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Nifty Newsletter: NFT Sales Soar to $129M, OpenSea Implements Layoffs, and Elon Musk Criticizes NFTs

Nifty Newsletter: NFT Sales Soar to $129M, OpenSea Implements Layoffs, and Elon Musk Criticizes NFTs

Elon Musk unintentionally made a case for Bitcoin Ordinals during his appearance on the Joe Rogan podcast, where he criticized NFTs for being merely URLs linking to JPEG images. Bitcoin Ordinals, on the other hand, are similar to NFTs but are stored on Bitcoin’s blockchain.

NFT sales volume in November reached an impressive $129 million, with NFT marketplace Blur leading the way in trading volume. OpenSea, despite its success, has laid off 50% of its staff as it prepares to launch version 2.0 of its platform.

In a surprising move, an investor in OpenSea, Coatue Management, marked down the value of its stake in the platform by 90%, reducing its investment from $120 million to $13 million.

The Simpsons recently aired an episode that poked fun at NFTs, highlighting the industry’s fear of missing out and the speculative nature of the market.

Overall, NFTs continue to make waves in the digital landscape, with high sales volumes and ongoing developments in the space.

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