Read all about the latest NFT news, featuring the exciting RARI Chain and its royalty payment system. Get ready for a new era of NFTs!

Today's NFT Updates Pudgy Penguins Reach Milestones, RARI Chain Mainnet Launch, Magic Eden, and More!

Sead Fadilpašić Last updated: January 26, 2024 07:04 EST | 3 min read Over the past 24 hours, the non-fungible tokens (NFT) market has been largely unchanged, aside from NFT news about Pudgy Penguins, RARI chain, and Magic Eden.

The sales volume is up 3.5%, currently at $31,574,164.

Buyers, sellers, and transactions are each down around 1%, according to CryptoSlam.

Among the top 10 blockchains by NFT sales volume, a notable change is that Bitcoin overtook Solana again in the fight for second place. It’s now significantly in front of Solana: $7.99 million compared to $6.45 million.

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When it comes to the top 10 collections, the biggest gainer by far over the past day is Bored Ape Yacht Club. It’s up nearly 300% to $794,844, compared to the second-biggest gainer, Ordinals, with a rise of 11.5%. Froganas is also up 11%.

In terms of ranking by sales volume, Ordinals take the first spot with $1.34 million.

In today’s NFT news, read about Pudgy Penguins hitting notable milestones, the newly released RARI Chain mainnet initiating the new era for NFTs, and Magic Eden releasing updates about its Rewards program.

Pudgy Penguins Hits 50,000 Accounts Milestone, Over 750,000 Toys Sold

The Pudgy Penguin team took to Twitter today to share several notable developments the collection has witnessed.

They stated that more than 55,000 accounts have been created on Pudgy World.

Meanwhile, in April 2022, the team licensed Pudgy Penguins and its younger siblings Lil Pudgys from holders for Pudgy Toys. They’ve seen significant success since.

The licensed Penguins were featured in top retailers globally. They sold over 750,000 toys in 7 months. These include ToysRUs, Hot Topic, Walmart, and Macy’s.

“In 2023 these Penguins pushed Web3 forward; selling 750,000+ toys & reaching millions of people,” the team said.

The Pudgy Penguins and Lil Pudgys toy line has “visited” nine countries. These include the USA, Canada, the UK, Ireland, Spain, Australia, Thailand, Malaysia, and Singapore.

The team argued that the toy line didn’t only benefit the Pudgy Penguins brand. It also “shed a positive light on Web3.”

In terms of sales volume, Pudgy Penguins are up 130% in 24 hours to $597,812, sitting in the 11th spot.

Over the past week, the collection is in the 12th place. It’s down 63% to $3.2 million.

New Era of NFTs With Rari: Royalty Payments Embedded Into Every Transaction

The RARI Foundation has released the mainnet of RARI Chain, an Ethereum Layer 3 (L3) blockchain on Arbitrum, aiming to initiate a new NFT era.

The announcement said that, “with lightning-fast transactions and near-zero gas fees, we are focused on building a pathway to new NFT use cases on a secure L3 powered by Arbitrum.”

RARI Chain aims to address scalability issues in the NFT space. Furthermore, it embeds royalty payments at the node level, and the system automatically distributes royalties at the time of sale.

The website added that “this marks an initiation of a new NFT era, empowering creators to seize control of their livelihoods and ensure rightful royalties for their creative endeavors.”

Also, the team said there will be ”near-zero gas fees.”

Since Testnet launched in November, the team has seen 46,000 wallets and 251,000 transactions.

There is also the RARI DAO, enabling anyone to participate in the chain governance.

Meanwhile, the first ten artists have already collaborated with RARI for a series of open-edition collection drops.

Magic Eden Sees Uptick Since Rewards Launch

On Tuesday, the NFT marketplace Magic Eden launched its new rewards program for collectors and creators, making the top of NFT news rounds.

In a single day, the platform said, the “listings near floor have quadrupled.”

Furthermore, there was a 250% rise in pools on the marketplace, and nearly 60% of new Solana NFT wallets were on it, too.

Finally, Magic Eden was home to nearly 50% of the top 10 NFT collections listings.

Meanwhile, the retroactive drop promised to Solana OGs will start next Friday. It will reward past activity going back to 2021.

Magic Eden CEO Jack Lu commented that this is to show appreciation for the community support over the past three years.

The platform also shared a guide on earning Diamonds.

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Q&A

Q: What are non-fungible tokens?

Non-fungible tokens, or NFTs, are unique digital assets that cannot be exchanged on a one-to-one basis like cryptocurrencies such as Bitcoin or Ethereum. Each NFT has distinct characteristics, making it one-of-a-kind and verifiable. They are often used to represent ownership or provenance of digital or physical items such as artwork, collectibles, or virtual real estate.

Q: How does RARI Chain address scalability issues in the NFT space?

RARI Chain, built on Ethereum Layer 3 (L3) using Arbitrum, aims to solve scalability issues in the NFT space by enabling lightning-fast transactions and near-zero gas fees. By utilizing L3 technology, RARI Chain provides a secure and efficient infrastructure for NFT use cases, allowing creators and collectors to seamlessly interact with NFTs without experiencing the network congestion and high fees associated with Ethereum’s mainnet.

Q: What is the significance of Magic Eden’s rewards program?

Magic Eden’s rewards program offers incentives for collectors and creators on the platform. The program has led to a quadrupling of listings near the floor and a significant increase in pools on the marketplace. It has also attracted a large number of new Solana NFT wallets. The rewards program demonstrates Magic Eden’s commitment to fostering an active and vibrant community by providing additional benefits and opportunities for participants.

Q: Can you provide some investment recommendations for the NFT market?

Investing in the NFT market can be lucrative but also volatile. It is essential to do thorough research and consider several factors before making any investment decisions. Here are a few recommendations:

1. Diversify your portfolio: Invest in a range of established and promising NFT projects to spread the risk.
2. Follow reputable platforms and communities: Stay updated on the latest developments, trends, and news in the NFT space by following reputable platforms, communities, and influencers.
3. Understand the project’s fundamentals: Evaluate the uniqueness, utility, and long-term potential of the NFT project before investing.
4. Assess the team behind the project: Research the team’s experience, track record, and vision to gauge the likelihood of project success.
5. Consider the market demand: Look for NFTs that have a strong demand from collectors, artists, and investors.
6. Set a budget and manage risk: Determine how much you are willing to invest and be prepared for potential losses. Consider using stop-loss orders to protect your investments.

Remember, the NFT market is still evolving, and trends can change rapidly. Do your due diligence and consult with a financial advisor before making any investment decisions.

Analysis and Future Outlook

The NFT market has shown resilience and continued growth in recent years. Despite minor fluctuations in sales volume and market rankings, the overall trend is positive. Bitcoin’s resurgence as the second top blockchain by NFT sales volume highlights the ongoing competition between different blockchains in capturing market share.

With the release of RARI Chain’s mainnet, the NFT industry is entering a new era. The integration of royalty payments at the node level and near-zero gas fees will significantly enhance the functionality and accessibility of NFTs. Creators will have more control over their intellectual property, and collectors can engage in transactions with lower costs and faster settlements.

Additionally, Magic Eden’s rewards program has demonstrated its ability to attract users and increase activity on the platform. As more collectors and creators participate, it is likely to further boost liquidity and engagement within the Magic Eden ecosystem.

Looking ahead, the NFT market is expected to continue expanding as more individuals and organizations recognize the value and potential of digital assets. Emerging technologies such as virtual reality and augmented reality are likely to intersect with NFTs, creating new possibilities for immersive experiences and digital ownership.

Investors and enthusiasts should closely monitor developments in the NFT space, stay informed about new projects and collaborations, and assess market trends to make informed decisions. As with any investment, thorough research and risk management are vital for long-term success.

References

1. Polygon NFT Volume
2. CryptoSlam
3. Bitcoin Design Foundation
4. Solana Ecosystem
5. Bored Ape Yacht Club
6. Ordinals
7. Froganas
8. RARI Chain Mainnet
9. Arbitrum
10. Magic Eden Rewards
11. Pudgy Penguins
12. Pudgy Penguin Twitter
13. RARI Chain Twitter
14. Magic Eden Twitter
15. Solana Retroactive Drop
16. Guide to Earning Diamonds
17. Google News

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