The crypto scene was abuzz with activity last week, with several noteworthy developments unfolding. One such trend was the dominance of NFTs. Meanwhile, Hong Kong has begun positioning itself as a leading global cryptocurrency hub. Sam Bankman-Fried found himself facing new charges amid the seemingly incessant FTX saga.
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Blur’s emergence triggers NFT dominance
Last week, Blur, a burgeoning Ethereum-based NFT marketplace, took over the scene, bringing a proliferation of NFT trades in the crypto space. The marketplace had been dominating the NFT trade volume for the past month. However, this feat went largely unnoticed until last week, when the extent of its dominance became particularly evident.
Blur implemented various strategies, including zero-fee trades, customer loyalty incentives, and airdrops, to attract a significant influx of customers to its platform. As a result, the NFT marketplace viršijo Uniswap and Seaport. It emerged as the leading gas consumer on the Ethereum blockchain. This was attributed to a substantial surge in NFT trading volume on the platform.
On Feb. 18, Blur’s trading volumes rose six-fold higher than OpenSea, the leading NFT marketplace. This surge in trading activity was primarily driven by two airdrops orchestrated by Blur, which were designed to motivate loyal customers to list their NFTs on the platform.
Owing to Blur’s growing prominence, the NFT scene dominated the crypto space last week. A spike in NFT trades led to a massive surge in social activity. This dominance became more apparent as OpenSea kovojo to recover lost market share. OpenSea announced zero-fee trading on Feb. 18 to attract customers who had earlier moved to Blur.
Coinbase’s “Base, Introduced” contributes to NFT dominance
As Blur and OpenSea fought to maintain prominence, American exchange Coinbase introduced an initiative that contributed to the increasing dominance of NFTs in the crypto space. Last Thursday, Coinbase atidengtas Base, a new layer-2 network on the Ethereum blockchain developed in partnership with Optimism.
To commemorate the launch, the exchange unveiled an NFT collection dubbed “Base, Introduced.” Coinbase partnered with Zora, an NFT minting platform, to allow users with a wallet to mint one free open-edition NFT per wallet.
Given that the “Base, Introduced” NFT collection was free of charge, many users rushed to mint them before the deadline set by Coinbase. At present, over 265,794 NFTs have been minted. The smart contracts associated with Coinbase’s NFT and Blur drove Ethereum’s total fees to $46m, a new yearly high.
Source: https://crypto.news/crypto-news-weekly-recap-nfts-dominate-the-space-hong-kong-set-to-embrace-crypto-ex-ftx-boss-faces-new-charges/