A group of blockchain advocates urged the United States Congress to clearly define NFTs in response to the SEC Wells notice to OpenSea.
In this week’s newsletter, read about how the non-fungible token (NFT) marketplace Magic Eden continues to dominate the space in trading volume, surpassing its competitors. However, the company has also faced backlash over its decision to segregate its United States-based services. Check out how a rare CryptoPunk sold for almost $1.5 million despite the market not looking good for NFTs. In other news, blockchain advocates urged the US Congress to define certain NFTs as consumer products and exempt them from securities laws.
Magic Eden clinched the top spot in trading volume in August, marking its sixth consecutive month in first place. The marketplace recorded a volume of $122.47 million, securing a 36.7% market share for the month.
Blue held the second spot with a trading volume of $84 million. This gave the NFT marketplace a market share of 25.4%. Meanwhile, OpenSea saw $66.5 million in trading volume in August, bringing its market share to almost 20%.
