Porsche NFTs go badly wrong

New NFT collections need to be a lot cheaper, dammit. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap $1.03T (-1,88%) 24 Hour Volume $56.18B (-1.14%) Notable Movers[(APT) $15.93]( (+24.02%) Notable Movers (DeFi)[(DYDX) $1.92]( (+11.93%) Bitcoin Dominance 42,45%[(+0,42%)]( Bitcoin Price[(BTC) $22,611.57 (-1.17%)]( Ethereum Price[(ETH) $1,555.15 (-3.93%)]( Cardano Price[(ADA) $0,3594 (-4.30%)]( Editor's Note NFTs Are Just Too Expensive I've said it before — and I'll say it again: the NFT sector is putting newcomers off with astronomical prices. For the latest example of this in action, look no further than Porsche. The luxury carmaker hoped to make a splash by selling 7,500 collectibles for 0.911 ETH apiece — a nod to its iconic sports car. But given the punishing bear marker, many motoring enthusiasts found this $1,400 price tag difficult to swallow. Sales were sluggish — and worryingly, NFTs were soon changing hands for below their minting price. Awkward. Porsche is now trying to make amends by reducing the total supply of NFTs in the collection, a move that should make those already minted a little more valuable. CryptoPunks and Bored Apes were sold for modest sums before they were worth millions. And given we're still in a harsh crypto winter, new NFTs need to be priced modestly to tempt people to part with their hard-earned dollars. Creators, it's time to put greed aside. Let the market decide whether your non-fungible tokens should trade at a premium. There will always be an opportunity to generate revenue through secondary sales. [Today’s Top Stories ]( Today’s Top Stories [Genesis facing new class action lawsuit]( 🚨 Bankruptcy attorneys for crypto lender Genesis believe a deal with major creditors can be reached within the week. But that wasn't fast enough for one group of customers, who have filed a class action lawsuit accusing the firm of violating securities regulations. The lawsuit accuses Digital Currency Group — and its CEO Barry Silbert — of selling unregistered securities in the form of the crypto lending product it offered through Gemini Earn accounts. The Securities and Exchange Commission sued Genesis and Gemini on those grounds earlier this month, and the civil suit is basically tagging along as the regulator will do all of the discovery work for it. 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So says a panel of experts polled by Finder.com. They also predicted a low of $13,000 this year. "BTC will predominantly be range-bound throughout most of 2023," said Vetle Lunde, a senior analyst at investment firm Arcane Crypto. He predicts: "Higher costs of living and a challenging economic backdrop [will] reduce investors' ability to allocate capital to BTC." Bitcoin ATM provider CoinFlip's chairman, Daniel Polotsky, said "we may be close to the Bitcoin and crypto bottom," adding, "now may be a good time to feast on the dip." [Apple's new headset could be a game-changer]( 😱 With eye and hand-tracking, Apple's new AR/VR headset aims to make working, playing and interacting with both the real and virtual worlds easier and more intuitive. The $3,000 Reality Pro headset will boast different ways to interact with both physical and digital environments — with a core interface that's familiar to iPhone users, Bloomberg says. Users will be able to select an app, button or anything else in their field of view with a glance, and activate it with a camera-captured pinch of the thumb and forefinger. Down the road, virtual keyboards are on the drawing board. One big stumbling block remains in the form of battery life, which is said to be just two hours with a battery pack the size of two stacked iPhone 14 Pro Maxes. [Did BlockFi get its numbers wrong?]( 😬 Bankrupt crypto lender BlockFi lowballed the extent of its exposure to Sam Bankman-Fried's FTX empire by some $200 million, according to a document accidentally posted by lawyers. The unredacted document showed BlockFi had almost $1.25 billion wrapped up in FTX and its sister company Alameda Research. Earlier documents put that amount at $1.03 billion. The new numbers came from M3 Partners, a firm made up of BlockFi clients owed money by Alameda. It is an advisor to the official creditors committee, and a spokesperson told CNBC that the document was uploaded in error. BlockFi's total assets are listed as $2.7 billion, but nearly half of that is locked in Sam Bankman-Fried's companies. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2023 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States