🟢 Why Are These NFTs ▲75%?

Good Morning Switchers,

👋 Welcome to Switch Daily.

Wassup? Festive shopping keeping you busy these days? Well, it’s just window shopping for us—you know, with the bear market and all.😑

Anyway, if there is one thing we’re eyeing rn, it's this new Web3 phone in the market—VERTU. Brands including Solana, have been talking about a web3 phone, but this is the first one to launch IRL. It seems we can even place an order from India since they are launching globally. 🤩

Here’s what we’ve got for you:

• Market pulse

• Cardano NFTs are 🔥

• News highlights

• Meme of the day

Market pulse 📈

The market is frozen 🥶

After experiencing a slight uptick in the previous session, the larger crypto market, experienced a bearish session. With the bears looming at large, Solana (SOL) and Cardano (ADA) lead the way down, slipping by 3.22% and 3.28%, respectively.

The total crypto market capitalization is $888.2 billion, down by $10.1 billion. With the loss in total market cap, the crypto market cap decoupled from the tech-heavy NASDAQ, which witnessed a bullish session and rose by 0.90%. However, Bitcoin (BTC), showed strength and avoided the minus $19,000 for a third consecutive session but ended the day in the red.

Cardano NFTs are surging ⬆️

The whole world is feeling the chills of the crypto winter. And that includes NFTs too—a couple of weeks ago, we talked about how NFTs had a dramatic decline of 97% from their all-time high in just nine months. Remember?

But this set of NFTs has been firing a mad rise of 75% in just 24 hours. 🚀

The bigger surprise? These NFTs belong to the Cardano ecosystem. This Cardano is like the middle child of the family:

• You are nobody’s favorite

• You often go unnoticed

Poor Cardano even conducted a massive network upgrade recently, but the Merge was all anyone was interested in:

But Cardano continues to go about its work, hoping that one day it will be a crypto superstar. Looks like Cardano finally had its moment in the spotlight, thanks to the NFTs. !

What’s causing this big surge? Two things

1️⃣ The Vasil Fork boost

As we said, Cardano went through a major upgrade known as the Vasil fork at the end of September this year.

This upgrade aimed to bring:

• Improved the performance of smart contracts

• Increased transaction speed 1,00,000 transactions per second

Since the upgrade, Cardano has introduced more scalable programming language called Plutus. This language offers higher security and can verify smart contracts more efficiently.

These factors have strengthened the capabilities of Cardano’s smart contacts over which 1000+ Decentralized apps are built. 40% of these Dapps are NFT projects. These projects have derived direct benefits from the Vasil fork upgrade.

2️⃣Competitors switched to optional Royalties

The Solana network is one of the biggest competitors for Cardano in hosting NFT platforms. Solana has been facing numerous technical challenges, like frequent power outages causing its developers trouble. Over that, Magic Eden—Solana’s biggest marketplace, shifted to an optional royalties policy.

What on earth is that?

You know how every time an NFT is sold, a percentage of the sale is routed to the creator or the artist in the form of NFTs?

With the optional royalties policy, the traders can choose not to pay royalties to the creators. Ouch! That stinks for the artists. Many are super frustrated about this and have been moving to other artist-friendly ecosystems like Cardano.

Better functionality and more user adoption could totally explain why the Cardano NFTs are doing well.

But, the trading volumes on Cardano are just a minuscule of Ethereum and Solana. Is it just a small surge for Carnano NFTs or is this the beginning of something big, don't know yet. We'll keep an eye out tho! 👀

What is making headlines? 🗞️

🆕Ex-Meta team makes its blockchain debut

After more than four years of testing and two successful funding rounds, Aptos, the layer-1 blockchain, debuted the network’s mainnet. Aptos blockchain became famous thanks to its team, which includes former Meta team members. Read more.

🇫🇷Crypto trading nod for French bank

French banking giant Societe Generale's crypto division, SG Forge, received regulatory approval to offer crypto services. The region’s financial regulator granted registration to SG Forge to provide crypto custody and trading services. Read more.

🥷🏽Another BNB Chain hack; $1M lost

Amid news of increasing institutional adoption of crypto and regulatory approval, another hack left the crypto community shocked. The latest update saw the BNB chain-based crypto wallet, BitKeep, get exploited for $1 million. Read more.

⚖️EU urges the US to draft global crypto regulations

The European Commission’s financial services chief Mairead McGuinness has requested the US authorities to provide a clearer framework for global crypto regulations. She cautions that digital assets may potentially threaten financial stability if left to grow unchecked. Read more.

Community Spotlight 💥

This week on our community spotlight we introduce Web3 Bharat.

A community on a mission to bring Web3 to India, including Tier 2 and Tier 3 cities. They dream of making India ONE (Opportunity, Network, and Education) in Web3 to resonate India in one voice. And, you can find Web3 Bharat in 30+ cities.

They are hosting a workshop on building a Voting app on Polygon.

Or if you are interested in learning Web3, you can join their #30daysinWeb3 event.

Check it out! 👇🏽You can win an NFT on completion too.

Meme of the day

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See you tomorrow, folks. 👋

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