyers, said that summoning defendants through NFTs is a good tool for blockchain crime when it’s impossible to identify bad actors.
In this situation, summoning the unknown entity would be conducted by sending an NFT court order to the blockchain wallet address where the stolen assets are held. Barbara believes that this is a good way to reach the accused when standard methods like sending an email don’t work.
NFT Steez and Cryptoys CEO discuss the future of toys and entertainment within Web3
Cointelegraph’s podcast NFT Steez interviewed Will Weinraub, founder of Cryptoys, to talk about the role of toys in the NFT and Web3 space. Weinraub discussed various points, including the adult craving for the element of play and the evolution of play in gaming and NFTs.
Apart from this, the NFT executive highlighted that crypto and tokenomics are an important foundation in blockchain gaming and said that the sector would likely develop more in the next year.
Binance tightens rules on NFT listings
Crypto exchange Binance has made stricter rules for NFT listings. In an announcement on Jan. 19, the exchange said it would delist NFTs with an average daily trading volume below $1,000 from Nov. 1, 2022 to Jan. 31, 2023. This will apply to NFTs listed before Oct. 2, 2022.
Apart from this, NFT artists will only be able to mint up to five digital collectibles in a day starting Jan 21, 2023. The company said that all NFTs not meeting the new requirements would be delisted from the platform on Feb. 2, 2023.
Nifty News: Trump NFTs surge 800%, Yuga Labs blacklists NFT exchanges and more
The NFTs released by former United States President Donald Trump spiked in sales volumes, up to 800%, according to NFT sales tracker CryptoSlam. Some believe the surge is connected to Trump’s return to social networks ahead of the 2024 U.S. elections.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.