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An Eventful Week For NFTs

Weekly Market Highlights - Binance Research
2022-12-02 12:36
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Happy Friday!
The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team.
🔎 Macro / TradFi
  • Non-farm payrolls are set to have increased by 200,000 last month, according to a consensus forecast compiled by Bloomberg. The slowdown in November is a further sign that demand for new workers is easing amid the Federal Reserve’s historic efforts to cool the economy. The unemployment rate remains steady at 3.7% but is expected to surpass 5 percent next year.
  • Current expectations are that the central bank is set to end its string of 0.75 percentage point rate increases this month and move to a 0.5 percentage point rise. As of now, many officials have signalled that the benchmark policy rate could eventually reach 5 percent.
🔎 Crypto
L1:
  • Ropsten, the first public testnet to support Ethereum’s transition to a Proof of Stake system, will be shut down this month. Ropsten’s remaining validator nodes will stop supporting the network between Dec. 15 and Dec. 30. After this, Ropsten will no longer be supported by client, testing, or infrastructure teams.
DeFi:
  • Phantom, the largest wallet on Solana, says it will expand to Ethereum and Polygon. It claims its main strengths are its 24-hour support team and its ability to manage NFTs. Phantom will be rolling out invites to the public beta in the next few weeks.
  • Aave, the leading DeFi money market protocol, has frozen 17 low-liquidity v2 asset pools in a bid to protect against attacks like the one targeting Aave’s CRV pool last week due to their thin liquidity and the volatility of the underlying assets. In a similar move, holders of Compound Finance’s COMP token voted unanimously to cap the borrowing level of 10 assets supported by the protocol.
  • The community of MakerDAO, one of the largest DeFi protocols, voted to increase the rewards rate for its DAI stablecoin to 1%.
NFTs:
  • Centralized NFT marketplace OpenSea has announced support for BNB Chain. Every NFT transaction on the BNB Chain that took place at the start of the year will be available on OpenSea. The marketplace will work to backfill historical data.
  • Uniswap is set to launch its own NFT aggregator, which will allow users to view listings of global floor prices, bulk buy NFTs and list their own NFTs across seven different marketplaces. Built on top of Genie, early Genie adopters will be given an airdrop of 300 USDC for those who have more than one transaction on Genie before April 15, while Genie NFT holders will be eligible for 1,000 USDC.
  • Magic Eden introduced “The Open Creator Protocol”, allowing new NFT creators to ensure royalties are paid whenever their NFTs are traded, regardless of the marketplace.

Others:
  • Apple blocked Coinbase Wallet's last app release until they disabled the feature of sending NFTs. Apple’s claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system so that they can collect 30% of the gas fee.
  • Durov, Telegram CEO, which has 600 million users, said that Telegram's next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges to securely trade and store cryptocurrencies.
  • Italy's proposed budget for 2023 indicates investors will have to pay 26% tax for all crypto gains above £2000.
  • Lawmakers in Brazil have approved a cryptocurrency framework bill for the use of digital currencies in the Latin American country. Once passed into law, Brazilians can use Bitcoin as a payment method, while digital assets will be recognized as an investment asset class.

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About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
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