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NFT Journal: Chapter 29

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

It’s All About the Users 👥

Over the past year, many mainstream companies, in an attempt to take charge of an upended consumer experience, have resorted to adopting innovative technological services they would have previously shunned. Traditional businesses embracing NFTs is a prime illustration of this new phenomenon.

Last week, JPMorgan opened a virtual office in Decentraland’s Metaverse, breaking the record for being the first bank to do so. This development came after JPMorgan published research claiming that the Metaverse market is worth $1 trillion. However, this is not JPMorgan’s first attempt to obtain a competitive advantage through decentralized spoils. It launched its digital token in 2019, becoming the first global bank to conduct a payment system on a permissioned blockchain network.

The English Premier League is another established group attempting to turn the tide. Earlier this year, we reported that the world’s most famous soccer league had harshly condemned one of its former stars, John Terry, for attempting to launch an NFT collection. Last week, there were reports that the League body was working on a massive deal worth over $500m.

OpenSea is another incumbent entity forced to pay more attention to its users’ needs, especially after LooksRare took its long-held position. The plethora of complaints from OpenSea marketplace consumers prompted the popular marketplace to partner with Metalink to improve its customer service. Consequently, three new features will be implemented, allowing OpenSea to make announcements, gather customer feedback, and provide customer support more efficiently.

Similarly, the global financial services firm Mastercard is yet another company seeking to score more users and enhance client satisfaction. They recently declared their desire to include cryptocurrency and digital assets’ support in its services. This measure will support traditional banks’ adoption of digital money, making it easier for people to use digital currency.

Calling Out Fraudulent NFT Practices 👀

Since the start of the year, the issue of NFT wash trading has been raised, especially among NFT critics. Another startling case occurred last week when Melania Trump was accused of wash trading by allegedly selling and acquiring her NFT collection entitled “Melania’s Vision” for $170,000. On the other hand, the former first lady has vehemently disputed these charges, claiming that it was purchased on behalf of a third party.

Another similar fraud case was revealed by the Britain Tax authority when Her Majesty’s Revenue and Customs (HMRC) seized three NFTs and $6,760 in cryptocurrencies, making it the first tax authority in the world to do so. These digital collectibles were confiscated as part of an investigation into an alleged $1.9 million money laundering case involving 250 phony companies. With several million dollars reportedly generated from wash trading activities, the industry must rise and develop even more innovative tools that will help innocent web3 users quickly detect these activities.

Market Roundup 🚀

The widespread adoption of Metaverse by mainstream businesses has resulted in a rise in virtual land purchases. As a result, it’s no surprise that the most expensive NFT sold last week was Decentraland’s Dragon City Estate, which sold for $938.7k. CloneX #16891 is next, selling for $873.91k. Azuki #4666 and Bored Ape Yacht Club, ranked third and fourth, respectively, sold for $596.21k and $562.79k. The last on the list, Noleranef, was purchased for over $551k.

With $341.45 million in revenue, Terrafoams by Mathcastle remains the top NFT collection. Meebits and Audioglyphs ranked second and third, respectively, with a volume of $216.23 million and $125.03 million. Dotdotdots comes in fourth with $109.75 million in revenue. CryptoPunks is at the bottom of the list, with a sales volume of $37.61 million.

An OG is back! OpenSea finally beat LooksRare to take the top spot on the leading NFT marketplace rankings with $772.46 million in sales volume after a prolonged battle. With $686.82 million in revenue, LooksRare came in second. BloctoBay and Axie Infinity are third and fourth, respectively, with $73.29 million and $21.16 million. Magic Eden is at the bottom of the top 5 list, with $19.46 million.

On the investment front, Spellfire, a play-to-earn card game firm, secured $3.8million in funds from DAO Maker, Shima capital, and other investors.

Similarly, US investors sponsored a $100 million investment round for Woodstock Fund II, a Blockchain-based venture capital firm. The Global Web3 fund will be invested in protocol infrastructure developments amongst other middle-market innovations.

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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Cross-Chain Infrastructure for NFT Utility and authentication.