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It’s our first Monday edition of The Nightly Mint, and while NFT activity (and prices) are stuttering as the broader crypto market, and markets at large, embrace rocky tides.
According to Dune Analytics, OpenSea activity in recent days hasn’t been this low since December; while the market is still seeing substantial volumes, there is clearly a ‘cooling’ period that we’re seeing relative to January and February’s activity.
OpenSea daily volume in ETH is still at a cool ~$50M USD per day in recent days, but that pales in comparison to January and February daily volumes. | Source: Dune Analytics
The Nightly Mint
Immutable X Raises $200M At A $2.5B Valuation
Layer-2 scaling solution Immutable X has partnered with GameStop, TikTok, and many more. The Australian-based startup raised a cool $200M to start the week, nailing a valuation of the firm at right around $2.5B. The platform has it’s own marketplace, and seems to have a focus on video games and user-owned NFTs.
Latest Mint: Honoring NASCAR’s First Black Championship Driver, Wendell Scott
Nifty Gateway is host to a new NFT series, in partnership with Wendell Scott Racing, that honors the legacy of the legendary driver. Scott was the first African American driver to win a Grand National race in 1963 and is in the record books for being the only black NASCAR team owner – even today.
The NFT auction includes a 3D augmented reality digital car and trophy, and other editions of the NFT include additional monumental black athletes that have made the record books in sports – including Jackie Robinson and Arthur Ashe.
The 1-of-1 editions of the NFT yielded north of $3K each.
Related Reading | The Bullish Scenario That Puts Bitcoin At $165K Before $22K
It's a kick-starting week for Immutable X's native token, IMX, after the platform announced substantial fundraising efforts. | Source: IMX-USD on TradingView.com
The ‘Minty Fresh’ Take
Yep, it’s that time of year again. If you’re a U.S. resident, there’s one deadline around March and April that you’re probably not a huge fan of. While government regulation and taxation of NFTs has been largely unclear (to say the least), many individuals are reporting taxable gains on NFTs akin to capital gains on other simple tradable assets. Your mileage may vary – consult an accounting professional for questions as they relate to your specific tax jurisdiction.
Sent all my crypto/nft tax paperwork to my tax guy, he called me after to go over it all and said he would call me back in 1-2 days once he finalizes everything. It’s been 2 weeks and still haven’t heard back from him…
— Zoopa (@ZoopaETH) March 7, 2022
Related Reading | Kiyosaki Says ‘Buy Bitcoin And Forget About It’
Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
