Quick Take

• Weekly Trend: Bitcoin-based NFTs surpassed the gaming blockchain Ronin in all-time NFT sales.

• Loaded Lions: Mane City Season 2 Mayhem Blitz competitive event goes live.

• Trending drops on Crypto.com NFT: AZURONG - THE YUROSAKO'S DRAGON, VINCENTOPIA, and Lucha Transformation: From Snacks to Six-Packs.

• Notable NFTs news: Ronin announced its zkEVM chain; Doodles migrates its Stoodio character customisation platform to Base; NBCUniversal continued its partnership with Aptos; Japanese gaming giant Konami launches NFT platform on Avalanche; Tapswap and Yescoin will launch tokens on The Open Network (TON).

Chart of the Week

Bitcoin-based NFTs surpassed the Ronin blockchain – known for the popular blockchain gaming Axie Infinity – in all-time NFT sales. Bitcoin-based NFTs achieved a total sales volume of US$4.3 billion, moving up to the third-highest spot behind Solana and Ethereum. Despite the growth in Bitcoin NFT sales, the overall NFT market has seen a downturn, with the top three blockchain networks all recording at least a 40% decline in the 30-day NFT sales volume.

New Project Spotlight

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 $24.87 billion, decreasing by -13.2% from last week.

News Highlights

• The gaming blockchain Ronin announced the upcoming launch of Ronin zkEVM, a Layer-2 chain built with a modified Polygon Chain Development Kit (CDK). Ronin zkEVM will allow game studios to build their own zkEVM chains without setting up security and consensus.

• Doodles is migrating its Stoodio avatar customisation platform from the Flow blockchain to the Ethereum Layer-2 network Base, aiming for faster, cheaper transactions and broader adoption. The original Doodles collection will stay on Ethereum, and the move aligns with their upcoming animated film ‘Dullsville and the Doodleverse’, set for release in September.

• NBCUniversal has entered a multi-year partnership with Aptos Labs to develop blockchain-powered apps, games, and loyalty initiatives for its vast range of media franchises and brands. 

• Konami Digital Entertainment, the Japanese gaming giant behind franchises like Metal Gear Solid, Silent Hill, and Castlevania, is launching an NFT platform called Resella on Avalanche. Resella will offer a user-friendly marketplace with transactions in Japanese yen and no gas fees, aiming to democratise access to Web3 technologies.

• Tapswap and Yescoin will launch tokens on The Open Network (TON), reflecting the growing integration of blockchain technology into Telegram games. The trend follows the success of Telegram games like Notcoin and Hamster Kombat.

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.

• Research Roundup Newsletter [May 2024]: We present to you our latest issue of Research Roundup, featuring our deep dives into points farming and SocialFi, and many more.

• What Are Passkeys and How to Use Them With Your Crypto.com Account: Passkeys are a safer alternative to passwords that can be used alone or with your hardware token. Here’s how to set one up for your Crypto.com account.

• How to Trade with Time-Weighted Average Price (TWAP) in the Crypto.com App: Retail investors can now set TWAP (Time Weighted Average Price) orders in the Crypto.com App. Here’s why you should give it a try for better price averages.

• What Is CorgiAI (CORGIAI) and How to Buy CORGIAI: Find out why CorgiAI, the cryptocurrency blending meme culture with AI on the Cronos blockchain, is catching the attention of crypto traders.

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Authors

Research and Insights Team

Disclaimer

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