Weekly NFT & GameFi Update (Week 42, 14/10/2023 - 20/10/2023)
y00ts NFT transitions from Polygon to Ethereum. Open Metaverse Alliance (OMA3) is formed to address challenges for NFTs and the metaverse. Animoca Brands and Amber launch Web3 Formula E video game.
Chart of the Week
The transition of NFT collection ‘y00ts’ from the Polygon to Ethereum blockchain has rolled out. This started on 16 October 2023, and within the first seven hours, 4,600 ‘y00ts’ holders migrated their assets from Polygon to Ethereum. To incentivise early adoption, the project is covering all gas fees for first movers within the first 24 hours. It’s also randomly distributing 10 ‘y00ts’ NFTs to wallets that switch blockchains within the first day. The transition process has been facilitated by partnering with Wormhole Crypto's cross-chain NFT standard. Additionally, to prompt ‘y00ts’ holders to migrate their assets to Ethereum, the project will impose a royalty fee of 33.3% starting 22 October for ‘y00ts’ collectibles traded on Polygon.
New Project Spotlight
NFT Collectibles
[LIVE] ‘Ape Royal’ is an exclusive art collection created by artist Kaysha. Each NFT features a unique depiction of an ape living a life of luxury and royalty, and the drop includes various utility items. These include new art from a future collection (Smooth Catz Club), and exclusive Ape Royal apparel.
[UPCOMING]
‘LIFE OF HEL’ represents the establishment of a new IP monetisation platform set to elevate the LOH saga as the next global-scale manga and anime series. The LOH manga series consists of seven volumes, which will be physically published by Kadokawa Gempak Starz (Q4-23), and an animated series is also in the pipeline for release on OTT streaming platforms. The first PFP drop of the LOH series is 'LIFE OF HEL - Reapers'.
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$8.1 billion, dropped by -1.8% from last week.
News Highlights
Web3 Titans formed the Open Metaverse Alliance (OMA3) to address challenges in the NFT industry and metaverse. The alliance aims to establish international standards for NFT marketplaces, protect creator royalties, and promote a thriving and equitable virtual world. The alliance includes leading blockchain, NFT, and metaverse companies like Yuga Labs, Magic Eden, Alien Worlds, The Sandbox, and Decentraland.
Animoca Brands and Amber launched Web3 racing management game "Formula E: High Voltage" on 19 October. The game is the first official Formula E video game and is licensed by FIA Formula E. It allows players to own unique in-game items as NFTs and offers a dynamic connection between the digital racing world and players.
Beanz Stickers, created by Chiru Labs, the parent company behind NFT projects like Azuki and Beanza, gained popularity on the LINE messaging platform. Its traction could be attributed to its collaboration with IPX, the company behind the LINE FRIENDS characters. According to data from IPX, the Beanz sticker pack has claimed the top spot in South Korea’s “Creators” section in the LINE Sticker shop.
Norman Rockwell Museum and the Rockwell family estate collaborated to release a collection of NFTs called ‘Studio Sessions’ on 1 November to celebrate the legacy of the late painter. The collection features behind-the-scenes footage, audio recordings, and rare photographs from Norman Rockwell's studio. The NFTs provide a unique opportunity for art enthusiasts and collectors to gain insight into Rockwell's creative process. The collection aims to preserve and share Rockwell's artistic legacy in the digital realm.
Recent Research Reports
Research Roundup Newsletter [September 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in September, charts of the month, and our insights on the Ethereum Dencun upgrade.
Ethereum: Dencun Upgrade and Proto-Danksharding: Ethereum’s next major upgrade is Dencun, which introduces Proto-Danksharding. We explore what it is and its benefits.
Alpha Navigator: Quest for Alpha [September 2023]: Risk assets end 3Q 2023 mostly down on a QoQ basis, but YTD paints a more positive picture. Inflation retreats. The US avoids a government shutdown.
Recent University Articles
What Is Shiba Inu (SHIB)?: Hailed as the ‘Dogecoin killer’ by some, here’s all there is to know about the canine-inspired meme coin Shiba Inu.
What Are Dapps? Decoding Decentralised Applications: Dapps are changing the way users interact with applications and the internet as a whole — learn how they leverage decentralisation and which platforms are popular right now.
What Is Impermanent Loss? How to Manage It in DeFi Liquidity Pools: Learn about Impermanent Loss, a crucial concept in DeFi liquidity pools, and how to navigate and leverage it.
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