Cointelegraph explored the United Arab Emirates to see how NFTs are used in the region.
SVB collapse chilled NFT trading volumes: DappRadar
The recent collapse of the Silicon Valley Bank (SVB) resulted in dwindling numbers for NFT trading volumes, with traders holding on to their assets amid the banking crisis in the United States.
Before the crisis, NFT trading volumes were around $68 million to $74 million. After SVB collapsed on March 10, the trading volume declined, falling to $36 million on March 12. In addition, the daily NFT sales count also dropped by 27.9% between March 9 and 11.
Dubai to Abu Dhabi: How NFTs are used in the UAE
As the UAE welcomes developments within the blockchain space, NFTs continue to thrive in the region. Cointelegraph explored various places to find out how NFTs are being used in the UAE.
At the Ultra Abu Dhabi event on March 5, organizers used NFT tickets. The tickets were similar to regular tickets but had the benefit of being recorded on-chain. This allows the organizers to combat fake tickets more efficiently. Meanwhile, in Dubai, NFTs are being used to help researchers get data and funding and as rewards for philanthropy.
NFT wash trading increases by 126% in February: Data
A new report from the crypto statistic website CoinGecko showed that NFT wash trading rose by 126% in February. The data showed that the top six NFT marketplaces had a total volume of $580 million in wash trading.
This marks the fourth continuous month that wash trading increased in the NFT space. According to the report, the increase in NFT wash trading may correlate to the overall NFT trading volume recovery in February.
Salesforce Web3 to help brands build trusted and scalable NFT programs
Software firm Salesforce jumped into NFTs after a limited release of Salesforce Web3, a platform that aims to help companies create and manage NFTs. The platform aims to connect brands with consumers and help companies understand how their customers interact with their brands in traditional and new digital environments.
The company also highlighted that its Web3 platform allows brands to create various experiences across Web2 and Web3. It believes this offers a 360-degree view of how customers interact with NFTs.
Related: Cointelegraph 2023 Top 100 full list now mintable as digital collectibles
Nifty News: Doodles ‘no longer an NFT project,’ Playboy bares all on NFT earnings and more
Popular NFT collection Doodles have moved from an NFT project to a media franchise. According to one of its founders, Jordan Castro, commonly known as “poopie,” it’s no longer an NFT project. It will now go from a startup to a “leading media franchise.”
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In this week’s newsletter, read about how nonfungible token (NFT) volumes died down as Silicon Valley Bank collapsed. Check out how NFTs are being used in the United Arab Emirates, and how NFT wash trading increased 126% in February. In other news, find out how software firm Salesforce is jumping into the NFT space, and don’t forget this week’s Nifty News, featuring Doodles moving from being an NFT project to a media franchise.
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.