Quick Take

• Weekly Trend: Solana Monkey Business led NFT sales at US$5.9 million, helping Solana outperform Bitcoin and Polygon with $28 million in total sales, a 19% increase week over week.

• Top Crypto.com NFT Drops: Exclusive Premium Web3 Domain Drop, The Tactical Gear Depot, Lil Bitcoins Generative, As Good As It Gets

• Notable NFT News: Telegram expands with mini app store; Animoca partners with TON for identity systems; Igloo raises $11 million for new Layer-2 blockchain; Doodles launches token-gated Doodles TV platform.

Chart of the Week

Solana Monkey Business (SMB) led the NFT market this week with $5.9 million in sales, contributing to Solana's total weekly NFT sales of $28 million — a 19% increase week over week. This surge positioned Solana as the second highest-grossing blockchain in NFT sales, ahead of both Bitcoin and Polygon. 

SMB, bolstered by its community platform MonkeDAO, plays a key role in the Solana ecosystem. MonkeDAO's collaboration with Torque Protocol for the Blinks Gen 3 giveaway highlights its commitment to embracing new innovations on Solana like Blinks. The launch of spot Ethereum ETFs on 23 July also garnered speculation about similar financial products for Solana, increasing interest in the blockchain and boosting demand for Solana-based NFTs.

Solana collections DogeZuki and Retardio Cousins generated $3.2 million and $2.8 million, respectively, both securing spots in the top 5 NFT collections for the week.

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 $23.58 billion, decreasing by -4.38% from last week.

News Highlights

• Telegram is expanding its blockchain capabilities by launching a mini app store and an in-app browser to enhance support for Web3 applications. Additionally, the platform’s emerging pay-to-extract model in Web3 gaming presents new revenue opportunities for developers. However, it raises concerns about fairness and the financial barriers it creates compared to more inclusive tap-to-earn models.

• Animoca Brands’s subsidiaries Mocaverse and MOCA Foundation partnered with the TON Foundation to integrate identity and reputation systems across their ecosystems. They also entered a token swap agreement involving the exchange of Moca Coin (MOCA), valued at US$0.113 with a fully diluted valuation (FDV) of US$1 billion, for Toncoin ($TON), at a combined value of US$20 million.

• Igloo, the parent company of Pudgy Penguins, raised $11 million in a round led by Peter Thiel's Founders Fund to develop Abstract, a consumer-focused Layer-2 blockchain. The new blockchain aims to simplify decentralised app development and make on-chain experiences mainstream, leveraging the Pudgy Penguins brand to attract users.

• Doodles introduced Doodles TV, a token-gated platform providing NFT holders with exclusive access to music, film, and digital art premieres. It enables fans to create, collect, and connect with artists and communities.

• Illuvium, the interoperable blockchain game, is set to launch its mainnet on 25 July, featuring a range of activities including region travel, strategic combat, and resource management. Alongside the game, Illuvium initiated a six-month airdrop campaign and introduced the Illuvium Alliance Programme, rewarding player referrals and enhancing engagement within its ecosystem.

• New Developments in GameFi: Play-to-Airdrop and Prediction Markets: Both play-to-airdrop and prediction markets have blurred the boundaries between Web2 and Web3. Our latest report looks into new developments in GameFi by delving deeper into these two trends.

• Spot Ethereum ETFs: In May, the SEC approved eight spot Ether ETFs, potentially launching in July. These ETFs, unlike Bitcoin’s, offer staking rewards. Projections estimate ETH ETFs could see $1.4 to $4.5 billion in inflows and $700 million to $2.4 billion in trading volume within six months. Ethereum’s scalability upgrades enhance its investment appeal.

• New Ethereum Layer-2s: Ethereum L2 networks have surged in activity, now accounting for approximately 90% of all transactions on the Ethereum network, up from 77% before the Dencun upgrade. This report explores the new Ethereum L2 landscape by examining the following projects: Cronos zkEVM, Taiko, Morph, Blast, Reya, and MegaETH.

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT.

• Crypto Tokenomics: What It Is and Why It Is Important: Tokenomics helps traders gauge how valuable a token might become. Here are the key factors to look for.

• Shiba Inu: A Beginner’s Guide to the Cryptocurrency’s Ecosystem: Shiba Inu has evolved far beyond the SHIB token and now boasts a metaverse, DeFi capabilities, NFT collections, and a synergised token network.

• Trading Cryptocurrency With Moving Averages: Moving averages smooth out price data to help identify trends and reversal points. Here’s how to use them in crypto trading.

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Authors

Research and Insights Team

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