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.
Recent Research Reports
- Research Roundup Newsletter [July 2024]: We present to you our latest issue of Research Roundup, featuring our deep dives into the latest crypto market sizing findings, Layer-2 interoperability, and Web3 socials.
- Alpha Navigator: Quest for Alpha [July 2024]: Cryptocurrencies showed mixed performance in July; Fixed Income was up while Equities were down. The US and EU maintained interest rates, the UK cut rates, and Japan hiked rates for the second time since 2007.
- Crypto Market Sizing Report H1 2024: Global crypto owners reached 617 million by the first half of 2024.
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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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