Key Takeaways

• Inspired by the potential of AI and NFTs, LinkedIn founder Reid Hoffman recently announced the launch of his Solana-based NFT collection called “Untranslatable Words”. It features the use of OpenAI’s DALL-E 2 AI software to generate art based on natural language descriptions. 

• Video game conglomerate Square Enix launched its first NFT project to celebrate Final Fantasy VII’s 25th game anniversary. The company has partnered with Enjin to create a digital card collection for the 1997 RPG, and is set to be released in 2023. 

• A new research report estimates that the NFT market is expected to be worth US$200 billion in 2030. The latest report issued by Grand View Research sees the market increasing at a compound annual growth rate of 33.9% from 2022 to 2030, and points to the increasing demand for NFTs worldwide as the main driver.

• LooksRare recorded a +15% increase in sales and a -16% decrease in transactions. OpenSea‘s sales were positive at +4%, while its transaction count decreased -16%. Meanwhile X2Y2’s sales and transactions were negative, at -7% and -5% respectively.

Crypto.com NFT in the Spotlight

• Crypto.com NFT just launched a dedicated “Top Collections” page, which will help users discover more projects, thanks to multiple ranking collection metrics and filters for an improved search experience. Access the page via the Crypto.com App or Crypto.com/NFT.  

• Developed by independent studio Brovember Rain, “Spooky Pets” are 10,000 adoptable, generative pets living on the Cronos blockchain, each created from over 100 unique traits with its own style and story. Each Spooky Pet purchase will contribute to the Spooky Pets rescue blog, where it will feature a different animal or animal-related charitable organisation weekly. Along with each blog share, the team will donate US$1,000 to the featured animal or organisation. 

Highlights

• Cristobal Balenciaga To the Moon drop inspired by founder’s original designs is live

• CryptoPunks enamor investors with BAYC following suit

• Xiaomi files patent to develop blockchain virtual characters using ‘genetic sequences’

• Sports fans ready to move beyond the hype and make NFT investments

• Japanese bank SMBC plans to develop NFT business

• Coinbase Wallet adds new functionality, allowing users to view offers on NFT marketplaces OpenSea and Rarible

• Amazon.eth ENS domain owner disregards 1M USDC buyout offer on OpenSea

• Nike dives further into Web3 with new “Style” store

• HARTi and Mitsui Sumitomo roll out NFT insurance coverage for claims

• Epic Games to let individual projects decide on NFTs, says CEO

Transaction Volume Benchmark

Sources:

Magic Eden data refer to the on-chain activity of the tracked smart contracts.

LooksRare, OpenSea, and Coinbase data are retrieved from Dune Analytics.

Magic Eden, X2Y2, NBA Top Shot, and Solanart data are retrieved from DappRadar.

Notes:

1. Year-to-Date (YTD) volume is calculated from the first day of the current year to the current date.

2. Week-on-Week (WoW) % change is calculated based on the differences between two subsequent seven-day periods.  

3. Transaction count and average price refer to the number of traders and average price over the past seven days, respectively.

4. LooksRare was launched on 10 January 2022.

5. X2Y2 was launched on 16 February 2022.

Top Collectibles

* Source: CryptoSlam.io

The following chart shows selected top NFTs and their historical floor prices.

Upcoming NFT Sales

The following information shows the top upcoming NFT sales and a sample of their art.

Project Name: MOTOR SPARKLY
Sale Date: 1 Aug 2022
Price: 1 (ETH)
Items: 6,666
Market Cap: 6,666 (ETH)

Project Name: Bearded Buddies
Sale Date: 4 Aug 2022
Price: 0.26 (ETH)
Items: 10,000
Market Cap: 2,600 (ETH)

Project Name: The Millie$ Club
Sale Date: 15 Aug 2022
Price: 0.2 (ETH)
Items: 10,000
Market Cap: 2,000 (ETH)

Project Name: Cryptophants Preservation Club
Sale Date: 12 Aug 2022
Price: 2 (SOL)
Items: 9,999
Market Cap: 19,998 (SOL)

Project Name: Smetanas
Sale Date: 10 Aug 2022
Price: 2.99 (SOL)
Items: 5,555
Market Cap: 16,609.45 (SOL)

* Sources: Rarity Tools, Crypto.com

Top Artists

The following information shows selected top artists (by sales volume on each platform) and a sample of their art.

Platform: Crypto.com NFT
Artist: Cristóbal Balenciaga
Sales Volume (USD): $382,500

Platform: Magic Eden
Artist: Froots
Sales Volume (USD): $2,139,200

Platform: OpenSea
Artist: The Potatoz
Sales Volume (USD): $8,377,710

Thank you for reading! We hope you find our Weekly NFT Update enlightening!

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