Chart of the Week

The Ethereum NFT market experienced a significant decline in May 2024. Its monthly trading volume plummeted by 36% Month-on-Month (MoM) to US$342 million, marking the lowest figure so far in 2024. Additionally, May 2024 saw the smallest number of NFTs traders on Ethereum in the past two years, with only around 103,000.

New Project Spotlight

NFT Collectibles

[Live] 2023 "En Primeur" Wines - Exclusive Collection

This premium selection of highly sought-after wines is now available, for a limited time only, exclusively on Crypto.com NFT and InterCellar. This groundbreaking innovation offers an unprecedented opportunity to participate in collectible wine trading before the wines are even bottled.

It’s a pairing of exquisite bottles with NFTs – a leap into the realm of real-world asset tokenisation - offering improved liquidity and traceability for your collection.

[Upcoming] Codium Vita

Aron Visuals’s ‘Codium Vita’ collection tells the story of a wizard defending his kingdom against imminent threats. Each NFT purchased helps plant a tree, bringing us one step closer to achieving the dream of a sustainable future.

The entire collection features 7,773 guardians, with the first 777 available in this first drop. Enjoy NFT airdrops and merchandise like the exclusive Codium Vita board game, among other surprise gifts.

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 $36.3 billion, up +8.75% from last week.

News Highlights

• InterCellar, a leading Web3 marketplace for fine wines and spirits, introduced the ‘En Primeur’ NFTs on Crypto.com NFT. ‘En Primeur’ refers to the ability to buy fine wines before they are bottled. This democratises fine wine ownership, allowing anyone to mint an NFT to gain ownership of the digital token and the corresponding physical wine bottle. Previously, en primeur wines were a privilege reserved for a select few.

• MetaMask now allows users to launch crypto games directly from its MetaMask Portfolio interface through an integration with HyperPlay, which features a dedicated games directory.

• McDonald's Singapore has launched a metaverse called My Happy Place, offering special features for Grimace NFT holders. This digital experience includes games, contests for real-life rewards, and exclusive areas for NFT owners.

• World of Women (WoW) has integrated into the Tezos ecosystem. It aims to enhance women's participation in the digital economy and provide opportunities for ladies in Web3.

• Dapper Labs has settled a class action lawsuit for $4 million over allegations that its ‘NBA Top Shot’ NFTs were unregistered securities. As part of the settlement, Dapper Labs will make payments and cover legal fees. Additionally, the plaintiffs will relinquish future claims regarding the security status of these NFTs.

Recent Research Report

• Points Farming – Development, Significance and Controversies: Points farming has become ubiquitous in crypto recently. Our report looks into its development and two examples Friend.tech and EigenLayer, before delving into its significance and controversies.

• SocialFi – Business Models and New Developments: SocialFi in Web3 empowers users with enhanced data control and direct creator compensation without intermediaries, leveraging blockchain for better user engagement and innovative monetisation methods.

• Alpha Navigator: Quest for Alpha [May 2024]: Asset classes were all up in May. Cryptocurrencies led the increase, which coincided with US SEC’s approval of Spot Ether ETFs.

• What Are Ethereum Gas Fees?: In the world of blockchain, every transaction comes with a cost, known as a ‘gas fee’. In this article, we explain the importance of gas for the Ethereum blockchain.

• What Is Circle’s USD Coin (USDC)?: In this article, we explore Circle’s USDC, a leading stablecoin in the cryptocurrency market — diving into its unique features, tokenomics, foundation, and utility.

• What Is Bonk (BONK) and How to Buy BONK: The Bonk (BONK) meme coin is one of the largest by market capitalisation. Learn more about this popular dog-themed cryptocurrency.

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Authors

Research and Insights Team

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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