NFT & Blockchain Gaming Weekly – 📉 NFT market saw declining sales for the 5th consecutive month; Hamster Kombat announced its airdrop plan

NFT market saw declining sales for the 5th consecutive month. Hamster Kombat announced its airdrop plan. OpenSea received a Wells notice from the US SEC.

Quick Take

• The NFT market’s overall sales volume dropped for the fifth consecutive month, with most chains experiencing declines.
• Top Crypto.com NFT Drops: Navigators and Explorers, NeuroSynth: A Quantum Cyber Odyssey, AI-Themed Premium Onchain Domain Drop, and Expedition 8.3 
• Notable News: Hamster Kombat announced its airdrop plan; OpenSea received a Wells notice from the US SEC; Bored Ape Yacht Club is set to release the second season of its NFT-themed streetwear collection.

Chart of the Week

The NFT market witnessed its fifth consecutive month of declining sales volume. All top blockchains experienced a drop in the past 30 days, except for Mythos and Blast, which increased by 14% and 45%, respectively. The trading activity of NFTs on these chains was mainly attributed to the gaming sector.

Mythos’s growth was largely driven by DMarket, an NFT marketplace specialising in in-game items and collectibles, while Blast’s was the recent resurgence of Fantasy.Top, a SocialFi trading card game. Fantasy.Top introduced Tactics V2 on 2 August, allowing users to buy tactics and compete with random hero lineups, enhancing participation and sustainability. Recent metrics show a significant increase in paid mints and player entries, indicating rising interest.

New Projects Spotlight

Gaming Token Performance

The total market cap for gaming tokens now stands at $20.27 billion, increasing by +3.90% from last week.

News Highlights

• NFT marketplace OpenSea received a Wells notice from the US SEC. According to OpenSea CEO Devin Finzer, the SEC believes NFTs on the platform are considered securities. Prices of NFT marketplace tokens, for example, Blur and Tensor, decreased after the news. 
• Bored Ape Yacht Club (BAYC) is set to release the second season of its NFT-themed streetwear collection in collaboration with Japanese brand BAPE in September 2024. Following a successful first season in 2023, the new collection is expected to feature bold designs and potentially integrate digital components tied to physical items. 
• Tap-to-earn game Hamster Kombat announced that its token generation event (TGE) and airdrop will be on 26 September. According to its new whitepaper, 60% of its token airdrop will be dedicated to players.
• SocialFi trading card game Fantasy.Top saw a resurgence in trading volume of 150 ETH on 23 August, the highest since 21 June. This coincided with the platform’s launch of Tactics V2 on 2 August, where users can buy a ‘tactic’ and receive a random lineup of heroes in the competition. 

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