The Block Crypto News11 minutes ago

Published on June 12, 2024 16:22 GMT+00:00edited on June 12, 2024 16:24 GMT+00:00

There has been a lot of excitement in the broader crypto market this year, but the non-fungible trading sector continues to lag.

While there has been the occasional bright spot for NFT announcements, including an Adidas partnership with Stepn slated to begin with an NFT collection and the announcement of the upcoming 2025 release of the Pudgy Penguins game based on both their NFT collection and their associated toy line, which sold one million units in less than a year; it has largely been mostly negative headlines about NFTs or a lack thereof.

The negative headlines primarily focus on the declining valuations and activity within the NFT space. Nobody wanted to buy the Coachella NFT VIP passes and Starbucks shut down its Odyssey Beta NFT program. The …