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Latest Crypto News: NFT Collections Sink To Two-Year Low, Credit Suisse To Launch NFTs

Here are some of the major developments from the world of crypto over the past few days

Updated on: 4 July 2023 10:28 am

Latest Crypto News: NFT Collections Sink To Two-Year Low, Credit Suisse To Launch NFTs

The floor prices of some of the largest non-fungible token (NFT) collections have sunk to nearly two-year lows. The most expensive NFT collections by market capitalisation are now swimming in a sea of red as some of the NFTs in those collections hit close to two-year lows over the past week.

On July 3, 2023, the floor price of Yuga Labs’ flagship Bored Ape Yacht Club (BAYC) collection—the second largest by market valuation, according to CoinGecko—reached 27.7 Ether, or $54,200, a level last seen in September 2021.

Credit Suisse To Launch NFTs

Swiss bank Credit Suisse has announced it would be collaborating with the Swiss Football Association to launch 756 Ethereum NFTs, with all sales going towards promoting women’s soccer in the Alpine nation.

It is the bank’s first foray into NFTs, which will be made available through its CSX app and bring additional features for digital assets without the need for cryptocurrency or a cryptocurrency wallet.

The NFTs will be purchased through the app using Swiss francs. According to the bank, this “first step” was intended to be “simple and client-friendly” so that a “broad client base” could access digital assets.

With regard to the NFTs, each one features a member of the Swiss Women’s National Team and offers varied degrees of bonuses and advantages based on rarity.

There are three rarity levels, with 690 of the least rare starting at around 150 Swiss francs ($170), while the 11 most rare are priced at over 10,000 Swiss francs ($11,000).

Thai SEC Bans Use Of Customer’s Crypto Assets For Lending, Investment

The Securities and Exchange Commission (SEC) of Thailand has published new regulations aimed at protecting investors for companies that provide services for digital assets.

According to the new regulations, companies that provide services for digital assets must publish proper warnings that underline the risks involved in trading cryptocurrencies.

All platforms must release the following message: “Cryptocurrencies are high risk. Please study and understand the risks of cryptocurrencies thoroughly, because you may lose the entire investment amount.”

According to the Thai SEC, the warning message must be clearly visible, and before customers can use the service, the business operator must arrange for the users to give consent and acknowledge the risks.

Apart from a trading risks disclaimer, the new guidelines also prohibit service providers from using customers’ funds for lending or investment.

Investor protection regulations have been under discussion since September 2022 amid the crypto lending crisis that saw firms such as BlockFi and Celsius declare bankruptcy.