Weekly trend: The overall NFT market sales volume dropped45% 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.
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 formedIgloo 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.
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.
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NFT & Blockchain Gaming Weekly – 📉 NFT Market dips 45%; Bitcoin-Based NFTs Hit New Milestones
NFT market dips 45%; Solana and Bitcoin-based NFTs hit new milestones. Notcoin burns US$3M of NOT tokens and distributes US$5M of NOT. Animoca Brands is considering an IPO.
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