The DappRadar report also noted that the shifts in trading volume and network activity may be partially attributed to “the emerging popularity of ‘low barrier entry’ NFTs. These assets, smaller in individual value, cater to a wider audience,” and “a broader shift in the NFT market towards platforms that offer more affordable and accessible NFT options.” Source
Blake Tandowsky, growth analyst at Alchemy, told CoinDesk that whale NFT trading volumes peaked in Q2 2022, and now, less users are entering the market. Still, the emerging use cases for NFTs such as gaming have kept developers hungry to build on the blockchain. Source
Let’s get business out of the way before getting to the fun part: Meta, the parent company of WhatsApp, Facebook and Instagram, is heavily involved in virtual worlds through its metaverse unit, Reality Labs. However, its investments have yet to pay off, with the metaverse company reporting collective losses of over $40 billion. Despite the losses, investors are optimistic about Meta CEO Mark Zuckerberg’s long-term bet on the metaverse, sending the stock up 7% after hearing Zuckerberg’s reasoning on the Meta Q2 2023 Earnings call. Meta’s stock price spiked to…
The artist behind the most expensive NFT ever sold bought his first-ever PFP, CryptoPunk #4593. Source
Yuga Labs accelerates Otherside plan Nonfungible token (NFT) conglomerate Yuga Labs has agreed to acquire the metaverse-building startup Roar Studios as Yuga looks to bolster its Otherside metaverse. Yuga tweeted the news on July 31 saying the impending acquisition was to “execute our expansive vision” for Otherside. An accompanying release said Roar Studios’ founder and chief Eric Reid will join Yuga as the general manager of Otherside, charged with leading the development and production of the metaverse. We are proud to announce Yuga Labs is acquiring Roar Studios, a music…
Alejandro Navia, President of NFT Now, tweeted that the Web3 publication had “over-hired.” Meanwhile, another founder of NFT Now’s Twitter was hacked over the weekend. Source
Two United States lawmakers have written to Apple CEO Tim Cook, raising concern about how the company’s guidelines may restrict crypto and NFTs. Congressman Gus Bilirakis of Florida and his Illinois counterpart Jan Schakowsky, on July 28, jointly sent a letter to Apple CEO Tim Cook expressing concern that Apple’s App Store guidelines could potentially curb the growth of emerging technologies such as blockchain and non-fungible tokens (NFTs). Today, I sent a bipartisan letter to @Apple regarding iOS App Store policies and their impact on emerging technologies like blockchains and…
Yuga Labs co-founder Wylie Aronow, who has since stepped back from the project, told me last year that the company is all-in on developing its gamified virtual world, which is meant to sit at the “intersection” of all of its NFT brands, like Bored Ape Yacht Club, CryptoPunks, Meebits and 10KTF. The company has recently brought on a number of game-focused executives to help lead its expansion, notably new CEO Daniel Alegre, formerly of Activision Blizzard, chief gaming officer Spencer Tucker and chief creative officer Michael Figge. Source
Fashion brand Lacoste has unveiled an exclusive Ethereum-based virtual store for NFT holders as the brand aims to give its NFT holders an immersive experience for the summer. The virtual store, created by retail technology developer Emperia, will integrate the traditional retail experience with digital innovations exclusive to users holding Lacoste’s UNDW3 NFT passes. An Insight Into UNDW3 & Lacoste’s Virtual Store Lacoste’s UNDW3 NFT holders will have exclusive access to the virtual store. UNDW3 is an NFT-based loyalty program the French brand released in June (similar to that of…
The Reddit team learned from its previous drop in April, implementing anti-bot measures such as CAPTCHA to ensure a smoother rollout. In addition, the team is launching “initial access” for the first day of the release, which looks at your account age and “other metrics” and limits the number of collectibles you can purchase in one swoop. Collectors can spend up to $1,000, with a one-purchase per collectible avatar limit during this time. Initial comments in the r/CollectibleAvatars posts post-launch are mostly positive, though there were some complaints about glitches…