The NFT market is currently experiencing a downtrend, leading to lower floor prices for popular collections like ‘Bored Ape Yacht Club (BAYC)’ and ‘Pudgy Penguins’ because of the recent surge in the price of Ethereum. Data shows a decline in the activity and trading volume in Ethereum-based NFT marketplaces. The floor prices (priced in ETH) of top NFT collections have dropped significantly, with ‘DeGods’, ‘BAYC’, ‘Mutant Ape Yacht Club’, and ‘Pudgy Penguins’ seeing declines of 33%, 20%, 16%, and 11% respectively in the past 7 days.
New Project Spotlight
NFT Collectibles
[Live]
Rewards+ is a Crypto.com App loyalty programme that provides you with a world of benefits based on your trading activity. All ‘Loaded Lions’ NFT holders can skip a Rewards+ level, granting you an exclusive upgrade to the following tier. Get a headstart on your Rewards+ journey with greater Earn Plus bonuses, extra Crypto.com Visa Card rewards, referral bonus boosters of up to US$200, and special trading fee rebates!
The first sales phase of the Elite ‘Crypto.com Tactical Gear’ drop is exclusively for holders of ‘Loaded Lions’, ‘Dark Lions’, ‘Cyber Cubs’, and ‘Crypto.com Land – The First Frontier’ NFTs.
These superior weapon and armour NFTs will boost your Abilities in an upcoming Loaded Lions: Mane City update, enabling you to hit harder and defend stronger.
Baltimore Ravens Placekicker Justin Tucker is releasing his very first NFT collection on Crypto.com NFT. The legendary American Football player’s debut drop commemorates pivotal moments in his career with three unique digital collectibles distributed across 1,000 surprise packs.
Collectors have the opportunity to receive memorabilia autographed by Tucker himself, including jerseys, cleats, and photos.
The following table shows selected top games by weekly volume in USD:
Gaming Token Performance
The total market cap for gaming tokens now stands at $43.72 billion, increasing by +12.88% from last week.
News Highlights
Heroes of Mavia, a popular Web3 gaming platform backed by Crypto.com Capital, has achieved a significant milestone by reaching three million global downloads just one month after its debut on mobile platforms. The game has seen rapid growth in player numbers, particularly in countries like the US, the Philippines, Turkey, Brazil, Germany, and Indonesia. One of the factors contributing to its success is the integration of its native currency, MAVIA, for in-game governance and enhancements. The MAVIA token has experienced a 14.83% increase in value and is listed on major cryptocurrency exchanges like Crypto.com.
Sony has filed a patent for ‘Super-Fungible Tokens’ (SFTs) in the gaming industry. These tokens, stored on a distributed ledger, aim to allow players to own unique in-game assets and transfer them to other players. The patent does not specify whether Sony’s blockchain would be public or private, but it indicates the company’s interest in exploring NFTs within its games.
Approximately $250 million worth of gaming tokens are set to be unlocked by the end of March, according to a report from Decrypt. These tokens are associated with various cryptocurrency games or gaming platforms. Notable tokens include ApeCoin (APE) from the BAYC ecosystem, PIXEL from the Ronin farming game Pixels, IMX from the Ethereum gaming platform Immutable, YGG from Yield Guild Games, PRIME from the NFT card game Parallel, and GMT from the move-to-earn game Stepn.
RON, the native token of the Ronin blockchain, surged by 53% over the past week. The growth of RON could be attributed to the popularity of Pixels, a Web3 game that focuses on NFTs and utilises the PIXEL token. Pixels has attracted over one million unique active wallets in the past 30 days, and has significantly expanded the user base of the Ronin network. Additionally, Ronin has expanded its ecosystem by incorporating other games.
Research Roundup Newsletter [February 2024]: We present to you our latest issue of Research Roundup, featuring trending market insights in February, charts of the month, and our deep dive into the DePIN market.
DePIN: Crypto’s Rising Narrative: DePIN is currently one of crypto’s hottest narratives. We introduce what DePIN is, how it works, and the current market landscape.
Alpha Navigator [February 2024]: Crypto and equities were up in February, while fixed income was under pressure. Interest rate decisions from major central banks upcoming in March.
What Is Celestia? All About TIA Token: Introducing Celestia and the TIA token, the first modular blockchain network with a pluggable consensus for Layer-2 rollups.
What Is Restaking? How to Use EigenLayer: From Dogecoin and Shiba Inu to lesser-known variants, learn all about meme coins, what they are, and how to trade them.
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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.
Loaded Lions NFT holders receive exclusive Rewards+ benefits. Heroes of Mavia reaches three million global downloads. NFT market experiences a downtrend in the past week.
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