Chart of the Week
Ethereum reclaimed first position on the NFT sales volume ranks in January 2024, followed by Bitcoin and Solana. Polygon and Avalanche experienced a rapid growth of 138% and 89% respectively in January, with the increase mainly driven by gaming and PFP.
Meanwhile, Bitcoin’s NFT sales volume dropped significantly by 61% from US$869 million in December 2023 to US$335 million in January.
New Project Spotlight
Blockchain Games
[Upcoming] Loaded Lions: Mane City Prosperity Blitz
As Mane City prepares for its next full-fledged Competitive Mode season, players get to compete in a two-week Blitz event again from 15 – 29 February. A whopping 100% of Diamond spend will be allocated to the prize pool. Stay tuned for more details!
NFT Collectibles
[Live] SYNTHTOPIA: THE HOLY GRAIL
DESTABILIZED is a collective of visionary artists, entrepreneurs, and creatives, uniting to create a multifaceted movement blending art, culture, and community. Its first Crypto.com NFT drop exceeded $400,000 in trading volume, becoming a top-three PFP collection on Cronos.
‘SYNTHTOPIA: THE HOLY GRAIL’ is SYNTHTOPIA’s next realm, with 2,000 Mystery Packs priced at $1, 4,000 priced at $69, and 1,000 reserved specially for the Synthesis community. The 6,000 NFTs feature avatars, artefacts, robots, cinematic moments, and much more. Collectors can access exclusive merch, airdrops, and franchise income.
[Upcoming] Project SENSAI – The Golden Army
Project SENSAI is an AI-powered play-to-earn strategy game created by Red Kunai Labs. Its lead artist, Eugenia Chen, combined her passions for technological and artistic disciplines to create the generated avatars in ‘Project SENSAI – The Golden Army’.
Each PFP NFT boasts unique abilities and a special backstory. The collectibles in this project grant holders access to the game and various utilities, including the ability to turn their selfie into an avatar, Bitcoin Ordinals vaulting, and airdrops.
NFT Metrics
| Platform | | Collection | 7D Sales Volume (USD) | Floor Price (USD) |
|---|---|---|---|---|
| Blur |  | Azuki | $19,875,646 (-10%) | $14,777 |
| Blur |  | Mutant Ape Yacht Club | $16,637,241 (-24%) | $9,701 |
| OpenSea | | Azuki | $17,823,152 (-34%) | $16,583 |
| OpenSea | | Mutant Ape Yacht Club | $13,975,609 (-37%) | $9,758 |
| Crypto.com |  | SYNTHTOPIA | $178,159 (+2,046%) | $135 |
| Crypto.com |  | Loaded Lions | $47,033 (+56%) | $984 |
| Minted |  | Top Dog Corgi | $42,006 (-) | $146 |
| Minted |  | VVS Miner Mole | $14,232 (+31%) | $181 |
| Platform | Blur |
|---|---|
| | |
| Collection | Azuki |
| 7D Sales Volume (USD) | $19,875,646 (-10%) |
| Floor Price (USD) | $14,777 |
| Platform | Blur |
| | |
| Collection | Mutant Ape Yacht Club |
| 7D Sales Volume (USD) | $16,637,241 (-24%) |
| Floor Price (USD) | $9,701 |
| Platform | OpenSea |
| | |
| Collection | Azuki |
| 7D Sales Volume (USD) | $17,823,152 (-34%) |
| Floor Price (USD) | $16,583 |
| Platform | OpenSea |
| | |
| Collection | Mutant Ape Yacht Club |
| 7D Sales Volume (USD) | $13,975,609 (-37%) |
| Floor Price (USD) | $9,758 |
| Platform | Crypto.com |
| | |
| Collection | SYNTHTOPIA |
| 7D Sales Volume (USD) | $178,159 (+2,046%) |
| Floor Price (USD) | $135 |
| Platform | Crypto.com |
| | |
| Collection | Loaded Lions |
| 7D Sales Volume (USD) | $47,033 (+56%) |
| Floor Price (USD) | $984 |
| Platform | Minted |
| | |
| Collection | Top Dog Corgi |
| 7D Sales Volume (USD) | $42,006 (-) |
| Floor Price (USD) | $146 |
| Platform | Minted |
| | |
| Collection | VVS Miner Mole |
| 7D Sales Volume (USD) | $14,232 (+31%) |
| Floor Price (USD) | $181 |
Sources: Blur, OpenSea, Minted, Crypto.com Research
Blockchain Game Metrics
The following table shows selected top games by weekly volume in USD:
| | Game | Blockchain(s) | 7D Volume (USD) | 7D UAW |
|---|---|---|---|---|
 | Loaded Lions: Mane City | Cronos | $37,820 (-17%) | 2,766 (-6%) |
 | Axie Infinity | Ethereum, Ronin | $12,948,257 (+12%) | 37,880 (-4%) |
 | Gods Unchained | Ethereum, Immutable X | $5,407,487 (+23%) | 4,795 (+3%) |
 | xPet.tech | Arbitrum | $4,304,296 (-10%) | 11,735 (-25%) |
 | Arc8 by GAMEE | Polygon | $2,808,882 (-2%) | 23 (-85%) |
 | Gas Hero | Polygon | $2,298,767 (-56%) | 9,401 (-2%) |
| | |
|---|---|
| Game | Loaded Lions: Mane City |
| Blockchain(s) | Cronos |
| 7D Volume (USD) | $37,820 (-17%) |
| 7D UAW | 2,766 (-6%) |
| | |
| Game | Axie Infinity |
| Blockchain(s) | Ethereum, Ronin |
| 7D Volume (USD) | $12,948,257 (+12%) |
| 7D UAW | 37,880 (-4%) |
| | |
| Game | Gods Unchained |
| Blockchain(s) | Ethereum, Immutable X |
| 7D Volume (USD) | $5,407,487 (+23%) |
| 7D UAW | 4,795 (+3%) |
| | |
| Game | xPet.tech |
| Blockchain(s) | Arbitrum |
| 7D Volume (USD) | $4,304,296 (-10%) |
| 7D UAW | 11,735 (-25%) |
| | |
| Game | Arc8 by GAMEE |
| Blockchain(s) | Polygon |
| 7D Volume (USD) | $2,808,882 (-2%) |
| 7D UAW | 23 (-85%) |
| | |
| Game | Gas Hero |
| Blockchain(s) | Polygon |
| 7D Volume (USD) | $2,298,767 (-56%) |
| 7D UAW | 9,401 (-2%) |
Sources: Crypto.com Research, DappRadar
Gaming Token Performance
The total market cap for gaming tokens now stands at $21.62 billion, increasing by 6.98% from last week.
News Highlights
- Web3 gaming platform Immutable has announced the early-access launch of its zkEVM Mainnet. In response to issues with existing blockchain platforms such as slow transaction finalisation and high gas fees, Immutable’s new network aims to prioritise speed and scalability, allowing developers to pay transaction fees on behalf of players.
- Pudgy Penguins’ IP licensing platform, OverpassIP, has opened up licensing for its second chapter. This new platform aims to streamline the licensing process for NFTs, providing holders with opportunities to transform their characters into toys or other forms.
- Doodles has partnered with timepiece brand G-Shock for a collaborative watch collection, bringing together the worlds of digital art and fashion. This collaboration has led to a surge in sales for ‘Doodles’ NFTs, highlighting the increasing popularity and demand for digital collectibles and watches.
- The debut sale of Bitcoin NFTs called ‘Quantum Cats’ by Taproot Wizards was delayed due to technical issues, frustrating users and potentially impacting the amount raised. The sale was set to offer around 3,000 digital cats at 0.1 BTC (~US$4,300) each.
Recent Research Reports
- Crypto Market Sizing Report 2023: Global crypto owners reached 580 million by the end of 2023.
- 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.
- 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
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| Bitcoin NFTs — How the Ordinals Protocol Works Liquid Staking vs Traditional Staking — What Are the Differences and How Do They Work? What Is Bitcoin’s Price? A Short HIstory
We’re all ears.Your feedback helps make our reporting more insightful. Tell us how we can improve this newsletter by taking the survey below. It will take less than a minute of your time. Thank you!
AuthorsResearch and Insights Team 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. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. 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. |
| Bitcoin NFTs — How the Ordinals Protocol Works Liquid Staking vs Traditional Staking — What Are the Differences and How Do They Work? What Is Bitcoin’s Price? A Short HIstory
We’re all ears.Your feedback helps make our reporting more insightful. Tell us how we can improve this newsletter by taking the survey below. It will take less than a minute of your time. Thank you!
AuthorsResearch and Insights Team 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. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. 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. |
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