CRYPTO NEWS

$1 ADA Beckons As Cardano Reaches Bullish Milestone In New Wallet Addresses

Cardano Now Available To Over 50 Million Trust Wallet Users As ADA Readies For A Go At $1

The Cardano community has witnessed another bullish milestone amidst current market conditions. Despite the bear market that has prompted a lot of selloffs, pumping a wave of FUD into the space, the Cardano ecosystem’s user base is growing as the number of ADA wallet addresses rises to a new high.

Increase in wallet addresses indicates renewed interest in ADA

The total number of wallet addresses holding ADA has surged back above the 3.5 million mark after months of a steady decline, having increased to 3.7 million at the time of writing.

Out of the 3.7M addresses, about 255 addresses hold ADA tokens worth a balance greater than $10M, while 1,408 addresses have a balance greater than $1M worth of ADA. Addresses that hold $1 worth of ADA and above are a little above 3.1 million.

In March of this year, the number of ADA addresses increased to a similar value, reaching an approximate value of 3.4 million when ADA was consolidating around the $0.8 zone before the coldest touches of the now dominant Crypto Winter.

The number of addresses rose to a new all-time high of 5.2M in April when ADA reached the $1 value and traded slightly above it before closing the month around the $0.75 price.

Since then, there has been a significant decrease in the metric as the bears take control of the markets. The new high indicates renewed interest in the asset , especially at a point when the markets show signs of slow but active recovery to $1.

The ADA community anticipates the Vasil Hard Fork improvements

ADA has been showing improvement in price movements with the rest of the markets, having seen a 3.29% increase in the past 24 hours as of press time. ADA’s current price of $0.51 is a long way down from the asset’s all-time high of $3.10, which it attained on September 2, 2021.

Nevertheless, since dipping to its lowest point of $0.41 this year, the asset has been staging a comeback with an attempt to find support at the $0.5 zone. Despite having faced some resistance from the bears, ADA has held steady at this zone for some time and is looking to break above it once the markets move past this consolidation period.

Although news of the Vasil HardFork delay dealt a mild blow to ADA’s price action, the majority of the Cardano community has received the information with positivity as they anticipate the improved scalability and interoperability the network upgrade promises.

NFTs In A Nutshell: A Weekly Review

Your favorite kids shows are being reincarnated as NFTs, there’s a hot debate around zero-royalty NFTs, and OpenSea is once again making policy changes. While NFT volumes have slowed and stuttered, there’s still plenty of activity and action to review. That’s why we deliver you a bite-sized recap every weekend – keeping you up to::Listen

Your favorite kids shows are being reincarnated as NFTs, there’s a hot debate around zero-royalty NFTs, and OpenSea is once again making policy changes. While NFT volumes have slowed and stuttered, there’s still plenty of activity and action to review. That’s why we deliver you a bite-sized recap every weekend – keeping you up to speed on all things NFTs from the past week.

Let’s dive into these stories, and more, from the past seven days of NFT action.

This Week’s Non-Fungible Token News

Do Zero Royalty NFTs Have A Future?

In last week’s Nutshell, we highlighted the community debate around CC0 and licensing / rights holding for NFT holders. This week, the chatter shifted towards royalties, as many major community members shared their thoughts on zero-royalty NFTs, which seem to be gaining momentum.

Power Rangers NFTs Are Next Up For Hasbro And Funko

Funko Pop’s digital NFT series, ‘Digital Pop!,’ has generated mixed reviews from hardcore Funko fans, but it hasn’t slowed the company’s persistence in playing in the NFT space. Look no further than the latest upcoming release for the firm, in partnership with toy company Hasbro (who have also been aggressive in the space). On August 23, the brands will be releasing “Power Rangers” NFTs, with a total of 22,500 packs (or 450,000 total NFTs) available for fans.

OpenSea Adjusts Stolen NFT Policy

It seems like each week we feature a small piece of OpenSea policy adjustments on the Nutshell. We’re back again this week, as the leading NFT marketplace made an announcement earlier last week that they would be implementing a crime reporting and stolen items policy in order to stay compliant with U.S. laws.

This had some unintended effects for users that unknowingly purchased stolen NFTs, however. The major highlight here is that theft victims would be required to file a police report during the first week of the theft in order to prevent stolen items from circulating on the platform. Otherwise, NFTs would be freely traded.

Solana (SOL) is the blockchain of choice for ‘Single,’ the audio and video NFT platform that is teaming up with Shopify. | Source: SOL-USD on TradingView.com
Music NFTs Are Still On The Table, As Shopify Teams Up With Blockchain Music Firm ‘Single’

Shopify is not only one of the biggest e-commerce facilitators in the game today, but they are also becoming increasingly NFT-friendly (and of course, increasingly crypto-friendly as well). We’ve seen Bitcoin Lightning integration, and last year the company made a splashing announcement around their intentions to build out merchant support for NFTs.

Last year, and headed into early 2022, there was plenty of anticipation around the future potential around music NFTs. Many saw them as the next category to burst into the scene, as speculators threw around ideas of what could be the next GameFi. 2022 has shown mild results as the market has cooled off, to say the least. Top that off with other major setbacks, such as Audius – one of the leading names in audio NFTs – was hacked for roughly $6M in ETH in recent weeks.

Nonetheless, not all hope is lost. Shopify has made strides this past week in serving creators directly, teaming up with Solana-based ‘Single’ to offer solutions for creatives in music and video. Single CEO and founder Tommy Stalknecht stated:

“It shouldn’t be any more difficult for anyone to collect digital merchandise as it is physical, so we want to make sure that people can purchase NFTs just as easily, creating an instant value to fans.”

New EU Law Categorizes NFTs Alongside Crypto

NFTs that are part of a collection fit the bill with broader crypto, accordingly to new EU legislation under the EU’s Markets in Crypto Act, or MiCA. This is according to a panel at the Korea Blockchain Week from EU Advisor Peter Kerstens. Kerstens’ sentiment follows previous anticipation that NFTs in most, if not all, forms would be excluded from the MiCA legislation. Additionally, with MiCA inclusion, this would require NFT collection issuers to likely issue a whitepaper alongside their collection – and would limit outlandish claims or unreasonable promises to potential buyers. While this might be more stringent regulation than many would prefer, it also could lead to a more consumer-friendly outcome, ideally reducing scams and fraudulent schemes.

MiCA is roughly two years in the making and has been amended as legislators discuss potential implications.

Featured image from Pexels, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

$1 ADA Beckons As Cardano Reaches Bullish Milestone In New Wallet Addresses

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