New platform for making money from your NFT

Cryptocurrency

A new platform has launched allowing holders of non-fungible tokens to list them for use in projects.

X Marketplace is a decentralised community-owned marketplace which offers the chance for people to make money from their NFTs by licensing them to brands.

The IP marketplace supports the Yuga Labs, Azuki, CloneX, IlluminatiNFT, Finiliar, Stickmen Toys and Swampverse collections.

Projects seeking NFTs can also post requests for them.

Holders of these NFTs can list their IPs on the platform for free while projects that are seeking NFTs for IP licensing can also post ads.

While experts have warned that holders of many NFTs do not actually own the intellectual property for them, collections such as Bored Ape, Meebits, CryptoPunk and World of Women do include IP rights.

X Marketplace co-founder Bradley Zastrow told The Block that such agreements are currently being made via platforms such as Twitter.

“The problem today is that IP rights are a large part of the NFT value proposition but with limited opportunity to monetise it. We are making the IP discovery process easier by integrating an IP marketplace within our existing platform,”  he said.

“The NFT economy will be more than just buying & selling NFTs; it will include multiple ways for NFT owners to monetise their assets. The launch of our IP marketplace is only on stage one; we are just beginning.”

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Russian Alexander Vinnik, extradited to the United States for allegedly helping to launder $4 billion worth of Bitcoin through his role at defunct crypto exchange BTC-e, has called on Russian foreign minister Sergey Lavrov to secure his return to the country via a prisoner swap, reports Reuters.

Crypto investment product firm 21.co has raised $25 million at a $2 billion valuation led by alternative investment firm Marshall Wace to expand globally.

Credix has raised $11.25m to develop its credit platform matching institutional investors and DeFi lenders. The round was led by Motive Partners and ParaFi Capital and included Valor Capital, MGG Bayhawk Fund, Victory Park Capital, Circle Ventures, Fuse Capital and Abra. 

Metaverse Magna, a Web3 gaming company looking to build the largest gaming DAO (decentralised autonomous organisation) in Africa, has raised $3.2m from a seed sale token round at a valuation of $30m. The round included Wemade, Gumi Cryptos, HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon, Casper Johansen and IndiGG.

PolygonLEAP has revealed six winning startups which will share $250,000 after coming through its Web3 accelerator programme: Zoksh (no-code payment gateway); Deefy (NFT lending and borrowing protocol); Airchains (dApp toolkit); Respct.club (Web3 social gaming platform ); Spheron (hosting platform); and Zippy Fitness (Metaverse fitness solution). The programme is run by Polygon in partnership with Lumos Labs.

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Crypto prices

The overall market cap of the more than 20,800 coins is at $938 billion at the time of writing (7am UK), a 5.6% decrease in the last 24 hours.

Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – dropped 5% to $18,750. BTC is 8% down on its price a week ago.

Ethereum, the second most valuable crypto coin – created as a decentralised network for smart contracts on the blockchain – plummeted 8% to around $1,500. ETH is 6% down over the course of a week.

Binance Coin is a cryptocurrency created by popular crypto exchange Binance to assist its aim in becoming the infrastructure services provider for the entire blockchain ecosystem. Its BNB token fell 6% to $263, leaving it 9% down over seven days.

The XRP token of Ripple, a payment settlement asset exchange and remittance system, acts as a bridge for transfers between other currencies. XRP fell 6% to below 32c, with its price 5% down on seven days ago.

Cardano is an open source network facilitating dApps which considers itself to be an updated version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, shed 9% to 46c and is where it was a week ago.

Solana is a blockchain built to make decentralised finance accessible on a larger scale – and capable of processing 50,000 transactions per second. Its SOL token shed 6% to $31.01, 5% lower than its price a week ago.

Meme coin DOGE was created as a satire on the hype surrounding cryptocurrencies but is now a major player in the space. DOGE lost 7% to 5.9c and is 7% down over seven days.

Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralised web. Its DOT token, which aims to securely connect blockchains, dived 9% to $6.90 and is 5% down on its price a week ago.

Polygon aims to securely connect blockchains as a sort of decentralised internet. Its MATIC token fell 10% to below 81c, while it is 4% down in a week.

Avalanche is a lightning-quick verifiable platform for institutions, enterprises and governments. Its AVAX token dropped 8% to $18.35 and is 8% down in a week.

To see how the valuations of the main coins have changed in recent times – and for round-ups of recent cryptocurrency news developments – click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.


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