11 Jan 2023
NFT Weekly Market Update - Jan 11, 2023
Your weekly recap of the most important news and developments in the NFT sector
It's been another positive week for the land of JPEGs! The year 2023 started with high trading volumes in NFTs. In addition, most of the top NFT collections experienced an increase in floor price in the first ten days of 2023. Let's dive into the most relevant news in the last seven days!
In this report:
- Edward Snowden's NFT project
- Game of Thrones Launches Digital Collectibles
- Kryxivia Game Leverages Play-to-Earn
- DeLabs Took $3m to Move y00ts to Polygon
- NFT Market Chart & Statistics
- Outstanding Projects of the Week
Top NFT News:
- Edward Snowden releases an NFT: Government whistleblower, Edward Snowden, released an NFT in 2021 under the title of "Stay Free" which sold for $5.5 Million (2.224 ETH) and was purchased by PleasrDAO. Now, Snowden partnered with PleasrDAO, Daniel Ellsberg and FreedomofPress to release Episode 01 of PleasrHouse. The episode will be released on Thursday, January 12 at 3 PM EST and they will be auctioning an NFT during the first episode. If this is something you are interested in following, you can follow the project and sign up for notifications at pleasr.house.
- Game of Thrones NFT: The popular show partnered with Niftys, and Warner Bros to release the first season of NFTs. The collection was minted on January 10, and it's currently trading in the secondary market at a price of 0.09ETH. The NFTs are packed in a digital box containing one collectible avatar, nine resource cards, and three story cards. The fan base of Game of Thrones is large, and many of its fans may not yet be familiar with NFTs and Web3. This project could introduce these fans to the world of digital collectibles as they may begin to research and explore ways to purchase them. In a recent interview with the team, it was mentioned that this is the first release of many upcoming series. So we can expect new collections to come out in the future.
- Kryxivia Game leverages play-to-earn with NFTs: The highly anticipated game utilizes the play-to-earn model creative way. In the game, players can engage in boss battles, and, as a reward, they can receive non-NFTs that can be sold or worn. The beta release for the game is scheduled for January 13, 2023, so players will soon be able to test and give feedback on the game before it is officially released.
- DeLabs took $3m to move y00ts from Solana to Polygon: one of the largest NFT collections in Solana, y00ts, owned by DeLabs, received a $3m non-equity grant from Polygon to fund. Frank, the founder, released a message on Discord explaining the reason behind the recent switch to the polygon. The funds will be used to expand the team, launch higher-quality projects, create experiences, and provide higher-quality deals and partnerships with real businesses. The move was taken with criticism by some Twitter users, which disagreed with the decision, and some Solana fans were disappointed and criticized the move. Time will tell if this is a good move. Read our full article about y00ts switching to polygon here.
NFT Chart & Market Statistics:
The NFT sector has seen a very positive start to the year during the first ten days of January. During this time, many of the top-performing NFT collections have experienced a significant increase in trading volume.
The Memes by 6529 is soaring through the charts with a great week as we approach the release of Season 2 of the collection, currently sitting at 0.33 Eth. Mutant Hounds continue to outperform as we approach the art reveal on January 11. Additionally, The Bored Ape Kennel Club experienced an increase in floor price in the last ten days, probably due to the upcoming mint by YugaLabs, which will begin on January 11 until January 18th. One project I've been watching is Pudgy Penguins, which recently crossed the floor price of 7 ETH. This week we experienced some big sales of Bored Apes, (200 ETH and 130 ETH).
As seen from the chart above, the total trading volume on NFTs is starting to pick up. We saw this amount of trading volume last year in June. Could 2023 be the year NFTs take off and go mainstream? Only time will tell, and we'll keep you updated with the NFT market!
That's all for this week's weekly recap! We'll see you again next week!
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