NFT Journal: Chapter Fifty
It is with great delight that we welcome you to the NFT Journal’s fiftyth edition.
More Media and Entertainment Firms Adopt NFTs 🎭
Last week, Walt Disney selected Polygon Blockchain to participate in its Accelerator program, a business development project designed to support the expansion of innovative firms around the globe. This year’s participants include Flickplay, Inworld, Lockerverse, Obsess, and Red 6, focusing on Artificial Intelligence, NFTs, and Augmented Reality.
Also, Netflix collaborated with Candy, an NFT platform, to launch an NFT collection of its popular series, Stranger Things featuring seventeen of viewers’ favorite characters. This is not Netflix’s first foray into the NFT industry, as it had early released NFTs on another popular series titled Love, Death + Robots in May.
Crypto Winter Blues Persists ❄️
The Crypto winter continues to have adverse effects despite showing signs of recovery from the bear market.
Last week, Opensea laid off 20% of its workforce because of the current crypto winter and general macroeconomic instability — an action the CEO believes will enable the firm to sustain itself during the ongoing crypto downturn.
Additionally, Mutant Ape Yacht Club, one of the most popular NFT collections, plummeted by 79% in its June sales volume amidst the bear market after recording sales of approximately $37.58 million that month.
Similarly, Axie Infinity saw a 55% drop in sales volume from May to June, from $7.09 million to $3.18 million. Other collections like Bored Ape Yacht Club, Moonbirds, NBA Top Shot, and Meebits also had a low June sales volume.
Meet the Original Bear Market Player 🐻❄️
Despite the market downturn, CryptoPunk keeps attracting huge sales as CryptoPunk #4464 was sold for a whopping $2.6 million making it the fourth most expensive CryptoPunk NFT in the collection’s history, using the Ethereum value transacted. The recent market slump, however, reduced its USD value, making it the fifteenth most expensive CryptoPunk sold from its collection.
Market Round-up 🚀
CryptoPunk is the OG of sales volume, occupying the top fifteen most expensive NFTs sold last week. The incredible growth amidst the Crypto crisis deserves a salute from Crypto-enthusiasts.
With a sales volume of $116.22 million, Opensea retains the top NFT marketplace list. CryptoPunk came second with a $28.75 million sales volume. Magic Eden and X2Y2 ranked third and fourth, with sales of $15.21 million and $14.75 million, respectively. LooksRare ranked fifth with a $7.33 million volume.
Unsurprisingly, CryptoPunk is the top NFT collection on the rank list, with a $27.84 million volume. Bored Ape Yacht Club comes next with a $9.78 million volume. With $9.13 million and $7.09 million in volume, Otherdeed for Otherside and Art Blocks ranked third and fourth, respectively. Mutant Ape Yacht Club is at the bottom of the list with a $5.05 million volume.
About NFTY Labs
NFTY Labs is a Web3 Incubation Studio focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs. NFTY Lab’s goal is to create new applications that offer new utilities for NFTs, and we aim to do this by utilizing a core feature of all NFTs: ownership.