By Shikha Singh
Crypto Projects Set To Unlock $2.6 bn in Tokens in November.
The vesting periods for various blockchain projects will end in November, unlocking digital assets worth $2.68 billion.
According to Tokenomist, more than $900 million will be released on a cliff basis, while approximately $1.7 billion will be unlocked linearly.
Significant projects set to unlock large amounts of tokens include Memecoin, which will release 3.45 billion coins valued at around $37.8 million, with over 10 million tokens distributed daily.
Aptos will unlock 11.31 million tokens worth $93 million, allocated to core contributors, the community, the foundation, and investors.
Avalanche is set to release 1.67 million AVAX tokens valued at $39 million for its foundation, while
Optimism will unlock 31 million tokens worth $44 million for its investors and contributors.
Additionally, Arbitrum will release 92.65 million tokens valued at $45 million, designated for investors, team members, and advisers.
Immutable Hit With Wells Notice as SEC Extends ‘Overreach’ to Web3 Gaming.
On November 1, Web3 gaming company Immutable announced that it received a Wells notice from the U.S. Securities and Exchange Commission (SEC), alleging unspecified violations of securities laws related to the listing and private sales of IMX tokens in 2021.
Immutable characterized the notice as part of the SEC’s “regulation-by-enforcement” policy, which may lead to a lawsuit, disrupting its operations.
BBVA Debuts Tokenized Fund in Spain’s Sandbox.
Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, will launch a tokenized fund within a regulatory sandbox by the CNMV, allowing for innovation under supervision.
The BBVA Token Short-Term Fixed Income fund will operate on a private blockchain provided by Allfunds, with BBVA Asset Management managing it like a traditional fund. Initially, only bank employees will invest to assess its performance without risks to regular customers.
This initiative aims to explore blockchain’s potential in asset management, and BBVA also plans to launch a Euro-pegged stablecoin next year in partnership with Visa.
NFT Sales Surge 18% as All-Time Volume on Solana Nears $6 bn.
In October, NFT sales volume increased by 18% to $356 million, breaking a seven-month decline. Transactions also rose to 7.2 million, a 42% increase from September.
DMarket topped sales with $33 million, followed by Guild of Guardians Heroes at $13 million.
Bitcoin and Ethereum collections performed well, while Solana NFTs accounted for $67 million, representing 19% of the month’s total and bringing Solana’s all-time NFT sales close to $6 billion.
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.
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