Quick Take

• The NFT market has recovered, marking a six-month high in sales volume

• Notable news: Pudgy Penguins is going to launch a new token called ‘PENGU’; Ubisoft and Arbitrum Foundation are launching a Web3-enabled shooter game; Magic Eden launched ME token; Adidas revealed its ‘ALTS by Adidas’ NFT collection three years after the company’s initial NFT debut; Nike announced plans to wind down its blockchain-focused sneaker brand, RTFKT.

• Notable Crypto.com NFT Drops: The Tactical Gear Depot, Matt Sassari x Sample Tools by Cr2 Vol. 1 NFT Collection

Chart of the Week

In November, NFT sales surged to US$561 million, marking a six-month high and a 58% increase from October. This revival was driven by notable collections such as CryptoPunks which saw a 375% rise in sales volume, and Pudgy Penguins’s of over 210%. Despite this uptick, NFT sales volume remains significantly lower than this year’s peak of $1.6 billion in March 2024.

Bitcoin led the growth with a 160% increase in NFT sales totalling $185 million, while Ethereum saw a 75% growth in sales reaching $203 million. The overall growth in the NFT market coincided with a bullish trend in the broader cryptocurrency market, with major cryptocurrencies like bitcoin and ether seeing significant gains. This momentum suggests the potential for sustained growth in the NFT sector in 2025.

The following table shows selected top games by weekly volume in USD:

Gaming Token Performance

The total market capitalisation for gaming tokens now stands at $38.65 billion, increasing by +18.56% over the past 14 days.

New Projects Spotlight

News Highlights

• Pudgy Penguins is launching a new token named ‘PENGU’ on Solana before the end of 2024. The token will have a total supply of 88,888,888,888 with an allocation of 25.9% for the Pudgy Penguins community, 24.1% for other associated communities, 17.8% for the team, and 32.2% for other categories, including proliferation. In addition, the floor price of Pudgy Penguins NFTs reached a new all-time high of above 26 ETH ($100,000) on 12 December.

• Ubisoft and Arbitrum Foundation are launching a Web3-enabled top-down shooter game called Captain Laserhawk: The G.A.M.E. on 18 December. The game will launch on the Ethereum Layer-2 Arbitrum network with a coinciding free NFT mint via Magic Eden starting on 11 December, where players will receive an NFT with utilities including governance and exclusive collectibles.

• Magic Eden’s ME token launched on 10 December. The token initially rallied to $12, before dropping to $4.2 at the time of writing, according to Crypto.com Price. Users complained that the airdrop faced several issues, including difficulties in using the Magic Eden mobile app and a complicated claiming process.

• Adidas revealed its ‘ALTS by Adidas’ NFT collection, featuring 20,066 digital avatars categorised into eight themes, including sports, music, fashion, and gaming. This collection came almost three years after Adidas’s NFT collection ‘Into the Metaverse’. In addition, Adidas and STEPN GO plan to launch a new sneaker collection featuring limited-edition Adidas Ultraboost 5 footwear with only 1,200 pairs available. The shoes will be available on the MOOAR marketplace, with raffles to be held from 13 to 17 December.

• Nike announced plans to wind down the operations of its blockchain-focused sneaker brand, RTFKT, by January 2025. The brand will launch one final product release in December 2024 before its closure.

• Japanese automobile company Nissan launched Nissan Passport Beta, a Web3 and NFT loyalty programme. The platform features membership NFTs, a Web3 wallet, and rewards customers with tokens to unlock exclusive experiences.

Recent Research Reports

• Ethereum Pectra Upgrade: The Pectra upgrade aims to address Ethereum’s mainnet performance with three key objectives: fix existing network issues, improve user experience, and prepare for future upgrades.

• Alpha Navigator: Quest for Alpha [November 2024]: Crypto led the rise with BTC reaching an all-time high above $100,000 on 5 December. Fixed Income also increased while Equities had mixed performances. The US, UK, and New Zealand reduced interest rates; China kept interest rates unchanged.

• Tokenised BTC: This report provides a comparative overview of tokenised BTC, examining the key benefits and challenges associated with different models, as well as the disruptive impact of new market entrants like CDCBTC.

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

• What Is Solana’s Proof of History? SOL’s Unique Consensus Mechanism: Proof of History (PoH) is Solana’s consensus mechanism that enables faster transaction processing and improved scalability. Here’s how it works.

• Ethereum vs Ripple — What Are the Differences, and What’s Next?: Explore the key differences between Ethereum and Ripple, two blockchain heavyweights revolutionising decentralised apps and cross-border payments.

• What Are XRP ETFs — Plus What to Know About the Pending SEC Applications: The first Ripple ETF proposals were filed in October 2024. Here’s what to know about a potential XRP ETF.

We’re all ears.

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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.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.

Nothing in this report is intended to suggest that NFTs are investment products, nor securities, nor anything similar or “financial” of any description. NFTs are to be reserved for fun only and NOT with any expectation of “value”, “profit”, “yield” or “investment”. You are also aware that NFTs are not a store of value, are not a generally accepted medium of exchange, and are considered very illiquid and volatile.

Thank you for reading! We hope you find our Weekly NFT & Blockchain Gaming Update enlightening!

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