Weekly NFT Update (Week 14, 06/04/2022 – 12/04/2022)

NFT of former Twitter CEO Jack Dorsey’s first tweet is valued at over $48M on OpenSea. The U.K. is set to create government-backed NFTs. Nansen’s recent report states NFTs outperform cryptocurrencies year-to-date.

Key Takeaways

• The NFT of former Twitter CEO Jack Dorsey’s first tweet is now valued at about US$ 48 million on OpenSea. Just last March, the tweet was worth $2.9 million and sold to Bridge Oracle CEO Sina Estavi. 
• Sports media giant ESPN released its first Tom Brady NFTs on 7 April, in collaboration with Brady’s NFT startup Autograph. This is part of a multi-year deal agreement between the two firms, and the NFTs were minted on Polygon. 
• Chancellor Rishi Sunak has tasked The Royal Mint to develop government-backed NFTs this summer. This move signals the Treasury’s intention to stay at the forefront of cryptocurrency and supports the Chancellor’s ambitions for the UK to be the global hub of ‘cryptoasset technology’. 
• On Tuesday, blockchain analytics platform Nansen recently released its quarterly report for Q1 2022 which highlights that the NFT market has outperformed the cryptocurrency market year-to-date. Blue chip and metaverse NFTs were the main drivers of this tremendous market growth. 
• LooksRare recorded a -34% decrease in sales and a -27% drop in transactions. OpenSea recorded a -32% decrease in sales and an +18% jump in transactions.

Crypto.com NFT in the Spotlight

• ‘Remember The Name’ is the first athlete NFT project which allows you to personalise your redeemable experience on Crypto.com, created by portrait artist Carling Jackson and cricket legend Carlos Brathwaite. Each NFT in this pseudo PFP collection places the owner in a bespoke redeemable stream allowing them to cater their redeemable experience to their interests. The Remember the Name collection features fan-favourite action figures and the first publicly available work from the world renowned ‘athlete artist’.
• ‘BeatHeadz’ is the PFP project for all music lovers on Crypto.com. Created by artist Phil Lumbang and musician Aloe Blacc, each of the 10,808 BeatHeadz in the collection is a digital collectible avatar with a unique combination of headphones, hair, eyes, clothing, and accessories.

Highlights

• Ethereum NFT-backed loan market heats up as CryptoPunks owner borrows $8.3M
• Refunds for NFTs? New standard sets give-back period for minters
• Logan Paul’s new company ‘Liquid Marketplace’ allows people to invest in shares of rare collectibles
• NBA’s crypto chief registers second .Eth domain as league files for 4 NFT trademarks
• NFT avatar startup Genies reaches unicorn status with $150M funding led by Silver Lake
• NFT analytics firm bitsCrunch partners with Mastercard to help non-crypto natives secure their digital assets
• Cyber Yachts announces world’s most expensive NFT priced at $400M
• Grammys 2022: NFTs hot topic of discussion among musicians and industry experts
• SecuX unveils world’s first NFT-focused hardware wallet to compete with Ledger Nano S Plus
• NFT artist FEWOCiOUS raises nearly $20M in digital art sales in 24 hours
• Gary Vaynerchuk-backed Swoops raises $3.5 million for NFT basketball game
• Stellar users can now earn NFTs by solving difficult quests on network

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.