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OpenSea's Daily Ethereum NFT Market Trading Volume Drops To Lowest Level Since 2021

According to BlockBeats, former Proof researcher punk9059 has reported on social media that the daily trading volume of OpenSea on the Ethereum NFT market is approximately 600 Ethereum. This is the lowest level since the NFT bull market began in May 2021. This figure represents a 99.1% decrease from the peak in May 2022, when OpenSea's daily trading volume reached 66,000 Ethereum. OpenSea, a leading marketplace for non-fungible tokens (NFTs), has seen a significant drop in its daily trading volume on the Ethereum NFT market. The current trading volume is a stark contrast to the peak experienced in May 2022. The decrease in trading volume could be indicative of a shift in the NFT market, which has been characterized by high volatility and rapid growth in recent years. The NFT market has been a hot topic in the cryptocurrency world, with many investors and enthusiasts drawn to the potential for high returns. However, the recent drop in trading volume on OpenSea could signal a cooling off period for the market. Despite the decrease, the NFT market continues to be an area of interest for many, with new projects and platforms continually emerging.
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Apecoin DAO Community Approves Proposal for NFT Launchpad Backed by APE

According to PANews, the ApeCoin DAO community recently voted in favor of a proposal to create an NFT Launchpad supported by APE, with a final approval rate of 88.69%. The proposal aims to establish an NFT Launchpad that uses APE as currency to mint NFTs on the ERC-20 network. This platform will provide creators with a place to mint, display, and trade their NFTs, thereby increasing the utility and adoption rate of Ape as a token. The implementation steps and timeline indicate that the design and planning of the front-end platform UI/UX is expected to take one month. The design and planning of the front-end platform UI/UX is expected to take another two months. After this, the platform will undergo Alpha and Beta testing with the team and relevant partners for an estimated one month. Once the audit is completed, the platform will be opened to the public.
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Anchorage Digital Partners with Arca Labs to Custody Tokenized Treasury Fund Shares

According to Blockworks, Anchorage Digital has partnered with Arca Labs to custody shares of a tokenized Treasury fund. This move is aimed at promoting institutional participation in the sector. The collaboration comes at a time when the tokenization of real-world assets is expected to be a 'defining trend' for institutional crypto in 2024, according to Anchorage CEO Nathan McCauley. Arca, a crypto investment firm's innovation unit, first issued shares of its US Treasury Fund as digital asset securities, known as ArCoin, in 2021. Arca has posited that ArCoin can replace US Treasurys in enterprise workflows, thereby reducing costs and enhancing transparency. Anchorage, a crypto-focused bank chartered by the US Office of the Comptroller of the Currency (OCC), has been chosen to custody the shares. This partnership enables Anchorage clients to hold ArCoin at the bank. Institutions can now access the tokenized shares from the Anchorage platform, just like they would for the hundreds of other assets the company supports. McCauley has stated that Anchorage fulfills the Securities and Exchange Commission’s definition of a 'qualified custodian.' This term was included in the regulator’s February 2023 proposal that would entrust the safekeeping of client assets to such entities. Arca Labs president Jerald David said in a statement, 'Now that institutions have validated the benefits of blockchain technology, companies are seeking the most secure and seamless digital assets solutions that meet US regulatory standards.' The Anchorage platform uses hardware security modules, which keep assets offline in segregated, on-chain vaults while still making them accessible. McCauley argues that this model serves as a 'major unlock' for institutional participation in tokenization. Tokenizing assets, from real estate to funds, has been making news in recent years as major fintech companies and traditional finance players delve deeper into blockchain-related experiments. The world’s largest asset manager, BlackRock, launched the USD Institutional Digital Liquidity Fund in March, marking the firm’s first tokenized offering. Franklin Templeton, another fund giant, which debuted its OnChain US Government Money Fund in 2021, began allowing institutional investors to transfer shares of the fund, represented by BENJI tokens, to other shareholders last week. 'Looking ahead, we will continue to expand our custody support for tokenization projects to advance institutional participation in the ecosystem for the long term,' McCauley said.
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