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NFT Journal: Chapter 34

It is with great delight that we welcome you to the NFT Journal’s thirty-third edition.

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Let the Shopping Spree Begin 🛍️

The ongoing Metaverse Fashion Week is gaining popularity, with various spectacular features on the ground to take viewers on a thrilling voyage as they fill their virtual wardrobe. The Metaverse Fashion Week, which has in attendance prominent luxury and fashion brands like Tommy Hilfiger, Forever 21, and Estée Lauder, is currently making the audience ecstatic. Attendees can shop for unique avatars and unlock premium features when they connect their digital wallets.

In addition, Threedium established a virtual retail mall in Decentraland’s Metaverse for the fashion week. This shopping mall will house a variety of fashion labels such as Paco Rabanne, Dolce & Gabbana, and Casablanca, among others.

Lastly, Kollectiff will be organizing Decentraland’s Metaverse Fashion week’s catwalk show while launching its latest collection dubbed Metahelmets, plus another clothing line.

Yet Another NFT Scam 😞

Last week, The US government announced it had detained two men for fraud and money laundering in connection with a recent NFT Rug Pull operation. The unfortunate story began in January when the accused released an 8,888-piece cartoon-inspired NFT dubbed Frosties, which sold out in less than an hour. The sellers immediately terminated the project immediately after the auction, depriving the buyers of promised benefits while transferring funds to various personal wallets.

In another saddening news, Arthur Cheong, the founder of DeFiance Capital, was hacked and lost 78 NFTs from his wallet. He reported the email phishing incident on Twitter, with his losses being estimated at $1.78 million so far.

Market Roundup 🚀

Fidenza #692 was the most expensive NFT sold last week, fetching $993.47k. With $733.45k in sales price, CryptoPunk came in second. The third and fourth NFTs are from the Bored Ape Yacht Club collection, while the last on the list was a $533.46K Bored Ape Yacht Club.

With a sales volume of $216.22 million, Terrafoams by Mathcastle’s NFT collection remains the top NFT collection. Meebits came in second with a sales volume of $100.96 million. Invisible Friends and 3Landers came in third and fourth, earning $55.87 million and $36.29 million, respectively. Bored Ape Yacht Club, with $33.88million, is at the bottom of the top 5 list.

LooksRare overtakes OpenSea to become the top NFT marketplace in a surprising comeback. LooksRare gains $590.61 million in sales volume, while Opensea comes in second with $568.9 million. CryptoPunk and NBA Top Shot came in third and fourth place, respectively, with $22.42 million and $8.05 million in sales. Axie Infinity is at the bottom of the top 5 list, with a sales volume of $6.84 million.

On the investment front, Yuga Labs, a Web3.0 platform, secured $450 million in funding from Animoca Brands, Sound Ventures, Samsung, Snoop Dog, Steve Aoki, and other investors. The new funds will be used to grow the company’s workforce and operations.

Also, Upshot, an NFT platform, raised $22million from a funding round that included prominent names like Polychain Capital, CoinFund, Blockchain Capital, Slow Ventures, etc. The funds will be utilized to recruit new team members, facilitate research and growth model development, and fund technical requirements.

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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