NFT (Week 27, 06/07/2022 – 12/07/2022)

Reddit launches ‘Collectible Avatar’, an NFT-based profile picture marketplace. GameStop unveils public beta of its NFT marketplace. Terra-based NFT projects are starting to migrate to Polygon.

Key Takeaways

• Social news aggregator Reddit recently launched ‘Collectible Avatar’, its very own marketplace for NFT-based Reddit avatars. Reddit has partnered with Polygon to mint these on-chain avatars, which are currently available to members of the r/CollectibleAvatars invite-only subreddit for a sneak peek.
• Video game retailer GameStop also announced the release of its own NFT marketplace public beta. This highly anticipated development is in collaboration with Immutable X, which first announced its plans to launch an NFT marketplace back in February. 
• Terra-based projects are now starting to move to Polygon (MATIC), according to Polygon Studios CEO Ryan Wyatt, which includes high-profile projects such as NFT marketplace OnePlanet and NFT game Derby Stars. OnePlanet confirmed that over 48 NFT projects are moving to Polygon under the Ark*One rescue initiative.
• LooksRare recorded -1% and -12% decreases in sales and transactions, respectively. Meanwhile OpenSea‘s sales were positive at +6%, while its transaction count rose +13%.

Crypto.com NFT in the Spotlight

• Bring to life your NFT art with Crypto.com Pay x Tokenframe: Showcase your coveted NFT collection with beautifully crafted and high-res displays with TokenFrame, which connects to your wallet for an authenticated NFT viewing experience. Crypto.com Pay has partnered with Tokenframe to give users an exclusive offer of 10% off storewide. This offer ends 25 July 2022. Check out the Crypto.com website for more details.
• The upcoming NFT drop “Nostalgia” conveys the thematic sentiment of nostalgia frequently portrayed in the artist’s collage art and features various redeemable scenarios. Created by Caitlyn Grabenstein, this latest collection is an exemplary depiction of how memories often bleed into our dreams and how our dreams can translate into our lives.

Highlights

• Meta doubles down on NFT bet despite fall in NFT trading volume
• Solana [SOL] NFTs stand to be the undisputed king of trading volumes in Q2 2022 as per latest report
• What bear market? NFT transaction volume hits ATH in Q2 despite price slump
• NFT lending volume soars on action by whales – speculation swirls NFTfi is prepping an airdrop
• Ryan Carson’s NFT fund, 121G, swept 34 Moonbirds NFTs for 749 ETH (about US$789k)
• LimeWire’s NFT marketplace officially goes live
• PSG sells US$220,000 NFT tickets for first Japan tour in 27 years
• Christie’s to auction NFT in celebration of mRNA COVID vaccine
• Gucci drops NFT collection “The Next 100 Years of Gucci”
• Coca-Cola launches pride-related NFT series
• Warner records UK teams up with audio company Bose to offer free NFT collection
• Bitmark raises $5.6M, launches interoperable NFT wallet

Transaction Volume Benchmark

Top Collectibles

The following chart shows selected top NFTs and their historical floor prices.

Upcoming NFT Sales

The following table shows the top upcoming NFT sales 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.

Authors

Research and Insights Team