The Dapper labs announces a lay off as the Forekast reaches 500 up

Indexes represent global NFT market performance indicators. At of 09:55 a.m. in Hong Kong, the primary Forkast 500 NFT index has increased 0.14% over the previous 24 hours to 2,699.39. The Etheum and Polygon indices fell, while Forkast’s Solana and Cardano NFT market indexes increased.In spite of the Ripple ruling-related overnight increase in cryptocurrency prices, overall NFT sales volume fell 1.72% in the last 24 hours to US$24.45 million, as per statistics from CryptoSlam. The 24-hour volume of sales for all NFT collections was led by the Bitcoin-based $FRAM BRC-20 NFTs, which increased by 0.31% to US$2.14 million. It captured more than two thirds of all the total traffic on the network made up of Bitcoins while doing so. Bored Ape Yacht Club (BAYC), an Ethereum-based payment, and the Captainz came in second and third, correspondingly.

The lay off

The most popular collectible in the market during the previous 24 hours was BAYC #1734. Which is a part of the BAYC collection. So as on the first Friday, it was sold for 600 Ether that is $1.2 million. Despite of the fact that how great this large purchase is, BAYC #1734 was already sold previously in January 2022 for 800 Ether.The outcome is that there is still a demand for extremely expensive NFTs. This is even in a bad market. This is as per the Yehudah Petscher, who is an NFT Strategist at Forkast Labs. Where Forekast labs is the parent business of Forkast News. This particular Bored Ape was sold at a significant loss.

Dapper Labs, the creator of popular NFT collections like CryptoKitties and NBA Top Shot, reported the firing of 51 employees on Thursday, or about 12% of its workforce, as the downtrend in the market persists.According to Roham Gharegozlou, chief executive officer at Dapper Labs, “making that choice was incredibly difficult” but had to be made in order to “ensure a lean and efficient” business. The organization has seen three rounds of layoffs in the last 12 months. Its staff was reduced by 22% in the month of November 2022 and by another 20% in February of the same year as a result of the layoffs.

The producer of the NFT collection Cool Cats, Cool Cats Group, a Web3 firm, has partnered with game studio nWayPlay, a division of the Hong Kong-based technology and finance behemoth Animoca Brands. Collectively, the two businesses will create a Web3 game that will debut between the end of 2023 and the beginning of 2024.In Hong Kong, U.S.Stock futures remain unchanged at 11:50 a.m. In normal Thursday trading, all three of the major U.S. indexes posted higher closing values, with the Nasdaq taking the top spot with a gain of 1.58%. A 0.1% year-over-year increase was reported for the entire month of June in the U.S. producer pricing index (PPI), compared to 0.9% in May.

Additionally, the result falls far short of analysts’ projections of a 0.4% yearly increase in PPI. The figures, when combined with the disappointing consumer price index data made public on Wednesday, indicate a decrease in U.S. inflation.Wade does, however, still anticipate that the Federal Reserve will raise interest rates again in July due to persistent inflation concerns. According to Wade, the squeeze on employment and the possibility of the Fed changing its monetary policy might lead to a rebound in the market for bonds that would “loosen financial conditions.

Christopher Waller, the chairman of the Federal Reserve, stated in a speech on Thursday indicated the Fed will need to “keep policy stringent for some time” if it’s going to get deflation below its 2% benchmark.

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