NFT & Blockchain Gaming Weekly (19/01/2024)

NFT market sales volume dropped by 64% YoY. Sotheby’s is hosting a Bitcoin Ordinals auction. Taproot Wizards to release a new ‘Quantum Cats’ collection.

Chart of the Week

The latest data suggests that NFT sales volumes dropped from around US$27 billion in 2022 to around US$9.5 billion in 2023. NFT trading on Ethereum plunged by 76% in 2023 while growing from zero to $1.8 billion on Bitcoin.

New Project Spotlight

New Project Spotlight

[Live] Legends of Tank NFT Drop

BattleCity is the creator of Legends of Tanks, an immersive game with a thrilling blend of combat and strategy that’s inspired by the beloved decades-old title, Tank 1990. 

‘Legends of Tank NFT Drop’ features 2,886 Mystery Boxes that can be used to claim three distinct in-game utility items. These NFTs enable players to earn rewards and get access to a series of celebratory events in anticipation of the official game launch.

[Upcoming] MISAKI – THE $1 MINT

After two sold-out drops, the YUROSAKO anime-based Web3 project returns to introduce Yurosako’s daughter, ‘MISAKI’.

This special collection includes 1,700 unique digital avatars, each with over 100 different traits. Collectors enjoy early access to the upcoming ‘AZURONG’ drop and the YUROSAKO manga, have the chance to win merchandise, and more.

NFT Metrics

Blockchain Game Metrics

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 $19.71 billion, dropping by -7.5% from last week.

News Highlights

• Sotheby’s is hosting a Bitcoin Ordinals auction that celebrates the intersection of Bitcoin and generative art. The auction features diverse artists who use Bitcoin’s transaction data to create unique generative artworks, pushing the boundaries of artistic expression on the blockchain. 
• ‘Taproot Wizards’, a project that raised $7.5 million through Bitcoin Ordinals inscriptions, is planning to sell a collection called ‘Quantum Cats’. The collection consists of 3,333 cats designed to honour a Bitcoin improvement proposal known as OP_CAT. 
• Starbucks Korea launched an eco-friendly NFT project called STARBUCKS STAR★LIGHT. It encourages customers to use their personal cups and rewards them with ‘Eco stamps’ on their Starbucks Rewards accounts, which can be exchanged for exclusive NFTs. Additionally, Starbucks Korea is hosting an exhibition featuring NFT artworks by local artists at its Jongno R store in Seoul.
• GameStop, the popular video game retailer, is closing its NFT marketplace on 2 February. The decision comes after GameStop’s crypto wallet was discontinued in August because of ongoing regulatory uncertainty. 
• Nike‘s blockchain and digital wearables division, .Swoosh, announced its plans to expand further into the video game industry with the launch of a new line of virtual products called Nike In-Game Wearables. These wearables can be directly purchased and worn within video games, but it’s unclear whether they will be NFTs.
• Vegas Golden Knights, the 2023 National Hockey League champion, partnered with Theta Labs to create a special collection of NFTs that offer unique experiences for fans, including exclusive access to matches, memorabilia, and events.

Recent Research Reports

• Exploring the Future of Blockchain Gaming: Trends and Opportunities: A comprehensive review of the blockchain gaming industry, the state of the gaming market, current challenges and opportunities, and what lies ahead for on-chain games.
• Research Roundup Newsletter [November 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in November, charts of the month, and our exploration of new developments within the Bitcoin ecosystem.
• 2023 Year Review & 2024 Year Ahead: 2023 has been an eventful year for the crypto industry. In this report, we curate the top crypto events and trends of 2023, followed by our outlook for 2024.

Recent University Articles

• What Big Data Is and How It Might Change With Web3: Big data refers to the vast, complex datasets that shape our online experiences. Here’s a guide to understanding how it’s used.
• What Is the BRC-20 Token Standard for Bitcoin?: Learn about the BRC-20 token standard for the Bitcoin blockchain and the tokens minted on it so far.
• Bitcoin Payments: What Is the Lightning Network?: The Lightning Network and how to use it to pay with Bitcoin is explained in this in-depth beginner’s guide.

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