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KuCoin Report: Turkish Crypto Investors Surge by 12% To 52% Amid Lira Depreciation

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In a span of just 18 months, the percentage of Turkish adults investing in cryptocurrencies has witnessed a significant surge, soaring from 40% to an impressive 52%. This finding comes from the 15th report in the “Into The Cryptoverse: Understanding Crypto Users” series by KuCoin, a prominent player in the exchange space. The report casts light on the market landscape in Turkey and provides a glimpse into the preferences, trends, and behaviors of adult investors in the country.

Turkish Crypto Landscape In 18 Months

The surge in digital assets investments seems to be a response to the devaluation of the Turkish lira, which has plummeted by over 50% against the US dollar. In particular, the growth has been prominent among individuals aged 18 to 60, with a special emphasis on young women between 18 and 30 years old. Surprisingly, almost half of these young women, 47% to be precise, now hold cryptocurrencies in their portfolios.

The report, compiled by one of the top five exchanges globally, underscores the burgeoning crypto ecosystem in Turkey. The study reveals that the highest proportion of Turkish investors, at an impressive 71%, have invested in Bitcoin, followed by Ethereum (45%) and stablecoins (33%).

The data further divulges that the age group of 31 to 44 constitutes the largest demographic of crypto investors at 48%, closely trailed by the 18 to 30 age bracket at 37%. The study also reveals that over the past three months, around 31% of investors entered the market for the first time, underscoring the burgeoning influence of younger participants.

The survey results not only uncover the increasing embrace of digital currencies among Turkish adults but also divulge their motivations. Over half (58%) of the respondents view these investments as a long-term wealth generation strategy. Interestingly, these sentiments cut across generations, revealing the universal appeal of crypto as a financial tool.

The report also delves into the gender-based motivations, with older investors focusing on value preservation and diversification while younger generations are drawn to the ease of transactions and short-term gains.

As for specific digital currency preferences, Bitcoin continues to be the favored choice, capturing the attention of 71% of the total respondents. Ethereum trails behind at 45%, while stablecoins have piqued the interest of 33% of the participants. 

Notably, the report highlights an emerging interest in NFTs, Metaverse concepts, and meme tokens, suggesting the country’s dynamic and evolving crypto landscape.

This comprehensive report presents valuable insights into Turkish investors’ motivations, preferences, and behaviors, showcasing the shifting tide towards digital assets as a means of financial empowerment and diversification.

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y00ts NFTs Bid Farewell To Polygon, Embarking On Ethereum Migration

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The y00ts non-fungible­ token (NFT) project rece­ntly decided to transition its blockchain network once­ again. This time, they have move­d from Polygon to Ethereum. Intere­stingly, this shift comes only after four months of migrating the majority of the­ir NFTs from Solana to the Polygon network.

In an announcement posted on its official Twitter account on August 9, y00ts disclosed its forthcoming migration to Ethereum, coinciding with the launch of its DeGods NFT collection. The project’s statement emphasized that while the move is underway, they will be taking the step of returning the entire $3 million grant they had received from Polygon. 

The grant will be­ reallocated to stimulate the­ growth of the NFT ecosystem, providing vital support to builde­rs and creators within this domain. The project e­mphasized its strong affinity for the Polygon network, clarifying that the­ decision to migrate to Ethere­um aims to foster unity betwee­n the DeGods and y00ts communities. The­ specific date for the migration is e­xpected to be announce­d in the near future.

The y00ts NFT colle­ction has recently undergone­ its second significant migration within a relatively short pe­riod. In April, the majority of the NFTs transitioned from Solana to Polygon, following the­ project’s initial announcement of its blockchain transition plans in De­cember. The official migration proce­ss began on March 28, and by March 30, Polygon reported succe­ssfully bridging 11,633 out of a total of 15,000 y00ts NFTs.

The y00ts proje­ct’s decision to transition to Ethereum highlights the­ dynamic nature of the NFT landscape. It e­xemplifies how projects continually strive­ to optimize their offerings and communitie­s within the evolving blockchain ecosyste­m.

Polygon Price Analysis

The marke­t has shown a visible but modest response­ as news breaks about the y00ts NFT proje­ct’s migration to Ethereum. According to the late­st data from CoinMarketCap, the price of Polygon (MATIC) is curre­ntly at $0.688328.

During the past 24 hours, the­ value of the cryptocurrency de­creased by 0.33%. Polygon currently holds the­ #11 position in CoinMarketCap’s ranking among other cryptocurrencie­s.

CoinMarketcap

This standing is determined by its market capitalization, which currently amounts to $6 billion. The circulating supply of MATIC coins is reported to be 9,319,469,069 out of a maximum supply of 10,000,000,000 MATIC coins.

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Polygon Scores A Sweet Deal With 7-Eleven’s Slurpee NFTs

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The Polygon [MATIC] network will now feature the ice-cold slushy called Slurpee in the form of a digital collectible, made possible by 7-Eleven, the world’s largest chain of convenience stores. The dessert-themed NFT game, accessible only via mobile devices, would showcase a virtual 7-Eleven Slurpee cup and four flavors: Cherry, Blue Raspberry, Pina Colada, and Summertime Citrus.

“We’re always looking for new and creative ways to celebrate with our customers on our favorite day of the year,” Marissa Jarratt, Chief Marketing & Sustainability Officer at 7-Eleven said in a press release. “Maybe you’ll even give us some inspiration for future flavors,” she added.

Anyone interested can select any or all flavors to make the Slurpee of their dreams. After filling the cup, the collector is given the option to either claim their “Slurpee Vibe Digital Collectible” or return to the previous screen and start anew.

The user can choose “claim now” if they are happy with their creation to go to the following screen, which requests their name, email address, and phone number. To redeem the Slurpee NFT, the collector will get a six-digit code through email.

Several high-profile brands have teamed up with the MATIC network to work on various Web3 projects. Some of the projects include the coffee giant Starbucks Odyssey rewards program on Polygon, which is currently open in beta to limited users.

In 2022, Meta tapped into Polygon to leverage blockchain technology and explore the NFT space via the social platform Instagram. And it will introduce its first paid collectible after providing some free prize NFTs to early customers.

Polygon Fared Well In The NFT Domain

The Ethereum scaling network has witnessed double-digit growth in the NFT metrics over the past week. According to information from Cryptoslam, the overall volume of NFT sellers and purchasers has increased by 20% during the last week. Both the total number of NFT transactions and its total sales volume climbed by more than 25%, which strongly suggests that NFT activity has expanded.

Due to several positive on-chain signs, MATIC’s price clocked gains of roughly 30% over the past month at $0.73. According to an on-chain expert, a “mini-run” was started by the 12th-ranked asset, which was still up 6% in the weekly index.

Bitcoin Ordinals Set To Disrupt Ethereum’s NFT Dominance

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With its relentless progress, Bitcoin Ordinals is about to challenge Ethereum’s hegemony in the NFT market in terms of sales and active buyers. Data from a well-known NFT industry data aggregator, Crypto Slam, showed sales of Ordinals have increased by an astounding 130% in USD, bringing in close to 10% of the market.

While Ethereum continues to dominate the NFT sector with a sales total of over $24 million, the quick ascent of BTC’s Ordinals raises the possibility of a “flip” in the near future. The Ordinals protocol, which was first introduced in January, quickly climbed the popularity ladder to become the most widely used method of creating new assets on the Bitcoin blockchain.

It first began as a method of “inscribing” data in the witness section of BTC transactions on the smallest units of Bitcoin, called satoshis. But the debut of the BRC-20 token standard in early March is what caused the number of Ordinals inscriptions to skyrocket.

“Bitcoin Request for Comment,” or BRC-20 tokens on the Ordinals protocol, were created by an anonymous on-chain analyst named Domo on March 8th, 2023.

In the latest quarterly report from DappRadar, the establishment of BTC Ordinals inscriptions on the BTC network has amassed more than $210 million in trade volume, but the NFT market kept decreasing.

Bitcoin Ordinals’ Quarterly Rise Was 2894%

The annual average trading volume for BTC rose from $7.18 million in the first quarter to $210.7 million by the end of June. DappRadar reported that the increase for the quarter was a whopping 2834%. The data shows how the sharp rise in demand for Bitcoin Ordinals through the second quarter of 2023 led to a significant increase in transaction volume.

Meanwhile, a total of over 16 million ordinals have been inscribed to date, as per data from Dune Analytics.

Therefore, proposals for a “flippening” might not be too far off given that the ecosystem of non-fungible tokens [NFT] is showing signs of being impacted by the rise of Bitcoin Ordinals. According to sources, BTC will overtake Solana [SOL] to become the second-most popular blockchain by the end of May 2023. Ethereum, on the other hand, leads in terms of NFT trade volumes.

Ethereum’s ERC-6551 Sets New Record: 701 Tokens Created In A Single Day

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July 4th marked a significant milestone for the Ethereum blockchain as the number of ERC-6551 tokens created skyrocketed to an astonishing 706 in just one day. 

This unprecedented surge has not only set a new record for token creation but has also highlighted the growing prominence of ERC-6551 in the realm of non-fungible tokens (NFTs).

The Ethereum ecosystem currently boasts more than 1,500 ERC-6551 accounts, indicating a widespread adoption of this token standard among NFT creators and enthusiasts. 

Source: Dune

Notable projects leveraging ERC-6551 include The Managers and Sapienz, among others. What sets ERC-6551 apart is its ability to enhance the functionality and value of NFTs through the empowerment of NFT smart contracts.

By leveraging the power of ERC-6551, NFTs can now achieve greater composability. It means that other NFTs and tokens can be seamlessly integrated into a single archive, thereby unlocking new creative possibilities and expanding the utility of NFTs. 

The introduction of ERC-6551 has revolutionized the NFT landscape, enabling a new wave of innovation and interaction within the Ethereum community.

One of the key features of ERC-6551 is its ability to function as a smart contract wallet. Similar to regular smart contract wallets, ERC-6551 tokens can securely store tokens and other NFTs. 

This capability opens up a world of possibilities, as NFTs can now exist within a dynamic ecosystem where they can interact and transact with other tokens and contracts.

These token-bound accounts (TBAs) are created and managed through a permissionless registry that seamlessly integrates with existing ERC-721 NFTs.

Ethereum NFT Trading Volumes Witnesses Major Jump Since February

Recently it was reported that Ethereum’s NFT trading volume witnessed a substantial surge last week, marking its most significant increase since February. 

According to data collected from The Block’s Data Dashboard, trading volume rose by a staggering 63% compared to the previous week, reaching a total of $88 million.

Source: The block

The Ethereum community hadn’t witnessed such a surge in NFT trading volumes since the final week of February when they experienced a remarkable 109% increase.

One of the primary drivers behind this recent spike in trading volume was the contentious Azuki Elementals mint. This project’s sale of 10,000 NFTs contributed a staggering $37.5 million to the overall trading volume. 

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Yuga Labs’ Bitcoin NFT Collection Draws Ire Over Bidding Process

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BAYC creator Yuga labs have recently opened the auction process for its Bitcoin NFT collection TwelveFold via a press release on March 5. In accordance with it, interested users will have to transfer their entire bid amount to an address controlled by Yuga.

Winners would simply pay up the BTC they bid, while Yuga said it would return the BTC to those unsuccessful in placing a top bid.

This method of taking bidders’ bitcoin into custody with a promise to send back unsuccessful bids has invited backlash from the community members.

One ordinal-focused account accused the firm of “establishing REALLY bad precedence, comparing the model to be a “scammer’s dream”.

…” Not doubting they’ll do that, but this model is a scammer’s dream, and credible players need to set a better example”.

When a billion-dollar player enters the space it’s inexcusable not to set a higher bar. I wonder who’s been advising them. My advice would be to halt the auction and return all funds. And then restart with a sane, trustless model.

Even Bitcoin Ordinals developer Casey Rodarmor stepped in, advising Yuga Labs to refrain from producing such “degenerate bullshit” in the future or he would encourage others to boycott the project.

Some have compared the laborious refunding of rejected bids to the “stone age” approach.

Several people, on the other hand, opted to see the bright side of events and praised Yuga labs for using the emerging technology, labeling it bullish.

As reported by TronWeekly Yuga Labs, the entity behind the famous NFT collection Bored Ape Yacht Club, debuted a limited edition Bitcoin-based NFts called TwelveFold.

Bitcoin NFTs Quickly Rose To Prominence

300 works of generative art written with satoshis on the Bitcoin blockchain will be included in the collection.

All bids will be made in bitcoin. Additionally, Yuga Labs also revealed that “wallets do not currently support the transfer of individual satoshis.”

This meant that users run the danger of losing their inscribed Satoshi if they store their digital assets alongside other BTC holdings.

BTC-based NFTs or so-called Ordinals become all the rage with the inscription of the 100,000th ordinal on 14th Feb.

Recently, the number of these Inscriptions crossed 200k, data from Dune Analytics showed.

Similar to nonfungible tokens [NFTs], these Inscriptions are digital assets that can be inscribed into one Satoshi, the smallest denomination of a Bitcoin.

Bitcoin: BAYC Pioneer Yuga labs Offers A Sneak Peek Of BTC-Based NFTs

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Yuga Labs is set to debut a limited edition Bitcoin-based NFts called TwelveFold. 300 works of generative art written with satoshis on the Bitcoin blockchain will be included in the collection.

As per the announcement, the TwelveFold auction will go live later this week. Details about the sale, including the precise time, will be disclosed in a 24-hour notice.

All bids will be made in bitcoin. Additionally, Yuga Labs also stated that “Wallets do not currently support the transfer of individual satoshis.”

This meant that users run the danger of losing their inscribed Satoshi if they store their digital assets alongside other BTC holdings.

BTC-based NFTs or so-called Ordinals become all the rage with the inscription of the 100,000th ordinal on Valentine’s Day.

A few days back, the number of these Inscriptions surpassed 200k, data from Dune Analytics showed.

Similar to nonfungible tokens [NFTs], these Inscriptions are digital assets that can be inscribed into one Satoshi, the smallest denomination of a Bitcoin.

The Inscription process involves writing or inscribing the data of the content stored into the witness of the Bitcoin transaction. The witness was introduced in the SegWit upgrade to the BTC network in 2017.

Segregated Witness [SegWit] refers to a change in the transaction format of Bitcoin.

The maximum size for BTC blocks should be 1MB. But, Ordinal users can now add 3MB of data to each block thanks to SegWit and Taproot. The latter was launched on the BTC network on November 14, 2021.

Despite Ordinals’ Entry, Bitcoin Miner’s Fee Decreased

As the popularity of Ordinals grew, fees on the Bitcoin network skyrocketed over the last month, passing $170,500 in inscription fees alone on February 15, 2023. More than $1 million in fees have been paid to miners on the BTC network.

However, since then, the BTC miner’s fee each day has fallen from $54k on Feb. 20 to just over $11k at the moment.

Speaking on the same, Ordinals creator Casey Rodarmor, a former BTC Core contributor said,

“Clearly we have not been shipping features fast enough to keep the mempool full. We regret our sloth and will rectify the matter in due time.”

Yuga Labs’s latest set of 300 Ordinals might possibly be able to rekindle the craze, the highest adoption so far.

Earlier, Bitcoin wallet Xverse too jumped on the bandwagon and launched support for Ordinals.

Ethereum NFT Market Takes A 59% Dip: DappRadar Report Unveils 2022 Performance

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The NFT market on the Ethereum blockchain saw a sharp decline in market capitalization in 2022, according to a report from DappRadar. Despite being a key driver of the dapp industry, its market cap is estimated at $3.7 billion, a decrease of 59.60% in USD value from the beginning of the year.

Despite this setback, the NFT market is showing positive signs of recovery, with a 68% increase in value from November 2022 to $3.7 billion. Yuga Labs, a leading player in the NFT industry, holds 67% of the Ethereum NFT market cap.

Source: DappRadar

In 2022, the NFT market saw a boom in growth and hype, reaching its highest value of $19.1 billion in February. However, this growth was not sustainable, and the Terra Luna collapse in May 2022 and FTX collapse in November had a devastating impact on the NFT market. 

These events decreased value from $19.1 billion to $2.2 billion by the end of November. Despite these challenges, the NFT market is showing promising signs of recovery, with the market cap closing the year at $3.7 billion and positive on-chain metrics seen in January 2023.

Yuga Labs Dominates Ethereum NFT Market Cap

Yuga Labs has established itself as a leading player in the NFT industry, with its NFT collections holding 67% of the entire Ethereum NFT market value. 

CryptoPunks and Bored Ape Yacht Club are two of the most highly valued NFT collections, holding 46.7% of the Ethereum market cap. Bored Ape Yacht Club, in particular, stands out as the first NFT collection to offer full ownership and commercial usage rights to its owners.

However, despite its strong start in 2022 with a market cap evaluation of $2.6 billion, the Bored Ape Yacht Club experienced a 64.92% decrease in its market cap by the end of the year.

In spite of these challenges faced by the Ethereum NFT market in 2022, many promising projects emerged from the bear market, showcasing the potential of unique digital assets. 

The NFT market continues to grow, with the number of brands and use cases adopting digital collectibles rising. As the market continues to evolve, it will be interesting to see how the Ethereum NFT market develops in the coming years.

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Gala (GALA) Skyrockets By 150% In Seven Days: Here’s Why

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The value of GALA, the cryptocurrency that powers Gala’s gaming ecosystem, has experienced a significant increase of 148% over the past week. It is currently the top performer among the top 100 digital currencies and, earlier today, showed considerable growth in the past 24 hours, with over 30%.

Source: CoinMarketcap

On January 9th, GALA shared information about their collaboration with Johnson and Wahlberg on Twitter, which led to a price increase (the tweet is presently inaccessible). The platform expressed confidence that the collaboration between these two immense entertainment forces would prove more influential outside the spotlight than inside. 

According to the tweet:

Just a little bit of information regarding our ongoing work with @TheRock and @markwahlberg.$GALA is the gas token in @GoGalaFilms and @GoGalaMusic as well! 

Additionally, an on-chain data analyst, Santiment, reported that GALA is making a remarkable run among the many altcoins experiencing a surge in 2023. Due to substantial purchases from Whales, the token has gained 194% since December 30th and surpassed $0.048 for the first time since mid-September.

Source: Santiment

GALA Price Review

Gala Games, established in 2018 by Eric Schiermeyer, Wright Thurston, and Michael McCarthy, aims to revolutionize online gaming by making it more decentralized. Eric, the co-founder of game developer Zynga, Wright, a crypto miner, and Michael, the creative director of viral games such as FarmVille, lead the team.

In September 2021, the GALA token began gaining popularity following its listing on Binance and Bibox. On September 23rd, the token experienced a massive price increase, reaching $0.113, representing a more than 500x increase from its all-time low of $0.00022 on December 28th, 2020.

From November 26th to its all-time high, the token’s price sustained a solid increase, reaching $0.83. By December 3rd, however, its worth had plunged by 29%, down to $0.51.

The token experienced a decline in value over the next month until it reached $0.18 on January 22nd, 2022. However, the announcement of Skaggs’s hiring and increasing anticipation for the launch of Spider Tanks led to a resurgence in the token’s value, reaching a peak of $0.0441 on October 31st. 

Unfortunately, the value subsequently dropped to $0.02837 on November 3rd. Afterward, the token was affected by the downfall of the FTX exchange, resulting in a low of $0.01555 before ending the year at $0.01666.

Despite its recent weekly gains, the token has lost 94.8% of its value since reaching an all-time high of $0.8248 in November 2021. The coin is presently up nearly 10% on a daily basis and is trading at $0.04102, according to Coinmarketcap.

Source: CoinMarketcap

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NFTs Are Heating Up Again: Trading Volumes Reach Three-Month High

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WU Blockchain reported today that the NFTs market saw a significant increase in trading volume yesterday, reaching a three-month high with a single-day total of over 32,000 Ethereum (ETH). 

Source: NFTGo

On January 5th, the market capitalization of the NFT market reached a three-month high of approximately 10.23 million ETH. The previous high was seen on December 10th, when the market cap was about 9.82 million ETH. 

Source: NFTGo

The data is gathered from an NFT marketplace or analytics platform, NFTGo. Additionally, OpenSea, a major marketplace for NFTs, also experienced a two-month peak in ETH-denominated trading volume on the same day. 

However, NFTGo’s Barometer is currently at 31/100, indicating that NFT market sentiments are cool. In the last 24 hours, there have been 19,288 buyers and 19,288 Sellers.

NFTs Sales Volume in 2022 Nearly Matches 2021 Peak

According to data from DappRadar, the volume of NFT sales in 2022 almost reached the peak seen in 2021, despite declining sales and falling prices in recent months. The market generated approximately $24.7 billion in organic trading volume across blockchain platforms and marketplaces in 2022, a slight decrease from the $25.1 billion recorded in 2021. 

However, DappRadar observed a significant increase in the number of NFTs traded last year, with approximately 101 million NFT trades recorded in 2022, compared to about 58.6 million in 2021. It suggests that a larger number of NFTs were traded at lower values due to the decrease in crypto and NFT prices.

The crypto market saw significant value loss in 2022, with losses intensifying due to the collapse of Terra’s LUNA and UST and the downfall of the crypto exchange FTX. This “crypto winter” led to a decline in crypto prices and had a similar effect on the NFT market. 

Source: OpenSea

Sales of NFTs saw a boost in January as the market carried over momentum from 2021, with top marketplace OpenSea recording a record month with $5 billion in trading volume. However, trading volume decreased in the following months before a surge in late April due to the launch of NFT land plots for the metaverse game Otherside by Yuga Labs. You can also check out other NFT market moves by going to BuyNFT.

Source: OpenSea

It drove OpenSea to a single-day record for trading volume, but the market did not maintain this momentum and saw a drop in monthly volume from nearly $3.3 billion in May to just over $1 billion in June. Since then, the market has not surpassed the $1 billion mark.

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