NFT & Blockchain Gaming Weekly – 📈 The NFT Market Surged by 18% in Sales Volume

Ethereum blockchain NFTs sales volume saw a 46% surge. CryptoPunk #3100 was sold for $16 million, the 2nd highest for this collection. Popular music festival Coachella partners with OpenSea via NFTs.

Chart of the Week

The NFT market saw an 18% growth in sales volume in the last 30 days. Ethereum returned to top spot among the leading blockchains, garnering US$648 million in sales volume as it surged by 47%. On the other hand, Polygon plummeted by 71%.

New Project Spotlight

NFT Collectibles

[Live] Verses of Forgotten Girls

CSLIM is an artist who crafts new worlds with the help of AI. ‘Verses of Forgotten Girls’ tells the story of a girl living on Earth-92 in 4,202 AD. A fifth-generation immigrant from our Earth, she began having mysterious and vivid dreams about being other people.

Collectors have the chance to win physical photobooks and bonus NFTs.

[Upcoming] Sound of Saturn 3024

Prepare to party at Zinkete’s ‘Sound of Saturn Festival 3024’ alongside the other residents of this universe. Saturn and its moons serve as the stage for the many performers who will be present. Collectors have the opportunity to enjoy special NFT airdrops and receive physical merchandise, including hoodies and caps.

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 $38.73 billion, increasing by +16.17% from last week.

News Highlights

• Coachella, a popular music festival in California, partnered with OpenSea, to enhance the festival experience for attendees. Coachella is offering exclusive perks through NFTs, starting with the ‘VIP Pass + Oasis Lounge Keepsake’ NFT, which grants holders VIP access to Coachella 2024 and entry to the Oasis Lounge. Additional collectibles will be released in the future.
• The recent sale of CryptoPunk #3100 for 4,500 ETH (approximately $16 million) has brought attention to the explosive growth of the NFT market. The sale marks the second-highest price ever paid for a CryptoPunk. The highest price reached so far was $23.7 million for CryptoPunk #5822, which occurred on 12 February 2022. 
• NodeMonkes, an NFT project within the Bitcoin Ordinals ecosystem, achieved its first-ever sale above $1 million worth of BTC, with the “Alien Hoodie” NodeMonke (#2769) selling for 17 Bitcoin (equivalent to $1.08 million at the time) on the Magic Eden marketplace. NodeMonkes has emerged as the top-selling individual Ordinals project over the past week, with nearly $45 million worth of secondary market sales.
• Marathon, a publicly-listed Bitcoin mining company, recently mined the largest block in terms of byte size in Bitcoin’s history. The block, numbered 832,849, measured 3.99 megabytes (MB) and contained only seven transactions. It was connected to the Runestone airdrop, which is part of the Ordinals project led by Leonidas, the host of The Ordinal Show.
• Ubisoft, a prominent video game company, is planning to introduce NFTs from the ‘Watch Dogs’ franchise into a card game called ‘Cross the Ages’ on the Ethereum blockchain. The integration of NFTs will allow players to own and trade unique digital assets within the game.

Recent Research Reports

• Research Roundup Newsletter [February 2024]: We present to you our latest issue of Research Roundup, featuring trending market insights in February, charts of the month, and our deep dive into the DePIN market.
• DePIN: Crypto’s Rising Narrative: DePIN is currently one of crypto’s hottest narratives. We introduce what DePIN is, how it works, and the current market landscape.
• Alpha Navigator [February 2024]: Crypto and equities were up in February, while fixed income was under pressure. Interest rate decisions from major central banks upcoming in March.

Recent University Articles

• What Is Restaking? How to Use EigenLayer: Learn how to restake your tokens on Ethereum and how popular projects like EigenLayer and liquid staking work.
• Introduction to Crypto Derivatives, Options, and Futures: What are crypto derivatives? Learn about the main types, including options and futures, and whether to trade them.
• What Are Meme Coins and How Do They Work?: From Dogecoin and Shiba Inu to lesser-known variants, learn all about meme coins, what they are, and how to trade them.

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Authors

Research and Insights Team

Disclaimer

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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.