Bitcoin NFTs Eclipse Ethereum in Big Sales Spike

Bitcoin NFT sales experienced an 80% week-over-week surge, reaching $168.5 million.

Author

Danielle du Toit
March 04, 2024

 This newsletter is brought to you by:

In 1983, a developer from New York City decided to buy an unnamed piece of art for $19,000, without predicting that it would be auctioned for $110 million in 2017, generating a return of 5,798 times the original investment.

This remarkable instance certainly proves the profit-making potential of investing in art. The art investment platform Masterworks offers regular investors a gateway into this very lucrative market. Masterworks operates on a model where investors can reap financial benefits upon the sale of artworks, a feat that has proven rather successful so far.

Readers of Coinpaper Digest benefit from an exclusive opportunity to join Masterworks and embark on their own exciting investment journey.

Just remember that investing carries risks, and the performance seen in the past does not guarantee future outcomes.

Here's what we've got for you today:

  • NodeMonkes Leads Bitcoin to Surpass Ethereum in NFT Sales

  • New Timelines Established in Ripple’s Ongoing Legal Fight with SEC

  • BlackRock Spot Bitcoin ETF AUM Hits $10B Overtaking the iShares Silver Trust

  • WSJ Faces Defamation Lawsuit Tied to Tether-Bitfinex Article

Bitcoin non-fungible token (NFT) sales have surged to outpace Ethereum over the past week. 

  • The increase in Bitcoin NFT sales is linked to the growing appeal of collections based on Bitcoin Ordinals, led by the NodeMonkes collection.

  • Bitcoin NFT sales experienced an 80% week-over-week surge, reaching $168.5 million, surpassing Ethereum's sales of $162 million over the same period.

  • The NodeMonkes collection, featuring 10,000 unique, pixelated profile picture (PFP)-style Ordinals, contributed more than $41 million to the sales.

United States District Court Judge Analisa Torres granted the SEC an extension to file its remedies-related discovery materials.

  • The court documents, which were filed on Mar. 1, allow the SEC to submit its opening brief by Mar. 22. Ripple Labs will then have until Apr. 22 to file its opposition brief, and the SEC will have a new deadline of May 6, 2024, to file a reply.

  • The SEC's lawsuit against Ripple Labs charges the company and its executives with a $1.3 billion unregistered securities offering through the sale of XRP tokens.

  • The lawsuit heavily revolves around the application of the Howey test to determine if transactions can be considered an "investment contract" under U.S. law.

The BlackRock iShares Bitcoin ETF, trading as “IBIT,” surpassed the iShares Silver Trust in assets under management (AUM), reaching over $10 billion.

  • The growing popularity of Bitcoin has diminished the ranking of the iShares Silver Trust (SLV).

  • The Silver Trust, which is another product owned by BlackRock, offers exposure to daily silver bullion price movements.

  • Hector McNeil, co-CEO and the co-founder of HANetf, notes that although precious metals have seen a price increase over the past year, the excitement around Bitcoin far exceeds that, making it unsurprising that the IBIT ETF has surpassed the Silver Trust in AUM.

The Wall Street Journal is reportedly being sued for defamation due to claims made in a 2023 article.

  • Christopher Harborne and his company AML Global Ltd initiated a defamation lawsuit against Dow Jones & Company, the parent company of The Wall Street Journal, in Delaware Superior Court on Feb. 28.

  • The lawsuit claims that the Journal falsely accused Harborne and AML Global of fraud, money laundering, and financing terrorism, despite having documentation proving these accusations to be false.

  • Paolo Ardonio of Tether dismissed the article as a “clown article” in 2023, suggesting it would ultimately contribute to the company's growth.

👀 QUICK NEWS

MEME OF THE DAY

How did you like today's newsletter?

Login or Subscribe to participate in polls.

That’s it for today. Don’t forget to share Coinpaper Digest with your friends!