Weekly NFT Update (Week 11, 16/03/2022 – 22/03/2022)

Bored Ape Yacht Club makes some noise as they release their first token ApeCoin. Global bank HSBC enters the metaverse as the first bank to partner with The Sandbox. Man uses his IP rights to launch ‘Bored and Hungry’ BAYC-themed restaurant.

Key Takeaways

• On Wednesday, it was announced that holders of BAYC will receive ApeCoin (APE), their very own ERC-20 token that serves as the ‘primary token for all new products and services’. APE is the work of ApeCoin DAO, a ‘decentralised organisation’ which aims to vote on governance and make use of the Ecosystem Fund, which is backed and managed by Ape Foundation. Consequently, BAYC floor price skyrocketed from 92 ETH to almost 107 ETH on the day of launch, and then collapsed by almost 30% immediately after the ApeCoin claim. 

• In a grand attempt to engage with sports, e-sports, and gaming fans in the virtual world, HSBC has partnered with The Sandbox, making it the first global bank to enter The Sandbox metaverse. The bank will develop a plot of land in the metaverse to provide ‘innovative brand experiences’ to its new and existing customer base, and joins other major brands such as Goldman Sachs and JPMorgan in the move to virtual worlds.

• Time Magazine issued its first ever fully decentralised magazine edition that is accessible as an NFT, and it features none other than Ethereum’s Vitalik Buterin on its cover. Titled ‘The Prince of Crypto has Concerns’, the NFT magazine issue was made in partnership with LITDAO, a cultural organisation that develops full decentralised books. 

• LooksRare recorded a +20% increase in sales and a +6% jump in transactions. OpenSea recorded a +45% increase in sales and a +13% jump in transactions.

Crypto.com NFT in the Spotlight

• ‘Lux Eterna’ by Lord Neutron is a collection that represents the creator’s vision of the identity of Light. Light accompanies us from the beginning of everything, from the smallest particle to infinity. Lux Eterna brings 5 animations with lots of magic and scenes full of fantasy and shine. All animations have their purpose to show the strength of light in each environment. Always follow the path of light, the passage to the next life will be eternal.
  
• After the fantastic success of their previous drop on Crypto.com, artists Neontenic and Dreamfibre return to Extranet Corporation with its latest drop, ‘Extranet Metaverse #2’. This collection will bring us back to the universe of Extranet Corporation, the only official provider of the new network that connects every human being to a Metaverse with a microscopic graft, the Metagraft™.
  
• 3D artist and art director Brellias is also launching ‘Assimilating Forest’, a collection of pieces depicting this neon forest as a character called “Saltus Lux”. Saltus Lux is a sentient floral being that is constantly expanding, evolving, and interacting with people while trying to comprehend the world they inhabit.

Highlights

• X2Y2 staking rewards dropped more than expected as a result of parameter error
• Instagram is adding NFTs soon says Mark Zuckerberg
• Rihanna files application to offer products in the metaverse
• Qantas to launch utility laden aeroplane-themed NFTs
• Enjin’s Efinity becomes the first NFT parachain on Polkadot
• Mila Kunis’ studio launches Solana NFT animated series, The Gimmicks
• SCMP spinning off NFT business into new firm ‘Artifact Labs’
• Blocto crypto wallet to launch NFT store together with Yahoo Taiwan
• Paris Saint-Germain F.C. ventures into NFTs and the metaverse with trademark filing
• Gamestop’s NFT marketplace will be launched in Q2 of 2022
• Rarible incorporates Polygon NFTs and multi-wallet support
• NFT collections brought to life at SXSW: Doodles and FLUF World
• McLaren to mint luxury SuperCar NFTs with InfiniteWorld
• Chinese social media site Weibo opens an NFT market
• Winamp resurfaces with charity-driven NFT sale of its original skin
• Bored Ape-themed burger restaurant to open in California
• Yahoo Taiwan’s NFT store will launch in late March
• New NFT project Kaiju Kongz will burn your NFT if you list it too cheaply
• Does Spotify, the latest tech giant, plan to support NFTs?
• Investors pour $100 million into cricket NFT platform
• Universal Music Group unveils latest BAYC purchase as they expand the KINGSHIP Group
• Yuga Labs teases Bored Ape Yacht Club metaverse with CryptoPunks, Cool Cats, Nouns NFTs
• Dapper Labs and Flow Fdn. dedicate $10M to drive Web3 gaming
• C2X – The Web3 gaming platform on Earth paid in $ 25 million
• Bored Ape NFT DJ duo goes Hollywood with WME Talent Agency
• Malaysian ministry proposes legalising NFTs to boost participation in crypto sector

Transaction Volume Benchmark

Top Collectibles

The following chart shows selected top NFTs and their historical floor prices.

Upcoming NFT Sales

The following table shows top upcoming NFT sales (by market cap) and a sample of their art.

Top Artists

The following table shows selected top artists (by sales volume on each platform) and a sample of their art.