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NFT Sales Climb 464% in 3 Months, Mochi Market Nears $1B, Cryptopunk #7804 Sells for $7.5M – Blockchain Bitcoin News – Bitcoin News

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by Jamie Redman
The market history of non-fungible token (NFT) sales has been steadily expanding during the last three months, according to statistics from nonfungible.com’s historical market data. NFT sales over the past three months have increased by 464% since June 27 and the Binance Smart Chain NFT market called Mochi Marketplace is nearing close to a billion dollars in sales.
Nonfungible.com’s all-time market statistics across the last three months indicate that NFT sales have risen 464.53% since the end of June. Today’s top five NFT markets according to metrics from dappradar.com include Opensea, Axie Infinity, Cryptopunks, Mochi Marketplace, and NBA Top Shot.

The leading NFT marketplace Opensea is very close to surpassing $10 billion in all-time sales as metrics show Opensea has seen $9.7 billion settled to date. The popular Sky Mavis-crafted, blockchain-based game Axie Infinity is the second-largest NFT market in terms of sales with $2.74 billion in all-time sales. Below Axie Infinity is the collection called Cryptopunks with $1.53 billion in all-time sales among 5,157 traders.

Axie Infinity’s trader count is a whopping 899,154 traders and Opensea has seen 593,184 traders (unique addresses). A market that has recently made it into the top five NFT marketplace standings is the Binance Smart Chain (BSC) NFT market called Mochi Marketplace. The BSC-based marketplace for NFT sales has seen $748 million to date, and is awfully close to capturing a billion for the first time.
Only three NFT markets (Opensea, Axie Infinity, and Cryptopunks) in the ecosystem today have crossed over $1 billion in sales. Moreover, Mochi Marketplace only accounts for 4,271 traders which is less than Cryptopunks’ trader count.
On October 26, the top five fractional NFTs include “The Doge NFT,” “Etherrock #72,” “Feisty Doge NFT,” “PUNK Floor,” and “Ether Rock ID 70.” The NFTs “ladypunk,” “APE Punk,” “Dissected Meebit #10761,” “Antique Zombie Shards,” and “Bored Unshaven Dagger Set,” follow respectively.
Two Cryptopunks made this week’s top sales as “Cryptopunk #7804” sold for $7.56 million and “CryptoPunk #3100” sold for $7.51 million. An NFT from the Artblocks series, “Ringers #109,” sold this week for $6.93 million, positioning itself as the third-largest NFT sale this week.
Seven-day statistics indicate the top five collections this week are Axie Infinity, Cryptopunks, Boonji Project, Bored Ape Yacht Club (BAYC), and Inertial Moment.
What do you think about NFT sales gradually increasing 464% since the end of June? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, dappradar.com data, nonfungible.com data,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Tyler Hobbs' Fidenza NFT Project Gets $1M Pump Over 48 hours – CoinDesk

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DOJ Asks Congress for Tools to Limit NFT Money-Laundering Risk – PYMNTS.com

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Down at the very bottom of the crypto crime report the Justice Department issued last week was a request that could make it a lot harder to buy and sell NFTs.
Citing examples of criminals using the sale of the popular nonfungible tokens that hold art, video, music and collectibles to launder funds, the Justice Department asked Congress to define some of all NFTs as “value that substitutes for currency” under the Bank Secrecy Act (BSA).
Doing so, it said in “The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets,” would “make clear that its key [anti-money-laundering (AML) and countering the financing of terror (CFT)] provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
See also: DOJ Seeks to Double Jail Time for Money Transmission Crimes
The impetus, the department said, is the “explosive growth in the demand and corresponding markets for NFTs, perhaps most notably in the area of digital art.”
Substantial Risk
This “presents substantial money-laundering risks,” it said, citing a February Treasury Department study on money laundering in the broader art market.
“NFTs can be used to conduct self-laundering, a sequence in which criminals purchase an NFT with illicit funds and then resell to a purchaser who pays for it with clean funds unconnected to a prior crime,” that report noted.
It also found that in most cases, “digital assets that are unique, rather than interchangeable, and that are used in practice as collectibles rather than as payment or investment instruments … are generally not considered to be virtual assets under [international regulations].”
The “nonfungible” part of NFT means that each is unique and cannot substitute for any other, as opposed to cryptocurrencies like bitcoin which all have the same uses and value.
NFT marketplaces “may take the view that this definition [of a ‘value that substitutes for currency’] does not apply to their activities — and that they are thus not subject to the BSA’s anti money-laundering and anti-terrorism laws, the department said.
Justice is asking Congress to amend the BSA “to make clear that its key AML/CFT provisions — including the obligations to have customer identification programs and report suspicious transactions to regulators — apply to NFT platforms, including online auction houses and digital art galleries.”
Already There
Redefining NFTs as “value that substitutes for currency” would allow the Treasury Department’s Financial Crimes Enforcement Unit (FinCEN) to “potentially seek to regulate such activity under its money transmission regime,” a trio of lawyers at Skadden, Arps, Slate, Meagher & Flom wrote in an April blog post.
That, according to Jamie Boucher, Eytan Fisch and Javier Urbina, would require NFT marketplaces to register as money services businesses (MSB) with FinCEN.
Some types of NFTs — notably those used to fractionalize tangible assets like physical artworks and real estate, but also other valuable art or collectible tokens — are likely securities, the Securities and Exchange Commission (SEC) has said.
See more: How Did NFTs Become SEC’s Newest Crypto Target?
In FinCEN’s view, the trio noted, those can be repurposed to fit the definition of “value that substitutes for currency” and thus may already require MSB licenses.
 
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FTX Talking With Investors for $1B Fundraising at $32 Billion Valuation – NFTgators

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Quick take:
Although Binance maintains its number one spot in terms of crypto transaction volume, FTX is catching up quick after rising to third, behind Coinbase. This could change soon given the steps FTX is taking in web3.
According to reports, Sam Bankman-Fried’s company is seeking $1 billion in a new round of funding at a valuation of about $32 billion. That values FTX twice the value of Coinbase— whose market cap stands at just over $14 billion, and at least 7-fold Binance’s most recent valuation of $4.5 billion.
And there is a good reason for the disparity in market share (volume-wise) and overall valuation. FTX is more than just a crypto exchange platform. 
The company has expanded its ecosystem to include stock trading, NFTs, crypto lending services and more, all forming significant operational synergies for the rapidly growing web3 company.
It explains why investors are placing such value on FTX. According to sources close to the $1 billion fundraising talks, the figure could change by the time the round is closed, CNBC reported, citing people who did not want to be named.
FTX has been one of the most active investors in the web3 space during the crypto winter. The company is in the process of acquiring the crypto lending platform Blockfi for a reported amount of $240 million.
Last year, it acquired crypto derivatives platform LedgerX allowing it to offer derivatives trading alongside traditional crypto exchange services.
Earlier this year, the company purchased Good Luck Games, the developer of the card battle game Storybook Brawl for an undisclosed amount. The acquisition added another perspective to FTX’s business pouncing on the rapidly growing web3 gaming sector.
The company also recently announced a partnership with online game retailer Gamestop to onboard the gaming community to web3.
In July, Bankman-Fried refuted claims that FTX was planning to buy retail stock brokerage platform Robinhood after Bloomberg published a report suggesting discussions were underway.
News about the new fundraising come hot on the heels of the company’s $900 million raise announced in July. FTX also raised $420 million in October 2021.
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