Quick Take
- Weekly trend: The overall NFT market sales volume dropped 45% in Q2 2024 to US$2.24 billion, while Solana and Bitcoin-based NFTs reached new sales milestones, with US$5.62 billion and US$4.32 billion in all-time sales, respectively.
- Trending Crypto.com NFT drops: Lucha Transformation: From Snacks to Six-Packs, VINCENTOPIA, Lucid Dreams
- Notable NFT news: Notcoin burns $3 million and distributes $5 million worth of NOT tokens; Pudgy Penguins and OverpassIP form Igloo Inc.; Swarm Markets set to offer gold-backed NFTs; Bitwise releases first Ethereum-themed TV commercial as mintable NFT.
Chart of the Week
The NFT market saw a 45% decline in sales volume in Q2 2024, dropping from $4.1 billion in Q1 to $2.28 billion. This downturn marks the lowest quarterly volume since Q3 2023. Despite the decline, Solana and Bitcoin-based NFTs achieved significant milestones, with Solana reaching $5.62 billion in sales volume and Bitcoin NFTs hitting $4.32 billion in all-time sales. They have both surpassed the Ronin blockchain. They now hold the second and third spots, respectively, behind Ethereum for the highest all-time NFT sales volume.
The following table shows selected top games by weekly volume in USD:
News Highlights
- Notcoin, a viral Telegram game, hints at a “fresh start” by burning $3 million worth of NOT tokens and distributing $5 million as bonuses to its community, following its massive token launch earlier in 2024.
- Pudgy Penguins and NFT licensing platform OverpassIP have formed Igloo Inc. as their new parent company. Igloo aims to create a user-friendly, end-to-end ecosystem aimed at driving the consumer crypto revolution. Leveraging Pudgy Penguins’ popularity, Igloo Inc. plans to attract new users and expand its on-chain community through licensing arrangements and forthcoming projects.
- Swarm Markets, a German RWA tokenisation platform, will offer gold-backed NFTs ahead of the EU’s MiCA stablecoin rules. Transactions will be restricted to non-US persons and residents from serviced countries, allowing users to buy and swap these NFTs on Swarm’s decentralised platform after KYC and AML checks. The gold will be stored in a London Brink’s vault.
- Animoca Brands, a major Hong Kong-based blockchain gaming company, is considering an initial public offering (IPO) as early as late-2025 or 2026. The company’s co-founder, Yat Siu, said the potential IPO could happen in Hong Kong or the Middle East. The company is looking to bring more attention to the Web3 space and Asian markets. Its valuation reached $5.9 billion after a $75 million funding round in 2022. Investors include major firms like Sequoia Capital China, Temasek Holdings, and Neom Company.
- Bitwise released its first Ethereum-themed TV commercial, which can be minted as an NFT. It features dialogue between characters representing Ethereum and traditional finance. Half of the proceeds from the NFT sales are being donated to Protocol Guild, with the remaining going to the ad’s actors.
Recent Research Reports
 |  |  |
|---|---|---|
| Points Farming – Development, Significance and Controversies | SocialFi – Business Models and New Developments | Research Roundup Newsletter [May 2024] |
| Points Farming – Development, Significance and Controversies |
|---|---|
| SocialFi – Business Models and New Developments |
| Research Roundup Newsletter [May 2024] |
- Points Farming – Development, Significance and Controversies: Points farming has become ubiquitous in crypto recently. Our report looks into its development and two examples Friend.tech and EigenLayer, before delving into its significance and controversies.
- SocialFi – Business Models and New Developments: SocialFi in Web3 empowers users with enhanced data control and direct creator compensation without intermediaries, leveraging blockchain for better user engagement and innovative monetisation methods.
- Research Roundup Newsletter [May 2024]: We present to you our latest issue of Research Roundup, featuring our deep dives into points farming and SocialFi, and many more.
Recent University Articles
 |  |  |
|---|---|---|
| Blast Blockchain: What It Is and Why It’s on the Rise | What Are Yield-Bearing Stablecoins and How Do They Work? | What Is Stacks (STX) and How Does Stacking Work? |
| Blast Blockchain: What It Is and Why It’s on the Rise |
|---|---|
| What Are Yield-Bearing Stablecoins and How Do They Work? |
| What Is Stacks (STX) and How Does Stacking Work? |
- Blast Blockchain: What It Is and Why It’s on the Rise: Fast transactions, low fees, and native yield: Find out what’s behind Blast’s meteoric rise to Layer-2 with the second highest TVL.
- What Are Yield-Bearing Stablecoins and How Do They Work?: Yield-bearing stablecoins sound like the best of both worlds — earning interest without volatility. Here’s how they work and how much yield holders can earn.
- What Is Stacks (STX) and How Does Stacking Work?: As a Bitcoin Layer-2, Stacks allows developers to build Bitcoin dapps and create new use cases for the ecosystem. Here’s how it works.
We’re all ears.
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Authors
Research 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.
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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.
