This week’s newsletter brings you exciting news from the world of non-fungible tokens (NFTs). Japanese game company Konami has teamed up with Avalanche blockchain to launch a new NFT platform called “Resella.” This platform aims to simplify blockchain technology adoption by offering Web3 services without the need for external wallets. It also allows transactions in Japanese yen, catering to the Japanese market, and aims to bridge the gap between traditional gaming and Web3, creating new social experiences and streamlined NFT transactions.
In other news, Bitwise has released a new advertisement for its Ethereum exchange-traded fund (ETF), and it can be minted as an NFT. This 39-second clip is available on Ethereum, and the proceeds from its sale will go to the actors involved. Additionally, Ethereum core contributors plan to create a collective funding mechanism. The ad features a young man representing Ethereum and an older man symbolizing “Big Finance” and showcases Ethereum’s continuous operation in contrast to the limited hours of traditional finance.
Billionaire Mark Cuban’s crypto wallet has recently become active again after nearly two years of inactivity. The wallet, known as “markcuban.eth,” has been selling NFTs, including EulerBeats Genesis, DeepBlack, Pudgy Penguins, and Wrapped MoonCats. It’s worth noting that Cuban’s NFT sales coincided with a security breach involving his Gmail account, which was compromised following a fraudulent call.
On a broader scale, the digital collectibles market has experienced a significant decline in the second quarter of 2024, with NFT sales dropping by 45%. This decline aligns with the bearish trend of Bitcoin. CryptoSlam data reveals that NFT sales reached $2.24 billion in Q2, the lowest since Q3 of 2023. This decline is in contrast to the growth observed in Q1 2024, which saw a volume of $4.1 billion, and Q4 2023, with $2.9 billion in sales.
June 2024 has also seen a significant decrease in the average NFT sale value, which has fallen by 59% compared to March. Furthermore, the month is set to record the lowest number of NFT transactions since March 2021.
Thank you for reading this summary of the week’s most noteworthy developments in the NFT space. Join us again next Wednesday for more reports and insights into this rapidly evolving landscape.