Ethereum’s price falls by 15% amid a sell-off in tech stocks affecting global markets.
Meta, Facebook's parent company, is reportedly working on its own NFT marketplace.
Adidas Originals releases a new NFT collection in collaboration with Italian-luxury brand Prada.
NFT lending protocol Themis has launched on mainnet
ETH Tumbles Amid Market Sell-Off
In the last 24 hours, the price of Ethereum has fallen by more than 15% amid a market sell-off. Bitcoin hit a six-month low, down 44% from it’s ATH of nearly $69k on November 10th. Ethereum hit a four-month low of $2,500. The overall cryptocurrency market is down with a current market cap just under $2 trillion.
The decline came after a sell-off in tech stocks, led by heavy losses in Netflix shares after a Q4 report. Investors also parted ways with their stocks amid speculation that the Federal Reserve will make moves to raise interest rates and tighten financial conditions in an effort to slow inflation. The S&P 500 is down 5.2% over the last week. The Nasdaq Composite index is also down 7.6% this week, it’s biggest drop since the start of the pandemic.
Meta Plans To Launch NFT Marketplace
Meta, Facebook's parent company, is reportedly working on plans to launch its own NFT marketplace. According to the Financial Times, people familiar with the matter say that teams at both Facebook and Instagram are looking at NFT integration. Meta’s NFT marketplace would allow users to display NFTs on their profiles. A feature for minting NFTs is also being discussed.
The news comes after Meta recently announced NFT support for its upcoming metaverse product. Last month, Instagram CEO Adam Mosseri also said that the company was looking at ways to bring NFTs to a wider audience via Instagram. Meta's digital currency wallet Novi will likely be a key component in its push into NFTs. Total NFT trading volume has already surpassed $4 billion this month alone.
Adidas Announces Prada NFT Launch
Adidas Originals has announced the launch of a new NFT collection in collaboration with Italian-luxury brand Prada. The collection features 3,000 NFTs referred to as tiles. Each individual tile will be a Polygon-based NFT featuring a photograph adapted and modulated with a filter. The minted tiles will then be used in a final artwork piece by artist Zachary Lieberman. The final NFT will be minted on mainnet and will be auctioned on SuperRare starting January 28th.
Users interested in minting the free NFT must upload a photo that will be minted as tile and used in the final auction piece, if selected. 1,500 whitelist spots are allocated for Adidas’ Into the Metaverse NFT holders. An additional 500 spots are allocated for users with failed transactions from the Into the Metaverse NFT mint. Proceeds from the auction will be split between non-profit organization Slow Factory, the artist, and 15% shared between all participants who created a tile NFT.
Gem.xyz NFT Aggregator
Gem.xyz has announced the launch of its NFT aggregator. Just like Genie.xyz, Gem allows users to purchase multiple NFTs in a single transaction. However, Gem also features a marketplace browser, enabling users to discover NFTs across OpenSea, Rarible, Larva Labs, NFTX, and NFT20. Users can also pay with any ERC20 token with swaps being routed through Uniswap v2/v3, Sushi, and 0x.
Gem does not support the recently launched Looks Rare marketplace, but plans to add it to the aggregator at a later date. Gem claims to save users up to 39% on gas fees through the use of optimized smart contracts in Yul, a low-level programming language for Ethereum. Gem was previously launched as the Cross-Asset-Swap in early 2021.
NFT Lending Protocol Themis Goes Live
NFT lending protocol Themis has launched on mainnet. Users can now use their Uniswap v3 liquidity position NFTs as collateral for a loan. Themis also features an Auction House where users can bid on liquidated LP NFTs at discounted rates. Lenders on the platform are able to lock up stablecoin deposits for 3, 6 or 9 months in exchange for a higher APY. Themis claims to be the first protocol that allows users to lend, borrow, stack yield, auction and leverage UNI-V3 NFTs.
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