Here are some of the major developments from the world of crypto over the past few days.
Bitcoin-based NFTs recorded a sales volume of $148 million in the last 30 days, according to CryptoSlam. Moving up one spot in the all-time rankings of non-fungible token (NFT) sales, the Bitcoin network has surpassed the Ronin blockchain, which was previously the third-highest record for NFT sales.
Zirlin thinks that right now, gaming is "in a state of evolution." The co-founder of Sky Mavis revealed that tactics that were once effective for game companies are now beginning to exhibit declining returns due to the rise in user acquisition expenditures.
The total sales volume of NFTs based on Bitcoin reached $4 billion, according to data from CryptoSlam. The larger NFT market saw decreased sales volumes in spite of the new milestone. When comparing May to April, the monthly NFT sales volume decreased by 54%.
The US dollar-pegged stablecoin Tether is launching is backed by gold. The issuer said it's the first tied asset. On the Alloy by Tether platform, aUSDT, the new coin, can be minted. Alloy will be overcollateralized, the business claims, by Tether Gold (XAUt), a token that allows ownership of real gold but is based on the US dollar.
A smart contract and price oracles can be used to deposit XUSDT in order to create the synthetic dollar. Users can therefore continue to use their gold-backed Tether asset while transacting with aUSDT. Moon Gold and Moon Gold El Salvador, subsidiaries of Tether, created AUSDT.
The aUSDT from Tether is not the original synthetic dollar. Galoy unveiled Stablesats, a Bitcoin-based virtual currency, over the Lightning Network in August 2022. In order to sweeten the pot for the new asset, Tether has put aside 10 million USDT and is paying a 2:1 bonus to holders of USDT $1.00.
Though Sam Bankman-Fried is currently serving a prison sentence, affected FTX customers and creditors are making claims on the firm’s assets, which are still worth millions. In the criminal case against former FTX CEO Sam Bankman-Fried, who is currently serving a 25-year federal prison sentence, the various factions are vying for the assets.
Bankman-Fried was found guilty of seven criminal counts stemming from his involvement in the misappropriation of customer funds by FTX and Alameda Research.
In March, Judge Kaplan sentenced him to 25 years in jail. Ryan Salame, former co-CEO of FTX Digital Markets and the only individual charged who did not testify at SBF’s trial, was sentenced to 90 months in May.