NFT & GameFi Weekly (28/10/2022)

Crypto.com signs an MOU with ACT Games. Bored Ape Yacht Club NFT holders have access to a new merch drop. Reddit brings half a million newcomers to the world of NFTs.

Key Takeaways

• Crypto.com signed an MOU with gaming software development studio ACT Games. The Cronos blockchain will soon be powering ACT Games’s NFT trading card game “Zoids Wild NFT Arena”.
• Crypto.com will issue an NFT collection based on A Story produced Korean drama “Extraordinary Attorney Woo”. Four whale artworks produced by top Korean illustrator Chul-min Lee were also showcased at Blockchain Week in Busan.
• Bored Ape Yacht Club NFT holders have access to a new merchandise drop. The BAYC x McBess x The Dudes drop contains apparel, accessories, and artwork. Amongst the items are t-shirts, jackets, prints, and stickers with monochromatic designs.
• Reddit brought half a million or more newcomers to the world of NFTs, using a jargon-free approach to presenting digital collectibles. Around three million wallets have been created to acquire Reddit’s Collectible Avatars, and sales volumes have exceeded US$6.7 million.
• X2Y2 recorded a -19% decrease in sales and a -15% decrease in transactions. Meanwhile, OpenSea‘s sales were positive at +21% and its transaction count also increased +9%.
• The total market cap for GameFi tokens now stands at $7.83 billion, up +9% from last week.

Crypto.com NFT in the Spotlight

• The “Visa Masters of Movement” NFT collection is a fusion of football, art, and technology. To celebrate FIFA World Cup Qatar 2022, Visa has taken some of football’s most iconic moves from five legendary players and transformed them into digital art. Proceeds from the sales of this collection will also benefit the charity Street Child United.
• DeRace is an NFT horse racing metaverse based on blockchain technology and it allows players to race, equip, breed, and rent NFT horses. Each “DeRace Mystery Box” contains one wearable NFT for your virtual horse, including saddles, horseshoes, and stirrups.These can be used to unlock the performance of the NFT horses or traded on NFT marketplaces.

NFT Highlights

• NFT marketplace LooksRare switches to optional royalties
• OpenSea revises OpenRarity Protocol to reflect market dynamics
• Twitter will allow users to buy and sell NFTs through tweets
• Over $1M worth of ETH and NFTs stolen in phishing attack
• Apple to allow in-app purchase of NFTs, subject to 30% tax rate
• Swiss Seba Bank launches NFT custody despite market decline

GameFi Highlights

• Gaming and NFTs will drive Web3 growth: Crypto.com COO
• Blockchain game Alien Worlds launches in-game DAOs
• Nissan to launch game NFTs
• Axie Infinity drops 22% over the week amid fears of token unlock
• GameFi-focused network Oasys Blockchain launches mainnet with support of Sega, Ubisoft, and Bandai Namco

NFT Transaction Benchmark

The following chart shows select top NFTs and their historical floor prices:

Top Collections

The following table shows select top creators (by sales volume on each platform) and a sample of their art:

Platform	Collection	Sales Volume (USD)	Sample
Crypto.com NFT	Loaded Lions	$234,000
Minted	Cronos Cruisers	$291,000
Magic Eden	y00ts: mint t00bs	$1,711,000
OpenSea	CryptoPunks	$6,566,000

GameFi Top Gainers & Losers

Top Games Metrics

Daily Gamers by Blockchain

Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

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The brands and the logos appearing in this report are registered trademarks of their respective owners.

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.

Author

Research and Insights Team

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