Weekly NFT & GameFi Update (Week 5, 28/01/2023 - 03/02/2023)

OpenSea reaches 1.5 million NFT sales on the Polygon network in January. NFTs to help support Japan government’s 'Cool Japan' strategy. E-commerce giant eBay continues its foray into NFTs.

New Project Spotlight

NFT Collectibles

[COMING SOON] “Over the border” explores topics centering on love, peace, and equality, to ask questions about what is universal value. This project is created by Yoyojin, an artist who is experienced in animation, documentary, VR, and AR. It drops exclusively on Crypto.com NFT on 6 February 2023.

[COMING SOON] "Technological Revolution" is a collection by Senbenito, a French photographer and artist. Dropping on 10 February, it features a series of photographs which brings the viewer into a dystopian robotic future. 

Blockchain Games

[LIVE] Croskull has launched a new website and the Bonesville Interactive Map 1.0. The interactive page, which represents Bonesville, is a map that enables gamers to travel with their imagination and interact with the various places there.

[LIVE] Defira launches a Fruit Picking Quest, where players are able to participate by visiting Defira Farm, and use their heroes to gather ripened Fira Fruit and discover their magical abilities.

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):

Gaming Token Performance

The total market cap for gaming tokens now stands at US$8.79 billion, up +10%from last week.

Notes: Infrastructure tokens include ENJ, FLOW, WAXP, UOS, MBOX, DAWN, GALA, IMX; Utility tokens include AXS, MANA, SAND, ALICE, ILV, ATLAS, POLIS, GODS, GMT, DAR, AURY, APE, PYR; Guild tokens include YGG, MC, UNIX, GGG, AGV.

News Highlights

• OpenSea had a total of 1.5 million NFT sales on Polygon, and 1.1 million sales on Ethereum in the month of January. The high NFT volume on Polygon is driven by brand deals with companies like Meta, Starbucks, and Reddit, as well as game projects.

• The Prime Minister of Japan has said that NFTs and DAOs could help support the government’s 'Cool Japan' strategy, a national initiative to showcase the country’s innovations and culture to the rest of the world.

• E-commerce giant eBay continues its foray into NFTs by hiring multiple Web3 roles to support their NFT marketplace KnownOrigin. In addition, eBay is partnering with events platform Notable Live to bring limited edition NFTs and player merchandise to its platform.

Recent Research Reports

• Crypto Market Sizing Report 2022: The global number of crypto owners reached 425 million by the end of 2022. After crunching the numbers, this is the result of our highly anticipated Crypto Market Sizing Report for 2022. 

• Alpha Navigator: Quest for Alpha [December 2022]: The new year sees crypto outperforming equities and gold. BTC options implied volatilities are subdued while perpetual futures funding rates are positive.

• 2022 Year Review & 2023 Year Ahead: 2022 has been a rollercoaster ride for the crypto industry. In this report, we curate the top ten crypto events and trends of 2022, followed by our outlook for 2023.

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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