Weekly NFT & GameFi Update (Week 38, 16/09/2023 - 22/09/2023)
Loaded Lions introduces Mane City Awards & Access Pass system. Casey Rodarmor proposes using unstable numbers for inscriptions in Bitcoin Ordinals. Magic Eden integrates Solana’s cNFTs.
Chart of the Week
Casey Rodarmor, the creator and chief coder of Bitcoin Ordinals, proposed to change the numbering system of the protocol's inscriptions. He suggested making the numbers "permanently unstable" to simplify the codebase and facilitate future protocol changes. This is because maintaining a unique and stable inscription number for each Ordinal NFT has resulted in complicated code and hindered development.
New Project Spotlight
NFT Collectibles
[LIVE] ‘m00m world | genesis’ is a project by m00m consisting of 4,200 total m00m shipping container creatures (dynamic PFP NFTs). A limited supply of 1,000 will be available exclusively on Crypto.com. Each collectible is minted with varying degrees of rarity, powers, and utility within ‘m00m world’, its Virtual Interaction Platform (VIP).
[COMING SOON] ‘LOFI Pods Mystery Box NFT‘ features utility-driven NFTs designed for LOFI EQ, an app that enables live streaming fans to monetise their watch time. It was created by lofi_buzz, a team of tech experts from AWS, Samsung, and leading startups.
Blockchain Games
[LIVE] The ‘Mane City Awards’ collection features four unique trophy NFTs for the top 10 tycoons in Loaded Lions: Mane City’s Competitive Mode leaderboard. Top-ranked tycoons will receive exclusive awards which grant them a boost for future seasons. These include the ‘Lion's Tenacity Award’, ‘Bronze Valour Award’, and ‘Silver Spirit Award’ NFTs.
[LIVE] Loaded Lions: Mane City is introducing the Mane City Access Pass system. Crypto.com Land NFT holders are recognised as Access Pass providers and can invite others to join the game by sharing their unique access code. Access Pass providers will earn Diamond bonuses based on their referrals’ in-game purchases. The more players join and spend in the game, the larger the Diamond rewards and Competitive Mode prize pool become. Land NFT holders also benefit from an increased Diamond generation rate. Newcomers can join Loaded Lions: Mane City with an access code and become part of the community of tycoons. Mane City aims to provide a collective journey of growth and prosperity for all players, with more updates and announcements to come soon.
The following table shows select top collections (by weekly sales volume on each platform):
The following table shows selected top games by weekly volume in USD:
Gaming Token Performance
The total market cap for gaming tokens now stands at US$8.27 billion, growing by +6.2% from last week.
News Highlights
Magic Eden announced the integration of Solana's compressed NFTs (cNFTs). cNFTs are a cost-efficient and scalable alternative to traditional NFTs, as their data is compressed and stored off-chain. This compression allows for the larger-scale production of NFTs at a low cost.
Bored Ape Yacht Club (BAYC) is preparing an event that aims to provide a unique and interactive experience for Web3 enthusiasts, digital artists, and crypto-curious individuals. The event will feature panel discussions on various topics related to the evolving digital world, including blockchain technology's potential in entertainment, art, and fashion. It is set to take place at Hong Kong's Kai Tak Cruise Terminal on 5 November 2023.
Krafton, the creator of popular video game PUBG: Battlegrounds, unveiled its upcoming NFT-driven metaverse game called ‘Overdare’. It aims to provide a game creation experience similar to Roblox and is built on the Settlus blockchain. The game will allow users to create their own shooter games, RPGs, and action RPGs using generative artificial intelligence (AI) tools.
Meta extended its Horizon Worlds 3D virtual world platform from virtual reality (VR) headsets to mobile and web platforms. The initial experience available is a game called Super Rumble, a free-for-all shooter. Meta plans to introduce more experiences and worlds to the platform in the coming months.
NFT marketplaces like OpenSea, Blur, and Rarible, have temporarily halted trading of the ‘Stoner Cats’ NFTs. This decision comes after the US Securities and Exchange Commission (SEC) classified the collection as a "security" and imposed a $1 million fine. While OpenSea and Blur still maintain an online presence for Stoner Cats, they have disabled the ability to transact with the NFTs.
Recent Research Reports
Research Roundup Newsletter [August 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in August, charts of the month, and our latest research on decentralised stablecoins.
Alpha Navigator: Quest for Alpha [August 2023]: Asset classes dipped in August; BTC and ETH underperformed. No surprises from the central bankers’ summit at Jackson Hole. China intensifies economic stimulus.
Decentralised Stablecoins: Stablecoins are well positioned to facilitate broader adoption of cryptocurrencies. We explore the key decentralised stablecoin projects and their innovative mechanisms.
Recent University Articles
What Is Solana (SOL)?: One of the top market cap cryptocurrencies, Solana (SOL) is a high-performance blockchain platform known for its scalability, speed, and low transaction cost.
What Is a Rug Pull and How Does It Work?: A rug pull is a term for a scam in the cryptocurrency space where traders are left holding on to worthless assets. Find out how to avoid it.
Pig Butchering Scams: What They Are and How To Avoid Them: This more recent type of scam appearing in the cryptocurrency space is a cross between romance and investment scams. Here’s how these scams work and the basics of recognising them.
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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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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