Music NFT Market to Hit $686M

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This Week's Low-Down:

• 🚀 Music NFTs Market Projected to Grow ~20% Annually to 2032

• ⬆️ Mythos Surges on the Polkadot Network—5.7M+ Users & Counting

• 👀 NFT Holders Sue Art Gallery for Failing to Deliver on Metaverse Promises

• Universal Health Token Debuts ‘PILLARS OF HEALTH’ NFT Collection (NFT Plazas)

• Planet Mojo to Drop Free Base Chests on October 23 (NFT Insider)

• Hyundai Trades NFTs for Cars in Shocking Reveal (Bitcolumnist)

• SolarWise Debuts Solar NFTs on VeChain Blockchain, Offering Returns on Solar Investments (Crypto News Flash)

• Ronin Gaming Network Adopts Chainlink Protocol to Increase Security on Ethereum Bridge (Decrypt)

• Telegram To Expand Gifts into Tradable NFTs Amid Market Dip (Bitcolumnist)

• Ubisoft Sets Release Date for Champions Tactics: Grimoria Chronicles (NFT Plazas)

• Earn an Exclusive Hell’s Kitchen NFT in Fork Off During The Sandbox Alpha Season 4 (PlayToEarn)

• WEF Urges DeFi Adoption as NFT Weekly Sales Surge to Record Highs (Bitcolumnist)

• NFT Artist DeeKay Loses Life Savings in Cyberattack During Flight (Cryptonews)

• Ubisoft Reveals Release Date for ‘Champions Tactics’ NFT Game (Decrypt)

Trending Collections on OpenSea:

• Courtyard.io [Floor Price -23 $POL]

• Sprotoladys [Floor Price - 0.12 $ETH]

• LO-FI PEPE [Floor Price - 0.20 $ETH]

Music NFT Market Projected to Grow ~20% Annually to 2032

According to the Global Market Statistics, the Music NFT market is expected to grow from $128M in 2023 to $686.19M by 2032, with a 19.9% CAGR.

• Despite the current steady growth, the adoption of strategic initiatives by key players is anticipated to boost the market significantly over the forecast period.

• The Music NFT market caters to various stakeholders, including independent artists and record companies, offering products ranging from single songs to entire albums.

• North America is a dominant market force due to high adoption rates of advanced technology and the presence of major players.

• Prominent companies like OpenSea, Royal, and Audius are leading the market, contributing to its growth and innovation.

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Mythos Surges on the Polkadot Network—5.7M+ Users & Counting

Mythos has swiftly grown on the Polkadot network, reaching over 5.7M accounts following the migration of Mythical Games' new NFT collections and marketplace.

• The migration includes prominent collections like Blankos and D-Market, enhancing the Mythos ecosystem and leveraging Polkadot's advanced blockchain features for better functionality and user experience.

• By integrating as a parachain within the Polkadot ecosystem and utilizing the EVM module, Mythos ensures compatibility with Ethereum addresses, broadening its accessibility and appeal to developers.

• DMarket stands as the largest global NFT collection, with daily transactions approximating 25K and sales surpassing $600K, indicating robust trading activity.

• Mythos Chain’s decentralized nature guarantees transparency and security for transactions, reinforcing its position in the gaming blockchain market.

NFT Holders Sue Art Gallery for Failing to Deliver on Metaverse Promises

36 NFT holders filed a lawsuit against Eden Gallery and artist Gal Yosef, alleging failure to deliver on promised metaverse-based perks linked to their Meta Eagle Club NFTs.

• They labeled the project as a ‘rug pull’ scam, claiming that the creators collected $13M from the sale of 12K NFTs without attempting to fulfill their promises.

• The complaint highlights that the team behind the NFT project lack experience in blockchain, smart contract development, and software engineering, which contributed to their failure to execute the project's roadmap.

• Despite promises of exclusive perks (including entry to private jets, hot-air balloon rides, and art events), the lawsuit claims that very few of these were actually offered.

• Alleging common law fraud, unjust enrichment, and violations of New York General Business Law, the group demands damages and attorney's fees from Eden Gallery and Yosef.

Today's edition was written by Leah Alger

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