NFT Market Update - 18th August, 2022

Yuga Labs tweeted that in the event of a viable PoW fork, Yuga will only recognize NFTs on PoS, and any future utility or relevant licence is only eligible on this chain.

Fractional, the platform to buy fractions of NFTs changed its name to Tessera and announced a $20M funding round led by Paradigm which includes investors like Uniswap Labs, Keyboard Monkey and DC Investor.

Phantom, the most popular wallet on Solana announced NFT burning is launching. Users can safely remove spam, clean up their wallets, and upon burning make some SOL in the process.

Coinbase CEO, Brian Armstrong said in the event of regulatory threats he’d rather shut down Ethereum staking on the platform than censor transactions.