Weekly NFT Update (Week 18, 04/05/2022 – 10/05/2022)

Instagram begins to test support for NFTs. Two Hong Kong malls exhibit NFTs in three art events. Crypto.com is creating the Formula 1 Crypto.com Miami Grand Prix NFT collection.

Key Takeaways

• Instagram will begin testing non-fungible tokens (NFTs) this week, Meta Chief Executive Officer Mark Zuckerberg said on Monday. The social media platform owned by Meta will not charge users for showcasing their crypto art.
• Hong Kong’s K11 and K11 MUSEA malls are hosting three events to showcase NFTs as art. More than 200 NFT pieces by over 30 artists and projects are on display across the nine floors of the mall under the title Metavision.
• Crypto.com is set to create the first-of-its-kind collection of NFTs generated in real-time by the speed, sound, and data of the Formula 1 Crypto.com Miami Grand Prix. 
• LooksRare recorded a -10% decrease in sales and an +8% increase in transactions. OpenSea recorded -45% and -12% decreases in sales and transactions.

Crypto.com NFT in the Spotlight

• Crypto.com NFT drops the Cyber Cubs — the first derivative collection of the Loaded Lions project, which features 10,000 randomly generated ‘Cyber Cub’ NFTs with varying levels of rarity. Starting from 17 May 2022, one ‘Cyber Cub Pack’ will be randomly airdropped for every ‘Loaded Lion’ NFT owned, and Mane Netizens can unwrap the packs to reveal their very own ‘Cyber Cub’ NFT. 
• Upcoming drop Wonderverse is that magical and surreal place where our unconscious senses and dreams merge together entering into the metaverse. This drop features a special edition NFT giveaway created by the artist. In order to qualify, collectors must hold a copy of any item listed in the drop 24h after the drop ends. 

Highlights

• Meta taps Polygon to build NFT platform for Instagram, Facebook
• Yuga Labs’ Otherdeed virtual land NFT sells for record $1.5 million on X2Y2
• NBA Top Shot creator unveils US$725M fund to support Flow ecosystem
• Under Armour to mint NBA Warriors’ Stephen Curry-inspired NFTs
• Sony, Theta Labs to giveaway glasses-free 3D display with exclusive NFTs
• VanEck set to give away 1,000 Ethereum NFTs, asking people not to resell them
• Report: US$37B has flowed into NFTs in 2022, institutional investment plummets
• STEPN NFT x Asics Shoes partner for a competition unlike any other
• Nigerian firm Looty looks to repatriate stolen African art in digital form
• Moonbirds and BAYC power an April uptick for NFTs
• NFT market well-positioned to grow 35% into a US$13.6B industry by 2027

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.