Non-fungible tokens (NFTs) on the Bitcoin network have risen to the second spot in NFT sales volume. The feat is impressive, as Bitcoin NFTs only became possible after the activation of inscriptions on the Bitcoin mainnet in January 2023.

Blockchain fitness app, Stepn, has announced it will allow its users to buy and sell digital assets directly within its app, bypassing the need for an external digital asset marketplace.

In a decisive regulatory move, Malaysia's leading financial watchdog, the Securities Commission (SC), has ordered the Seychelles-based cryptocurrency exchange, Huobi, to cease all operations in Malaysia.

Top stories in the Crypto Roundup today:

• Bitcoin NFTs Soar to Second Place in Sales Volume
• Apple Changes Its Tune on Blockchain Apps With Stepn App Integration
• Huobi Ordered to Shut Down in Malaysia
• Chart of the Week: Change in Market Share of Centralized Exchanges

Bitcoin NFTs Soar to Second Place in Sales Volume

Non-fungible tokens (NFTs) on the Bitcoin network have risen to the second spot in NFT sales volume. The feat is impressive, as Bitcoin NFTs only became possible after the activation of inscriptions on the Bitcoin mainnet in January 2023.

According to recent data, Bitcoin NFTs have amassed around $167 million in sales in the past month. While it falls short of Ethereum's near $397 million in the same period, it is worth noting that Bitcoin's sales are almost triple the sales on the Solana network, which lagged behind by roughly $57 million, as per CryptoSlam data.

Bitcoin's remarkable and swift rise in the NFT marketplace can be largely attributed to the Ordinals Protocol, an innovative mechanism that allows data inscriptions on satoshis, the smallest denomination of Bitcoin.

The Ordinals Protocol has allowed for the encapsulation of data, such as JPEG images, within the Bitcoin ecosystem, opening the gates for Bitcoin-based NFTs. Bitcoin Frogs has since risen to become the leading Bitcoin NFT collection.

Despite sparking a degree of controversy among Bitcoin proponents, the uptake of this technology was further boosted when Yuga Labs, a significant player in the NFT arena, released their own Ordinals-based collection in February.

Apple Changes Its Tune on Blockchain Apps With Stepn App Integration

Australia-based blockchain fitness app Stepn has announced it will allow its users to buy and sell digital assets directly within its app, bypassing the need for an external digital asset marketplace.

This development comes as the app will be available on Apple's App Store, marking an apparent shift in Apple's stance towards blockchain-based mobile applications.

Stepn rewards its users with crypto tokens for physical activities such as walking, running, or jogging, allowing users to buy digital sneaker NFTs with unique characteristics. The purchase of these NFTs will require in-app credits, which can be acquired using traditional debit and credit cards linked to Apple Pay.

The integration with Apple is a departure from the norms established by Apple's deal with the Web3 game, Axie Infinity, which does not permit in-app links to its NFT marketplace.

Despite a decline in active user numbers, Stepn's COO, Shiti Manghani, is hopeful that the Apple integration will help bolster user numbers. However, tapping into Apple’s ecosystem will see the tech giant leverage its 30% fee on transaction revenues for Stepn’s in-app purchases.

Huobi Ordered to Shut Down in Malaysia

In a decisive regulatory move, Malaysia's leading financial watchdog, the Securities Commission (SC), has ordered the Seychelles-based cryptocurrency exchange Huobi to cease all operations in Malaysia.

Huobi, according to the announcement, violated Malaysian regulations by operating a cryptocurrency exchange without registration, which constitutes an offense under the Capital Markets and Services Act 2007.

The SC contends that the exchange failed to secure a Recognized Market Operator (RMO) license, necessary for legal operations.

Huobi's CEO, Leon Li has been mandated to spearhead the process of winding down local operations, ceasing interactions with Malaysian investors, disabling the company's website, and withdrawing its app from various app stores.

The SC indicated that this enforcement action was motivated by concerns regarding the platform's compliance with local regulatory requirements and the necessity of safeguarding investors' interests.

Chart of the Week: Change in Market Share of Centralized Exchanges

Since the halting of zero-fee trading for USDT pairs in March, Binance's market share has declined by 10.8% (as of May 20th). Other platforms like Bullish, OKX, BitMEX, and Bybit experienced market share increases of 1.55%, 1.44%, 1.25%, and 1.04%, respectively, after Binance’s move.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.