ARB Drops Following DAO’s Token Sale; Amazon Set to Launch NFT Marketplace

Daily Top Mover  — Arbitrum (ARB)

U.S. equities ended the March in green last Friday, with Nadaq 100 gaining up to 20% in the past quarter. The broader cryptocurrency market retreated slightly over the weekend, with Bitcoin and Ether falling 1% and 1.41%, respectively, in the past 24 hours. The top mover for today is ARB, which falls by 7.38% in the past 24 hours, due to Arbtrium Foundation’s token sale ahead of community ratification.

As the most prominent airdrop in the past few months, ARB has stolen the limelight as it successfully airdrops tokens to the community. With a total supply of 10 billion, the fully diluted market capitalization ranks twelfth among all crypto tokens, slightly behind Aptos and Avalanche, and well ahead of its competitor Optimism. Fundamentally, Arbitrum has seen its transaction volume still at a elevated level as the airdrop activities subside. 

Nonetheless, the recent underperformance of ARB comes as the Arbitrum Foundation sells the tokens without the community's approval. Pursuant to tokenomics, Arbitrum Foundation allocates 7.5% of the total token supply to itself. While the voting of the proposal (AIP-1) has not yet been concluded, the on-chain activity shows Artribrum Foundation has sold some of the allocated tokens, drawing widespread community outcry against this surprising early selloff. As of the time of writing, the backlash caused the Foundation to split the AIP-1 to multiple votes and promise a halt to ARB sales in the near term. 

Check Out the Latest Prices, Charts, and Data of ARB/USDT!

Talk of the Town

Amazon is poised to launch an NFT marketplace on a private blockchain. The NFT marketplace is part of the tech giant’s in-house NFT initiative, while further details are not yet available. Unlike popular NFT marketplaces, Amazon’s upcoming NFT marketplace is private and permissioned, which is unlikely to have on-chain data accessible to the public and not composable with major Layer 1 blockchain. It is rumored that Amazon has entered partnerships with Beeple and the team behind Pudgy Penguin to potentially have their NFTs listed on the marketplace.

Check out what else is buzzing in the crypto scene today:

Crypto Exchange Trader Joe Nears Launch of Upgraded Trading Engine. (Link)