Amidst a dip in NFT sales this year compared to the highs of summer 2021, brands like Casio and celebrities such as Caitlyn Jenner are demonstrating continued faith in the potential of digital collectibles. Statistics show that NFT transactions are significantly lower this year. In addition, once valuable NFTs are now being sold for much less than what they were purchased for a few years ago. For example, CryptoPunk #5822, which holds the record for the most expensive CryptoPunk sale, sold for 8,000 Ether in 2022, valued at around $23 million at the time. On August 19, the NFT was transferred to an anonymous crypto wallet for an undisclosed amount. However, this downward trend hasn’t deterred everyone from engaging with NFTs.
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Uniswap Labs, the company behind the Uniswap decentralized exchange (DEX) protocol, has surpassed $50 million in cumulative front-end fees. The revenue stream stems from a 0.15% fee implemented on user transactions through the Uniswap web interface and wallet app last October. The firm increased this fee to 0.25% in April, contributing to the rise in collected fees. Since the start of the year, these fees have surged from $3.7 million to over $50.6 million, marking more than a thirteenfold increase. Uniswap continues to dominate the DEX landscape, maintaining its position as the largest platform by trading volume. In July alone, Uniswap facilitated $54 billion out of a total $154 billion in swap volume across all DEXs, accounting for nearly one-third of the market.
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Today’s crypto market crash has resulted in Bitcoin and large-cap altcoins squandering much of this week’s gains. The Bitcoin price fell to $63,800, down nearly 6% from this week’s high of $68,100. The altcoins are faring much worse, with the Ethereum price down over 9% today. Nevertheless, most experts remain confident that the crypto market is on the cusp of a major bull run. Indeed, smart money traders are searching for the best crypto to buy during the dip. Several factors are contributing to the weakness in the cryptocurrency market. The recently approved spot Ethereum ETFs saw $133 million in net outflows, sparked by $326 million worth of withdrawals from Grayscale’s ETHE ETF. As in the case of Bitcoin spot ETFs, experts believe that Grayscale will continue to record heavy outflows, owing to its high management fees. Consequently, the Ethereum price could adopt a bearish stance over the coming days before a bullish recovery.
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