Existing Loans may Trigger Liquidity Crisis across BAYC and NFT Market: Report

Several BAYC and CryptoPunks collectors who put up their tokens as collateral backing for Ethereum loans have been unable to settle their dues. Crypto analysts believe this could mark the onset of the first major liquidation crisis in the NFT industry.  BendDAO Loans and Possible Risks Rumors of a liquidation spiral began earlier this week following a post about NFT lending platform BendDAO. BendDAO is a web3 protocol that allows users to take out loans in Ethereum using their non-fungible…

Ukraine Sells CryptoPunk #5364 for Less Than Half of the Donated Value

Ukraine has sold the non-fungible token (NFT) it received as a donation in March. Alex Bornyakov, Ukraine’s Deputy Minister of Digital Transformation, announced via Twitter yesterday. According to him, Ukraine sold CryptoPunk #5364 to an anonymous buyer for 90 Ethereum (ETH), worth just over $100,000. Bornyakov’s tweet read, Breaking news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It's over $100K. Few months ago this NFT was donated for @_AidForUkraine fund. Crypto community continues to support Ukraine.…

Alibaba Plans to Integrate the Blockchain Amid Growing Interest in NFTs

Chinese technology company Alibaba plans to introduce a Non Fungible Token section, powered by the "Guangjian" NFT digital collection, into its innovative Auction service. The news comes as stories of Alibaba's collaboration with rivals Tencent continue to stir up. Alibaba's plot to dive into the NFT market echoes its plight to tap into blockchain technology. Guang Jin is an NFT platform that Bit Universe recently launched on August 15. Surprisingly, Guang Jian almost immediately gained the interest of Alibaba. According…