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NFT (Week 29, 20/07/2022 – 26/07/2022)

LinkedIn founder Reid Hoffman transforms DALL-E 2 AI images into NFTs. Square Enix celebrates 25 years of FFVII with NFTs. NFT market projected to be worth US$200B by 2030, Grand View Research reports.

Jul 27, 2022
Weekly NFT Update 2022

Key Takeaways

  • Inspired by the potential of AI and NFTs, LinkedIn founder Reid Hoffman recently announced the launch of his Solana-based NFT collection called “Untranslatable Words”. It features the use of OpenAI’s DALL-E 2 AI software to generate art based on natural language descriptions. 
  • Video game conglomerate Square Enix launched its first NFT project to celebrate Final Fantasy VII’s 25th game anniversary. The company has partnered with Enjin to create a digital card collection for the 1997 RPG, and is set to be released in 2023. 
  • A new research report estimates that the NFT market is expected to be worth US$200 billion in 2030. The latest report issued by Grand View Research sees the market increasing at a compound annual growth rate of 33.9% from 2022 to 2030, and points to the increasing demand for NFTs worldwide as the main driver.
  • LooksRare recorded a +15% increase in sales and a -16% decrease in transactions. OpenSea‘s sales were positive at +4%, while its transaction count decreased -16%. Meanwhile X2Y2’s sales and transactions were negative, at -7% and -5% respectively.

Crypto.com NFT in the Spotlight

  • Crypto.com NFT just launched a dedicated “Top Collections” page, which will help users discover more projects, thanks to multiple ranking collection metrics and filters for an improved search experience. Access the page via the Crypto.com App or Crypto.com/NFT.  
  • Developed by independent studio Brovember Rain, “Spooky Pets” are 10,000 adoptable, generative pets living on the Cronos blockchain, each created from over 100 unique traits with its own style and story. Each Spooky Pet purchase will contribute to the Spooky Pets rescue blog, where it will feature a different animal or animal-related charitable organisation weekly. Along with each blog share, the team will donate US$1,000 to the featured animal or organisation.

Highlights

Transaction Volume Benchmark

Screen Shot 2022 07 27 At 8.00.08 Pm

Top Collectibles

Screen Shot 2022 07 27 At 8.01.35 Pm

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.

Project NameSale DatePriceItemsMarket CapSample
MOTOR SPARKLY1 Aug 20221 (ETH)6,6666,666 (ETH)
Bearded Buddies4 Aug 20220.26 (ETH)10,0002,600 (ETH)
The Millie$ Club15 Aug 20220.2 (ETH)10,0002,000 (ETH)
Cryptophants Preservation Club 12 Aug 20222 (SOL)9,99919,998 (SOL)
Smetanas10 Aug 20222.99 (SOL)5,55516,609.45 (SOL)
Project NameMOTOR SPARKLY
Sale Date1 Aug 2022
Price1 (ETH)
Items6,666
Market Cap6,666 (ETH)
Sample
Project NameBearded Buddies
Sale Date4 Aug 2022
Price0.26 (ETH)
Items10,000
Market Cap2,600 (ETH)
Sample
Project NameThe Millie$ Club
Sale Date15 Aug 2022
Price0.2 (ETH)
Items10,000
Market Cap2,000 (ETH)
Sample
Project NameCryptophants Preservation Club
Sale Date12 Aug 2022
Price2 (SOL)
Items9,999
Market Cap19,998 (SOL)
Sample
Project NameSmetanas
Sale Date10 Aug 2022
Price2.99 (SOL)
Items5,555
Market Cap16,609.45 (SOL)
Sample
* Sources: Rarity Tools, Crypto.com

Top Artists

The following table shows selected top artists (by weekly sales volume on each platform) and a sample of their art.

PlatformArtistSales Volume (USD)Sample
Crypto.com NFTCristóbal Balenciaga$382,500
Magic EdenFroots$2,139,200
OpenSeaThe Potatoz$8,377,710
PlatformCrypto.com NFT
ArtistCristóbal Balenciaga
Sales Volume (USD)$382,500
Sample
PlatformMagic Eden
ArtistFroots
Sales Volume (USD)$2,139,200
Sample
PlatformOpenSea
ArtistThe Potatoz
Sales Volume (USD)$8,377,710
Sample

Author

Research and Insights Team

Tags

crypto

crypto research

cryptocurrencies

NFT

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