• The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active NFT traders, according to DappRadar.
• NFT trading volume has fallen 51%, with sales declining about 16%, since the beginning of March.
• Projects from NFT issuer Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, saw their floor prices dip slightly on Saturday but quickly recovered.
Web3SVB Collapse Tanked NFT Trading Volumes
The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active non-fungible token (NFT) traders, according to DappRadar – a number not seen since November 2021. Single NFT trades totaled 33,112 on that day–the lowest daily tally so far this year–with overall trading volume falling 51% and sales declining 16% since the beginning of March.
Yuga Labs Collections Remain Stable
Projects from NFT issuer Yuga Labs saw their floor prices dip slightly on Saturday but quickly recovered. One Twitter user compared CryptoPunks to USDC claiming it was more stable than the stablecoin which lost its peg to the U.S dollar after Silicon Valley Bank’s collapse.
Animoca Brands Back Nuqtah Platform
Animoca Brands co-founder and Executive Chairman Yat Siu reacted to this report and discussed his outlook for the NFT market and broader state of Web3 moving forward. Additionally Animoca Brands recently backed Nuqtah – Saudi Arabia’s first ever marketplace platform for digital collectibles – in an undisclosed seed investment round by Animoca Brands’ venture arm The Sandbox Fund
Reaction From CEO Of Yuga Labs
Yuga Labs also recently welcomed a new CEO in Daniel Alegre who gave his first public appearance since assuming the position last week; discussing his vision for Yuga Lab’s future as well as how he plans to foster innovation within blockchain technology while staying competitive within their industry..
Outlook On The Market
Yat Siu remains optimistic on the potential growth of Web3 despite current market conditions: “We have seen tremendous growth in gaming over recent years driven by convergence between mobile gaming existing players… As we look ahead into 2021 I believe we will see similar developments with blockchain gamers driving further adoption across multiple industries.”
• Starbucks Odyssey, the coffee company’s Web3 loyalty program, released its first limited edition non-fungible tokens (NFT), called “Stamps.”
• The 2,000-item “Siren Collection” was priced at $100 and allowed members to buy up to two stamps each.
• Despite technical issues, the collection sold out in 18 minutes with secondary sales quickly soaring.
Starbucks Odyssey Launches NFT ‘Stamp’ Collection
Starbucks Odyssey, the rewards program currently in beta, released its first limited edition non-fungible token (NFT) drop called “The Siren Collection.” Members of Starbucks Odyssey were able to purchase up to two “Stamps” from an edition of 2,000 featuring the brand’s iconic siren for $100 each.
Technical Issues In Launch
Despite the interest in purchasing Stamps from The Siren Collection however, launch was not without issues. Members of the Starbucks Odyssey Discord group reported problems accessing the site and error messages due to high traffic on the website.
Sellout & Secondary Sales Soar
Despite these issues however, The Siren Collection sold out in 18 minutes and secondary selling prices quickly soared past the initial $100 price tag. As of this update, Stamps have already been resold for more than $550 each.
Rewards Program Benefits
The reward program allows members to complete activities such as quizzes and in-store purchases for a chance to earn Stamps which can be collected or resold on Nifty Gateway. It is unclear what other types of NFTs will be included as part of future rewards programs from Starbucks Odyssey.
Despite technical difficulties at launch time, The Siren Collection from Starbucks Odyssey has already proven to be a popular choice among loyal customers looking for ways to show their appreciation for their favorite coffee shop by collecting digital memorabilia that can also be exchanged through a marketplace platform like Nifty Gateway.
• Swing, a cross-chain liquidity protocol, released a new product to reduce the time needed to deploy and update decentralized applications across multiple blockchains.
• The new product, Swing Platform, will be provided to developers during ETHDenver conference for Ethereum developers.
• The product can be used to propagate fast updates of cross-chain applications in “critical scenarios” when it is necessary to disable tokens or bridges due to security flaws.
Cross-Chain Protocol Swing Introduces ‘No-Code’ Product
Swing, a cross-chain liquidity protocol, has released a new “no-code” product that aims to reduce the time needed for deploying and updating decentralized applications across multiple blockchains. Developed specifically for Ethereum developers attending ETHDenver conference, the new product called Swing Platform eliminates the need for changing code in order to update configurations and deploy updates.
What Does Swing Platform Do?
The main purpose of this product is to help propagate fast updates of cross-chain applications in scenarios where it is necessary to disable certain tokens or bridges due to security flaws. In this way, developers are able to respond quickly even if something happens outside of ordinary working hours and nontechnical team members can take action.
Risks of Cross Chain Bridges
Cross chain bridges often used for moving digital assets back and forth between different networks are frequently targeted by hackers which leads up high costs in terms of stolen assets according Chainalysis – blockchain security firm estimated costs at $2 billion during first eight months of 2022 only. That makes it even more important for development teams have proper mechanisms for responding quickly and effectively when such incidents occur.
Benefits Of Using Swing Platform
By using no-code platform like Swing Platform developers can benefit from easier deployment and updating process as well as improved security measures with faster response times when it comes critical scenarios where certain tokens or bridge needs disabling due potential security breach. Furthermore, smaller development teams that don’t have resources or tech skills required for coding can also take advantage of these benefits offered by no-code platforms like Swing Plaform.
Swing Plaform represents an important step towards making decentralized application development easier while increasing their overall security level by providing faster responses in case cross-chain bridge hackings or other types of incidents occur making them less appealing targets for malicious actors looking score quick profits through stealing digital assets from unsuspecting users.