WeChat Suspends Few Accounts Linked to NFTs; Thar NFT sells for Rs 11 lakh

WeChat, a popular Chinese messaging app, has suspended some accounts linked to non-fungible tokens (NFTs), to prevent speculation in digital assets, according to various media reports.

The platform said it has “rectified” accounts that it found were promoting NFT market speculation, and hence, could drive up prices. There are no regulations against NFTs in China, although the trading of cryptocurrencies was banned last year.

Elsewhere, automaker Mahindra&Mahindra has announced that it has sold a digital NFT based on the Thar – which it had launched earlier this week – for a record Rs 11 lakh just days after the launch. The group became the first Indian automotive company to enter the NFT space.

Mahindra Group chairperson Anand Mahindra tweeted: “An overwhelming response to the auction, which means it’s almost as expensive as buying the real #Thar! But that makes sense, since the NFT is truly one of a kind.”

Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 4.10 per cent in the last 24 hours, and it was trading at $45,232.92 at 5:00 pm IST. Its dominance in the crypto market is currently at 41.36 per cent, down by 0.11 per cent in the last 24 hours, according to Coinmarketcap.com.

In the last 24 hours, Ethereum (ETH) was trading at $3,288.95, a fall of 3.37 per cent, while Binance Coin (BNB) fell 3.01 per cent in the same period, and was trading at $431.94. Solana (SOL) was down by 1.35 per cent to $125.16, while Cardano (ADA) was down by 6.02 per cent to $1.14.

Meme Coins

Among meme coins, Dogecoin was down 6.48 per cent, and was trading at $0.1367 at 5:00 pm on Coinmarketcap.com. Its rival, Shiba Inu, was down by 7.96 percent and was trading at $0.00002559. Samoyedcoin was down by 2.82 per cent, trading at $0.02198, while Dogelon Mars was down by 11.08 per cent, and was trading at $0.0000009482.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $2.08 trillion, a decrease of 3.84 per cent in the last 24 hours, while the total crypto market volume was $142.02 billion, up by 25.92 per cent, according to Coinmarketcap.com.

Dotmoovs (MOOV) became the biggest gainer, recording a rise of 263.46 per cent. It was trading at $0.0653 at 5:00 pm, according to Coinmarketcap. In contrast, Geojam Token (JAM) witnessed the maximum loss, falling 67.07 per cent. It was trading at $0.0196, Coinmarketcap.com reported.