By Shikha Singh
Alibaba Scales Down Its Metaverse Operations.
Alibaba is cutting back its metaverse operations, laying off many employees from its Yuanjing unit established in 2021. This shift aligns with a broader trend among tech giants moving away from metaverse investments toward artificial intelligence. Despite the layoffs, Alibaba’s metaverse division will continue to provide applications and services.
NFTs Show Signs of Recovery with $356 mn in October Sales.
In October 2024, NFT sales rebounded to $356 million, an 18% increase from September, ending a seven-month decline and signaling a potential market recovery. Transaction volumes also surged, reaching 7.2 million—up 42% from the previous month. The first week of October recorded over $84 million in sales, the strongest weekly performance since August.
Top collections driving this growth included DMarket, with $33 million in sales, and Guild of Guardians Heroes, with $13 million. Solana NFTs also had a significant impact, contributing nearly $25 million to the overall volume and bringing their 30-day total to $67 million, which is close to $6 billion in total sales. Solana’s advantages, like lower fees and faster transactions, are enhancing its appeal in the NFT marketplace.
Justin Sun exposes Coinbase fees demand, backs Binance.
Justin Sun has accused Coinbase of demanding 500 million TRX (about $80 million) for a token listing, contradicting CEO Brian Armstrong’s claims that listings are free. Simon Dedic criticized both Coinbase and Binance for high fees, revealing that Binance asked a Tier 1 project for 15% of their token supply after a lengthy review. Andre Cronje backed these claims, stating Coinbase sought fees between $30 million and $300 million.
In response, Binance co-founder Yi He stressed that projects must pass a screening process to be listed, regardless of fees, and noted that those offering airdrops could list without costs, while praising Cronje for his honesty.
MCM to Open Flagship Store in Lotte’s Metaverse Next Week.
Luxury brand MCM is set to launch its metaverse flagship store on the Caliverse platform, powered by Lotte Innovate, on November 7. Customers will initially make purchases through the official MCM website, with plans to enable direct sales as the market develops.
Caliverse aims to offer a hyperrealistic shopping experience, showcasing intricate details of products that other metaverse platforms lack. CEO Kim Dong-kyu mentioned ongoing discussions with other luxury brands, including Louis Vuitton and Givenchy, to establish their own stores on Caliverse.
Kraken Launches Desktop Platform Featuring Ladder Trading And Auto-Join.
Following a successful private beta, Kraken has launched Kraken Desktop, a comprehensive trading platform for active crypto users. This desktop application offers full access to Kraken’s spot and futures markets and features customizable interfaces, advanced charting, and technical analysis tools. Built on a Rust-native tech stack, Kraken Desktop enhances trade execution and supports innovative tools like ladder trading and auto-join order shortcuts.
Solana Saw Its Highest Monthly Active Addresses, Surpassing 120 mn in October.
In October, Solana achieved a record high of over 123 million active addresses, reflecting a 42% increase from September and a significant rise from less than 12.7 million in January.
The growing popularity of memecoin trading on the network, especially through sites like the memecoin generator Pump.fun and the decentralized exchange Raydium, which both saw significant user engagement and trading volumes, is responsible for this surge in activity.
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