Quick Take

• The NFT market witnessed its first positive monthly growth since March 2024.

• Notable News: Pudgy Penguins is developing a mobile game called Pudgy Party and launched its toy line in Walgreens stores in the US; Yuga Labs launched Layer-3 chain ApeChain.

• Notable Crypto.com NFT Drops: Average Creatures Universe and SYNTHTOPIA: THE LEGENDS (PFP DROP)

Chart of the Week

After six consecutive months of decline, the NFT market witnessed its first positive growth since March 2024, with its sales volume increasing 17.5% month-over-month. Top blockchains like Bitcoin, Ethereum, and Solana all saw double-digit growth in sales volume, led by their blue chip NFT collections.

Following its sharp decline in September, the in-game items and collectibles marketplace DMarket on Mythos resurged, resulting in a triple increase in Mythos’s overall sales volume. Flow, a platform primarily supporting sports NFTs, maintained its momentum with 18% growth, thanks to ‘NBA Top Shot’.

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$22.04 billion, dropping by -5.49% from the past 14 days.

New Projects Spotlight

News Highlights

• Pudgy Penguins is entering the mobile gaming market with Pudgy Party, developed in collaboration with Mythical Games and set to launch globally in 2025. Additionally, Pudgy Penguins launched its toy line in 2,000 Walgreens stores across the US. Each toy comes with a unique code that allows buyers to redeem NFT customisation items for the Pudgy Penguins digital ecosystem.

• ApeChain, a new Layer-3 blockchain built by Yuga Labs on Arbitrum One, went live recently. The chain supports native staking yields for the APE token, NFT minting, and dapp functionality.

• Improbable, the developer behind Bored Ape Yacht Club's Otherside project, announced plans to create a new Layer-1 blockchain called Somnia. This blockchain aims to achieve high scalability and will be EVM-compatible, leveraging Improbable's expertise in gaming and distributed systems.

• Ubisoft launched its first original blockchain game, Champions Tactics: Grimoria Chronicles, available on PC through the Ubisoft Connect platform. This tactical strategy game features optional NFTs minted on the Oasys blockchain, allowing players to select teams of digital characters for turn-based battles.

Recent Research Reports

• Intent-Based Protocols: Intent-based protocols aim to simplify user experience and reduce barriers to entry into crypto. This report provides an overview of the intent-based protocols.

• Research Roundup Newsletter [September 2024]: We present to you our latest issue of Research Roundup, featuring our deep dives into AI agent in crypto and pair trading.

• Pair Trading: Delve into pair trading, a market-neutral strategy that taps into price movements between two correlated assets, and learn how traders identify opportunities.

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

• Key Macroeconomic Indicators and Their Impact on the Cryptocurrency Market: Learn how GDP, inflation rates, market indices, and interest rates influence the crypto market and how to adjust your trading strategy.

• Understanding AI Scams in Cryptocurrency: Tips to Protect Yourself: AI crypto scams, including celebrity deepfakes, voice cloning, and AI phishes, are on the rise. Here’s how to protect yourself.

• Top NFT Platforms on Solana: Popular Marketplaces in 2024: Solana offers a growing selection of NFT marketplaces. Here’s our selection of some of the most popular ones.

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Authors

Research and Insights Team

Disclaimer

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