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NFT Journal: Chapter 26

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

Rising Above The Crash 🏄

Over the past couple of weeks, the entire crypto market has experienced a severe downturn. Surprisingly, the NFT market has developed a somewhat immune response to the crash. Prominent dApp store, Dapprader, released a detailed report explaining the different factors that that may be causing this variation.

Additionally, according to Google Trends, NFT has been gaining traction over Cryptocurrency, as searches have increased by 1000 percent in recent times. The shift in consumer investment interest from cryptocurrencies to non-fungible tokens (NFTs) has largely led to the surge in search.

Finally, while countries like China have limited the trade of cryptocurrency owing to its volatility, they have actively supported the trading of non-fungible tokens (NFTs).

On Scandal and Controversies 🤨

Former Chelsea and England captain John Terry attempted to sell the Champions League trophy, as well as caricatures of himself and other sportsmen, as NFTs as part of the upcoming Kids Club NFT collection. However, he is facing legal action from the Premier League since he did not obtain the appropriate licence before commercialising the trophy. Subsequently, he removed the trophy from the NFT collection to prevent further backlash.

Similarly, a surgeon named Emmanuel Masmejean has been charged with professional misconduct for attempting to sell the NFT of an X-ray of a victim of the infamous Bataclan Music Hall 2015 shooting incident. This was judged unprofessional, and legal action was taken. The doctor, on the other hand, admitted that it was an oversight and apologised for not obtaining the patient’s consent.

Also, NFTs and Cryptocurrencies, according to US Internal Revenue Service, are being used by criminals to facilitate fraudulent and manipulative practices. According to Special Agent Ryan Korner, there is a mountain of fraud in this area. Drug traffickers and money launderers regularly exploit digital assets to perpetrate tax evasion, embezzlement, and other financial crimes.

Finally, in response to multiple user complaints, OpenSea explains the rationale behind the sudden restrictions on the number of free NFTs that can be minted on the platform. The company made the decision following discoveries that about 80 percent of the NFTs published are plagiarized, false, or spam items. It also apologised to the NFT community for failing to notify them of the situation sooner and emphasised its commitment to creators.

Market Roundup 🚀

LooksRare maintains its top spot on the NFT marketplace list with a sales volume of $3.57 billion. OpenSea came in second with a sales volume of $1.09 billion. Magic Eden and CryptoPunks are third and fourth on the list, with $55.1 million and $54.95 million in sales, respectively. Axie Infinity is at the bottom of the list, with a sales volume of $18.67 million.

With $1.47 billion in sales, Terraforms by Mathcastle has beaten Meebits to take the #1 spot on the NFT collection list. Meebits was pushed to second place, with a sales volume of $1.36 billion. Dotdotdots and Audioglyphs are third and fourth on the list, with $561.77 million and $109.46 million in sales volume, respectively. With $96 million in sales, Azuki is last on the list.

Meebits may not be the NFT collection with the biggest volume anymore, but its NFT pieces continue to dominate the top sales NFT. The highest amount sold was $29.05 million, while the lowest was $14.19 million.

Notable market references include the opening of the world’s first NFT museum in Seattle. The museum exhibits NFTs and imprinted texts on the wall, educating visitors about NFTs and Blockchain while also offering attendant personnel to provide in-depth explanations.

On the investment front, Unblocked raised $10 million in funding from a consortium of investors, including Tiger Global, Marcy Ventures Partners, Oaktree Capital Management, and others. This money will be used by Unblocked to expand company operations, allowing brands to create, mint, and trade NFTs within the current marketplace.

FireBlock also secured $500 million from investors, including Spark Capital, D1 Capital Partners, General Atlantic, Mammoth, and others. This fund will be utilized to enter the disruptive technology space, including DeFi, NFT, and other technologies.

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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