According to Odaily, NFT perpetual contract trading platform Nftperp has reported a significant error within its contracts, known as clearingHouse. The platform has temporarily suspended all contracts that are susceptible to attacks until further notice. The team is actively assessing the situation and will provide updates shortly. The nature of the error has not been disclosed, and it is unclear when the suspended contracts will be reinstated. The incident underscores the potential vulnerabilities in the rapidly evolving NFT market. Further details are expected to be released as the situation develops.

NFT-related projects are making substantial strides in development activities, as recently reported by Santiment, a prominent market intelligence platform. The latest data reveals intriguing shifts among leading projects, indicating a robust undercurrent of innovation that could shape future market trends.

This vibrancy and constant evolution highlighted by Santiment‘s analysis is based on a meticulous study of the GitHub activities. This analysis tackles that question, with one of the crucial criteria being the number of non-redundant GitHub activities to indicate the developmental momentum of each project. 

So this provides a way of looking at which projects are not only still active but of which ones are actively improving and increasing capability.

A Shift in Leadership: Flow Takes the Lead

The most remarkable among all of the latest developments from the Santiment report is that the development activity of Flow blockchain has reached the peak and has overtaken Decentraland as Flow was ranked first in the development-based rankings of last month. 

The Flows rise to the top can be attributed to Dapper’s growing ecosystem and with more developers executing on building Flow-based applications that make use of more powerful, user-centric blockchain architecture.

The Top NFT Coin by Dev Activity

Flow Blockchain ($FLOW ): Taking the lead for the first time, Flow development activity signals a commitment to expanding the functionality and use cases of the platform.

Decentraland ($MANA ): While overtaken by Flow, Decentraland is still a major force in the space and making further pushes toward enhancing its VR platform, enabling users to build, experience, and monetize digital content and applications.

Metaplex ($MPLX): This is responsible for supporting the creation and sale of NFTs, involved in the digital art and collectibles sector.

We see Axie Infinity ($AXS ) and Enjin ($ENJ) and The Sandbox Game ($SAND) all pioneering in the gaming and virtual world space, taking user experience to new levels using NFTs.

Aavegotchi ($GHST)Bounce Finance ($AUCTION)PUNK ($PUNK)NFTX ($MASK) — Unique Ways of Contributing to the NFT Ecosystem 

Now, how do these projects (from various backgrounds including DeFi integrations to rare digital item marketplaces) benefit the NFT ecosystem as a whole.?

Notably. this development activity is more than ranks make or break. This is a perfect example of how blockchain technology is making its way into the broader digital interaction and transportation space. 

The active development ecosystems of these platforms imply a maturing market that not only attracts speculative speculation, but one that also lays the groundwork for large utility and user engagement in the future.

🧑‍💻 Here are crypto's top NFT-related coins by notable development activity in the past 30 days. This list is compiled by counting any non-redundant github activity of each project. Flow has overtaken Decentraland for the #1 spot after the projects were flipped in last month's… pic.twitter.com/sQapfF0MnB

— Santiment (@santimentfeed) June 13, 2024

Implications for the NFT Market and Beyond

The consequences for this increased development activity is massive. While this quickening pace of innovation is bullish for investors and users, it makes the winners harder to spot and also warns the market is no way set. 

For example, projects that remain active in development offer more stability and a broader range for the platforms it manages, making them more likely to be adopted and having a token of greater value.

An added benefit of the iterative improvement across these platforms is that it keeps the blockchain and NFT sectors at the leading edge of technology making more users and developers enter the space. 

This sort of thing will only become more commonplace as the projects grow and become part of a larger, sharing economy that’s enabling more advanced applications to be built that could fundamentally change how we interact with digital assets online.

When we think of iconic sports, there is no other one like football. Football is the sport that surrounds the world and is the most watched, played and loved form of entertainment around the world. When we think about football, there are so many iconic moments to choose from and this spans back decades. Nearly every team in the world has an iconic moment and even if it isn't iconic to all of football, some moments are still iconic to the club. As someone who loves crypto and investing, the collaboration of football and investing is one of my favourite things and it doesn't happen enough, with one of the most recent times being Sorare and their deal with the Premier League and looking at football now, if I could pick some iconic moments to be NFTs which would I choose and why?

Aguerooooo

The biggest league in the world is the Premier League and the most iconic moment in football history is between Aguero and QPR. So let me paint the scene for you, it's the last day of the season, and city rivals Manchester City and Manchester United are in a title fight that is heading down to the last second, all City need to do when they first title in 60 years is so beat a team who are on the cusp of relegation. As the clock ticked on, a header from Dzeko made the game even at 2 goals each and then, in the 93rd minute of the season, one of the last kicks of the season and the game, Aguero got the ball and scored the goal that won City the League and changed football forever. This is the best moment in footballing history and it would sell for a lot if it was as an NFT.

Greece Do the Impossible

When we look at the European Championship winners since its inception, there are several teams that you just expect to win and Greece are not one of those teams. In 2004 when Greece started to pick up speed in those years Euros, people started to think about the chance of Greece doing the ultimate underdog story. Their group stage went really well and when they beat France in the Quarter Finals, which was something that no one predicted with the Euro 2024 bets because the France squad was so strong. Getting to the final was already a good enough Tournament for the players and the fans but they would have obviously wanted to win and this is where the NFT could come in. When Charisteas’ goal hit the net and the players started to celebrate, a special moment for players and the fans was born and this would make for a beautiful NFT.

The Miracle In Istanbul

In the year of 2005, Liverpool defied the odds and made it to the Champions League final to face one of the best sides of the last 25 years, AC Milan. Going into the game a lot of people wrote Liverpool off because their team wasn't as strong as people thought it needed to be when playing in the Champions League final and for the forest 45 minutes, these worries were right as Liverpool went into halftime seeing themselves three nil down. As soon as the third goal hit the net, everyone collectively agreed that it was over. Until Steven Gerrard, Xabi Alonso and Vladimir Smicer reduced the lead and sent Liverpool to extra time. When the thirty minutes of extra time came and went, penalties were the decider here of who would be crowned champions. A hero stepped up in this and it was Liverpool's goalkeeper, Dudek, who saved two penalties and won Liverpool their trophy. The final save being an NFT would be iconic and wanted by fans everywhere, except AC Milan fans obviously.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

 

According to BlockBeats, Aperture Finance, an intent-focused solver network, has seen its total staked tokens exceed one million within three days of launching its staking functionality. Stakers can enjoy up to 50% APR returns and gain rights related to NFTs.

Aperture Finance combines AI with Intent to create a new type of chatbot supported by underlying Intent infrastructure. This chatbot allows users to 'state their goals' in natural language and leverage the solver network for better execution and pricing.

Coinspeaker South Korean Retailers Begin Scaling Back NFT Operations

Top South Korean NFT retailers are shutting down their non-fungible token (NFT) platforms as the broader market cools down. Lotte Home Shopping has announced that it will shut down its NFT shop on July 2nd. Lotte Home, which is Lotte’s e-commerce arm, was launched in May 2022 as part of the company’s project to create a metaverse business.

Lotte’s NFT Shop differentiated itself from others when it used Korean won (KRW) as its transactional currency. This system was implemented to allow non-crypto users to access the platform. The company also released its own Bellygom NFT character and partnered with artists and brands like virtual influencer Lucy and the horror movie “The Witch: Part 2” to expand its NFT offerings.

Following the termination of its NFT shop service, Lotte Home Shopping will disengage itself from the NFT business as the remaining digital assets of the company, including Bellygom NFT, will be managed by Daehong Communications. According to a local news outlet, an official from Lotte Home stated:

“In order to streamline the NFT business, we will terminate the operation of our own NFT shop… Daehong Communications will operate the NFT business, including Veligom NFT, as the NFT project hub.”

Decline in NFT Trading Volume Prompts Strategic Shift

Lotte is not the only major South Korean retailer scaling back its NFT ambitions. Hyundai Department Store has also shut down its H.NFT electronic wallet service, which offers customers discounts and benefits. Meanwhile, Shinsegae, another South Korean retail store, has reduced the perks associated with its NFT-based loyalty program.

Large companies are terminating their NFT business due to declining NFT trading volume. According to data from Dune Analytics, the monthly NFT trading volume on leading marketplace OpenSea has plunged from a peak of $3.6 billion in February 2022 to just $41 million as of last month, a 99% drop. Aside from this, according to NonFungible.com’s market tracker, between January and December 2023, NFT’s sales volume dropped from 18,939 to 1,796.

Thus, with this decline in sales volume, industries are now refocusing their efforts on strengthening their core business areas rather than investing resources into NFT initiatives that have failed to gain traction. The exit of these prominent players represents a setback for the NFT market in South Korea, which had seen a flurry of activity from major brands just a year ago.

Cautious Optimism amid a Cooling NFT Market

As the hype around NFTs fades and trading activity plummets, South Korean retailers are pragmatically reassessing their strategic priorities and allocating resources accordingly. Despite the noise reduction and market value decline, some NFT holders are still optimistic about the future growth of digital assets.

According to research conducted by FastCompany, some NFT owners, like Jacob Jackson, a technology writer, remain hopeful in the bullish movement for NFTs. However, he agreed that not all his acquired digital assets had surged in price. He’s not in a hurry to offload any, as the market is still quiet, and as new buyers start entering the space, there is a chance for the older NFTs to start yielding profits.

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South Korean Retailers Begin Scaling Back NFT Operations

The co-founder and chief technology officer at Untrading, Yale ReiSoleil, Jr., shared insights about the future of finance and blockchain technology in an exclusive interview with crypto.news.

At 16, ReiSoleil founded Untrading, a non-fungible token (NFT) and cryptocurrency trading platform that allows users to get future rewards on their sold assets. This is made possible through a technology outlined in an Ethereum Improvement Proposal called ERC-5173 — NFT Future Rewards (nFR), which he co-authored.

ReiSoleil says that his interest in coding and development stemmed from his love for video games, citing an interest in “discovering loopholes that would allow me to progress faster or unlock hidden features,” he says.

Here is the interview with the 17-year-old CTO of Untrading.

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Q: We’ve seen major NFT collections drop 90% in today’s market — are NFTs on the way out?

A: NFTs are currently experiencing a market correction, much like the broader crypto market. The 90% drop in some major collections is a reflection of the speculative frenzy that drove prices to unsustainable levels during the peak of the hype cycle. However, this correction does not signal the end of NFTs as a technology or as a valuable asset class.

It’s important to recognize that the NFTs most people refer to are the speculative, often copycat, lazy, and childish cartoons that have flooded the market in recent times. These unimaginative imitations of earlier, category-creating projects like Cyberpunks and CryptoKitties have largely relied on the “greater fool” effect, hoping to find buyers willing to pay even higher prices. The demise of these low-effort “collections” is unsurprising and arguably necessary for the market to mature.

However, the NFT framework itself holds immense potential beyond these speculative projects. As the market evolves, we can expect to see a shift towards NFTs that offer tangible benefits, real-world use cases, and long-term value propositions.

Q: “The true power of NFTs lies in their ability to drive the convergence of virtual and real-world assets, enabling new forms of ownership, provenance, and value creation.”

A: As the underlying blockchain technology and smart contract capabilities continue to improve, NFTs will play a significant role in various industries. From gaming and art to supply chain management and intellectual property rights, NFTs have the potential to revolutionize how we create, own, and trade assets in the digital age.

Moreover, NFTs offer a unique opportunity to properly realize the value of provenance in asset ownership. By providing an immutable and transparent record of an asset’s history, origin, and ownership, NFTs can unlock new value streams and create more equitable marketplaces for creators and owners alike.

In conclusion, while the recent price drops in speculative NFT collections may seem alarming, they are a necessary step in the market’s maturation process. The demise of unimaginative copycat projects clears the way for the emergence of more sustainable and value-driven NFT ecosystems. As technology advances and awareness grows, NFTs are poised to play a significant role in shaping the future of asset ownership and value creation across the virtual and real world.

Q: How do you see the future of blockchain technology for mainstream use by 2030?

A: This is a tricky question as we will definitely see drastic changes in the coming years. Just look back 6–7 years and see how antiquated everything looked back then. This tech moves extremely fast, and any projections will most likely be absurd when looking in hindsight.

However, if I were to make some, I believe that the major improvement we should see is a drastically better User experience (UX) and onboarding. It is foolish to expect any person interested in using the blockchain to have to learn several complex concepts and navigate a minefield that could easily result in loss of funds/mistakes if not careful.

The current complexities surrounding this tech greatly hinder its mass adoption. However, it is still important for users to have control over their own keys and funds, and this is where Externally Owned Accounts (EOAs) and Account Abstraction will shine. Only once we have achieved ease of usage can we see a massive increase in usage, which would, in turn, make more people interested and lead to more innovation. It is a great positive feedback loop.

Read more: The crypto industry is going forward and onward amidst mixed signals | Opinion

Key Points:

Manta Network's Grant Program offers up to $50,000 for early-stage projects.

The EcoFund supports diverse projects in DeFi, Gaming, and NFTs.

Manta Network invests $35 million in promising projects and $10 million in high-growth grants.

Manta Network EcoFund invites innovative individuals, offers grants up to $50,000 for early-stage projects, and invests in applications aligning with its vision.

Manta Network EcoFund Now Live With $50M Offering For Applications

Manta Network announces a $50 million EcoFund, making a great stride toward fostering a powerful blockchain ecosystem. This, along with the Ecosystem Grant Program, affords project financing and developmental backing to new-gen projects.

Passionate Individuals Invited to Join Manta Network EcoFund

Manta Network invites all passion-driven individuals to join the team of Mantalorians, renowned for their dedication, hard work, and community sensibility. Being part of the EcoFund is about sharing these values and getting support along the journey of growth.

Source: Manta Network

The Manta Network Ecosystem Grant Program offers support and grants of up to $50,000 to early-stage projects to bring innovative ideas to life with critical initial funding.

Manta Network is highly committed to the projects put in front of it and furnishes such stringent support, hence creating a nurturing environment that is catalytic for the teams to fully grow.

Within the diversely focused EcoFund, projects on DeFi, Gaming, and NFTs are supported, which paves the way for a vibrant and multi-dimensional ecosystem.

Readmore: Biden Crypto Donations Aim To Fight Against “Crypto President”

Manta Network's Investment in Native Applications and High-Growth Areas

Another goal of the EcoFund is growth supercharged by direct investments in native applications and technology partners. Manta Network believes in investing in projects that align with its long-term vision and hence fostering a collaborative ecosystem.

According to their announcement, thirty-five million of this is invested directly in promising projects on the Manta Network, which further drives the core application development and technological advancement going on here. Another 10 million goes to grants aimed at helping specific interest categories focused on high-growth areas.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Kalao (KLO) is positioning itself within the NFT space on the Avalanche (AVAX) blockchain by incorporating virtual reality (VR) into its environment. It has a Virtual Reality showroom and DeFi elements integrated within its NFT marketplace. Likewise, RUNE is also used to pair tokens with other assets in the platform’s liquidity pool, making them more valuable and useful. 

These innovations make Kalao one of the leading firms in technological advancement in digital asset trading. Like 5thScape, Kalao is breaking barriers by integrating new-age technologies with the blockchain concept to target tech enthusiasts and increase the adoption of NFTs and VR in the crypto sphere.

5thScape Vs. Kalao Vs. Rune: A Detailed Review 

Click here to know more about 5thScape! 

Various factors make 5thScape, Kalao, and Rune different. Let us understand their comparative analysis before claiming for a coin to lead the list. 

Technological Innovation

5thScape excels as a premier gaming Metaverse, delivering an immersive VR experience with captivating 3D games. Its proprietary VR hardware enhances immersion, including a state-of-the-art headset and ergonomic motion chair.

Moreover, 5thScape’s comprehensive approach combines immersive VR experiences, proprietary hardware, and a strong community around its native token, 5SCAPE. This positions it as a leader in the gaming arena, boosting player immersion and satisfaction¹.

In contrast, Kalao positions itself within the NFT space by incorporating VR into its environment. It features a Virtual Reality showroom and DeFi elements integrated within its NFT marketplace.

Like 5thScape, Kalao aims to increase NFT and VR adoption by integrating new-age technologies with blockchain concepts.

Besides, Rune pairs tokens with other assets in its liquidity pool, enhancing their value and utility. While Kalao and Rune offer unique innovations, 5thScape’s dedicated VR/AR technology sets it apart as a front-runner in this competitive space. Its integrated ecosystem and commitment to player satisfaction position it for future success. 

User Engagement 

5thScape boasts an active and passionate community. Their engagement contributes to the platform’s growth and development. The substantial presale of $6.1 million in its first phase indicates investor confidence and interest in 5thScape’s vision and potential.

Kalao’s VR and DeFi elements integration has attracted users interested in NFTs. Its growing user base reflects its appeal within the crypto community.

Rune’s role in pairing tokens with other assets in liquidity pools enhances its value proposition.

While Kalao and Rune are making strides, 5thScape’s presale success and active community position it as a leader in market adoption. Its dedicated user base and innovative approach set it apart.

Financial Performance 

5thScape successfully raised $6.1 million in its presale. This substantial amount reflects investor confidence and provides a solid foundation for its growth. Moreover, analysts also suggest that early 5thScape investors would yield 600x profits by 2025. 

Besides, Kalao has received financial backing and investment within the NFT market. This support contributes to its development and expansion.

Rune’s financial performance is closely tied to the success of its liquidity pools.

While Kalao and Rune show promise, 5thScape’s impressive presale funding underscores its strong market position. The substantial investment signals trust in its vision and potential.

Ecosystem and Partnerships

5thScape aims to become a fully integrated VR ecosystem where developers and architects collaborate to create alternative realities. It offers immersive games, a VR headset, and an ergonomically perfected chair. It is actively exploring partnerships within the VR industry. These alliances could enhance its ecosystem, drive adoption, and foster innovation.

Besides, Kalao has established partnerships within the Avalanche blockchain community. These collaborations contribute to its growth and ecosystem development. It is also involved in collaborations related to NFTs (non-fungible tokens) and DeFi (decentralized finance). These sectors play a crucial role in shaping its ecosystem.

In contrast, Rune focuses on partnerships that enhance liquidity and utility. By connecting with other projects and platforms, it aims to create a robust ecosystem for its users.

While Kalao and Rune have their strengths, 5thScape stands out due to its comprehensive VR ecosystem. It offers gaming experiences and envisions a decentralized marketplace for developers and content creators, streaming opportunities, and a robust tokenomics system powered by the 5SCAPE token. 

The potential strategic partnerships within the VR industry give 5thScape a competitive edge, positioning it as a leader in the immersive reality space.

Future Prospects 

5thScape has ambitious plans to release several VR games, including titles like “Cage Conquest” and “Epic Cricket Arena.” These games are expected to drive demand for the 5SCAPE token.

Beyond gaming, 5thScape envisions a developer marketplace for VR content, set to launch in 2025. This marketplace will enhance the ecosystem’s value and foster innovation within the VR space.

Besides, Kalao’s future growth lies in its NFT and VR integration efforts. As these sectors evolve, Kalao aims to position itself strategically within the blockchain community.

Rune focuses on enhancing liquidity and utility. Its partnerships aim to create a robust ecosystem for users.

While Kalao and Rune have their merits, 5thScape stands out due to its comprehensive vision for VR/AR gaming. Beyond games, it plans to develop its own VR headset and gaming chair, positioning itself as a future powerhouse in the immersive reality market.

The Final Verdict 

5thScape emerges as the front-runner  among its competitors due to its comprehensive and immersive approach to VR/AR gaming. 

While Kalao and Rune make significant strides in the NFT and liquidity, 5thScape’s proprietary VR hardware, extensive gaming ecosystem, and strong community support position it as a future powerhouse. 

This holistic integration of technology, user engagement, and financial backing firmly establishes 5thScape as the leader in the competitive landscape of VR/AR gaming.

Rapper Iggy Azalea’s MOTHER token is gaining traction among traders and speculators.

MOTHER token’s price has surged by over 2,900% from its all-time low, giving it a market cap of over $153 million. Rapper Iggy Azalea, best-known for singles like Fancy, Black Widow, and Work, has become the latest sensation in the crypto industry. 

This week, she hyped MOTHER, a token she hopes will become a leading cryptocurrency in the industry. As crypto.news reported earlier this week, she believes that the token will be used for commercial purposes like buying smartphones and cell plans. 

MOTHER has continued to gain traction. In an X post on Thursday, it was reported that the token will be integrated in Magic Eden, one of the top NFT marketplaces in the industry. This integration means that users will be able to buy NFTs in the ecosystem using the new token.

When Mother says to integrate $MOTHER, we listen.Soon.. Powered by @crossmint.

— Magic Eden 🪄 (@MagicEden) June 13, 2024

The token has also achieved other milestones in the past few weeks. Azalea hired Fenwick, a leading law firm to help compliance with the law and scaling. It has also been listed by several DEX and CEX platforms like Helix, Kamino, Bitget, and HTX.

Still, its popularity has raised questions about the future of celebrity-backed cryptocurrencies. Recently, Davido, a Nigerian singer launched a token that crashed after he cashed out. Caitlin Jenner’s token has also crashed.

At the same time, the number of similar tokens has soared. There are now many tokens targeting politicians like Joe Biden and Donald Trump. MAGA HAT and MAGAA tokens are taking advantage of the ongoing political season.

Some analysts believe that celebrities meme coins have become the new NFTs, an industry that has almost collapsed. Data by CryptoSlam shows that the total NFT sales have dived by double-digits in the past 30 days. Ethereum and Solana handled $158 million and $79 million worth of tokes in this period, down by 52% and 46%, respectively.

MOTHER Token price forecast

On the hourly chart, we see that the MOTHER token price peaked at $0.2613 on June 6th. It has now dipped by more than 40% from that point. 

The token has formed a symmetrical triangle pattern, which is nearing its confluence level. It is also hovering at its 25-period and 50-period moving averages while the RSI has dropped below the neutral point of 50.

Therefore, the token’s outlook is bearish with a bearish bias. A drop below the lower side of the triangle will point to more weakness, with the next reference level to watch being at $0.10. This price is about 36% below the current level.