Quick Take

• The NFT market experienced its sixth consecutive month of decline, with sales volume dropping by 19% month-over-month.

• Notable News: Indonesia’s postal service launches NFT stamps; Lamborghini is launching its first blockchain-based digital vehicles; CryptoKitties returns as a Telegram game.

• Top Crypto.com NFT Drops: Munks On The Run and Once Upon Tomorrow - The Future is Today

Chart of the Week

The NFT market experienced its sixth consecutive month of decline, with sales volume dropping by 19% month-over-month. There were mixed performances among the top chains.

Ethereum and Solana fell by 20% and 26% respectively. However, Bitcoin rose by 5%, supported by the resurgence of Ordinal NFTs. Additionally, Blast continued to see positive growth after August, thanks to Fantacy.top. Flow, a platform primarily supporting sports NFTs like ‘NBA Top Shot’ and ‘NFL All Day’, also gained traction in September with around 50% growth.

New Projects 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 US$21.76 billion, increasing by +2.16% from the past 14 days.

News Highlights

• Indonesia’s state-owned postal service Pos Indonesia launched its first postage stamps with NFT counterparts. The stamp features ‘Cenderawasih’, meaning ‘bird of paradise’, and will have both a physical and NFT version. 

• Lamborghini is collaborating with Animoca Brands to launch its first interoperable blockchain-based digital vehicles. The collaboration, ‘Fast ForWorld’, is launched together with Animoca-backed Motorverse and will feature Lamborghini’s cars in Web3 games. 

• NFT developer Pudgy Penguins launched its ‘Polar Challenge’ game in arcades in California, with more expected soon in the US. Featuring penguins battling seals, orcas, seagulls, and other predators, the game aims to attract more audience to digital assets. 

• CryptoKitties, one of the first ETH NFT projects, returns as a Telegram game named ‘All The Zen’. This is the first product release tied to CryptoKitties and an opportunity for DapperLabs to reintroduce the project as part of its portfolio of blockchain-based games and products. 

• NFT marketplace Magic Eden introduced optional royalties for EVM chains. This feature is a response to community feedback and enables creators to decide whether to enforce royalties on their collections.

• A CryptoPunk NFT, Punk 1563, reportedly sold for US$56 million (24,000 ETH), but it's likely a marketing stunt for a new meme coin. The sale involved a flash loan of 24,000 ETH from Balancer, which was returned immediately after the sale. The sale is linked to a ‘Kamala Harris Punk’ meme coin, with the seller expecting to gain from the hype.

• Payment infrastructure provider Transak integrated Transak NFT checkout with Sequence Marketplace Solutions. The partnership will allow users to buy multiple NFTs with fiat in one transaction, and supports Sequence’s broader goals to make Web3 games more accessible. 

• Christie’s London will host an auction for Ascend, a dynamic digital artwork inscribed on Bitcoin’s Ordinals. The auction will be held on 10 October in London, and it will mark the first Bitcoin Ordinal auctioned at Christie’s. In addition, Sotheby’s announced an auction of seven Autoglyphs from digital art collector Seedphase from 7 to 10 October.

Recent Research Reports

• Research Roundup Newsletter [August 2024]: We present to you our latest issue of Research Roundup, featuring our deep dives into asset allocation with crypto, the decentralised perpetuals market, and the prediction market.

• Alpha Navigator: Quest for Alpha [August 2024]: Cryptocurrencies were down in August; Fixed Income and Equities were up. New Zealand and Canada reduced interest rates; China and Australia kept interest rates unchanged.

• Asset Allocation With Crypto: Adding BTC to portfolios helps increase yield by up to 2% annually without significant impact on volatility. The Modern Portfolio Theory is adopted to compile portfolios including TradiFi, BTC, and ETH.

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.

Recent University Articles

• Popcat: What It Is and How to Buy POPCAT: Find out how POPCAT, a cryptocurrency based on a popular cat meme, became one of the best-performing meme coins in the Solana ecosystem.

• Solana vs Ethereum: An In-Depth Comparison: Ethereum or Solana? In this detailed comparison, find out which of the chains exceeds at transaction speed, fees, dapps, and interest from investors.

• What Is Bittensor (TAO)?: Bittensor (TAO) is changing how machine learning trains AI models. We explain the fundamentals and explore how the TAO token plays a key role.

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Authors

Research and Insights Team

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