Chart of the Week

Ethereum reclaimed first position on the NFT sales volume ranks in January 2024, followed by Bitcoin and Solana. Polygon and Avalanche experienced a rapid growth of 138% and 89% respectively in January, with the increase mainly driven by gaming and PFP.

Meanwhile, Bitcoin's NFT sales volume dropped significantly by 61% from US$869 million in December 2023 to US$335 million in January.

New Project Spotlight

Blockchain Games

[Upcoming] Loaded Lions: Mane City Prosperity Blitz

As Mane City prepares for its next full-fledged Competitive Mode season, players get to compete in a two-week Blitz event again from 15 - 29 February. A whopping 100% of Diamond spend will be allocated to the prize pool. Stay tuned for more details!

NFT Collectibles

[Live] SYNTHTOPIA: THE HOLY GRAIL

DESTABILIZED is a collective of visionary artists, entrepreneurs, and creatives, uniting to create a multifaceted movement blending art, culture, and community. Its first Crypto.com NFT drop exceeded $400,000 in trading volume, becoming a top-three PFP collection on Cronos.

‘SYNTHTOPIA: THE HOLY GRAIL’ is SYNTHTOPIA's next realm, with 2,000 Mystery Packs priced at $1, 4,000 priced at $69, and 1,000 reserved specially for the Synthesis community. The 6,000 NFTs feature avatars, artefacts, robots, cinematic moments, and much more. Collectors can access exclusive merch, airdrops, and franchise income.

[Upcoming] 

Project SENSAI - The Golden Army

Project SENSAI is an AI-powered play-to-earn strategy game created by Red Kunai Labs. Its lead artist, Eugenia Chen, combined her passions for technological and artistic disciplines to create the generated avatars in ‘Project SENSAI - The Golden Army’.

Each PFP NFT boasts unique abilities and a special backstory. The collectibles in this project grant holders access to the game and various utilities, including the ability to turn their selfie into an avatar, Bitcoin Ordinals vaulting, and airdrops.

The following table shows selected top games by weekly volume in USD:

Gaming Token Performance

The total market cap for gaming tokens now stands at $21.62 billion, increasing by 6.98% from last week.

News Highlights

• Web3 gaming platform Immutable has announced the early-access launch of its zkEVM Mainnet. In response to issues with existing blockchain platforms such as slow transaction finalisation and high gas fees, Immutable's new network aims to prioritise speed and scalability, allowing developers to pay transaction fees on behalf of players.

• Pudgy Penguins’ IP licensing platform, OverpassIP, has opened up licensing for its second chapter. This new platform aims to streamline the licensing process for NFTs, providing holders with opportunities to transform their characters into toys or other forms.

• Doodles has partnered with timepiece brand G-Shock for a collaborative watch collection, bringing together the worlds of digital art and fashion. This collaboration has led to a surge in sales for ‘Doodles’ NFTs, highlighting the increasing popularity and demand for digital collectibles and watches.

• The debut sale of Bitcoin NFTs called ‘Quantum Cats’ by Taproot Wizards was delayed due to technical issues, frustrating users and potentially impacting the amount raised. The sale was set to offer around 3,000 digital cats at 0.1 BTC (~US$4,300) each.

Recent Research Reports

• Research Roundup Newsletter [December 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in December, our 2023 Year Review & 2024 Year Ahead report, and our Crypto Market Sizing report for 2023.

• Crypto Market Sizing Report 2023: Global cryptocurrency owners increased by 34% in 2023, rising from 432 million in January to 580 million in December.

• Alpha Navigator: Quest for Alpha [December 2023]: FOMC minutes appear to reaffirm the prospect of an interest rate turnaround. Risk assets were mostly up in December, led by ETH and BTC.

Recent University Articles

• Bitcoin NFTs — How the Ordinals Protocol Works: Learn all about what the Bitcoin Ordinals protocol is and how it works — from satoshis to inscriptions to NFTs.

• Liquid Staking vs Traditional Staking — What Are the Differences and How Do They Work? Staking and liquid staking are popular ways for cryptocurrency holders to earn rewards. Here’s how the two approaches differ.

• What Is Bitcoin’s Price? A Short History: The price of BTC has experienced peaks and valleys ever since the coin launched in 2009. Learn all about its ups and downs in this guide on Bitcoin’s price history.

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.

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

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