NFTs in a nutshell: A weekly review
GameStop’s new NFT marketplace has made better numbers in less than a week than Coinbase’s NFT marketplace has done to date, KIA is the latest automaker to explore NFTs, and Snapchat joins the growing line of social media platforms seeking NFT integration in a certain capacity.
Every weekend, we review stories like these that have led the accusation in NFT talk over the past week. Let’s review all the action from mid-July and take a look at last week’s NFT news.
This week’s non-fungible token news
GameStops NFT Marketplace goes live in beta
GameStop launched the beta version of their new non-fungible token marketplace this week, and despite a crowded market landscape filled with a lot of noise, GameStop has still found a solid foothold in its early days.
During the first two days of active trading, the marketplace registered nearly $ 4 million in sales, dwarfing those of OpenSea, but is about double the number registered from Coinbase’s NFT marketplace to date.
KIA is rolling out NFTs
Car companies have not been the most foreign players in the area so far, as a handful of brands such as Porsche and Lamborghini have been involved. Last week, KIA joined the mix with a new brand campaign in the US
Centered around the manufacturer’s Soul model, users will be able to obtain NFTs by scanning a QR code that can be viewed in a 30-second location on the broadcast TV. About 10,000 of the tokens will be minted.
Non-fungible car brand tokens have seen a number of results, from last year’s 30ETH Porsche sketch sale, to a hugely disappointing Corvette campaign recently released by Chevrolet. The custom Corvette Z06 release was a flop by all means, and a Chevy representative described the experience as “very educational”.
Snapchat joins social media monsters to play in NFT rooms
Lions, tigers and bears … Reddit, Twitter, Instagram and Snapchat? Oi da. Social media platforms are another important set of companies to engage with non-fungible tokens and crypto in general. It’s the latter in the gang, Snapchat, that is making the latest waves, and testing a new feature that will integrate user NFTs into AR ‘Snap Lenses’. The feature is currently under development and may be released as early as next month.
Twitter has previously released hexagonal profile pictures, Instagram works with active integration, and Reddit has also worked with profile picture-like functions for non-fungible tokens.
OpenSea lays off 20% of the workforce
Layoffs have been a big hit in the crypto market during this year’s bear market, as many stock exchanges have cut the number of employees and many projects have received big hits. Look no further than the marketplace’s mainstay OpenSea, which announced last week that one in five employees in the company would drop the roof. Macroeconomic factors and global unrest have been cited as major pain points leading to layoffs, and the company promises to take a number of steps to try to support former employees.
Related reading | Decentralized Credit Counter Cred Protocol releases automated scoring results
Ripple isn't often associated with NFTs, but makes a showing in this week's Nutshell following the acquisition of financing platform Supermojo. | Source: XRP-USD on TradingView.com
Ripple invests in the NFT platform “Buy now, pay later”.
Ripple is a rare mention in nutshell, but appears this week with the acquisition of the NFT funding platform Supermojo. The platform aims to build a “seamless, intuitive and accessible NFT purchasing, financing and storage experience” for the next generation of users.
CryptoPunks continues strong performance, a sales of 2.5 million USD + this week
Despite a relatively slow market, a number of blue-chip projects have maintained their status and financial position relatively well relative to the rest of the market. Exhibit A is the power project CryptoPunks, which received sales of ~ $ 2.6 million (2500 ETH) this past week – the seventh largest CryptoPunk sale in the project’s five-year history.
In the middle of the bear market, large blueprints have endured while smaller projects at level 2 and below have taken on most of the carnage.
Rarible co-founder: Can NFTs develop into media companies?
Are blue chip projects like Bored Ape Yacht Club and CryptoPunks the world’s next Disney? Rarible co-founder Alex Salnikov, in an interview with TechCrunch, believes that “NFT collections will develop as media companies [into something] like Disney. “
Related reading | Crypto Exchange Bit2Me decides to rescue 2gether customers after the account block
Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
