Source: Cointelegraph Original: "{title}"
In this week's newsletter, you will learn that NFT company Yuga Labs is facing backlash due to rumors circulating on social media about the sale of CryptoPunks IP; you will also learn how "ongoing market challenges" have led to the closure of digital art platform MakersPlace; and you will discover how the NFT series Mad Lads has surged as Solana's price reached an all-time high. In other news, the NFT and gaming blockchain Ronin is providing $10 million in funding for developers and game studios.
As rumors of the sale of CryptoPunks IP spread on social media, NFT company Yuga Labs is facing backlash from the community. Azuki researcher Wale.moca stated on January 14 that the company might sell the CryptoPunks IP acquired from Larva Labs in 2022.
NFT collector and trader Dheeraj Shah told Cointelegraph that a sale could allow CryptoPunks to become a piece of history rather than just another utility project.
Yuga Labs responded to the rumors. Yuga Labs co-founder and CEO Greg Solano said that while many people have reached out to them, it does not mean they are doing anything. Solano stated that he would not accept any deal that "damages" the "legacy" of CryptoPunks.
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Digital art platform MakersPlace announced that it will cease operations due to "ongoing market challenges." After six years of operation, the company stated that the minting feature for new accounts on the platform has been disabled, and its users will unload their assets by June 2025.
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According to CoinGecko, on January 19, as the Solana token reached an all-time high of $293.31, the overall value of the NFT series Mad Lads surged. This spike is attributed to the attention drawn by former U.S. President Donald Trump's official memecoin based on the Solana network.
According to NFT price floors, the floor price for Mad Lads is $18,905. This price multiplied by the number of NFTs in the series shows its minimum market value at $188 million. However, due to the varying prices of each NFT, it is difficult to calculate the actual valuation of the NFT collection.
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The NFT and gaming blockchain Ronin Network announced a $10 million funding program for developers. Ronin stated that it will support teams and game studios with ideas to expand the Ronin ecosystem.
The program aims to expand Ronin as a foundation for decentralized applications, decentralized finance protocols, and games. Participating projects are expected to address pain points, attract new users, and increase on-chain activity.
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Thank you for reading this week's summary of the most noteworthy developments in the NFT space. Next Wednesday, we will bring you more reports and insights on this rapidly evolving field.
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