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Asian stocks dropped following the decline on Wall Street as investors grappled with disappointing earnings results from tech giants, as well as the pressure of a strengthening DXY on other currencies. The yen gyrated after the Bank of Japan decided to stick to its monetary policy. Meanwhile, U.S. GDP data shows that although the economy may have rebounded after two quarterly contractions, consumer spending still remains under pressure amid scorching inflation.
The broader crypto market fell on Thursday but major cryptocurrencies managed to defend their respective key thresholds. As of the time of writing, BTC remains well-bid above the $20k psychological barrier, notwithstanding a 2.5% decline in the last 24 hours. ETH has seen downside corrections in tandem with the largest cryptocurrency by market cap, currently changing hands above the $1,500 level. Mid-to-large-cap altcoins are now in a sea of red, with APT leading the downside correction on a double-digit percentage loss in a similar time frame. Canine-inspired meme coins also fell following the completion of Elon Musk’s $44 billion acquisition of Twitter, which will now operate as a private company.
In the NFT space, Reddit has launched Spooky Season, the second series of NFT collections that plans to release 78 unique collectible avatars. Over the past week, the cumulative trading volume of all collections within the series has reached $3.7 million, making the total volume of both series $7.8 million. The daily volume of Polygon NFT also soars on the back of the Reddit NFT hype amid the market slump for NFTs in Q3.
LooksRare, an Ethereum NFT marketplace, has followed in the footsteps of Magic Eden and SudoSwap, and bowed out of enforcing creator royalties as it recently announced plans to make paying creator royalties optional on the platform. However, LooksRare says that it will direct 25% of its protocol fee to creators, which means that for every sale, 0.5% of the sale price will now be channeled to creators in place of respective royalty rates. The prevalence of zero-royalty marketplaces has eroded the general willingness to pay royalties throughout the NFT space — a “prisoner’s dilemma” as described by the co-founder of Magic Eden. However, LooksRare’s solution is likely a viable approach to buck the trend while still maintaining its competitive edge of “an effectively zero-fee offering”.