A federal decide has dismissed a high-profile lawsuit towards Yuga Labs, the corporate behind Bored Ape Yacht Club (BAYC), ruling that its NFTs don’t meet the authorized threshold to be thought of securities. Key Takeaways: A US decide dominated that BAYC NFTs and ApeCoin don’t qualify as securities underneath the Howey Test. The court docket…
The non-fungible token (NFT) market has witnessed an abrupt end to its brief recovery period, shedding over $1.2 billion in value within a single week. Following a substantial 40% surge since mid-July, recent data from NFT Price Floor revealed that the aggregate valuation of NFT collections plummeted to $8.1 billion, marking a 12% decrease from…
Anatoly Yakovenko, co-founder of the Solana blockchain, has described memecoins and NFTs as “digital slop,” even as the network continues to benefit massively from the hype surrounding these assets. In a July 28 post on X, Yakovenko argued that memecoins and NFTs lack inherent value. He compared them to loot boxes in mobile games, which…
Solana co-founder Anatoly Yakovenko has dismissed meme coins and NFTs as “digital slop” with no intrinsic value, comparing them to mobile game loot boxes, despite his blockchain hosting the most active meme coin ecosystem, which generates billions in trading volume. Yakovenko made the comments during a Twitter exchange with Base’s Jesse Pollak, questioning whether Zora…
Large volumes of Pudgy Penguin’s PENGU tokens are flowing from the project’s deployment address to centralized exchanges (CEXs), raising questions amid a strong market rally. On July 28, blockchain analyst EmberCN, citing Arkham Intelligence data, reported that more than 206.9 million PENGU tokens, valued at approximately $8.91 million, were transferred to various CEXs within the…
The United States Court of Appeals for the Ninth Circuit has largely overturned a district court’s $9 million judgment in favor of Bored Ape Yacht Club creator Yuga Labs, dealing a significant blow to the NFT company’s landmark trademark victory against artist Ryder Ripps and associate Jeremy Cahen. The appeals court ruled on July 23,…
Arthur Hayes, Chief Investment Officer at Maelstrom and former BitMEX CEO, has shared a highly optimistic outlook for Ethereum (ETH), predicting that the digital asset could reach a new all-time high of $10,000 by the end of the year. In a July 23 blog post, Hayes described ETH as “the most hated large-cap crypto,” likening…