According to Cointelegraph, Infinex's latest non-fungible token (NFT) collection has achieved over $40 million in sales within the first four days, despite a sluggish performance in the broader NFT market. Infinex, a non-custodial platform that provides access to onchain protocols and decentralized applications (DApps), announced the success of its new Patron NFT collection. Kain Warwick, the working group lead at Infinex Core, expressed optimism about the collection's potential to attract more investor interest, noting that the initial phase saw participation from major foundations, venture capital firms, and angel investors. Warwick emphasized the importance of the upcoming phases as the sale expands to a broader community. Over 74% of the Patron NFTs have already been sold, with six days remaining in the sale. The $40 million achievement comes amid a significant downturn in the wider NFT market, where some of the most popular blue-chip NFTs have seen valuations drop by over 74% from their peaks. Infinex also reported surpassing $150 million in total value locked (TVL) on July 25, driven by its ongoing 'launch season,' which added $100 million in TVL within the first 10 days. The Patron NFTs are available in three tiers, priced at $5,000, $3,000, and $1,250, with the lowest tier being locked for 12 months from the distribution date. Early participants in the NFT sale include Framework Ventures, Wintermute, Wormhole Foundation, and Variantm, along with notable crypto figures such as Sergej Kunz, co-founder of 1inch Network. Infinex aims to replace centralized cryptocurrency platforms as the primary point of contact for new crypto users. Despite the success of the Patron NFT sale, the broader NFT market continues to face challenges. CryptoPunks, the largest Ethereum-native NFT collection, is currently trading at a floor price of 29 ETH, significantly down from its peak valuation of 113 ETH in October 2021. Similarly, the Bored Ape Yacht Club (BAYC), the second-largest NFT collection, has seen its floor price drop by over 90% from its peak valuation, currently trading at 11.8 ETH.

According to Cointelegraph, the blockchain advocacy group Digital Chamber has called on United States-based crypto users to support a bill that aims to designate non-fungible tokens (NFTs) according to their use cases. On September 10, the organization urged the US Congress to classify certain NFTs as consumer products, which would exempt them from federal securities laws. The group argued that many NFTs function similarly to artwork and traditional collectibles and should be treated as consumer goods rather than securities. In response to this call, US Representative William Timmons introduced the New Frontiers in Technology Act (NFT Act), which seeks to address the legal and regulatory treatment of NFTs. According to Digital Chamber, the newly introduced NFT Act protects “covered NFTs,” classifying them as collectibles with the primary purpose of being a work of art, musical composition, literary work, or other intellectual property. This includes collectibles, merchandise, virtual land, or video game assets. The protection also extends to affinities, rewards, loyalties, rights, licenses, or tickets. However, the Act does not protect NFTs marketed as investment products, with actual or implied actions pointing toward a potential increase in value. The Act also encourages education by directing the US Comptroller General to conduct a study on NFTs after the bill is enacted. Digital Chamber urged the community to support the NFT Act, emphasizing that it would help the industry flourish without “misapplied” securities regulations. The organization encouraged Americans to contact their representatives in Congress to voice their support for the bill. “By supporting this Act, you can ensure continued technological innovation, greater consumer protection, and a true home within the United States for blockchain technology,” Digital Chamber wrote. This development comes amid the SEC’s recent actions against the NFT space. On August 28, the government agency sent a Wells notice to NFT marketplace OpenSea, suggesting that the SEC may take future enforcement actions against the trading platform. On September 17, the SEC fined the restaurant Flyfish Club $750,000 for selling NFTs. SEC commissioners Hester Peirce and Mark Uyeda criticized the enforcement action, arguing that the NFTs did not trigger securities laws and were simply a different way to sell memberships.

According to BlockBeats, on September 17, Mocaverse and Magic Eden announced the launch of MagicMoca NFT Launchpad, a platform specifically designed for the Mocaverse community to facilitate the release of gaming and IP NFT projects. MagicMoca will utilize MOCA Coin as the primary currency for its sales activities, and Magic Eden will accept MOCA Coin as one of the preferred currencies for market transactions. Additionally, Magic Eden will fully integrate Mocaverse products, enabling Moca ID users to participate in NFT releases and build their on-chain reputation through NFTs.

According to Blockworks, Flyfish Club, the company behind the exclusive members-only club set to open in Manhattan, has reached a settlement with the Securities and Exchange Commission (SEC) over alleged violations. As part of the settlement, Flyfish must destroy all Flyfish NFTs in its possession by September 26, cease accepting royalty payments from secondary market trading platforms on Flyfish NFT sales, and pay a civil penalty of $750,000. In 2021 and 2022, Flyfish sold memberships to its private club through non-fungible tokens (NFTs) priced between 2.5 ETH and 4.25 ETH. Approximately 1,600 NFTs were sold, generating around $14.8 million in gross proceeds. These funds were used to finance the construction of the Flyfish Club, a private restaurant in downtown Manhattan. The SEC noted that Flyfish led investors to expect profits from the entrepreneurial and managerial expertise of Flyfish and its principals in building and running the restaurant. Investors were also told they could potentially profit from reselling their NFTs at appreciated prices in the secondary market. Flyfish also informed investors that leasing out its tokens to non-members was a way to make a profit. The club is scheduled to open this week on September 20, according to social media posts. While the club’s website acknowledges that the venture originally launched with blockchain-based memberships, interested members may now only apply for standard memberships. Current NFT holders are still allowed to lease their tokens to others to gain access to the club, the website adds. SEC Commissioners Hester Peirce and Mark Uyeda issued a dissenting opinion, arguing that the NFTs in question are not securities but rather utility tokens. They stated that Flyfish NFT purchasers did not have a reasonable expectation of profit but rather a reasonable expectation of wonderful culinary experiences and other exclusive membership experiences. Peirce and Uyeda added that the securities laws are not needed in this case and their application is harmful both in the present case and as future precedent. They argued that the Flyfish NFTs were simply a different way to sell memberships and questioned why a chef should not be able to sell memberships to eat at her kitchen table and collect royalties on resales of those memberships. Flyfish did not immediately return Blockworks’ request for comment.

According to PANews, Yuga Labs co-founder Wylie Arnow, also known as GordonGoner, shared his thoughts on the X platform regarding the recent actions of the NFT project DeGods. Arnow expressed uncertainty about the long-term effectiveness of DeGods' initiatives, stating, 'I don't know if DeGods' move will work in the long run (almost nothing does), I wouldn't do this for BAYC, but it's certainly interesting to watch this project try crazy moves. It's clearly worth it and good luck.' Previously, it was reported that the NFT project DeGods announced the launch of the DEGOD token. Users can convert their DeGods, y00ts, or DUST into the new token.

According to Foresight News, the Solana NFT project DeGods has introduced a new token named DEGOD. Users can convert their DeGods, y00ts, or DUST into DEGOD tokens. Each DeGods NFT can be exchanged for 550,000 DEGOD tokens, while each y00ts (Fuzzy DeGods) NFT can be burned and converted into 120,000 tokens. Additionally, each DUST token can be burned and converted into 36 DEGOD tokens. The distribution plan for the DEGOD tokens includes 85% being allocated to NFT holders, 10% to the foundation, 3% for the bonding curve, 1% for initial liquidity, and 1% to the Solana NFT marketplace Sniper.

According to BlockBeats, on September 16, the Solana NFT project DeGods announced a collaboration with the NFT marketplace Sniper to launch the DEGOD token, aiming to unify the entire ecosystem under a single asset. The Bonding Curve is set to be added around September 16 at 6:33 (UTC+8). The tokenomics of the DEGOD token reveal that each DeGods NFT can be exchanged for 550,000 tokens, while each y00ts (Fuzzy DeGods) NFT can be burned and converted into 120,000 tokens. Additionally, each DUST token can be burned and converted into 36 tokens. The distribution plan allocates 85% of the tokens to NFT holders, 10% to the foundation, 3% for the Bonding Curve, 1% for initial liquidity, and 1% to the partner, Solana network NFT marketplace Sniper.

According to data from Blur, blue-chip NFT collections have seen a general rise in floor prices over the past week. Noteworthy among these are Azuki and Doodles, which experienced significant growth:Azuki: Floor price currently at 5.38 ETH, up 15.03% over the last 7 days.Azuki Elementals: Floor price at 0.43 ETH, up 14.89%.Pudgy Penguins: Floor price at 10.89 ETH, up 4.81%.Doodles: Floor price at 2.02 ETH, leading with a 19.03% rise.Lil Pudgys: Floor price at 0.9 ETH, up 2.52%.MAYC (Mutant Ape Yacht Club): Floor price at 2.06 ETH, up 2.08%.BAYC (Bored Ape Yacht Club): Floor price at 11.99 ETH, with a 1.22% increase. 

According to BlockBeats, on September 15, Bored Ape Yacht Club (BAYC) announced the launch of its second season collaboration series with the trendy brand BAPE. The collaboration store will be open throughout the weekend, and once the exclusive Ape merchandise is sold out, it will not be restocked. The collaboration series includes a variety of physical items such as hoodies, T-shirts, beer, and sunglasses.

According to Odaily, the total sales of NFTs reached $74.86 million over the past seven days, marking a 7.91% decrease compared to the previous week. The number of NFT buyers dropped by 73.46%, while sellers decreased by 61.18%. Ethereum-based NFTs led the market with $27.25 million in sales, followed by Bitcoin-based NFTs, which saw a 31.01% increase to $14.89 million. Solana NFTs ranked third with $12.47 million in sales, a 12.31% decline from the previous week. The top-performing NFT collection this week was Cryptopunks, with sales amounting to $5.39 million, reflecting a 9.45% increase from the previous week. Bitcoin BRC20 NFTs followed closely with $3.45 million in sales, experiencing a significant 475% week-over-week growth. Immutable X's Guild of Guardians (GoG) ranked third with $3.28 million in sales, up by 4%. Ethereum-based Sorare recorded $2 million in sales, a 9.99% increase, while BNB-based Luxemarathoner saw a 22% decline, totaling $2 million in sales.

According to Odaily, Miles Jennings, the General Counsel of a16z crypto, announced on the X platform that a16z, in collaboration with OpenSea and Stand With Crypto, has initiated a Creator Defense Fund. A16z will contribute $1 million and partner with law firms to provide legal services and consultation for artists and creators facing potential government actions or those who simply want to ensure their NFT projects are built in a legal and compliant manner.

According to BlockBeats, on September 13, the floor price of Azuki NFTs surpassed 5 ETH, currently standing at 5.35 ETH, marking a 24-hour increase of 13.2%, as reported by Blur market data. Earlier on the same day at 13:00 UTC+8, Azuki launched a new website related to its anime business, anime.com. The website currently features only a registration portal, allowing users to join a waitlist and receive limited edition collectibles. The detailed content and functionalities of the website have yet to be disclosed.

According to Cointelegraph, a CryptoPunk worth millions was acquired for a fraction of its value through a smart contract, surprising onlookers who described the event as either a “heist” or a brilliant play. CryptoPunks are among the most expensive non-fungible tokens (NFTs) available. Due to their high value, some owners have chosen to fractionalize these NFTs, splitting ownership into smaller parts. Utilizing smart contract mechanisms that allow for fractionalization, a trader managed to acquire a CryptoPunk with current bids of over 600 Ether (ETH), worth approximately $1.5 million, for just 10 ETH ($23,000). Punk #2386, a rare Ape-themed CryptoPunk with a headband and small shades, was one of the NFTs fractionalized through a now-defunct platform called Niftex. According to the pseudonymous developer 0xQuit, the NFT was divided into 10,000 parts with 257 owners in 2020. Despite the decommissioning of the Niftex platform, the smart contracts remained active on the blockchain, enabling a trader to trigger a mechanism that allows a buyout. The developer explained that the setup permitted any shareholder to propose a “shotgun,” giving them the opportunity to purchase the piece after setting a price. If no one counters their bid, the asset is transferred after 14 days. On August 28, a trader proposed a buyout for only 10 ETH. Pseudonymous NFT collector gmoneyNFT noticed and attempted to block the shotgun but was unable to set a proper counterbid, allowing the buyout to proceed. The NFT was acquired at a fraction of its actual value. According to the CryptoPunks site, the NFT had bids of about 900 ETH (around $2 million) in January. On September 6, CryptoPunk #6915, an Ape-themed Punk with a cap, an earring, and an eye patch, sold for $1.5 million. The NFT community expressed varied opinions about the CryptoPunk acquisition. One community member described the sale as “one of the biggest CryptoPunk heists of all time,” while 0xQuit referred to it as the “steal of the century.” However, gmoneyNFT, who tried to block the sale with a counterbid, believes the trader played by the rules.

According to Foresight News, Decrypt reports that NFT CryptoPunk #2386 was purchased by a user for 10 ETH using a 'shotgun' method. Currently, the highest bid for this NFT stands at 600 ETH, approximately $1.42 million. Previously, the owner of this NFT had fractionalized its ownership through a website called Niftex in 2020, dividing it into 10,000 ERC-20 tokens that investors could buy and sell individually. Although the website has since shut down, the contract remains valid on the blockchain, which triggered the buyout function. As a result, the user acquired full ownership of the NFT for a fraction of its current value.

According to Cointelegraph, Magic Eden has maintained its dominance in the non-fungible token (NFT) marketplace, securing the highest trading volume for the sixth consecutive month. In August, Magic Eden recorded a trading volume of $122.47 million, capturing a 36.7% market share. Blur followed with $84 million in trading volume, holding a 25.4% market share, while OpenSea saw $66.5 million in trading volume, accounting for nearly 20% of the market. Despite its success, Magic Eden has faced criticism for its decision to segregate its services for United States-based users. On September 5, the company announced the launch of a domain exclusive to US users, promising that the US version would still offer great products while the international domain would feature additional capabilities. This move has sparked dissatisfaction among users who feel the US domain's limitations could hinder their ability to profit. Some users attribute the decision to the challenging regulatory environment in the US. In other news, a rare Ape-themed CryptoPunk sold for 620 Ether (ETH), approximately $1.48 million, on September 5. The CryptoPunk #6915, which features a cap, earring, and eye patch, is one of only 24 Ape CryptoPunks. Earlier this year, the same CryptoPunk received offers exceeding $6 million, making the recent sale at a lower price surprising to community members. Additionally, the Digital Chamber, a crypto advocacy organization, has urged the US Congress to define certain NFTs as consumer products and exempt them from securities laws. This call to action follows a Wells notice sent by the Securities and Exchange Commission (SEC) to OpenSea. The organization argues that the SEC's regulation-by-enforcement approach, coupled with a lack of legislative clarity, poses a risk to the NFT industry. These developments highlight the ongoing evolution and challenges within the NFT space. Stay tuned for more updates and insights into this dynamic market.

According to Odaily, Dmail Network has announced the upcoming launch of its NFT domain trading marketplace. The platform will allow the trading of over 3 million minted domains. Users will be able to buy, sell, and trade NFT domains, earning Dmail Points in the process. Additionally, the platform's transaction fees will involve the purchase and burning of Dmail Tokens.

According to Odaily, Hedera has initiated HIP-850, a proposal aimed at enhancing the supply key functionality for NFTs within treasury accounts. This proposal is set to be implemented with the mainnet upgrade to version 0.53. The enhancement will grant supply keys the ability to update NFT metadata while the NFTs reside in treasury accounts, significantly boosting the Hedera ecosystem.

According to Odaily, a report from CoinGecko reveals that MagicEden topped the NFT market in August with a transaction volume exceeding $120 million, capturing a market share of 36.7%. This positions MagicEden as the leading platform in the NFT space for the month. Blur, which held a market share of 35.4% at the beginning of the year, saw its share decrease to 25.4% in August. The platform's transaction volume for the month dropped to $84.69 million, placing it second in the rankings. OpenSea secured the third position with a market share of 19.9% and a transaction volume of $66.52 million in August. The report highlights the shifting dynamics within the NFT marketplace, with MagicEden emerging as the dominant player.

According to Odaily, Arbitrum has announced on the X platform that the first Infinite Rainbows NFT, supported by Stylus, is now available for free minting. The free minting process is exclusively conducted on the website mintstylus.xyz and will be available from September 9 to October 6.