crypto news: Magic Eden Launches Exclusive US Domain for nft Services
Leading non-fungible token (nft) marketplace Magic Eden has made headlines with its announcement of a dedicated domain for its U.S. users. In a recent post on X, the platform revealed its plans to offer U.S.-based services through a separate domain, while continuing to innovate on its international .io site.
This strategic move comes amidst increasing regulatory scrutiny in the United States, prompting speculation that Magic Eden is proactively responding to recent actions by the U.S. Securities and Exchange Commission (SEC). Notably, the SEC issued a Wells notice to popular nft marketplace OpenSea, raising concerns within the broader crypto community.
However, the segregation of services for U.S. users has sparked mixed reactions, with some expressing reservations about potential limitations on features like airdrops. Critics argue that this shift may signal a move towards centralization, potentially hindering the full participation of U.S. residents in the nft market.
Amid the debate surrounding Magic Eden's decision, the platform is also focusing on expansion and innovation. In August, Magic Eden introduced the ME token through the Magic Eden Foundation, aiming to facilitate cross-chain trading and drive the growth of decentralized applications (DApps). The ME token is poised to play a pivotal role in the platform's future ecosystem, particularly as it moves towards establishing a decentralized autonomous organization (DAO).
CryptoPunks nft Sold at 80% Discount
While the nft market has shown signs of recovery, a recent transaction involving a CryptoPunks nft has garnered attention. The nft, originally sold for $23.2 million in 2022, was resold at an 80% discount for 1,500 ETH, equivalent to approximately $3.9 million.
The original owner, Deepak Thapliyal, who acquired the nft for 8,000 ETH, bid farewell to the token on X. The new buyer, known as VOMBATUS, later confirmed the purchase, likening the discounted price to acquiring a "free" token.
Interestingly, there has been a trend of companies disengaging from the nft space in recent months. In a notable move, Starbucks opted to terminate its nft rewards program earlier this year, signaling a shift in focus towards new ventures. Similarly, gaming retailer GameStop announced the closure of its nft marketplace after scaling back its involvement in crypto services over a two-year period.
Moreover, X, under the stewardship of Elon Musk, recently abandoned a feature that allowed premium users to use nft images as their profile pictures, reflecting the evolving landscape of the nft market.
