NFT Journal: Chapter 24

It is with great delight that we welcome you to the NFT Journal’s twenty fourth edition.

The Battle for The Top ⚔️

Capturing over 90% of the NFT sector, Opensea is the most popular NFT marketplace, with a recent valuation of $13 billion. Last week, they achieved a significant milestone when they surpassed one million active members on their platform.

There is, however, a new kid on the block looking to challenge OpenSea’s supremacy. Just a day after its inception, LooksRare is already becoming a formidable marketplace to keep an eye on, having sold over $100 million in NFTs. Attractive features? The typical charge on LooksRare is lower than OpenSea’s, and it aims to benefit both artists and consumers.

How fast will LooksRare overtake Opensea? It’s going to be an exciting battle we’ll be paying attention to.

First Things First ✨

This year, more mainstream actors are joining the NFT train. This section examines some of these firsts over the past week.

To capitalize on the NFT trend, The Flyfish Club, the world’s first NFT restaurant, is adopting an NFT-styled membership slot. There are two categories of membership: ordinary and premium, both of which allow holders to make reservations at specific restaurants.

In addition, on the 18th and 19th of March 2022, AfterParty will throw the world’s first NFT-gated party in Las Vegas. This is reportedly the first time that NFTs will be used to access a music festival.

Last week, the launch of the world’s first Science and Technology IP (Intellectual Property) NFT marketplace was another first-of-its-kind initiative. Fundraising for scientific activities takes time and usually results in a modest amount of money being raised. To address this, RMDS laboratory, a data and AI platform, is developing an NFT marketplace to sell NFT forms of research and technology-related IP to raise funds and connect with investors.

Another first-of-its-kind NFT marketplace is set to launch soon. This marketplace will enable individuals to purchase worldwide news photos as NFTs. CNN had previously tokenized historic news events, so this isn’t the first time media organizations will be looking into NFT. This is, however, the first marketplace devoted solely to news and media. Another noteworthy feature is that the proceeds will be used to fund Associated Press photojournalism, an often overlooked area of journalism.

Market Roundup 🚀

With a sales volume of $968.92million, Meebits is at the top of the NFT collection ranking list. Terraforms by Mathcastle comes in second with a sales volume of $315.44 million. With $259.72 million and $89.05 million, respectively, Loot and Phunks are third and fourth. With a sales volume of $58.1 million, Bored Ape Yacht Club is at the bottom of the list.

Who would have predicted that OpenSea would ultimately confront a serious competitor?

Someone has eclipsed OpenSea as the leading NFT marketplace for the first time in a long time. LooksRare, with a sales volume of $1.79 billion, is number 1 on the list. With $1.03 billion in sales volume, OpenSea came in second. Magic Eden and Axie Infinity are ranked third and fourth, respectively, with sales of $69.3 million and $29.63 million. BloctoBay is last on the top 5 marketplace ranking list, with a sales volume of $13.93 million.

Meebit NFTs, the top NFT collection in the past, also completely dominated the top five NFT most expensive sales rankings. The most expensive of them was sold for $50.61 million.

On the investment front, Distributed Global and Chapter One led a $6.5 million funding round for Flip, an NFT marketplace aggregator. This new fund will help expand Flip’s operation and hire more team members.

Similarly, Fan Controlled Football, a tech-focused indoor football league, raised $40 million in a seed round headed by Animoca Brand, Delphi Digital, and other notable investors.

Finally, Spartan Capital, Infinity Ventures Capital, and other investors helped Lootex, a Taiwanese asset marketplace, secure $9 million in funding. This new round of funding will assist Lootex in accomplishing its objective of democratizing gaming asset ownership.

About NFTY Labs

NFTY Labs is a foundation focusing on the growth of NFT ecosystems by building open-sourced, community-based tools that will unlock inherent utility and value within NFTs. NFTY Lab’s goal is to create new applications that offer new utilities for NFTs, and we aim to do this by utilizing a core feature of all NFTs: ownership.

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