Meta-Hebdo: will NFTs follow the crypto market?

Always higher? – While the The cryptocurrency market has probably had a historic weekthe sector of NFT and the metaverse seems to be continuing his mad dash. In fact, the non-fungible tokens and the virtual world offered by so-called web3 technologies have attracted many investors. In this race, your Meta-Weekly is there to help you gain some height in front of the daily flow of information. Let’s zoom in on this meta-week.

In order not to get lost in Meta-Hebdo:

The NFT market: the wealth of the web 3

Chainalysis: an NFT market worth billions

the NFT market seems prosperous. Data from the latest report by web3 data analyst Chainalysis supports this. This report clarifies that NFT holders were sent $ 37 billion in the market in 2022. This amount is roughly equal to what the market raked in 2021, ie $ 40 billion.

Chainalysis also points out that the incidence of NFT continues to improve through identification 950,000 active addresses in the market in the first half of 2022. NFTs thus invaded the four corners of the globe. The main markets are in Central and South Asia, North America and Western Europe.

Active NFT Sellers and Buyers 2020 – 2022 – Source: Chainalysis Report NFT transaction activity strengthens in 2022 after strong growth in 2021 »

CoinGecko: the metaverse should record 800 billion dollars of transactions

At the same time, CoinGecko conducted a study of the NFT market with investors from Asia and the Pacific. The results and projections of this study indicate that metaverses should be recorded 800 billion dollar transactions over the next two years.

This study also gives us information on the profile and interests of investors:

  • 72% of the participants said they had at least one NFT
  • 50% of investors have 5 or more NFTs
  • 43.6% of respondents aged 18 to 30 years
  • 45.2% are in their 30s to 50s.
  • 35.8% the panel is interested in playing to get metaverse NFTs
  • 25% of investors showing interest in artistic NFTs

NFTs: a sector that attracts investors and development

This increase in the number of NFT users is accompanied by its democratization and the increased use it can make. Avatars in the metaverse or on social networks, NFTs are the sign of membership in an sometimes governing community within a protocol.

Twitterknows of hypealready opened the ball a few months ago by allowinguse of NFTs on their social network. Meta, through its network instagramtherefore following the rhythm and confirmed this week working on the adoption of Ethereum and Solana NFTs.

Blockchain companies also continue to grow. Over (OVR) virtual world modeled on the real world, want to improve interoperability across metaverses . Open source platform hosted by blockchain Ethereum and Polygon (MATIC) so now offers the possibility of use NFT The Sandbox.

OVR is an augmented reality crypto company
OVR is a crypto company that specializes in augmented reality and metaverse creation.

In this crazy race for development, the sports sector has done well by multiplying partnerships that are successful and popular.

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With NFTs there is sport!

Socios: of NFTs

Socios is an example of a company that follows the direction of the wind and continues to grow it in NFTs. Strength of a recent partnership with UEFA the company also reached an agreement this week with Major League Soccer (MLS), the largest professional soccer league in the United States.

The Socios recipe is simple. Holders of a club’s cryptocurrency can get management decisions, votes about the club. In partnership with 8 international leagues and supported by the Chilliz platform, Socios promises to develop NFT in relation to this league.

    Chiliz (CHZ)

Crypto exchanges will enter the race

By his side, Crypto.com continues it sponsorship campaigns thus proving the complementarity between the world of sport and NFT. So the crypto platform validated the test and decided to sponsor Miami Formula 1 Grand Prix.

However, Crypto.com is changing. Grand Prix non-fungible tokens are generated in real time during the race. They represent speed, sound and have data recorded live during the race. One of the 57 NFTs held during the race was offered through a raffle. To register, you must have a Crypto.com account and register before the Grand Prix start date.

“Providing unique and innovative ways to engage with Web 3 technology is central to what we do at Crypto.com. (…) We are excited to give NFT fans and enthusiasts a chance to win a the most unique piece in the history of art, sports and technology. »

Crypto.com co-founder and CEO Kris Marszalek

Beyond this almost unusual partnership, what is surprising here is the length of the agreement: 9 years. Long-term vision is important.

What if the NFT market was hanging on a thread?

Sale of NFT records

In this context of growing interest, several sales records have recently lined up at our point. Witness the purchase of the football card by French player Kyllian MBappé on the NFT Sorare platform. The unique NFT is sold for 153 ETH, or € 416,000 at the time of sale.

In addition, after the unveiling of the Bored Ape Yatch Club (BAYC) metaverse, Yuga Labs was able to sell a NFT Otherdeed $ 1.5 million. The luck that holds the NFT, nObOdy.ethso purchased Otherdeed 59906 for 625 ether on the x2y2 platform.

Our crazy buyer did it again a few hours later. He then offered himself to Otherdeed 66813 for 303 ether is $ 720,000 at the time of sale.

NFT Otherdeed 59906

In the race, some sizes ran out of steam

Despite the success this NFT sold at 625 ethers, the average price of Other Deeds just fell. The price of the floor has been steadily declining despite some sales being well done.

NFT Otherdeeds sales records – Source: TheBlock

the chainalysis report which we discussed at the beginning of this article highlights this aspect of the market. NFT’s trading volume continues to rise due to achievements like the Otherside Metaverse Project, Bored Ape Yatch and others. Birds of the moon.

However, despite these sales wasting many transactions, the report points out that the market remains low since mid-February with a slight recovery in April. Based on institutional NFT purchases, on the heels of individuals, the report highlights:

“The activity of the institutional NFT has fallen sharply () , fell to 473 transactions in the week of Feb. 20. As of April 17, 2022, institutional activity has not yet reached the level it reached in the winter of 2021. This period of decline in institutional activity will almost certainly coincide with appears to be a general decrease in interest in NFTs as a whole. »

Even if the interest in non-fungible tokens seems to have waned, the methods, initiatives and values ​​of the NFT community attest to its presence already rooted in the digital landscapes of the future. However, it seems that, like some cryptocurrencies, the current context makes its development even more staggering. However, many incidents remain. From Axie Infinity to LakangN by the event of guildsit remains certain that the NFT sector has not yet finished higher, driven by the interest it has aroused.

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