Chart of the Week

Amid the rise in popularity of Ordinals NFTs, the total transaction fees for Ordinals NFT inscriptions have surged and exceeded 1,501 BTC, or approximately US$40 million, as of 26 May 2023.

Check out our research report: Bitcoin’s Expanding Ecosystem: Layer-2, DeFi, NFT.

New Project Spotlight

NFT Collectibles

[LIVE] Crypto.com has launched the ‘Crypto.com Expedition Gear’ collection, which consists of 50,000 backpack NFTs divided into five rarities. 25,000 backpack NFTs will be airdropped to ‘Crypto.com Land - The First Frontier’ NFT holders, while the other 25,000 are available for purchase on Crypto.com NFT. 

[COMING SOON] ‘The World of Tarogramma’ is a collection by visual artist Damien Cifelli. This drop dives deep into the fictional world of Tarogramma, a hidden place that explorers have been searching for centuries. The collection goes live on Crypto.com NFT on 29 May.

Blockchain Games

[LIVE] Eyeball Games has been accepted as a member of the Blockchain Game Alliance, an organisation committed to promoting blockchain within the video game industry. The Eyeball Pool game is developed by Eyeball Games, the same team that built and sold the popular 8 Ball Pool game to Miniclip.

[LIVE] Croskull has released the Dragons of Bonesville seasonal pet. Currently, there are approximately 1,200 Dragons going around Bonesville, and more of them can be hatched from dragon eggs that are purchased or found during the player’s adventures.

The following table shows select top collections (by weekly sales volume on each platform) and a sample of their art:

The following table shows select top games by weekly Unique Active Wallets (UAW):

Gaming Token Performance

The total market cap for gaming tokens now stands at US$10.98 billion, down -2%from last week.

News Highlights

• Cronos Labs is partnering with the city of Seoul to launch the 'Seoul Web 3.0 Festival 2023’. The festival will consist of various programmes, including a hackathon, an investor demo day for Web3 startups, a networking party, as well as an NFT exhibition.

• Bitcoin has become the second-most popular NFT blockchain. Bitcoin Ordinals NFT’s trading volume was in second place behind Ethereum in the past 30 days.  This resulted in Bitcoin gaining a significant lead over blockchains like Polygon and Solana during this period of time.

• The Web3-friendly browser Brave introduced NFT-gated video calls, allowing hosts to use NFTs and POAPS to manage access to calls. The feature could also be used by NFT projects to chat with other holders.

• Sotheby’s concluded its sale of several rare NFTs from Three Arrows Capital’s collection, bringing in a total of $2.4 million. The highest-priced NFTs from the collection are Fidenza #725 and Autoglyph #187, which sold for $1,016,000 and $571,500 respectively.

• Monthly Research Roundup (April 2023): In this issue, we feature trending market insights, and our latest research reports take a closer look into Bitcoin’s expanding ecosystem, specifically Layer 2s, DeFi, and NFTs.

• Alpha Navigator: Quest for Alpha [April 2023]: Asset classes were generally flat in April, with cryptocurrency outperforming other assets. The US Federal Reserve could be on the cusp of ending its interest rate hike cycle.

• Bitcoin’s Expanding Ecosystem: Layer-2, DeFi, NFT: The landscape of the latest projects building on top of Bitcoin is expanding beyond payments. It now includes Layer-2 scaling solutions and key application categories like DeFi and NFTs.

Latest University Articles

• What Is the BRC-20 Token Standard for Bitcoin?: Learn about the BRC-20 token standard for the Bitcoin blockchain and the tokens that have been minted on it so far.

• What Are ERC-20 Tokens? All About Ethereum’s Most Important Token Standard]: ERC-20 is a token standard for fungible tokens on Ethereum. Learn what it is and how cryptocurrencies can be minted with it.

• How to Buy Bitcoin and Other Cryptocurrencies: Wondering how to buy your first Bitcoin? Or cryptocurrency in general? Here's a step-by-step guide on crypto buying for beginners.

Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.

Nothing in this report is intended to suggest that NFTs are investment products, nor securities, nor anything similar or “financial” of any description. NFTs are to be reserved for fun only and NOT with any expectation of “value”, “profit”, “yield” or “investment”. You are also aware that NFTs are not a store of value, are not a generally accepted medium of exchange, and are considered very illiquid and volatile.

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