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NFT Journal: Chapter 27

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

Traditional Web2 Companies Continue To Eye NFTs 🌺

Ferrari’s CEO, Benedetto Vigna, has stated that the luxury brand plans to integrate NFT and other related technologies soon. A digital technology department has been established to support the inclusion of NFTs and Metaverse into their operations. He also announced a contract with Velas Network, a Swiss Blockchain firm that would help establish Ferrari’s presence in the Metaverse.

Similarly, American video game retailer GameStop announced a massive collaboration with Immutable X. Immutable X would serve as a layer — 2 partner and platform for GameStop in developing its NFT marketplace. The agreement also comes with a $100 million fund in IMX token, which will provide grants to creators in NFT and the innovative technology industry.

Another interesting news that broke out last week was that of famous music and arts festival, Coachella announcing that it has inked an agreement with crypto exchange, FTX US. As part of the collaboration, a Solana-based NFT collection will be minted, serving as digital lifetime access passes to exclusive events.

Lastly, Nintendo and Microsoft also announced intentions to join the Metaverse bandwagon.

On Suits and Controversies 😓

Despite being extensively recognized and utilized by businesses, NFT continue to face controversy and is the sometimes the subject of intellectual property issues that often lead to lawsuits.

For example, The WWF, a prominent UK conservation charity organization, sought to raise funds by selling NFTs to safeguard engendered species. This initiative faced several harsh criticisms from the public. Several tweets condemned it, alleging that the WWF is ruining the ecosystem it purports to defend, with many supporters threatening to stop their donations.

Additionally, Nike has filed a lawsuit against ShopX, a US-based shopping platform, for selling Nike-branded NFT footwear. Nike alleged that buyers of these NFTs pay high rates because they believe the digital collectibles are from Nike, implying that ShopX leveraged Nike’s reputation to secure high sales from the ripoffs.

Market Roundup 🚀

Guess who isn’t among the top five NFT sales any longer? Correct! Other NFT collections have surpassed Meebits in popularity. CryptoPunk #7121, with a sales price of $3.09 million, was the most expensive NFT sold last week. Lady Bug (Plaza) and Bored Ape Yacht Club came in second and third, respectively, with $1.32 million and $1.31 million in sales volume. CloneX #4594 and Lady Bug Plaza, the last two on the list, sold for $1.2 million and $928.8k, respectively.

Surprisingly, Meebits continues to be the lead in the top NFT collection rank list with a $1.79 billion sales volume. Terraforms by Mathcastle came in second with $1.64 billion in revenues. Dotdotdots and Azuki are ranked third and fourth, respectively, with $618 million and $94.03 million in revenue. Finally, with a sales volume of $87.77 million, Bored Ape Yacht Club sits at the bottom of the list.

LooksRare sustains its top position on the NFT marketplace rankings, with sales totaling $4.47 billion, a considerable rise over last week’s volume. With $1.2 billion in revenue, OpenSea comes in second. Magic Eden and CryptoPunk come in third and fourth place, respectively, with $65.31 million and $32.91 million in sales. Axie Infinity is at the bottom of the list, with a sales volume of $17.09 million.

On the investment front, Adam Bain, Velvet Sea Ventures, and Dick Costolo’s 01 Advisors contributed $100 million funds to Pixel Vault, an NFT collection of superheroes. The startup will use this money to expand in building a Marvel-style fictional decentralized empire. Colexion, an NFT celebrity platform, also secured $5million in funds from investors to develop its platform and enlarge its Metaverse plans.

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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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.

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