Buddy.tech Surpasses NFTs for the Third Time, Hits $12.3M in Buying and selling Quantity

• Buddy.tech surpassed NFTs in each day buying and selling quantity for the third time, with a complete of $12.3 million on September 9.
• On the identical day, Buddy.tech skilled a surge in exercise, witnessing an influx of 4.06k ETH, marking a brand new excessive in each day inflows.
• The NFT market is going through challenges as collectors downsize their collections and the SEC will increase regulatory scrutiny.

Galaxy Analysis has shared that Buddy.tech’s each day buying and selling quantity on Ethereum reached $12.3 million on September 9. That is thought of the third time that Buddy.tech’s each day buying and selling quantity has exceeded NFT’s buying and selling quantity on Ethereum. The NFT’s each day buying and selling quantity on that day was $9.2 million.

On the identical day, Buddy.tech witnessed an influx of 4.06k ETH, which counted as its new excessive in a single day. The general whole locked worth exceeded 11,000 ETH, and $1.2 million was generated in charges.

The primary occasion was on August 20, when Buddy.tech’s each day buying and selling quantity was $14.1 million, and the NFT was $12.4 million. The second was on August 21, when Buddy.tech surpassed NFTs with a each day buying and selling quantity of $16.9 million, whereas the NFTs quantity was $11.2 million.

Buddy.tech is among the newest decentralized social networks and a quickly rising platform within the crypto house in the intervening time. The platform permits customers to buy “keys,” which might grant them entry to pals’ and influencers’ chat rooms and unique content material.

Reportedly, the NFT market is going through some challenges as some NFT collectors have been downsizing their collections to keep away from heavy losses. Between January 2022 and July 2023, NFT buying and selling quantity dropped by over 81%, and month-to-month gross sales decreased by 61%.

Not too long ago, the U.S. Securities and Trade Fee (SEC) introduced its first enforcement actions towards NFTs, which, in response to the report, has influenced market sentiments in the direction of NFTs.

On September 5, Laura Shin, host of the Unchained Podcast, talked with authorized skilled J.W. Verret and tax specialist Jason Schwartz, they usually mentioned if Buddy.tech’s keys can be certified as a safety. The podcast episode targeted on whether or not the Howey Take a look at may very well be utilized to Buddy.tech’s keys and if they’d be the SEC’s subsequent goal.