Weekly NFT & GameFi Update (Week 34, 19/08/2023 - 25/08/2023)
OpenSea stops enforcing royalty fees on NFT secondary sales. Yuga Labs winds down support for OpenSea. Magic Eden pledges US$1 million fund to support Polygon NFTs.
Chart of the Week
OpenSea has announced that it will stop enforcing creator royalty fees on secondary sales of NFTs. From 31 August onwards, artists who list new projects on OpenSea will not be able to make it compulsory for buyers to pay a creator fee. Instead, artists will only be able to indicate their preferred creator fee, which buyers can choose to pay as a tip. Previously, creator fees typically ranged from 2.5% to 10%.
New Project Spotlight
NFT Collectibles
[COMING SOON] ‘VIV ANDERSON’ is a project from PlayOnPro featuring Viv Anderson, a former English professional footballer, and the first person of African descent to play for England's national football team. Dropping on 28 August on Crypto.com NFT, it includes digitised sports memorabilia, career highlights, autographed merchandise, and exclusive experiences with Viv Anderson.
[COMING SOON] ‘Doookie’ is a collection by FriedFriday, an illustrator with extensive experience in the video games industry. This drop features the adventures of Peacheeze, a genre-bending rock band that is especially fond of punk rock and nu-metal. The collection goes live on Crypto.com NFT on 1 September.
Blockchain Games
[LIVE] The narrative team of D.G.Pals has completed several new updates, including a storyboard for a new animated chapter and descriptions for items in Legends. Moving forward, the team will also release new stories and characters, along with an improved UI and upgrade system.
[COMING SOON] Eyeball Games is implementing the forging of pool cues in the Eyeball Pool game. Players are able to combine five distinct parts to create their perfect cue. Eyeball Games is also hosting a side event with Polygon Labs at TOKEN2049, where Balldroid holders are eligible to attend the event upon signing up.
The following table shows select top collections (by weekly sales volume on each platform) and a sample of their art:
The following table shows select top games by weekly Unique Active Wallets (UAW):
News Highlights
Yuga Labs, the company behind NFT collection ‘Bored Ape Yacht Club’, is set to wind down support for OpenSea for upgradable contracts and new collections, following the NFT marketplace’s upcoming removal of its on-chain royalty enforcement tool. Yuga Labs announced that they aim to protect creator royalties so that creators are properly compensated for their work, and their post has received a positive reaction from the BAYC and NFT communities.
NFT marketplace Magic Eden has pledged a $1 million “Creator Fund” to support Polygon NFTs. Polygon creators chosen to take part in the project are eligible to receive capital, technological guidance, marketing aid, and mentorship.
Popular South Korean girl group Blackpink has launched a Roblox metaverse experience. The metaverse experience will be a permanent addition to the virtual online game, giving fans an interactive space to celebrate Blackpink’s music and come together to recreate their choreography.
Nexon’s MapleStory Universe game has partnered with Chainlink to elevate its Web3 gaming experience through provably fair NFT gaming. Chainlink’s Verifiable Random Function (VRF) will help to ensure unbiased and equitable item acquisition, as well as an auditable and transparent item generation process.
Recent Research Reports
Research Roundup Newsletter [July 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in July, charts of the month, and our latest research exploring real-world assets.
Crypto Market Sizing Report H1 2023: Global crypto owners reached 516 million by the first half of 2023.
Real-World Assets: Bridging Real-World Value to DeFi: Real-World Assets is a promising application for blockchain technology that is gaining traction. We explore notable projects like Centrifuge, Ondo, Tangible, and Toucan.
Alpha Navigator: Quest for Alpha [July 2023]: Risk assets continued their positive price action in July, although BTC dipped slightly. The macro calendar was quiet up until mid-August, when US CPI data and FOMC minutes were released.
Recent University Articles
10 Bearish Crypto Trading Indicators to Know: Discover 10 popular bearish crypto trading indicators that, when combined with other indicators, can help enhance a trader’s experience.
Bitcoin as a Store of Value: A Comparison to Gold and Other Assets: Explore the potential of Bitcoin as a store of value — its durability, portability, and other characteristics.
What Is Ethereum’s EIP-4844 Update? How Proto-Danksharding Can Reduce Gas Fees: Learn about Ethereum’s Cancun-Deneb upgrade, a major protocol update to reduce gas fees and enhance scalability through Proto-Danksharding.
Disclaimer
The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.
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The brands and the logos appearing in this report are registered trademarks of their respective owners.
Nothing in this report is intended to suggest that NFTs are investment products, nor securities, nor anything similar or “financial” of any description. NFTs are to be reserved for fun only and NOT with any expectation of “value”, “profit”, “yield” or “investment”. You are also aware that NFTs are not a store of value, are not a generally accepted medium of exchange, and are considered very illiquid and volatile.
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