Chart of the Week

ERC-6551 is a token standard that enables token-bound accounts, giving each NFT its own account and wallet address. The protocol requires no changes to the original ERC-721 contract, while enabling each NFT to own ETH and other ERC-20, ERC-721, and ERC-1155 tokens. ERC-6551 gives each NFT the ability to record its own on-chain history, where the value is accrued within the NFT instead of an external wallet. Token-bound accounts have the potential to enable new use cases such as NFT member loyalty programmes, true on-chain identities, as well as game mechanics involving digital outfits and items.

New Project Spotlight

NFT Collectibles

[COMING SOON] ‘Inside the mind II’ is a project by 2J STARY, an artist specialising in 3D animation. Dropping on 14 August on Crypto.com NFT, it features distinctive and colourful compositions that bring the viewer on a trip through the artist’s mind.

[COMING SOON] ‘SYNTHTOPIA’ is a collection by DESTABILIZED, a collective of visionary artists, entrepreneurs, and creatives. This drop features 3,000 unique avatars, artefacts, robots, supercars, treasure bundles, cinematic moments, and more. The collection goes live on Crypto.com NFT on 16 August.

Blockchain Games

[LIVE] Ballies, CroSkull, and Marbleverse have been named as reward recipients in the eighth batch of the Cronos Ecosystem Grant. The three gaming projects stood out among 180 other winners of the grant, which supports projects on Cronos by bootstrapping initial product development and providing monetary, technical, and marketing support.

[LIVE] The Eyeball Games team has been focusing on improving the visual details of the pool balls in the Eyeball Pool game. The upcoming Phase 2 of the game will also include new features such as multiplayer PvP, a revamped UI, and time-based tournaments.

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):

News Highlights

• Cronos Discover officially launched as an improved portal to showcase the most popular Cronos apps to both newcomers and experienced users. NFT projects featured on Cronos Discover include Cronos ID, Minted, and Ebisus Bay.

• Reebok and VeeFriends have collaborated on a special release inspired by one of VeeFriends’ 283 unique characters. The VeeFriends Aspiring Alpaca Classic Nylon sneakers will be available for purchase starting from 24 August on Reebok’s official website and the VeeFriends online shop.

• Game developer nWay, a subsidiary of Animoca Brands, announced the September launch of Wreck League — a 3D mech-fighting game that will incorporate Bored Ape Yacht Club (BAYC) and other Yuga Labs-created NFT collections. The game comes in both an NFT-driven version as well as a free-to-play, non-crypto version.

• CBS Studios, the television production company behind Star Trek, has applied to use the name ‘Star Trek Continuum’ for NFTs. The NFTs are set to feature starships from various adventures in the science fiction universe, customised to each user's liking.

• NFT and DeFi protocol JPEG’d confirmed the return of 5,495 ETH (~US$70 million) from the hacker who drained several pools on Curve Finance. In exchange for returning the stolen funds, the hacker received a 610.6 ETH (~$1.1 million) bounty.

Recent Research Reports

• Crypto Market Sizing Report H1 2023: Global crypto owners reached 516 million by the first half of 2023.

• Real-World Assets: Bridging Real-World Value to DeFi: Real-World Assets is a promising application for blockchain technology that is gaining traction. We explore notable projects like Centrifuge, Ondo, Tangible, and Toucan.

• Alpha Navigator: Quest for Alpha [July 2023]: Risk assets continued their positive price action in July, although BTC dipped slightly. The macro calendar is quiet until mid-August when we have the US CPI and release of FOMC minutes.

Recent University Articles

• What Are Layer-0 Protocols? Infrastructure for Customised Blockchains: Layer-0 protocols are the infrastructure on which customised Layer-1 blockchains are built. We explore notable projects like Cosmos, Polkadot, and Avalanche.

• Top Governance Tokens to Know in 2023: Discover the top crypto governance tokens making waves in the decentralised finance and blockchain sectors.

• The Future of Ethereum: What to Expect in the Coming Years: Exploring the upcoming upgrades and developments that will shape the Ethereum network’s future.

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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