Japan Airlines Ventures into NFTs, Transforms You into a Samurai
Japan Airlines, a prominent air transport group, is venturing into the world of nonfungible tokens (NFTs) in collaboration with marketing firm Hakuhodo. Together, they have launched the Kokyo NFT project, which aims to tokenize local experiences and real-world assets into NFTs. Following a successful initial testing phase in February, the two companies have announced a second round of experiments within the project.
The primary objective of this collaboration is to create a “value creation story” that encourages both inbound and domestic visitors to engage in local experiences. The project’s website emphasizes the desire to help NFT holders develop stronger connections with local communities. For instance, participants will have the opportunity to experience the life of a samurai by staying in a traditional samurai mansion and immersing themselves in samurai culture and traditions.
NFTs Outperform Ether in January
In January, NFTs outperformed Ether, the leading blockchain for NFTs, in terms of gains. According to Nansen’s NFT-500 index, the digital collectibles space achieved a 9.35% gain from January 1 to January 31. Similarly, the Blue Chip NFT index from the same analytics platform recorded a 9.76% increase.
Throughout the month, the price of Ether (ETH) rose from $2,238 to $2,291, resulting in a 2.3% gain for the cryptocurrency.
Solana’s Blue Chip NFTs Experience a Slowdown
In 2023, the Solana network surpassed the Ronin blockchain to become the second top NFT blockchain in terms of all-time sales volume. However, recent data indicates a decline in sales volume for blue chip Solana NFTs since December.
According to the SolanaFloor data tracker, the Blue Chip Solana index reached its peak on December 26, 2023, but has since experienced a steady decline. The total floor value and volume of blue chip NFTs on Solana also showed a similar downward trend.
Not Only Solana NFTs, Bitcoin Ordinals Also Witnessed Decline
In January, Bitcoin Ordinals experienced a decline in sales volume as well. Sales in Ordinals dropped from $868 million in December 2023 to $335 million in January. Anndy Lian, an NFT book author, suggests that the oversaturation of the NFT market may be the cause of this decline.
In Conclusion:
Japan Airlines’ collaboration with Hakuhodo on the Kokyo NFT project demonstrates the airline’s foray into the world of NFTs. NFTs have shown significant gains compared to Ether, and Solana’s blue chip NFTs have experienced a slowdown since December. The decline in sales volume is not unique to Solana, as Bitcoin Ordinals has also witnessed a decline.